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Securities (Tables)

9 Months Ended

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

Tabular disclosure of realized and unrealized gain (loss) on investment in security.

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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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

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