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Securities (Tables)
6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value of Securities
The fair value of securities is as follows:
June 30, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available for sale
U.S. Treasury and federal agencies$294,640 $— $(25,805)$268,835 
State and municipal425,815 (61,755)364,066 
Federal agency collateralized mortgage obligations24,529 — (1,634)22,895 
Federal agency mortgage-backed pools206,240 — (28,586)177,654 
Corporate notes81,904 314 (9,855)72,363 
Total available for sale investment securities$1,033,128 $320 $(127,635)$905,813 
Held to maturity
U.S. Treasury and federal agencies$287,576 $— $(45,929)$241,647 
State and municipal1,110,945 514 (173,391)938,068 
Federal agency collateralized mortgage obligations54,067 — (8,601)45,466 
Federal agency mortgage-backed pools333,767 — (53,147)280,620 
Private labeled mortgage-backed pools33,848 — (5,186)28,662 
Corporate notes163,293 — (29,527)133,766 
Total held to maturity investment securities$1,983,496 $514 $(315,781)$1,668,229 
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 June 30, 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.
June 30, 2023
Amortized
Cost
Fair
Value
Available for sale
Within one year$3,978 $3,912 
One to five years355,057 324,602 
Five to ten years195,305 164,194 
After ten years248,019 212,556 
802,359 705,264 
Federal agency collateralized mortgage obligations24,529 22,895 
Federal agency mortgage–backed pools206,240 177,654 
Total available for sale investment securities$1,033,128 $905,813 
Held to maturity
Within one year$33,919 $33,698 
One to five years231,328 217,643 
Five to ten years331,954 283,216 
After ten years964,613 778,924 
1,561,814 1,313,481 
Federal agency collateralized mortgage obligations54,067 45,466 
Federal agency mortgage–backed pools333,767 280,620 
Private labeled mortgage–backed pools33,848 28,662 
Total held to maturity investment securities$1,983,496 $1,668,229 
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.
June 30, 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$1,948 $(20)$508,535 $(71,714)$510,483 $(71,734)
State and municipal135,580 (3,239)1,111,320 (231,907)1,246,900 (235,146)
Federal agency collateralized mortgage obligations880 (54)67,482 (10,181)68,362 (10,235)
Federal agency mortgage–backed pools7,204 (305)451,055 (81,428)458,259 (81,733)
Private labeled mortgage–backed pools— — 28,662 (5,186)28,662 (5,186)
Corporate notes4,956 (760)199,846 (38,622)204,802 (39,382)
Total temporarily impaired securities$150,568 $(4,378)$2,366,900 $(439,038)$2,517,468 $(443,416)
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 EndedSix Months Ended
June 30June 30
2023202220232022
Sales of securities available for sale
Proceeds$24,668 $— $88,194 $— 
Gross gains86 — 215 — 
Gross losses(66)— (695)—