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Securities (Tables)
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Amortized cost and estimated fair value of investment and mortgage-backed securities
The amortized cost, gross unrealized gains and losses and estimated fair value of investment and mortgage-backed AFS and HTM securities as of September 30, 2022 and December 31, 2021 are reflected in the tables below (in thousands):
 September 30, 2022
Amortized
Gross
Unrealized
Gross UnrealizedEstimated
AVAILABLE FOR SALECostGainsLossesFair Value
Investment securities:
State and political subdivisions$1,186,010 $26 $147,704 $1,038,332 
Corporate bonds and other 60,144 67 2,794 57,417 
MBS: (1)
   
Residential337,189 263 17,084 320,368 
Commercial9,548 — 1,103 8,445 
Total$1,592,891 $356 $168,685 $1,424,562 
HELD TO MATURITY
Investment securities:   
State and political subdivisions$918,216 $— $190,841 $727,375 
Corporate bonds and other95,458 — 6,077 89,381 
MBS: (1)
Residential94,539 22 8,383 86,178 
Commercial42,992 — 2,604 40,388 
Total $1,151,205 $22 $207,905 $943,322 

 December 31, 2021
Amortized
Gross
Unrealized
Gross UnrealizedEstimated
AVAILABLE FOR SALECostGainsLossesFair Value
Investment securities: 
U.S. Treasury
$58,084 $843 $50 $58,877 
State and political subdivisions1,962,257 93,893 4,214 2,051,936 
Corporate bonds and other 133,333 2,408 209 135,532 
MBS: (1)
 
Residential
411,727 14,895 272 426,350 
Commercial
90,193 1,642 205 91,630 
Total$2,655,594 $113,681 $4,950 $2,764,325 
HELD TO MATURITY
Investment securities:
State and political subdivisions$788 $3 $— $791 
MBS: (1)
 
Residential38,644 2,103 — 40,747 
Commercial51,348 2,349 — 53,697 
Total$90,780 $4,455 $— $95,235 
(1) All MBS are issued and/or guaranteed by U.S. government agencies or U.S. GSEs.
Unrealized loss on securities
The following tables present the fair value and unrealized losses on AFS and HTM investment securities and MBS, if applicable, for which an allowance for credit losses has not been recorded as of September 30, 2022 and December 31, 2021, segregated by major security type and length of time in a continuous loss position (in thousands):
September 30, 2022
 Less Than 12 MonthsMore Than 12 MonthsTotal
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
AVAILABLE FOR SALE      
Investment securities:
State and political subdivisions$1,026,787 $146,634 $3,862 $1,070 $1,030,649 $147,704 
Corporate bonds and other53,381 2,794 — — 53,381 2,794 
MBS:
Residential307,521 17,084 — — 307,521 17,084 
Commercial5,666 344 2,779 759 8,445 1,103 
Total$1,393,355 $166,856 $6,641 $1,829 $1,399,996 $168,685 
HELD TO MATURITY
Investment securities:
State and political subdivisions$644,238 $161,326 $83,137 $29,515 $727,375 $190,841 
Corporate bonds and other87,630 5,939 1,751 138 89,381 6,077 
MBS:
Residential81,422 7,809 3,935 574 85,357 8,383 
Commercial40,388 2,604 — — 40,388 2,604 
Total$853,678 $177,678 $88,823 $30,227 $942,501 $207,905 
December 31, 2021
Less Than 12 Months
More Than 12 Months
Total
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
AVAILABLE FOR SALE      
Investment securities:
U.S. Treasury$9,947 $50 $— $— $9,947 $50 
State and political subdivisions260,509 3,622 7,608 592 268,117 4,214 
Corporate bonds and other35,597 209 — — 35,597 209 
MBS:
Residential1,225 3 5,168 269 6,393 272 
Commercial4,274 7 4,674 198 8,948 205 
Total$311,552 $3,891 $17,450 $1,059 $329,002 $4,950 
Interest income recognized on securities
The following table reflects interest income recognized on securities for the periods presented (in thousands):
 Three Months Ended
September 30,
 20222021
U.S. Treasury$44 $182 
State and political subdivisions14,666 12,223 
Corporate bonds and other1,668 1,097 
MBS4,770 4,405 
Total interest income on securities$21,148 $17,907 
 Nine Months Ended
September 30,
 20222021
U.S. Treasury$271 $388 
State and political subdivisions41,786 33,568 
Corporate bonds and other4,385 2,928 
MBS12,025 15,140 
Total interest income on securities$58,467 $52,024 
Amortized cost, carrying value and fair value of securities presented by contractual maturity
The amortized cost and estimated fair value of AFS and HTM securities at September 30, 2022, are presented below by contractual maturity (in thousands):
 September 30, 2022
 Amortized CostFair Value
AVAILABLE FOR SALE
Investment securities:  
Due in one year or less$528 $529 
Due after one year through five years21,668 21,154 
Due after five years through ten years96,779 93,415 
Due after ten years1,127,179 980,651 
 1,246,154 1,095,749 
MBS:346,737 328,813 
Total$1,592,891 $1,424,562 

 September 30, 2022
 Amortized Cost
Fair Value
HELD TO MATURITY
Investment securities:  
Due in one year or less$125 $123 
Due after one year through five years1,039 1,016 
Due after five years through ten years100,463 94,140 
Due after ten years912,047 721,477 
 1,013,674 816,756 
MBS:137,531 126,566 
Total$1,151,205 $943,322 
Unrealized and realized gains (losses) recognized in net income on equity investments
The following is a summary of unrealized and realized gains and losses on equity investments recognized in other noninterest income in the consolidated statements of income during the periods presented (in thousands):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2022202120222021
Net gains (losses) recognized during the period on equity investments$(230)$(28)$(696)$(118)
Less: Net gains recognized during the period on equity investments sold during the period— — — — 
Unrealized gains (losses) recognized during the reporting period on equity investments held at the reporting date$(230)$(28)$(696)$(118)