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Securities (Tables)
3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value of Securities
The fair value of securities is as follows:
March 31, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available for sale
U.S. Treasury and federal agencies$294,218 $— $(23,878)$270,340 
State and municipal451,133 54 (59,978)391,209 
Federal agency collateralized mortgage obligations25,919 — (1,360)24,559 
Federal agency mortgage-backed pools211,697 — (27,573)184,124 
Corporate notes81,974 256 (9,021)73,209 
Total available for sale investment securities$1,064,941 $310 $(121,810)$943,441 
Held to maturity
U.S. Treasury and federal agencies$295,200 $— $(44,833)$250,367 
State and municipal1,127,691 1,115 (169,792)959,014 
Federal agency collateralized mortgage obligations55,379 — (8,003)47,376 
Federal agency mortgage-backed pools338,861 — (51,806)287,055 
Private labeled mortgage-backed pools34,835 — (5,186)29,649 
Corporate notes163,571 — (27,640)135,931 
Total held to maturity investment securities$2,015,537 $1,115 $(307,260)$1,709,392 
December 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available for sale
U.S. Treasury and federal agencies$294,329 $— $(27,150)$267,179 
State and municipal505,006 140 (71,602)433,544 
Federal agency collateralized mortgage obligations33,011 — (1,796)31,215 
Federal agency mortgage-backed pools220,963 — (30,307)190,656 
Corporate notes84,393 195 (9,624)74,964 
Total available for sale investment securities$1,137,702 $335 $(140,479)$997,558 
Held to maturity
U.S. Treasury and federal agencies$295,250 $— $(49,237)$246,013 
State and municipal1,127,669 374 (192,458)935,585 
Federal agency collateralized mortgage obligations56,564 — (8,865)47,699 
Federal agency mortgage-backed pools343,953 — (56,714)287,239 
Private labeled mortgage-backed pools35,466 — (5,493)29,973 
Corporate notes163,846 — (29,046)134,800 
Total held to maturity investment securities$2,022,748 $374 $(341,813)$1,681,309 
Schedule of Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity
The amortized cost and fair value of securities available for sale and held to maturity at March 31, 2023 and December 31, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
March 31, 2023
Amortized
Cost
Fair
Value
Available for sale
Within one year$2,607 $2,572 
One to five years336,326 310,880 
Five to ten years217,280 186,923 
After ten years271,112 234,383 
827,325 734,758 
Federal agency collateralized mortgage obligations25,919 24,559 
Federal agency mortgage–backed pools211,697 184,124 
Total available for sale investment securities$1,064,941 $943,441 
Held to maturity
Within one year$47,101 $46,946 
One to five years226,069 214,351 
Five to ten years317,729 276,719 
After ten years995,563 807,296 
1,586,462 1,345,312 
Federal agency collateralized mortgage obligations55,379 47,376 
Federal agency mortgage–backed pools338,861 287,055 
Private labeled mortgage–backed pools34,835 29,649 
Total held to maturity investment securities$2,015,537 $1,709,392 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
March 31, 2023
Less than 12 Months12 Months or MoreTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Investment Securities
U.S. Treasury and federal agencies$4,997 $(95)$515,322 $(68,616)$520,319 $(68,711)
State and municipal119,929 (2,792)1,116,520 (226,978)1,236,449 (229,770)
Federal agency collateralized mortgage obligations6,226 (343)65,710 (9,020)71,936 (9,363)
Federal agency mortgage–backed pools9,256 (304)461,906 (79,075)471,162 (79,379)
Private labeled mortgage–backed pools— — 29,649 (5,186)29,649 (5,186)
Corporate notes28,997 (6,735)178,954 (29,926)207,951 (36,661)
Total temporarily impaired securities$169,405 $(10,269)$2,368,061 $(418,801)$2,537,466 $(429,070)
December 31, 2022
Less than 12 Months12 Months or MoreTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Investment Securities
U.S. Treasury and federal agencies$217,357 $(16,692)$295,585 $(59,695)$512,942 $(76,387)
State and municipal533,871 (45,881)757,061 (218,179)1,290,932 (264,060)
Federal agency collateralized mortgage obligations40,301 (2,881)38,613 (7,780)78,914 (10,661)
Federal agency mortgage–backed pools49,633 (3,211)428,243 (83,810)477,876 (87,021)
Private labeled mortgage–backed pools— — 29,973 (5,493)29,973 (5,493)
Corporate notes38,906 (6,787)169,921 (31,883)208,827 (38,670)
Total temporarily impaired securities$880,068 $(75,452)$1,719,396 $(406,840)$2,599,464 $(482,292)
Schedule of Sales of Securities Available for Sale
Information regarding security proceeds, gross gains and gross losses are presented below.
Three Months Ended
March 31
20232022
Sales of securities available for sale
Proceeds$63,526 $— 
Gross gains129 — 
Gross losses(629)—