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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Values of Investments Securities The amortized cost and estimated fair values of investment securities classified as available for sale and held to maturity are summarized in the following tables:
December 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
(in thousands)
Debt Securities Available for Sale
Obligations of U.S. government agencies$1,568,408 $$(195,642)$1,372,769 
Obligations of states and political subdivisions332,625 401 (39,821)293,205 
Corporate bonds6,164 — (413)5,751 
Asset backed securities454,943 17 (15,193)439,767 
Non-agency collateralized mortgage obligations380,847 — (39,901)340,946 
Total debt securities available for sale$2,742,987 $421 $(290,970)$2,452,438 
Debt Securities Held to Maturity
Obligations of U.S. government agencies$154,830 $$(11,013)$143,819 
Obligations of states and political subdivisions6,153 13 (47)6,119 
Total debt securities held to maturity$160,983 $15 $(11,060)$149,938 
December 31, 2021
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
(in thousands)
Debt Securities Available for Sale
Obligations of U.S. government agencies$1,260,226 $8,193 $(11,030)$1,257,389 
Obligations of states and political subdivisions187,197 5,832 (785)192,244 
Corporate bonds6,722 34 — 6,756 
Asset backed securities408,329 2,354 (1,131)409,552 
Non-agency collateralized mortgage obligations345,856 — (3,859)341,997 
Total debt securities available for sale$2,208,330 $16,413 $(16,805)$2,207,938 
Debt Securities Held to Maturity
Obligations of U.S. government agencies$192,068 $8,131 $— $200,199 
Obligations of states and political subdivisions7,691 250 — 7,941 
Total debt securities held to maturity$199,759 $8,381 $— $208,140 
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity
Debt SecuritiesAvailable for SaleHeld to Maturity
(In thousands)Amortized
Cost
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
Due in one year$57,685 $56,111 $— $— 
Due after one year through five years125,533 120,116 3,730 3,616 
Due after five years through ten years418,008 395,462 14,721 13,998 
Due after ten years2,141,761 1,880,749 142,532 132,324 
Totals$2,742,987 $2,452,438 $160,983 $149,938 
Gross Unrealized Losses on Investment Securities
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
Less than 12 months12 months or moreTotal
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
December 31, 2022(in thousands)
Debt Securities Available for Sale
Obligations of U.S. government agencies$766,612 $(134,234)$605,615 $(61,408)$1,372,227 $(195,642)
Obligations of states and political subdivisions43,282 (12,917)219,532 (26,904)262,814 (39,821)
Corporate bonds— — 5,751 (413)5,751 (413)
Asset backed securities205,329 (10,238)231,703 (4,955)437,032 (15,193)
Non-agency collateralized mortgage obligations203,620 (36,480)123,075 (3,421)326,695 (39,901)
Total debt securities available for sale$1,218,843 $(193,869)$1,185,676 $(97,101)$2,404,519 $(290,970)
Debt Securities Held to Maturity
Obligations of U.S. government agencies$— $— $143,577 $(11,013)$143,577 $(11,013)
Obligations of states and political subdivisions— — 4,530 (47)4,530 (47)
Total debt securities held to maturity$— $— $148,107 $(11,060)$148,107 $(11,060)
Less than 12 months12 months or moreTotal
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
December 31, 2021(in thousands)
Debt Securities Available for Sale
Obligations of U.S. government agencies$947,108 $(9,737)$44,086 $(1,293)$991,194 $(11,030)
Obligations of states and political subdivisions56,153 (785)— — 56,153 (785)
Asset backed securities62,792 (259)109,748 (872)172,540 (1,131)
Non-agency collateralized mortgage obligations327,045 (3,859)— — 327,045 (3,859)
Total securities available for sale$1,393,098 $(14,640)$153,834 $(2,165)$1,546,932 $(16,805)
Amortized Cost of Debt Securities Held-to-Maturity The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:
December 31, 2022December 31, 2021
AAA/AA/ABBB/BB/BAAA/AA/ABBB/BB/B
(In thousands)(In thousands)
Debt Securities Held to Maturity
Obligations of U.S. government agencies$154,830 $— $192,068 $— 
Obligations of states and political subdivisions6,153 — 7,691 — 
Total debt securities held to maturity$160,983 $— $199,759 $—