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Securities (Tables)
12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Fair Value of Securities
The fair value of securities is as follows:
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 
December 31, 2021
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available for sale
U.S. Treasury and federal agencies$118,595 $82 $(1,698)$116,979 
State and municipal632,652 12,802 (5,708)639,746 
Federal agency collateralized mortgage obligations60,600 989 (12)61,577 
Federal agency mortgage–backed pools257,185 1,914 (1,408)257,691 
Corporate notes84,579 1,013 (773)84,819 
Total available for sale investment securities$1,153,611 $16,800 $(9,599)$1,160,812 
Held to maturity
U.S. Treasury and federal agencies$195,429 $12 $(1,215)$194,226 
State and municipal862,461 20,719 (4,263)878,917 
Federal agency collateralized mortgage obligations48,482 (1,020)47,465 
Federal agency mortgage–backed pools247,937 209 (4,010)244,136 
Private labeled mortgage–backed pools40,447 — (442)40,005 
Corporate notes157,687 11 (2,456)155,242 
Total held to maturity investment securities$1,552,443 $20,954 $(13,406)$1,559,991 
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 December 31, 2022 and December 31, 2021, 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.
December 31, 2022December 31, 2021
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Available for sale
Within one year$1,535 $1,512 $22,980 $22,984 
One to five years340,212 312,137 156,677 156,397 
Five to ten years238,045 204,282 315,630 316,125 
After ten years303,936 257,756 340,539 346,038 
883,728 775,687 835,826 841,544 
Federal agency collateralized mortgage obligations33,011 31,215 60,600 61,577 
Federal agency mortgage–backed pools220,963 190,656 257,185 257,691 
Total available for sale investment securities$1,137,702 $997,558 $1,153,611 $1,160,812 
Held to maturity
Within one year$32,610 $32,382 $5,222 $5,265 
One to five years222,443 209,854 65,739 66,982 
Five to ten years324,967 280,618 273,720 275,308 
After ten years1,006,745 793,544 870,896 880,830 
1,586,765 1,316,398 1,215,577 1,228,385 
Federal agency collateralized mortgage obligations56,564 47,699 48,482 47,465 
Federal agency mortgage–backed pools343,953 287,239 247,937 244,136 
Private labeled mortgage–backed pools35,466 29,973 40,447 40,005 
Total held to maturity investment securities$2,022,748 $1,681,309 $1,552,443 $1,559,991 
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.
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 securities$880,068 $(75,452)$1,719,396 $(406,840)$2,599,464 $(482,292)
December 31, 2021
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$268,732 $(2,483)$15,820 $(430)$284,552 $(2,913)
State and municipal539,882 (9,389)19,461 (582)559,343 (9,971)
Federal agency collateralized mortgage obligations56,027 (1,032)— — 56,027 (1,032)
Federal agency mortgage–backed pools406,540 (5,418)— — 406,540 (5,418)
Private labeled mortgage–backed pools40,005 (442)— — 40,005 (442)
Corporate notes189,500 (3,229)— — 189,500 (3,229)
Total securities$1,500,686 $(21,993)$35,281 $(1,012)$1,535,967 $(23,005)
Sales of Securities Available for Sale
Information regarding security proceeds, gross gains and gross losses are presented below.
Year Ended December 31
202220212020
Sales of securities available for sale
Proceeds$— $27,514 $77,213 
Gross gains— 914 4,372 
Gross losses— — (75)