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Securities (Tables)
9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Book Values and Fair Values of Available-for-Sale Securities
The book values and approximate fair values of investment securities at September 30, 2022 and December 31, 2021 are summarized as follows:
($ in thousands)September 30, 2022December 31, 2021
Amortized
Cost
Fair
Value
UnrealizedAmortized
Cost
Fair
Value
Unrealized
Gains(Losses)Gains(Losses)
Securities available for sale:
U.S. Treasuries$174,328 168,723 — (5,605)— — — — 
Government-sponsored enterprise securities71,956 57,429 — (14,527)71,951 69,179 — (2,772)
Mortgage-backed securities2,512,221 2,068,769 (443,459)2,545,150 2,514,805 9,489 (39,834)
Corporate bonds44,350 43,294 — (1,056)45,380 46,430 1,106 (56)
Total available for sale$2,802,855 2,338,215 (464,647)2,662,481 2,630,414 10,595 (42,662)
Securities held to maturity:
Mortgage-backed securities$16,092 14,891 — (1,201)20,260 20,845 585 — 
State and local governments528,101 403,708 — (124,393)493,565 490,854 2,955 (5,666)
Total held to maturity$544,193 418,599 — (125,594)513,825 511,699 3,540 (5,666)
Book Values and Fair Values of Held-to-Maturity Securities
The book values and approximate fair values of investment securities at September 30, 2022 and December 31, 2021 are summarized as follows:
($ in thousands)September 30, 2022December 31, 2021
Amortized
Cost
Fair
Value
UnrealizedAmortized
Cost
Fair
Value
Unrealized
Gains(Losses)Gains(Losses)
Securities available for sale:
U.S. Treasuries$174,328 168,723 — (5,605)— — — — 
Government-sponsored enterprise securities71,956 57,429 — (14,527)71,951 69,179 — (2,772)
Mortgage-backed securities2,512,221 2,068,769 (443,459)2,545,150 2,514,805 9,489 (39,834)
Corporate bonds44,350 43,294 — (1,056)45,380 46,430 1,106 (56)
Total available for sale$2,802,855 2,338,215 (464,647)2,662,481 2,630,414 10,595 (42,662)
Securities held to maturity:
Mortgage-backed securities$16,092 14,891 — (1,201)20,260 20,845 585 — 
State and local governments528,101 403,708 — (124,393)493,565 490,854 2,955 (5,666)
Total held to maturity$544,193 418,599 — (125,594)513,825 511,699 3,540 (5,666)
Schedule of Information Regarding Securities with Unrealized Losses
The following table presents information regarding all securities with unrealized losses at September 30, 2022:
Securities in an Unrealized
Loss Position for
Less than 12 Months
Securities in an Unrealized
Loss Position for
More than 12 Months
Total
($ in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
U.S. Treasuries$168,723 5,605 — — 168,723 5,605 
Government-sponsored enterprise securities1,519 424 55,910 14,103 57,429 14,527 
Mortgage-backed securities770,879 145,469 1,308,825 299,191 2,079,704 444,660 
Corporate bonds40,633 966 910 90 41,543 1,056 
State and local governments252,833 70,679 149,289 53,714 402,122 124,393 
Total unrealized loss position$1,234,587 223,143 1,514,934 367,098 2,749,521 590,241 
The following table presents information regarding all securities with unrealized losses at December 31, 2021:
Securities in an Unrealized
Loss Position for
Less than 12 Months
Securities in an Unrealized
Loss Position for
More than 12 Months
Total
($ in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Government-sponsored enterprise securities$21,436 522 47,743 2,250 69,179 2,772 
Mortgage-backed securities1,773,022 25,977 404,484 13,857 2,177,506 39,834 
Corporate bonds999 945 55 1,944 56 
State and local governments228,279 3,797 34,398 1,869 262,677 5,666 
Total unrealized loss position$2,023,736 30,297 487,570 18,031 2,511,306 48,328 
Schedule of Book Values and Approximate Fair Values of Investment Securities by Contractual Maturity
The book values and approximate fair values of investment securities at September 30, 2022, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 Securities Available for SaleSecurities Held to Maturity
($ in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due within one year$25,086 25,002 435 435 
Due after one year but within five years176,842 171,210 997 869 
Due after five years but within ten years87,706 72,324 58,625 47,494 
Due after ten years1,000 910 468,044 354,910 
Mortgage-backed securities2,512,221 2,068,769 16,092 14,891 
Total securities$2,802,855 2,338,215 544,193 418,599