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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment securities available for sale The amortized cost and fair values of securities AFS and HTM at December 31, 2020 were as follows:
($ in Thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
Investment securities AFS
U.S. Treasury securities$26,436 $95 $— $26,531 
Agency securities24,985 53 — 25,038 
Obligations of state and political subdivisions (municipal securities)425,057 25,605 — 450,662 
Residential mortgage-related securities
FNMA / FHLMC1,448,806 12,935 (500)1,461,241 
GNMA231,364 4,176 (3)235,537 
Commercial mortgage-related securities
FNMA / FHLMC19,654 3,250 — 22,904 
GNMA511,429 13,327 — 524,756 
Asset backed securities
FFELP329,030 1,172 (3,013)327,189 
SBA8,637 — (53)8,584 
Other debt securities3,000 — — 3,000 
Total investment securities AFS$3,028,399 $60,612 $(3,570)$3,085,441 
Investment securities HTM
U.S. Treasury securities$999 $25 $— $1,024 
Obligations of state and political subdivisions (municipal securities)1,441,900 133,544 — 1,575,445 
Residential mortgage-related securities
FNMA / FHLMC54,599 2,891 — 57,490 
GNMA114,553 4,260 — 118,813 
Commercial mortgage-related securities
FNMA/FHLMC11,211 — — 11,211 
GNMA255,742 9,218 — 264,960 
Total investment securities HTM$1,879,005 $149,938 $— $2,028,943 
The amortized cost and fair values of securities AFS and HTM at December 31, 2019 were as follows:
($ in Thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
Investment securities AFS
Obligations of state and political subdivisions (municipal securities)$529,908 $16,269 $(18)$546,160 
Residential mortgage-related securities:
FNMA / FHLMC131,158 1,562 (59)132,660 
GNMA982,941 3,887 (1,689)985,139 
Commercial mortgage-related securities
FNMA/FHLMC19,929 1,799 — 21,728 
GNMA1,314,836 7,403 (12,032)1,310,207 
FFELP asset backed securities270,178 — (6,485)263,693 
Other debt securities3,000 — — 3,000 
Total investment securities AFS$3,251,950 $30,920 $(20,284)$3,262,586 
Investment securities HTM
U.S. Treasury securities$999 $19 $— $1,018 
Obligations of state and political subdivisions (municipal securities)1,418,569 69,775 (1,118)1,487,227 
Residential mortgage-related securities
FNMA / FHLMC81,676 1,759 (15)83,420 
GNMA269,523 1,882 (1,108)270,296 
GNMA commercial mortgage-related securities434,317 6,308 (6,122)434,503 
Total investment securities HTM$2,205,083 $79,744 $(8,363)$2,276,465 
Investment securities held to maturity The amortized cost and fair values of securities AFS and HTM at December 31, 2020 were as follows:
($ in Thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
Investment securities AFS
U.S. Treasury securities$26,436 $95 $— $26,531 
Agency securities24,985 53 — 25,038 
Obligations of state and political subdivisions (municipal securities)425,057 25,605 — 450,662 
Residential mortgage-related securities
FNMA / FHLMC1,448,806 12,935 (500)1,461,241 
GNMA231,364 4,176 (3)235,537 
Commercial mortgage-related securities
FNMA / FHLMC19,654 3,250 — 22,904 
GNMA511,429 13,327 — 524,756 
Asset backed securities
FFELP329,030 1,172 (3,013)327,189 
SBA8,637 — (53)8,584 
Other debt securities3,000 — — 3,000 
Total investment securities AFS$3,028,399 $60,612 $(3,570)$3,085,441 
Investment securities HTM
U.S. Treasury securities$999 $25 $— $1,024 
Obligations of state and political subdivisions (municipal securities)1,441,900 133,544 — 1,575,445 
Residential mortgage-related securities
FNMA / FHLMC54,599 2,891 — 57,490 
GNMA114,553 4,260 — 118,813 
Commercial mortgage-related securities
FNMA/FHLMC11,211 — — 11,211 
GNMA255,742 9,218 — 264,960 
Total investment securities HTM$1,879,005 $149,938 $— $2,028,943 
The amortized cost and fair values of securities AFS and HTM at December 31, 2019 were as follows:
($ in Thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
Investment securities AFS
Obligations of state and political subdivisions (municipal securities)$529,908 $16,269 $(18)$546,160 
Residential mortgage-related securities:
FNMA / FHLMC131,158 1,562 (59)132,660 
GNMA982,941 3,887 (1,689)985,139 
Commercial mortgage-related securities
FNMA/FHLMC19,929 1,799 — 21,728 
GNMA1,314,836 7,403 (12,032)1,310,207 
FFELP asset backed securities270,178 — (6,485)263,693 
Other debt securities3,000 — — 3,000 
Total investment securities AFS$3,251,950 $30,920 $(20,284)$3,262,586 
Investment securities HTM
U.S. Treasury securities$999 $19 $— $1,018 
Obligations of state and political subdivisions (municipal securities)1,418,569 69,775 (1,118)1,487,227 
Residential mortgage-related securities
FNMA / FHLMC81,676 1,759 (15)83,420 
GNMA269,523 1,882 (1,108)270,296 
GNMA commercial mortgage-related securities434,317 6,308 (6,122)434,503 
