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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Held-to-maturity
The amortized cost, fair value and allowance for credit losses of investment securities that are classified as HTM are as follows:

(In thousands)Amortized CostAllowance
for Credit Losses
Net Carrying AmountGross Unrealized
Gains
Gross Unrealized
(Losses)
Estimated Fair
Value
Held-to-maturity   
December 31, 2022
U.S. Government agencies$448,012 $— $448,012 $— $(102,558)$345,454 
Mortgage-backed securities1,190,781 — 1,190,781 227 (118,960)1,072,048 
State and political subdivisions1,861,102 (110)1,860,992 56 (446,198)1,414,850 
Other securities261,199 (1,278)259,921 — (29,040)230,881 
Total HTM$3,761,094 $(1,388)$3,759,706 $283 $(696,756)$3,063,233 
December 31, 2021
U.S. Government agencies$232,609 $— $232,609 $— $(7,914)$224,695 
Mortgage-backed securities70,342 — 70,342 232 (1,425)69,149 
State and political subdivisions1,210,248 (1,197)1,209,051 6,166 (8,462)1,206,755 
Other securities17,301 (82)17,219 — (440)16,779 
Total HTM$1,530,500 $(1,279)$1,529,221 $6,398 $(18,241)$1,517,378 
Debt Securities, Available-for-sale
The amortized cost, fair value and allowance for credit losses of investment securities that are classified as AFS are as follows:
(In thousands)Amortized
Cost
Allowance for Credit LossesGross Unrealized
Gains
Gross Unrealized
(Losses)
Estimated Fair
Value
Available-for-sale
December 31, 2022
U.S. Treasury$2,257 $— $— $(60)$2,197 
U.S. Government agencies191,498 — 103 (7,322)184,279 
Mortgage-backed securities2,809,319 — 20 (266,437)2,542,902 
State and political subdivisions1,056,124 — 250 (185,300)871,074 
Other securities272,215 — — (19,813)252,402 
Total AFS$4,331,413 $— $373 $(478,932)$3,852,854 
December 31, 2021
U.S. Treasury$300 $— $— $— $300 
U.S. Government agencies374,754 — 495 (10,608)364,641 
Mortgage-backed securities4,485,548 — 6,307 (43,239)4,448,616 
State and political subdivisions1,791,097 — 30,556 (1,995)1,819,658 
Other securities479,162 — 6,647 (5,479)480,330 
Total AFS$7,130,861 $— $44,005 $(61,321)$7,113,545 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table summarizes the Company’s AFS investments in an unrealized loss position for which an allowance for credit loss has not been recorded as of December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

 Less Than 12 Months12 Months or MoreTotal
(In thousands)Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Available-for-sale      
U.S. Treasury$2,197 $(60)$— $— $2,197 $(60)
U.S. Government agencies101,138 (3,263)66,970 (4,059)168,108 (7,322)
Mortgage-backed securities653,288 (27,437)1,880,277 (239,000)2,533,565 (266,437)
State and political subdivisions147,989 (24,740)692,478 (160,560)840,467 (185,300)
Other securities176,505 (11,401)75,439 (8,412)251,944 (19,813)
Total AFS$1,081,117 $(66,901)$2,715,164 $(412,031)$3,796,281 $(478,932)
Debt Securities, Allowance for Credit Loss
The following table details activity in the allowance for credit losses by investment security type for the years ended December 31, 2022 and 2021 on the Company’s HTM and AFS securities held.

(In thousands)State and Political SubdivisionsOther SecuritiesTotal
December 31, 2022
Held-to-maturity
Beginning balance, January 1, 2022$1,197 $82 $1,279 
Provision for credit loss expense— — — 
Net increase (decrease) in allowance on previously impaired securities(1,180)1,180 — 
Recoveries93 16 109 
Ending balance, December 31, 2022$110 $1,278 $1,388 
December 31, 2021
Held-to-maturity
Beginning balance, January 1, 2021$2,307 $608 $2,915 
Provision for credit loss expense(1,110)(73)(1,183)
Securities charged-off— (600)(600)
Recoveries— 147 147 
Ending balance, December 31, 2021$1,197 $82 $1,279 
Available-for-sale
Beginning balance, January 1, 2021$217 $95 $312 
Reduction due to sales— (11)(11)
Net decrease in allowance on previously impaired securities(217)(84)(301)
Ending balance, December 31, 2021$— $— $— 
Debt Securities, Held-to-maturity, Credit Quality Indicator
The following table summarizes bond ratings for the Company’s HTM portfolio issued by state and political subdivisions and other securities as of December 31, 2022:
State and Political Subdivisions
(In thousands)Not Guaranteed or Pre-RefundedOther Credit Enhancement or InsurancePre-RefundedTotalOther Securities
Aaa/AAA$183,096 $284,142 $— $467,238 $— 
Aa/AA665,150 504,783 — 1,169,933 — 
A45,471 157,439 — 202,910 173,142 
Baa/BBB— 5,938 — 5,938 53,573 
Not Rated8,215 6,868 — 15,083 34,484 
Total$901,932 $959,170 $— $1,861,102 $261,199 
Income Earned on Securities
Income earned on securities for the years ended December 31, 2022, 2021 and 2020, is as follows: 
(In thousands)202220212020
Taxable:   
Held-to-maturity$33,778 $4,208 $985 
Available-for-sale60,659 54,768 34,054 
Non-taxable:
Held-to-maturity36,516 16,047 919 
Available-for-sale27,250 36,670 28,575 
Total$158,203 $111,693 $64,533 
Amortized Cost and Estimated Fair Value by Maturity of Securities
The amortized cost and estimated fair value by maturity of securities are shown in the following table as of December 31, 2022. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. 
 Held-to-MaturityAvailable-for-Sale
(In thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
One year or less$2,639 $2,635 $12,368 $12,169 
After one through five years7,822 7,660 184,524 176,836 
After five through ten years352,450 310,335 258,451 238,768 
After ten years2,207,402 1,670,555 1,066,291 881,720 
Securities not due on a single maturity date1,190,781 1,072,048 2,809,319 2,542,901 
Other securities (no maturity)— — 460 460 
Total$3,761,094 $3,063,233 $4,331,413 $3,852,854