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Investments (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation

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, 2019
($ in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available-for-sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
9,954

 
$
92

 
$
—

 
$
10,046

    Obligations of states and political subdivisions
207,269

 
6,118

 
(363
)
 
213,024

    Agency mortgage-backed securities
888,129

 
15,083

 
(1,191
)
 
902,021

    U.S. Treasury Bills
9,971

 
255

 
—

 
10,226

          Total securities available-for-sale
$
1,115,323

 
$
21,548

 
$
(1,554
)
 
$
1,135,317

 
 
 
 
 
 
 
 
Held-to-maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
11,704

 
$
170

 
$
—

 
$
11,874

    Agency mortgage-backed securities
46,346

 
675

 
—

 
47,021

    Corporate debt securities
123,116

 
128

 
(200
)
 
123,044

          Total securities held-to-maturity
$
181,166

 
$
973

 
$
(200
)
 
$
181,939

 
 
 
 
 
 
 
 
 
December 31, 2018
($ in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available-for-sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
99,926

 
$
—

 
$
(1,428
)
 
$
98,498

    Obligations of states and political subdivisions
26,566

 
327

 
(83
)
 
26,810

    Agency mortgage-backed securities
596,825

 
1,160

 
(11,849
)
 
586,136

    U.S. Treasury Bills
9,962

 
—

 
(37
)
 
9,925

Total securities available-for-sale
$
733,279

 
$
1,487

 
$
(13,397
)
 
$
721,369

 
 
 
 
 
 
 
 
Held-to-maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
12,506

 
$
16

 
$
(114
)
 
$
12,408

    Agency mortgage-backed securities
53,173

 
—

 
(1,647
)
 
51,526

Total securities held-to-maturity
$
65,679

 
$
16

 
$
(1,761
)
 
$
63,934



During the fourth quarter of 2019, the Company transferred corporate debt securities with a book value of $116.3 million and fair value of $123.2 million from available to sale to held-to-maturity. The Company believes the held-to-maturity category is more consistent with the Company’s intent for these securities. The transfer of securities was made at fair value at the time of transfer. The unamortized portion of the $6.9 million 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. Accordingly, the balance of held-to-maturity securities in the “Amortized cost” column in the table above includes a net unamortized unrealized gain of $6.8 million at December 31, 2019. Such amounts are amortized over the remaining life of the securities.

At December 31, 2019, and 2018, 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 having a fair value of $484.8 million and $433.7 million at December 31, 2019, and December 31, 2018, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions.
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation

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, 2019
($ in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available-for-sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
9,954

 
$
92

 
$
—

 
$
10,046

    Obligations of states and political subdivisions
207,269

 
6,118

 
(363
)
 
213,024

    Agency mortgage-backed securities
888,129

 
15,083

 
(1,191
)
 
902,021

    U.S. Treasury Bills
9,971

 
255

 
—

 
10,226

          Total securities available-for-sale
$
1,115,323

 
$
21,548

 
$
(1,554
)
 
$
1,135,317

 
 
 
 
 
 
 
 
Held-to-maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
11,704

 
$
170

 
$
—

 
$
11,874

    Agency mortgage-backed securities
46,346

 
675

 
—

 
47,021

    Corporate debt securities
123,116

 
128

 
(200
)
 
123,044

          Total securities held-to-maturity
$
181,166

 
$
973

 
$
(200
)
 
$
181,939

 
 
 
 
 
 
 
 
 
December 31, 2018
($ in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available-for-sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
99,926

 
$
—

 
$
(1,428
)
 
$
98,498

    Obligations of states and political subdivisions
26,566

 
327

 
(83
)
 
26,810

    Agency mortgage-backed securities
596,825

 
1,160

 
(11,849
)
 
586,136

    U.S. Treasury Bills
9,962

 
—

 
(37
)
 
9,925

Total securities available-for-sale
$
733,279

 
$
1,487

 
$
(13,397
)
 
$
721,369

 
 
 
 
 
 
 
 
Held-to-maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
12,506

 
$
16

 
$
(114
)
 
$
12,408

    Agency mortgage-backed securities
53,173

 
—

 
(1,647
)
 
51,526

Total securities held-to-maturity
$
65,679

 
$
16

 
$
(1,761
)
 
$
63,934



During the fourth quarter of 2019, the Company transferred corporate debt securities with a book value of $116.3 million and fair value of $123.2 million from available to sale to held-to-maturity. The Company believes the held-to-maturity category is more consistent with the Company’s intent for these securities. The transfer of securities was made at fair value at the time of transfer. The unamortized portion of the $6.9 million 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. Accordingly, the balance of held-to-maturity securities in the “Amortized cost” column in the table above includes a net unamortized unrealized gain of $6.8 million at December 31, 2019. Such amounts are amortized over the remaining life of the securities.

At December 31, 2019, and 2018, 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 having a fair value of $484.8 million and $433.7 million at December 31, 2019, and December 31, 2018, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions.
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at December 31, 2019, 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 agency mortgage-backed securities is approximately 4 years. 
 
Available-for-sale
 
Held-to-maturity
($ in thousands)
Amortized Cost
 
Estimated
Fair Value
 
Amortized Cost
 
Estimated
Fair Value
Due in one year or less
$
959

 
$
978

 
$
—

 
$
—

Due after one year through five years
26,825

 
27,355

 
4,167

 
4,234

Due after five years through ten years
8,646

 
8,945

 
130,653

 
130,684

Due after ten years
190,764

 
196,018

 
—

 
—

Agency mortgage-backed securities
888,129

 
902,021

 
46,346

 
47,021

 
$
1,115,323

 
$
1,135,317

 
$
181,166

 
$
181,939
Schedule of Unrealized Loss on Investments The following table represents a summary of investment securities that had an unrealized loss:
 
 
December 31, 2019
Less than 12 months
 
12 months or more
 
Total
($ in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of states and political subdivisions
$
56,327

 
$
363

 
$
—

 
$
—

 
$
56,327

 
$
363

Agency mortgage-backed securities
131,693

 
756

 
41,491

 
435

 
173,184

 
1,191

Corporate debt securities
67,964

 
200

 
—

 
—

 
67,964

 
200

 
$
255,984

 
$
1,319

 
$
41,491

 
$
435

 
$
297,475

 
$
1,754

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
Less than 12 months
 
12 months or more
 
Total
($ in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of U.S. Government-sponsored enterprises
$
19,622

 
$
322

 
$
78,876

 
$
1,106

 
$
98,498

 
$
1,428

Obligations of states and political subdivisions
3,102

 
15

 
14,156

 
182

 
17,258

 
197

Agency mortgage-backed securities
87,357

 
2,211

 
389,770

 
11,285

 
477,127

 
13,496

U.S. Treasury Bills
—

 
—

 
9,925

 
37

 
9,925

 
37

 
$
110,081

 
$
2,548

 
$
492,727

 
$
12,610

 
$
602,808

 
$
15,158
Schedule of Realized Gain (Loss) The gross gains and losses realized from sales of available-for-sale investment securities were as follows:
 
 
December 31,
($ in thousands)
2019
 
2018
 
2017
Gross gains realized
$
400

 
$
9

 
$
22

Gross losses realized
(449
)
 
—

 
—

Proceeds from sales
357,976

 
1,451

 
144,076