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Securities (Tables)
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 are reflected in the tables below (in thousands):
 June 30, 2023
Amortized
Gross
Unrealized
Gross UnrealizedEstimated
AVAILABLE FOR SALECostGainsLossesFair Value
Investment securities:
U.S. Treasury$298,907 $91 $— $298,998 
State and political subdivisions826,193 750 56,660 770,283 
Corporate bonds and other 14,532 18 1,559 12,991 
MBS: (1)
   
Residential258,683 171 11,621 247,233 
Commercial11,253 47 984 10,316 
Total$1,409,568 $1,077 $70,824 $1,339,821 
HELD TO MATURITY
Investment securities:   
State and political subdivisions$1,038,551 $7,093 $139,616 $906,028 
Corporate bonds and other146,371 421 16,895 129,897 
MBS: (1)
Residential92,920 9 8,225 84,704 
Commercial30,630 — 2,444 28,186 
Total $1,308,472 $7,523 $167,180 $1,148,815 

 December 31, 2022
Amortized
Gross
Unrealized
Gross UnrealizedEstimated
AVAILABLE FOR SALECostGainsLossesFair Value
Investment securities: 
State and political subdivisions$1,039,453 $956 $75,557 $964,852 
Corporate bonds and other 8,692 26 14 8,704 
MBS: (1)
 
Residential
328,400 250 13,623 315,027 
Commercial
11,329 50 948 10,431 
Total$1,387,874 $1,282 $90,142 $1,299,014 
HELD TO MATURITY
Investment securities:
State and political subdivisions$1,037,556 $3,969 $163,283 $878,242 
Corporate bonds and other152,552 575 7,993 145,134 
MBS: (1)
 
Residential93,796 21 8,343 85,474 
Commercial42,825 — 2,519 40,306 
Total$1,326,729 $4,565 $182,138 $1,149,156 
(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 June 30, 2023 and December 31, 2022, segregated by major security type and length of time in a continuous loss position (in thousands):
June 30, 2023
 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$116,217 $1,862 $602,120 $54,798 $718,337 $56,660 
Corporate bonds and other12,786 1,559 — — 12,786 1,559 
MBS:
Residential169,577 6,585 61,126 5,036 230,703 11,621 
Commercial— — 8,047 984 8,047 984 
Total$298,580 $10,006 $671,293 $60,818 $969,873 $70,824 
HELD TO MATURITY
Investment securities:
State and political subdivisions$140,247 $7,452 $606,783 $132,164 $747,030 $139,616 
Corporate bonds and other29,119 4,522 98,082 12,373 127,201 16,895 
MBS:
Residential18,021 1,267 66,019 6,958 84,040 8,225 
Commercial— — 28,186 2,444 28,186 2,444 
Total$187,387 $13,241 $799,070 $153,939 $986,457 $167,180 
December 31, 2022
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:
State and political subdivisions$859,270 $68,683 $26,620 $6,874 $885,890 $75,557 
Corporate bonds and other3,678 14 — — 3,678 14 
MBS:
Residential306,294 13,623 — — 306,294 13,623 
Commercial5,613 318 2,545 630 8,158 948 
Total$1,174,855 $82,638 $29,165 $7,504 $1,204,020 $90,142 
HELD TO MATURITY      
Investment securities:
State and political subdivisions$426,382 $66,898 $323,385 $96,385 $749,767 $163,283 
Corporate bonds and other125,250 6,660 12,738 1,333 137,988 7,993 
Mortgage-backed securities:
Residential80,801 7,799 3,932 544 84,733 8,343 
Commercial40,306 2,519 — — 40,306 2,519 
Total $672,739 $83,876 $340,055 $98,262 $1,012,794 $182,138 
Interest income recognized on securities
The following table reflects interest income recognized on securities for the periods presented (in thousands):
 Three Months Ended
June 30,
 20232022
U.S. Treasury$3,826 $59 
State and political subdivisions16,901 13,788 
Corporate bonds and other1,766 1,390 
MBS3,830 3,238 
Total interest income on securities$26,323 $18,475 
 Six Months Ended
June 30,
 20232022
U.S. Treasury$4,523 $227 
State and political subdivisions34,000 27,120 
Corporate bonds and other3,598 2,717 
MBS8,159 7,255 
Total interest income on securities$50,280 $37,319 
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 June 30, 2023, are presented below by contractual maturity (in thousands):
 June 30, 2023
 Amortized CostFair Value
AVAILABLE FOR SALE
Investment securities:  
Due in one year or less$299,118 $299,208 
Due after one year through five years1,564 1,591 
Due after five years through ten years32,280 30,881 
Due after ten years806,670 750,592 
 1,139,632 1,082,272 
MBS:269,936 257,549 
Total$1,409,568 $1,339,821 

 June 30, 2023
 Amortized Cost
Fair Value
HELD TO MATURITY
Investment securities:  
Due in one year or less$125 $124 
Due after one year through five years20,809 20,016 
Due after five years through ten years136,422 120,546 
Due after ten years1,027,566 895,239 
 1,184,922 1,035,925 
MBS:123,550 112,890 
Total$1,308,472 $1,148,815 
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
June 30,		Six Months Ended
June 30,
 2023202220232022
Net gains (losses) recognized during the period on equity investments$2,558 $(191)$5,058 $(466)
Less: Net gains recognized during the period on equity investments sold during the period2,642 — 5,058 — 
Unrealized gains (losses) recognized during the reporting period on equity investments held at the reporting date$(84)$(191)$— $(466)