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Securities (Tables)
9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value of Securities
The fair value of securities is as follows:
September 30, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available for sale
U.S. Treasury and federal agencies$293,785 $— $(27,935)$265,850 
State and municipal425,096 — (84,784)340,312 
Federal agency collateralized mortgage obligations23,210 — (1,897)21,313 
Federal agency mortgage-backed pools200,728 — (34,839)165,889 
Corporate notes81,803 338 (10,337)71,804 
Total available for sale investment securities$1,024,622 $338 $(159,792)$865,168 
Held to maturity
U.S. Treasury and federal agencies$287,561 $— $(53,553)$234,008 
State and municipal1,101,933 15 (243,639)858,309 
Federal agency collateralized mortgage obligations52,573 — (9,896)42,677 
Federal agency mortgage-backed pools328,410 — (64,353)264,057 
Private labeled mortgage-backed pools32,992 — (5,694)27,298 
Corporate notes163,014 — (32,518)130,496 
Total held to maturity investment securities$1,966,483 $15 $(409,653)$1,556,845 
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 September 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.
September 30, 2023
Amortized
Cost
Fair
Value
Available for sale
Within one year$5,449 $5,329 
One to five years364,641 330,882 
Five to ten years192,161 153,784 
After ten years238,433 187,971 
800,684 677,966 
Federal agency collateralized mortgage obligations23,210 21,313 
Federal agency mortgage–backed pools200,728 165,889 
Total available for sale investment securities$1,024,622 $865,168 
Held to maturity
Within one year$35,434 $35,149 
One to five years228,119 212,226 
Five to ten years340,018 278,547 
After ten years948,937 696,891 
1,552,508 1,222,813 
Federal agency collateralized mortgage obligations52,573 42,677 
Federal agency mortgage–backed pools328,410 264,057 
Private labeled mortgage–backed pools32,992 27,298 
Total held to maturity investment securities$1,966,483 $1,556,845 
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.
September 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$1,322 $(12)$498,536 $(81,476)$499,858 $(81,488)
State and municipal123,235 (7,558)1,066,492 (320,865)1,189,727 (328,423)
Federal agency collateralized mortgage obligations— — 63,990 (11,793)63,990 (11,793)
Federal agency mortgage–backed pools13 (1)429,933 (99,191)429,946 (99,192)
Private labeled mortgage–backed pools— — 27,298 (5,694)27,298 (5,694)
Corporate notes— — 200,899 (42,855)200,899 (42,855)
Total temporarily impaired securities$124,570 $(7,571)$2,287,148 $(561,874)$2,411,718 $(569,445)
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 $(482,292)
Schedule of Sales of Securities Available for Sale
Information regarding security proceeds, gross gains and gross losses are presented below.
Three Months EndedNine Months Ended
September 30September 30
2023202220232022
Sales of securities available for sale
Proceeds$— $— $88,194 $— 
Gross gains— — 215 — 
Gross losses— — (695)—