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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2021
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, 2021
U.S. Government agencies232,609 — 232,609 — (7,914)224,695 
Mortgage-backed securities$70,342 $— $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 
December 31, 2020
Mortgage-backed securities22,354 — 22,354 683 — 23,037 
State and political subdivisions$312,416 $(2,307)$310,109 $8,148 $(30)$318,227 
Other securities1,176 (608)568 93 — 661 
Total HTM$335,946 $(2,915)$333,031 $8,924 $(30)$341,925 
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, 2021
U.S. Treasury300 — — — 300 
U.S. Government agencies$374,754 $— $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 
December 31, 2020
U.S. Government agencies$477,693 $— $844 $(1,300)$477,237 
Mortgage-backed securities1,374,769 — 21,261 (1,094)1,394,936 
State and political subdivisions1,416,136 (217)55,111 (307)1,470,723 
Other securities128,445 (95)2,447 (95)130,702 
Total AFS$3,397,043 $(312)$79,663 $(2,796)$3,473,598 
Schedule of Unrealized Loss on Investments
 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. Government agencies$152,908 $(3,297)$160,913 $(7,311)$313,821 $(10,608)
Mortgage-backed securities3,632,822 (33,551)323,683 (9,688)3,956,505 (43,239)
State and political subdivisions530,647 (709)29,565 (1,286)560,212 (1,995)
Other securities228,182 (5,240)6,984 (239)235,166 (5,479)
Total AFS$4,544,559 $(42,797)$521,145 $(18,524)$5,065,704 $(61,321)
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, 2021 and 2020 on the Company’s HTM and AFS securities held.

(In thousands)State and Political SubdivisionsOther SecuritiesTotal
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 $312 
Reduction due to sales— (11)(11)
Net decrease in allowance on previously impaired securities(217)(84)(301)
Ending balance, December 31, 2021$— $— $— 
December 31, 2020
Held-to-maturity
Beginning balance, January 1, 2020$— $— $— 
Impact of ASU 2016-13 adoption58 311 369 
Provision for credit loss expense2,249 297 2,546 
Ending balance, December 31, 2020$2,307 $608 $2,915 
Available-for-sale
Beginning balance, January 1, 2020$— $— $— 
Impact of ASU 2016-13 adoption373 — 373 
Credit losses on securities not previously recorded199 113 312 
Reduction due to sales(244)— (244)
Net decrease in allowance on previously impaired securities(111)(18)(129)
Ending balance, December 31, 2020$217 $95 $312 
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, 2021:

State and Political Subdivisions
(In thousands)Not Guaranteed or Pre-RefundedOther Credit Enhancement or InsurancePre-RefundedTotalOther Securities
Aaa/AAA$129,473 $102,712 $— $232,185 $— 
Aa/AA481,887 316,345 — 798,232 — 
A42,727 89,643 — 132,370 — 
Baa/BBB— 13,539 13,539 
Not Rated6,207 27,715 — 33,922 17,301 
Total$660,294 $549,954 $— $1,210,248 $17,301 
Income Earned on Securities
Income earned on securities for the years ended December 31, 2021, 2020 and 2019, is as follows: 

(In thousands)202120202019
Taxable:   
Held-to-maturity$4,208 $985 $1,207 
Available-for-sale54,768 34,054 42,412 
Non-taxable:
Held-to-maturity16,047 919 1,412 
Available-for-sale36,670 28,575 18,345 
Total$111,693 $64,533 $63,376 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value by maturity of securities are shown in the following table as of December 31, 2021. 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$5,333 $5,396 $7,821 $7,845 
After one through five years4,801 5,023 61,456 61,669 
After five through ten years27,081 25,874 532,085 533,711 
After ten years1,422,943 1,411,936 2,043,326 2,061,081 
Securities not due on a single maturity date70,342 69,149 4,485,547 4,448,615 
Other securities (no maturity)— — 626 624 
Total$1,530,500 $1,517,378 $7,130,861 $7,113,545