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Investments (Tables)
12 Months Ended
Dec. 31, 2023
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, 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 (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$709,915 
Debt Securities, Available-for-sale
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity: 
 December 31, 2023
($ 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 (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$709,915 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at December 31, 2023, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 5 years.
Available-for-saleHeld-to-maturity
($ 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 
Schedule of Unrealized Loss on Investments
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 
Schedule of Realized Gain (Loss)
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