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SECURITIES (Tables)
9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Costs, Gross Unrealized Gains and Losses, and Estimated Fair Values
The following table summarizes the amortized cost, gross unrealized gains and losses, and estimated fair values of securities available-for-sale (“AFS”) and securities held-to-maturity at September 30, 2024 and December 31, 2023.
($ in thousands)September 30, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available-for-sale securities:
U.S. Treasury$5,294 $— $113 $5,181 
Obligations of U.S. government agencies and sponsored entities109,409 — 10,829 98,580 
Tax-exempt and taxable obligations of states and municipal subdivisions459,912 562 39,773 420,701 
Mortgage-backed securities - residential312,607 282 26,419 286,470 
Mortgage-backed securities - commercial228,888 2,454 15,377 215,965 
Corporate obligations35,553 — 2,436 33,117 
Total available-for-sale$1,151,663 $3,298 $94,947 $1,060,014 
Held-to-maturity:
U.S. Treasury$52,207 $— $1,306 $50,901 
Obligations of U.S. government agencies and sponsored entities32,946 1,003 31,946 
Tax-exempt and taxable obligations of states and municipal subdivisions245,240 8,980 12,028 242,192 
Mortgage-backed securities - residential131,045 — 11,177 119,868 
Mortgage-backed securities - commercial130,890 11 9,408 121,493 
Corporate obligations10,000 — 1,650 8,350 
Total held-to-maturity$602,328 $8,994 $36,572 $574,750 
($ in thousands)December 31, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available-for-sale securities:
U.S. Treasury$16,985 $— $310 $16,675 
Obligations of U.S. government agencies sponsored entities119,868 14,946 104,923 
Tax-exempt and taxable obligations of states and municipal subdivisions486,293 449 48,276 438,466 
Mortgage-backed securities - residential297,735 11 34,430 263,316 
Mortgage-backed securities - commercial198,944 76 20,675 178,345 
Corporate obligations41,347 — 3,750 37,597 
Total available-for-sale$1,161,172 $537 $122,387 $1,039,322 
Held-to-maturity:
U.S. Treasury$89,688 $— $2,804 $86,884 
Obligations of U.S. government agencies and sponsored entities33,659 — 1,803 31,856 
Tax-exempt and taxable obligations of states and municipal subdivisions246,908 9,566 14,697 241,777 
Mortgage-backed securities - residential141,573 — 14,237 127,336 
Mortgage-backed securities - commercial132,711 — 12,334 120,377 
Corporate obligations10,000 — 2,286 7,714 
Total held-to-maturity$654,539 $9,566 $48,161 $615,944 
Schedule of Credit Quality Debt Securities Held-to-Maturity The following table summarizes the amortized cost of debt securities held-to-maturity at September 30, 2024 and December 31, 2023, aggregated by credit quality indicators.
($ in thousands)September 30, 2024December 31, 2023
Aaa$381,093 $431,527 
Aa1/Aa2/Aa3114,940 129,751 
A1/A211,366 13,902 
BBB10,000 10,000 
Not rated84,929 69,359 
Total$602,328 $654,539 
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
($ in thousands)September 30, 2024
Amortized
Cost
Fair
Value
Available-for-sale:
Due less than one year$40,601 $40,444 
Due after one year through five years130,708 126,089 
Due after five years through ten years321,043 288,203 
Due greater than ten years117,816 102,843 
Mortgage-backed securities - residential312,607 286,470 
Mortgage-backed securities - commercial228,888 215,965 
Total$1,151,663 $1,060,014 
Held-to-maturity:
Due less than one year$44,181 $43,784 
Due after one year through five years30,815 29,515 
Due after five years through ten years61,196 58,841 
Due greater than ten years204,201 201,249 
Mortgage-backed securities - residential131,045 119,868 
Mortgage-backed securities - commercial130,890 121,493 
Total$602,328 $574,750 
Schedule of Securities Classified as Available-for-Sale and Held-to-Maturity with Unrealized Losses
The following table summarizes securities in an unrealized loss position for which an allowance for credit losses has not been recorded at September 30, 2024 and December 31, 2023. The securities are aggregated by major security type and length of time in a continuous unrealized loss position:
($ in thousands)September 30, 2024
Losses < 12 MonthsLosses 12 Months or >Total
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury$— $— $5,181 $113 $5,181 $113 
Obligations of U.S. government agencies and sponsored entities167 98,267 10,828 98,434 10,829 
Tax-exempt and taxable obligations of state and municipal subdivisions12,322 1,364 368,468 38,409 380,790 39,773 
Mortgage-backed securities - residential15 — 239,105 26,419 239,120 26,419 
Mortgage-backed securities - commercial466 22 157,632 15,355 158,098 15,377 
Corporate obligations— — 33,117 2,436 33,117 2,436 
Total$12,970 $1,387 $901,770 $93,560 $914,740 $94,947 
Held-to-maturity:
U.S. Treasury$— $— $50,901 $1,306 $50,901 $1,306 
Obligations of U.S. government agencies and sponsored entities— — 31,166 1,003 31,166 1,003 
Tax-exempt and taxable obligations of state and municipal subdivisions 7,297 85 101,870 11,943 109,167 12,028 
Mortgage-backed securities - residential— — 119,868 11,177 119,868 11,177 
Mortgage-backed securities - commercial— — 120,560 9,408 120,560 9,408 
Corporate obligations— — 8,350 1,650 8,350 1,650 
Total$7,297 $85 $432,715 $36,487 $440,012 $36,572 
($ in thousands)December 31, 2023
Losses < 12 MonthsLosses 12 Months or >Total
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury$— $— $16,675 $310 $16,675 $310 
Obligations of U.S. government agencies and sponsored entities123 — 104,495 14,946 104,618 14,946 
Tax-exempt and taxable obligations of state and municipal subdivisions20,879 1,479 389,113 46,797 409,992 48,276 
Mortgage-backed securities - residential222 262,012 34,428 262,234 34,430 
Mortgage-backed securities - commercial2,896 52 170,256 20,623 173,152 20,675 
Corporate obligations— — 37,597 3,750 37,597 3,750 
Total$24,120 $1,533 $980,148 $120,854 $1,004,268 $122,387 
Held-to-maturity:
U.S. Treasury$— $— $86,884 $2,804 $86,884 $2,804 
Obligations of U.S. government agencies and sponsored entities747 31,109 1,798 31,856 1,803 
Tax-exempt and taxable obligations of state and municipal subdivisions10,472 3,949 91,480 10,748 101,952 14,697 
Mortgage-backed securities - residential— — 127,336 14,237 127,336 14,237 
Mortgage-backed securities - commercial920 119,457 12,332 120,377 12,334 
Corporate obligations— — 7,714 2,286 7,714 2,286 
Total$12,139 $3,956 $463,980 $44,205 $476,119 $48,161