Total investment securities HTM$2,205,083 $79,744 $(8,363)$2,276,465 
Amortized cost and fair values of investment securities available for sale and held to maturity by contractual maturity
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of investment securities AFS and HTM at December 31, 2020, are shown below:
 AFSHTM
($ in Thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$7,385 $7,394 $29,665 $29,938 
Due after one year through five years83,293 84,112 54,313 56,196 
Due after five years through ten years350,687 371,076 187,853 197,850 
Due after ten years38,113 42,650 1,171,068 1,292,485 
Total debt securities479,478 505,231 1,442,900 1,576,469 
Residential mortgage-related securities
FNMA / FHLMC1,448,806 1,461,241 54,599 57,490 
GNMA231,364 235,537 114,553 118,813 
Commercial mortgage-related securities
FNMA / FHLMC19,654 22,904 11,211 11,211 
GNMA511,429 524,756 255,742 264,960 
Asset backed securities
FFELP329,030 327,189 — — 
SBA8,637 8,584 — — 
Total investment securities$3,028,399 $3,085,441 $1,879,005 $2,028,943 
Ratio of Fair Value to Amortized Cost101.9 %108.0 %
Debt Securities, Held-to-maturity, Credit Quality Indicator [Table Text Block]
On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2020:
($ in Thousands)AAAAAATotal
U.S. Treasury securities$999 $— $— $999 
Obligations of state and political subdivisions (municipal securities)567,252 860,607 14,041 1,441,900 
Residential mortgage-related securities
FNMA/FHLMC54,599 — — 54,599 
GNMA114,553 — — 114,553 
Commercial mortgage-related securities
FNMA/FHLMC11,211 — — 11,211 
GNMA255,742 — — 255,742 
Total HTM securities$1,004,357 $860,607 $14,041 $1,879,005 
Realized gains and losses and proceeds from sale
Investment securities gains (losses), net includes proceeds from the sale of investment securities as well as any applicable write-ups or write-downs of investment securities. The proceeds from the sale and write-up of investment securities for each of the three years ended December 31 are shown below.
($ in Thousands)202020192018
Gross gains on AFS securities$9,312 $6,374 $1,954 
Gross (losses) on AFS securities(90)(13,861)(3,938)
Write-up of equity securities without readily determinable fair values— 13,444 — 
Investment securities gains (losses), net$9,222 $5,957 $(1,985)
Proceeds from sales of investment securities$626,283 $1,367,476 $601,130 
Unrealized losses and fair value of available for sale and held to maturity securities, by investment category and time length
The following represents gross unrealized losses and the related fair value of investment securities AFS and HTM, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at December 31, 2020:
 Less than 12 months12 months or moreTotal
($ in Thousands)Number
of
Securities
Unrealized
(Losses)
Fair
Value
Number
of
Securities
Unrealized
(Losses)
Fair
Value
Unrealized (Losses)Fair
Value
Investment securities AFS
Residential mortgage-related securities
FNMA / FHLMC$(500)$163,002 — $— $— $(500)$163,002 
GNMA(3)9,784 — — — (3)9,784 
GNMA commercial mortgage-related securities— 287 — — — — 287 
Asset backed securities
FFELP(129)9,267 16 (2,885)178,681 (3,013)187,948 
SBA14 (53)8,379 — — — (53)8,379 
Other debt securities— 2,000 — — — — 2,000 
Total27 $(685)$192,720 16 $(2,885)$178,681 $(3,570)$371,400 
Investment securities HTM
GNMA residential mortgage-related securities$— $325 — $— $— $— $325 
Total$— $325 — $— $— $— $325 
For comparative purposes, the following represents gross unrealized losses and the related fair value of investment securities AFS and HTM, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2019:
 Less than 12 months12 months or moreTotal
($ in Thousands)Number
of
Securities
Unrealized
(Losses)
Fair
Value
Number
of
Securities
Unrealized
(Losses)
Fair
Value
Unrealized
(Losses)
Fair
Value
Investment securities AFS
Obligations of state and political subdivisions (municipal securities)$(18)$1,225 — $— $— $(18)$1,225 
Residential mortgage-related securities
FNMA / FHLMC— — — (59)34,807 (59)34,807 
GNMA18 (924)322,394 (766)79,461 (1,689)401,856 
GNMA commercial mortgage-related securities22 (810)258,218 42 (11,222)621,307 (12,032)879,524 
FFELP asset backed securities19 (6,092)250,780 (393)12,913 (6,485)263,693 
Other debt securities— 2,000 — — — — 2,000 
Total65 $(7,843)$834,616 51 $(12,440)$748,487 $(20,284)$1,583,104 
Investment securities HTM
Obligations of state and political subdivisions (municipal securities)52 $(1,105)$77,562 $(13)$2,378 $(1,118)$79,940 
Residential mortgage-related securities
FNMA / FHLMC(6)1,242 (9)833 (15)2,075 
GNMA12 (1,059)187,261 (49)6,587 (1,108)193,849 
GNMA commercial mortgage-related securities(29)26,202 21 (6,093)357,733 (6,122)383,935 
Total67 $(2,199)$292,267 36 $(6,164)$367,532 $(8,363)$659,799