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Securities (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Summary of investment securities | The book values and approximate fair values of investment securities at September 30, 2021 and December 31, 2020 are summarized as follows:
($ in thousands) | September 30, 2021 |  | December 31, 2020
Amortized Cost |  | Fair Value |  | Unrealized |  | Amortized Cost |  | Fair Value |  | Unrealized
|  | Gains |  | (Losses) |  |  |  | Gains |  | (Losses)
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities | $ | 70,014 |  |  | 68,608 |  |  | — |  |  | (1,406) |  |  | 70,016 |  |  | 70,206 |  |  | 371 |  |  | (181) |
Mortgage-backed securities | 2,187,209 |  |  | 2,191,530 |  |  | 18,604 |  |  | (14,283) |  |  | 1,318,998 |  |  | 1,337,706 |  |  | 20,832 |  |  | (2,124) |
Corporate bonds | 43,640 |  |  | 44,937 |  |  | 1,426 |  |  | (129) |  |  | 43,670 |  |  | 45,220 |  |  | 1,760 |  |  | (210) |
Total available for sale | $ | 2,300,863 |  |  | 2,305,075 |  |  | 20,030 |  |  | (15,818) |  |  | 1,432,684 |  |  | 1,453,132 |  |  | 22,963 |  |  | (2,515) |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | $ | 22,028 |  |  | 22,886 |  |  | 858 |  |  | — |  |  | 29,959 |  |  | 30,900 |  |  | 941 |  |  | — |
State and local governments | 345,865 |  |  | 347,067 |  |  | 2,774 |  |  | (1,572) |  |  | 137,592 |  |  | 139,834 |  |  | 2,407 |  |  | (165) |
Total held to maturity | $ | 367,893 |  |  | 369,953 |  |  | 3,632 |  |  | (1,572) |  |  | 167,551 |  |  | 170,734 |  |  | 3,348 |  |  | (165) |
Schedule of unrealized losses on investment securities | The following table presents information regarding securities with unrealized losses at September 30, 2021:
($ 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 | $ | 49,238 |  |  | 776 |  |  | 19,370 |  |  | 630 |  |  | 68,608 |  |  | 1,406 |
Mortgage-backed securities | 1,010,196 |  |  | 12,219 |  |  | 124,643 |  |  | 2,064 |  |  | 1,134,839 |  |  | 14,283 |
Corporate bonds | — |  |  | — |  |  | 4,871 |  |  | 129 |  |  | 4,871 |  |  | 129 |
State and local governments | 125,063 |  |  | 1,347 |  |  | 9,518 |  |  | 225 |  |  | 134,581 |  |  | 1,572 |
Total unrealized loss position | $ | 1,184,497 |  |  | 14,342 |  |  | 158,402 |  |  | 3,048 |  |  | 1,342,899 |  |  | 17,390 |
The following table presents information regarding securities with unrealized losses at December 31, 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 | $ | 29,812 |  |  | 181 |  |  | — |  |  | — |  |  | 29,812 |  |  | 181 |
Mortgage-backed securities | 497,992 |  |  | 1,957 |  |  | 6,168 |  |  | 167 |  |  | 504,160 |  |  | 2,124 |
Corporate bonds | 3,956 |  |  | 45 |  |  | 835 |  |  | 165 |  |  | 4,791 |  |  | 210 |
State and local governments | 23,310 |  |  | 165 |  |  | — |  |  | — |  |  | 23,310 |  |  | 165 |
Total unrealized loss position | $ | 555,070 |  |  | 2,348 |  |  | 7,003 |  |  | 332 |  |  | 562,073 |  |  | 2,680 |
Schedule of contractual maturity of investment securities | The book values and approximate fair values of investment securities at September 30, 2021, 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 | $ | 1,001 |  |  | 1,031 |  |  | 1,271 |  |  | 1,282 |
Due after one year but within five years | 27,639 |  |  | 28,801 |  |  | 536 |  |  | 550 |
Due after five years but within ten years | 84,014 |  |  | 82,739 |  |  | 8,388 |  |  | 8,525 |
Due after ten years | 1,000 |  |  | 974 |  |  | 335,670 |  |  | 336,710 |
Mortgage-backed securities | 2,187,209 |  |  | 2,191,530 |  |  | 22,028 |  |  | 22,886 |
Total securities | $ | 2,300,863 |  |  | 2,305,075 |  |  | 367,893 |  |  | 369,953 |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 + Details
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