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Investments
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments INVESTMENTS
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:
 
 
September 30, 2024
($ in thousands)Amortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises$311,531 $639 $(12,496)$299,674 
Obligations of states and political subdivisions493,704 70 (69,597)424,177 
Agency mortgage-backed securities921,704 4,672 (43,707)882,669 
U.S. Treasury bills160,814 70 (1,189)159,695 
Corporate debt securities21,198 — (620)20,578 
          Total securities available for sale$1,908,951 $5,451 $(127,609)$1,786,793 
Held-to-maturity securities:
Obligations of states and political subdivisions$680,211 $7,942 $(44,954)$643,199 
Agency mortgage-backed securities49,168 — (3,868)45,300 
Corporate debt securities122,521 256 (5,727)117,050 
          Total securities held-to-maturity$851,900 $8,198 $(54,549)$805,549 
Allowance for credit losses(253)
          Total securities held-to-maturity, net$851,647 

 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 

The balance of held-to-maturity securities in the “Amortized Cost” column in the table above includes a cumulative net unamortized unrealized gain of $11.7 million and $14.1 million at September 30, 2024 and December 31, 2023, respectively. Such amounts are amortized over the remaining life of the securities.
At September 30, 2024 and December 31, 2023, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government agencies and sponsored enterprises. Securities of $1.2 billion and $1.6 billion at September 30, 2024 and December 31, 2023, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions, in addition to collateral securing borrowing bases with the FHLB and the Federal Reserve Bank.

The amortized cost and estimated fair value of debt securities at September 30, 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 four years.
Available for saleHeld to maturity
($ in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due in one year or less$152,459 $151,840 $5,307 $5,256 
Due after one year through five years283,921 273,695 124,724 119,447 
Due after five years through ten years200,448 179,565 184,490 182,739 
Due after ten years350,419 299,024 488,211 452,807 
Agency mortgage-backed securities921,704 882,669 49,168 45,300 
 $1,908,951 $1,786,793 $851,900 $805,549 

The following tables presents a summary of available-for-sale investment securities in an unrealized loss position:
 September 30, 2024
Less than 12 months12 months or moreTotal
($ in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$999 $1 $250,613 $12,495 $251,612 $12,496 
Obligations of states and political subdivisions3,338 100 418,471 69,497 421,809 $69,597 
Agency mortgage-backed securities42,873 180 509,144 43,527 552,017 $43,707 
U.S. Treasury bills— — 83,626 1,189 83,626 $1,189 
Corporate debt securities— — 8,130 620 8,130 $620 
 $47,210 $281 $1,269,984 $127,328 $1,317,194 $127,609 
 December 31, 2023
Less than 12 months12 months or moreTotal
($ 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 

The unrealized losses at both September 30, 2024 and December 31, 2023 were attributable primarily to changes in market interest rates after the securities were purchased. At each of September 30, 2024 and December 31, 2023, the Company did not have an allowance for credit losses on available-for-sale securities.
Accrued interest on held-to-maturity debt securities totaled $7.8 million and $6.5 million at September 30, 2024 and December 31, 2023, 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. The ACL on held-to-maturity securities was $0.3 million at September 30, 2024 and $0.8 million at December 31, 2023.

There were no sales of available-for-sale securities during neither the three and nine months ended September 30, 2024, nor the three months ended September 30, 2023. The Company sold $28.4 million of available-for-sale securities during the nine months ended September 30, 2023 for a gain of $0.4 million.

Other Investments

At September 30, 2024 and December 31, 2023, other investments totaled $75.8 million and $66.2 million, respectively. As a member of the FHLB system administered by the Federal Housing Finance Agency, 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 $15.5 million at September 30, 2024 and $7.8 million at December 31, 2023 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 investments in Small Business Investment Companies, Community Development Financial Institutions, private equity investments, and the Company’s investment in unconsolidated trusts used to issue trust preferred securities to third parties.