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Securities (Tables)
6 Months Ended
Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 are summarized as follows:
($ in thousands)June 30, 2024December 31, 2023
Amortized
Cost
Fair
Value
UnrealizedAmortized
Cost
Fair
Value
Unrealized
Gains(Losses)Gains(Losses)
Securities available for sale:
U.S. Treasuries$— $— $— $— $174,785 $172,570 $— $(2,215)
Government-sponsored enterprise securities71,967 60,127 — (11,840)71,964 60,266 — (11,698)
Mortgage-backed securities2,186,655 1,789,243 12 (397,424)2,323,674 1,937,784 30 (385,920)
Corporate bonds18,677 17,841 — (836)19,676 18,759 — (917)
Total available for sale$2,277,299 $1,867,211 $12 $(410,100)$2,590,099 $2,189,379 $30 $(400,750)
Securities held to maturity:
Mortgage-backed securities$10,645 $10,008 $— $(637)$12,085 $11,447 $— $(638)
State and local governments512,955 421,434 — (91,521)521,593 438,176 39 (83,456)
Total held to maturity$523,600 $431,442 $— $(92,158)$533,678 $449,623 $39 $(84,094)
Book Values and Fair Values of Held-to-Maturity Securities
The book values and approximate fair values of investment securities at June 30, 2024 and December 31, 2023 are summarized as follows:
($ in thousands)June 30, 2024December 31, 2023
Amortized
Cost
Fair
Value
UnrealizedAmortized
Cost
Fair
Value
Unrealized
Gains(Losses)Gains(Losses)
Securities available for sale:
U.S. Treasuries$— $— $— $— $174,785 $172,570 $— $(2,215)
Government-sponsored enterprise securities71,967 60,127 — (11,840)71,964 60,266 — (11,698)
Mortgage-backed securities2,186,655 1,789,243 12 (397,424)2,323,674 1,937,784 30 (385,920)
Corporate bonds18,677 17,841 — (836)19,676 18,759 — (917)
Total available for sale$2,277,299 $1,867,211 $12 $(410,100)$2,590,099 $2,189,379 $30 $(400,750)
Securities held to maturity:
Mortgage-backed securities$10,645 $10,008 $— $(637)$12,085 $11,447 $— $(638)
State and local governments512,955 421,434 — (91,521)521,593 438,176 39 (83,456)
Total held to maturity$523,600 $431,442 $— $(92,158)$533,678 $449,623 $39 $(84,094)
Schedule of Information Regarding Securities with Unrealized Losses
The following table presents information regarding all securities with unrealized losses at June 30, 2024:
Securities in an Unrealized
Loss Position for
Less than 12 Months
Securities in an Unrealized
Loss Position for
More than 12 Months
Total
($ in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
U.S. Treasuries$— $— $— $— $— $— 
Government-sponsored enterprise securities— — 60,127 11,840 60,127 11,840 
Mortgage-backed securities190 1,796,740 398,060 1,796,930 398,061 
Corporate bonds375 51 15,716 785 16,091 836 
State and local governments5,157 85 415,914 91,436 421,071 91,521 
Total unrealized loss position$5,722 $137 $2,288,497 $502,121 $2,294,219 $502,258 

The following table presents information regarding all securities with unrealized losses at December 31, 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$— $— $172,570 $2,215 $172,570 $2,215 
Government-sponsored enterprise securities— — 60,266 11,698 60,266 11,698 
Mortgage-backed securities1,117 1,945,830 386,553 1,946,947 386,558 
Corporate bonds— — 17,008 917 17,008 917 
State and local governments— — 432,476 83,456 432,476 83,456 
Total unrealized loss position$1,117 $$2,628,150 $484,839 $2,629,267 $484,844 
Schedule of Book Values and Approximate Fair Values of Investment Securities by Contractual Maturity
The book values and approximate fair values of investment securities at June 30, 2024, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 Securities Available for SaleSecurities Held to Maturity
($ in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due within one year$2,501 $2,485 $— $— 
Due after one year but within five years10,000 8,604 5,409 5,155 
Due after five years but within ten years78,143 66,879 154,619 128,571 
Due after ten years— — 352,927 287,708 
Mortgage-backed securities2,186,655 1,789,243 10,645 10,008 
Total securities$2,277,299 $1,867,211 $523,600 $431,442