Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

The book values and approximate fair values of investment securities at September 30, 2020 and December 31, 2019 are summarized as follows:


($ in thousands)	September 30, 2020					December 31, 2019
	Amortized Cost		Fair Value	Unrealized		Amortized Cost	Fair Value	Unrealized
				Gains	(Losses)			Gains	(Losses)
Securities available for sale:
Government-sponsored enterprise securities	$	75,016	75,653	637	—	20,000	20,009	17	(8)
Mortgage-backed securities	1,024,735		1,047,922	24,194	(1,007)	758,491	767,285	9,463	(669)
Corporate bonds	43,680		45,131	1,743	(292)	33,711	34,651	1,025	(85)
Total available for sale	$	1,143,431	1,168,706	26,574	(1,299)	812,202	821,945	10,505	(762)

Securities held to maturity:
Mortgage-backed securities	$	33,222	34,161	939	—	41,423	41,542	125	(6)
State and local governments	76,978		77,953	975	—	26,509	26,791	285	(3)
Total held to maturity	$	110,200	112,114	1,914	—	67,932	68,333	410	(9)

Schedule of unrealized losses on investment securities

The following table presents information regarding securities with unrealized losses at September 30, 2020:


($ in thousands)	Securities in an Unrealized Loss Position for Less than 12 Months			Securities in an Unrealized Loss Position for More than 12 Months		Total
	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
Government-sponsored enterprise securities	$	—	—	—	—	—	—
Mortgage-backed securities	212,533		816	6,639	191	219,172	1,007
Corporate bonds	13,907		93	801	199	14,708	292
State and local governments	—		—	—	—	—	—
Total temporarily impaired securities	$	226,440	909	7,440	390	233,880	1,299

The following table presents information regarding securities with unrealized losses at December 31, 2019:


($ in thousands)	Securities in an Unrealized Loss Position for Less than 12 Months			Securities in an Unrealized Loss Position for More than 12 Months		Total
	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
Government-sponsored enterprise securities	$	4,992	8	—	—	4,992	8
Mortgage-backed securities	77,274		293	50,851	382	128,125	675
Corporate bonds	—		—	915	85	915	85
State and local governments	—		—	934	3	934	3
Total temporarily impaired securities	$	82,266	301	52,700	470	134,966	771

Schedule of contractual maturity of investment securities

The book values and approximate fair values of investment securities at September 30, 2020, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Securities Available for Sale			Securities Held to Maturity
($ in thousands)	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Securities
Due within one year	$	—	—	1,496	1,509
Due after one year but within five years	28,680		30,423	3,957	4,075
Due after five years but within ten years	79,016		79,560	5,877	5,985
Due after ten years	11,000		10,801	65,648	66,384
Mortgage-backed securities	1,024,735		1,047,922	33,222	34,161
Total securities	$	1,143,431	1,168,706	110,200	112,114