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Investments
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments INVESTMENTS
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity: 
 December 31, 2023
($ in thousands)Amortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair Value
Available-for-sale securities:    
    Obligations of U.S. Government-sponsored enterprises$316,511 $303 $(20,368)$296,446 
    Obligations of states and political subdivisions500,881 57 (68,767)432,171 
    Agency mortgage-backed securities758,283 1,181 (59,083)700,381 
    Corporate debt securities8,750 — (1,176)7,574 
    U.S. Treasury Bills184,709 62 (3,070)181,701 
          Total securities available-for-sale$1,769,134 $1,603 $(152,464)$1,618,273 
Held-to-maturity securities:
    Obligations of states and political subdivisions$575,699 $7,078 $(47,461)$535,316 
    Agency mortgage-backed securities52,100 — (5,424)46,676 
    Corporate debt securities123,420 216 (8,981)114,655 
          Total securities held-to-maturity$751,219 $7,294 $(61,866)$696,647 
Allowance for credit losses(785)
Total securities held-to-maturity, net$750,434 
 December 31, 2022
($ in thousands)Amortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair Value
Available-for-sale securities:    
    Obligations of U.S. Government-sponsored enterprises$266,090 $— $(28,305)$237,785 
    Obligations of states and political subdivisions507,842 27 (90,425)417,444 
    Agency mortgage-backed securities727,931 453 (68,980)659,404 
    Corporate debt securities13,750 — (1,110)12,640 
    U.S. Treasury Bills213,441 1 (4,908)208,534 
Total securities available-for-sale$1,729,054 $481 $(193,728)$1,535,807 
Held-to-maturity securities:
    Obligations of states and political subdivisions$529,012 $2,321 $(65,347)$465,986 
    Agency mortgage-backed securities57,018 — (6,416)50,602 
    Corporate debt securities124,620 163 (12,854)111,929 
Total securities held-to-maturity$710,650 $2,484 $(84,617)$628,517 
Allowance for credit losses(735)
Total securities held-to-maturity, net$709,915 

During 2023, the Company did not transfer any securities from available-for-sale to held-to-maturity. The Company believes the held-to-maturity category is consistent with the Company’s intent for these securities. In 2022, the Company transferred $116.7 million of securities from available-for-sale to held-to-maturity. The transfer of securities was made at fair value at the time of transfer. The unamortized portion of the unrealized holding gain at the time of transfer is retained in accumulated other comprehensive income and in the carrying value of held-to-
maturity securities. The balance of held-to-maturity securities in the “Amortized Cost” column in the table above includes a cumulative net unamortized, unrealized gain of $14.1 million and $17.6 million at December 31, 2023 and 2022, respectively. Such amounts are amortized over the remaining life of the securities.

At December 31, 2023 and 2022, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than the U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government-sponsored enterprises. Securities of $1.6 billion and $734.5 million at December 31, 2023 and December 31, 2022, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions.

The amortized cost and estimated fair value of debt securities at December 31, 2023, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 5 years.
Available-for-saleHeld-to-maturity
($ in thousands)Amortized CostEstimated
Fair Value		Amortized CostEstimated
Fair Value
Due in one year or less$141,734 $140,353 $1,230 $1,230 
Due after one year through five years327,794 309,375 81,887 77,227 
Due after five years through ten years130,737 117,025 190,949 183,396 
Due after ten years410,586 351,139 425,053 388,118 
Agency mortgage-backed securities758,283 700,381 52,100 46,676 
 $1,769,134 $1,618,273 $751,219 $696,647 
There were 753 and 740 available-for-sale securities in an unrealized loss position as of December 31, 2023 and 2022, respectively, included in the following tables:
 
 December 31, 2023
Less than 12 months12 months or moreTotal
($ in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$25,886 $85 $247,027 $20,283 $272,913 $20,368 
Obligations of states and political subdivisions1,168 163 428,171 68,604 429,339 68,767 
Agency mortgage-backed securities58,249 417 540,032 58,666 598,281 59,083 
Corporate debt securities— — 7,574 1,176 7,574 1,176 
U.S. Treasury Bills41,857 49 103,588 3,021 145,445 3,070 
 $127,160 $714 $1,326,392 $151,750 $1,453,552 $152,464 
 December 31, 2022
Less than 12 months12 months or moreTotal
($ in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$73,738 $6,249 $163,047 $22,056 $236,785 $28,305 
Obligations of states and political subdivisions103,179 13,501 311,634 76,924 414,813 90,425 
Agency mortgage-backed securities334,431 20,038 281,321 48,942 615,752 68,980 
Corporate debt securities12,640 1,110 — — 12,640 1,110 
U.S. Treasury Bills198,688 4,908 — — 198,688 4,908 
 $722,676 $45,806 $756,002 $147,922 $1,478,678 $193,728 

The unrealized losses at both December 31, 2023 and 2022, were primarily attributable to changes in market interest rates since the securities were purchased. In 2023, an allowance for credit losses on available-for-sale investment securities was established through a provision for credit losses of $4.2 million. A debt security of $4.2 million was subsequently charged-off against that allowance. At both December 31, 2023 and 2022, there was no ACL on available-for-sale securities outstanding.

Accrued interest receivable on held-to-maturity debt securities totaled $6.5 million and $5.8 million at December 31, 2023 and 2022, respectively, and is excluded from the estimate of expected credit losses. The estimate of expected credit losses considers historical credit loss information adjusted for current conditions and reasonable and supportable forecasts. At December 31, 2023 and 2022, the ACL on held-to-maturity securities was $0.8 million and $0.7 million, respectively.

The proceeds, gross gains and losses realized from sales of available-for-sale investment securities were as follows:
 
 December 31,
($ in thousands)202320222021
Gross gains realized$601 $— $— 
Proceeds from sales40,393 — 27,135 
Other Investments
At December 31, 2023 and 2022, other investments totaled $66.2 million and $63.8 million, respectively. As a member of the FHLB, the Bank is required to maintain a minimum investment in capital stock with the FHLB consisting of membership stock and activity-based stock. The FHLB capital stock of $7.8 million, and $14.0 million at December 31, 2023 and 2022, respectively, is recorded at cost, which represents redemption value, and is included in other investments in the consolidated balance sheets. The remaining amounts in other investments primarily include various investments in SBICs, CDFIs, and the Company’s investment in unconsolidated trusts used to issue preferred securities to third parties, see “Note 10 – Subordinated Debentures and Notes.”