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Securities (Tables)
9 Months Ended
Sep. 30, 2023
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, 2023 and December 31, 2022 are summarized as follows:
($ in thousands)September 30, 2023December 31, 2022
Amortized
Cost
Fair
Value
UnrealizedAmortized
Cost
Fair
Value
Unrealized
Gains(Losses)Gains(Losses)
Securities available for sale:
U.S. Treasuries$174,693 170,859 — (3,834)174,420 168,758 — (5,662)
Government-sponsored enterprise securities71,962 56,904 — (15,058)71,957 57,456 — (14,501)
Mortgage-backed securities2,355,736 1,854,448 — (501,288)2,467,839 2,045,000 (422,843)
Corporate bonds19,675 18,195 — (1,480)44,340 43,279 — (1,061)
Total available for sale$2,622,066 2,100,406 — (521,660)2,758,556 2,314,493 (444,067)
Securities held to maturity:
Mortgage-backed securities$12,755 11,674 — (1,081)15,150 14,221 — (929)
State and local governments522,705 398,647 — (124,058)526,550 418,307 (108,250)
Total held to maturity$535,460 410,321 — (125,139)541,700 432,528 (109,179)
Book Values and Fair Values of Held-to-Maturity Securities
The book values and approximate fair values of investment securities at September 30, 2023 and December 31, 2022 are summarized as follows:
($ in thousands)September 30, 2023December 31, 2022
Amortized
Cost
Fair
Value
UnrealizedAmortized
Cost
Fair
Value
Unrealized
Gains(Losses)Gains(Losses)
Securities available for sale:
U.S. Treasuries$174,693 170,859 — (3,834)174,420 168,758 — (5,662)
Government-sponsored enterprise securities71,962 56,904 — (15,058)71,957 57,456 — (14,501)
Mortgage-backed securities2,355,736 1,854,448 — (501,288)2,467,839 2,045,000 (422,843)
Corporate bonds19,675 18,195 — (1,480)44,340 43,279 — (1,061)
Total available for sale$2,622,066 2,100,406 — (521,660)2,758,556 2,314,493 (444,067)
Securities held to maturity:
Mortgage-backed securities$12,755 11,674 — (1,081)15,150 14,221 — (929)
State and local governments522,705 398,647 — (124,058)526,550 418,307 (108,250)
Total held to maturity$535,460 410,321 — (125,139)541,700 432,528 (109,179)
Schedule of Information Regarding Securities with Unrealized Losses The following table presents information regarding all securities with unrealized losses at September 30, 2023:
Securities in an Unrealized
Loss Position for
Less than 12 Months
Securities in an Unrealized
Loss Position for
More than 12 Months
Total
($ in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
U.S. Treasuries$— — 170,859 3,834 170,859 3,834 
Government-sponsored enterprise securities— — 56,904 15,058 56,904 15,058 
Mortgage-backed securities1,974 12 1,863,253 502,357 1,865,227 502,369 
Corporate bonds400 18 16,045 1,462 16,445 1,480 
State and local governments5,398 278 393,249 123,780 398,647 124,058 
Total unrealized loss position$7,772 308 2,500,310 646,491 2,508,082 646,799 

The following table presents information regarding all securities with unrealized losses at December 31, 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
US Treasury securities$168,758 5,662 — — 168,758 5,662 
Government-sponsored enterprise securities— — 57,456 14,501 57,456 14,501 
Mortgage-backed securities221,006 18,215 1,835,958 405,557 2,056,964 423,772 
Corporate bonds40,644 947 886 114 41,530 1,061 
State and local governments48,385 8,323 368,897 99,927 417,282 108,250 
Total unrealized loss position$478,793 33,147 2,263,197 520,099 2,741,990 553,246 
Schedule of Book Values and Approximate Fair Values of Investment Securities by Contractual Maturity The book values and approximate fair values of investment securities at September 30, 2023, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 Securities Available for SaleSecurities Held to Maturity
($ in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due within one year$127,331 124,793 — — 
Due after one year but within five years59,869 56,553 1,998 1,727 
Due after five years but within ten years78,130 63,691 122,111 96,588 
Due after ten years1,000 921 398,596 300,332 
Mortgage-backed securities2,355,736 1,854,448 12,755 11,674 
Total securities$2,622,066 2,100,406 535,460 410,321