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Investments (Tables)
3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available for sale and held to maturity:
 
 March 31, 2024
($ in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises$316,638 $146 $(20,982)$295,802 
Obligations of states and political subdivisions500,206 41 (77,268)422,979 
Agency mortgage-backed securities767,508 393 (63,710)704,191 
U.S. Treasury bills184,367 (3,275)181,100 
Corporate debt securities8,750 — (939)7,811 
          Total securities available for sale$1,777,469 $588 $(166,174)$1,611,883 
Held-to-maturity securities:
Obligations of states and political subdivisions$583,972 $5,039 $(53,410)$535,601 
Agency mortgage-backed securities51,276 — (5,779)45,497 
Corporate debt securities123,119 230 (9,673)113,676 
          Total securities held-to-maturity$758,367 $5,269 $(68,862)$694,774 
Allowance for credit losses(350)
          Total securities held-to-maturity, net$758,017 

 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 
U.S. Treasury Bills184,709 62 (3,070)181,701 
Corporate debt securities8,750 — (1,176)7,574 
          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 
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available for sale and held to maturity:
 
 March 31, 2024
($ in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises$316,638 $146 $(20,982)$295,802 
Obligations of states and political subdivisions500,206 41 (77,268)422,979 
Agency mortgage-backed securities767,508 393 (63,710)704,191 
U.S. Treasury bills184,367 (3,275)181,100 
Corporate debt securities8,750 — (939)7,811 
          Total securities available for sale$1,777,469 $588 $(166,174)$1,611,883 
Held-to-maturity securities:
Obligations of states and political subdivisions$583,972 $5,039 $(53,410)$535,601 
Agency mortgage-backed securities51,276 — (5,779)45,497 
Corporate debt securities123,119 230 (9,673)113,676 
          Total securities held-to-maturity$758,367 $5,269 $(68,862)$694,774 
Allowance for credit losses(350)
          Total securities held-to-maturity, net$758,017 

 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 
U.S. Treasury Bills184,709 62 (3,070)181,701 
Corporate debt securities8,750 — (1,176)7,574 
          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$750,434 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at March 31, 2024, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately five years.
Available for saleHeld to maturity
($ in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due in one year or less$163,297 $161,711 $785 $783 
Due after one year through five years303,371 284,316 103,383 96,428 
Due after five years through ten years160,265 141,132 176,180 169,432 
Due after ten years383,028 320,533 426,743 382,634 
Agency mortgage-backed securities767,508 704,191 51,276 45,497 
 $1,777,469 $1,611,883 $758,367 $694,774 
Schedule of Unrealized Loss on Investments
The following tables presents a summary of available-for-sale investment securities in an unrealized loss position:
 March 31, 2024
Less than 12 months12 months or moreTotal
($ in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$22,611 $72 $251,397 $20,910 $274,008 $20,982 
Obligations of states and political subdivisions479 420,164 77,266 420,643 77,268 
Agency mortgage-backed securities125,634 1,240 531,490 62,470 657,124 63,710 
U.S. Treasury bills59,562 109 109,451 3,166 169,013 3,275 
Corporate debt securities— — 7,811 939 7,811 939 
 $208,286 $1,423 $1,320,313 $164,751 $1,528,599 $166,174 
 December 31, 2023
Less than 12 months12 months or moreTotal
($ 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 
U.S. Treasury bills41,857 49 103,588 3,021 145,445 3,070 
Corporate debt securities— — 7,574 1,176 7,574 1,176 
 $127,160 $714 $1,326,392 $151,750 $1,453,552 $152,464