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Securities (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021 are summarized as follows:

($ in thousands)			March 31, 2022																								December 31, 2021
			Amortized Cost						Fair Value						Unrealized												Amortized Cost						Fair Value						Unrealized
															Gains						(Losses)																		Gains						(Losses)
Securities available for sale:
US Treasuries			$	149,534					149,391						—						(143)						$	—					—						—						—
Government-sponsored enterprise securities			71,953						64,168						—						(7,785)						71,951						69,179						—						(2,772)
Mortgage-backed securities			2,632,054						2,425,911						349						(206,492)						2,545,150						2,514,805						9,489						(39,834)
Corporate bonds			45,369						45,578						367						(158)						45,380						46,430						1,106						(56)
Total available for sale			$	2,898,910					2,685,048						716						(214,578)						2,662,481						2,630,414						10,595						(42,662)
Securities held to maturity:
Mortgage-backed securities			$	18,662					18,513						1						(150)						20,260						20,845						585						—
State and local governments			527,428						473,794						19						(53,653)						493,565						490,854						2,955						(5,666)
Total held to maturity			$	546,090					492,307						20						(53,803)						513,825						511,699						3,540						(5,666)

Book Values and Fair Values of Held-to-Maturity Securities

The book values and approximate fair values of investment securities at March 31, 2022 and December 31, 2021 are summarized as follows:

($ in thousands)			March 31, 2022																								December 31, 2021
			Amortized Cost						Fair Value						Unrealized												Amortized Cost						Fair Value						Unrealized
															Gains						(Losses)																		Gains						(Losses)
Securities available for sale:
US Treasuries			$	149,534					149,391						—						(143)						$	—					—						—						—
Government-sponsored enterprise securities			71,953						64,168						—						(7,785)						71,951						69,179						—						(2,772)
Mortgage-backed securities			2,632,054						2,425,911						349						(206,492)						2,545,150						2,514,805						9,489						(39,834)
Corporate bonds			45,369						45,578						367						(158)						45,380						46,430						1,106						(56)
Total available for sale			$	2,898,910					2,685,048						716						(214,578)						2,662,481						2,630,414						10,595						(42,662)
Securities held to maturity:
Mortgage-backed securities			$	18,662					18,513						1						(150)						20,260						20,845						585						—
State and local governments			527,428						473,794						19						(53,653)						493,565						490,854						2,955						(5,666)
Total held to maturity			$	546,090					492,307						20						(53,803)						513,825						511,699						3,540						(5,666)

Schedule of Information Regarding Securities with Unrealized Losses

The following table presents information regarding securities with unrealized losses at March 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 Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
US Treasuries			$	149,391					143						—						—						149,391						143
Government-sponsored enterprise securities			19,855						2,104						44,313						5,681						64,168						7,785
Mortgage-backed securities			1,656,529						133,422						705,932						73,220						2,362,461						206,642
Corporate bonds			13,914						86						928						72						14,842						158
State and local governments			431,433						46,491						40,482						7,162						471,915						53,653
Total unrealized loss position			$	2,271,122					182,246						791,655						86,135						3,062,777						268,381

The following table presents information regarding securities with unrealized losses at December 31, 2021:

			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 Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Government-sponsored enterprise securities			$	21,436					522						47,743						2,250						69,179						2,772
Mortgage-backed securities			1,773,022						25,977						404,484						13,857						2,177,506						39,834
Corporate bonds			999						1						945						55						1,944						56
State and local governments			228,279						3,797						34,398						1,869						262,677						5,666
Total unrealized loss position			$	2,023,736					30,297						487,570						18,031						2,511,306						48,328

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 March 31, 2022, 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			$	26,102					26,381						436						440
Due after one year but within five years			152,051						151,996						—						—
Due after five years but within ten years			87,703						79,832						17,141						15,988
Due after ten years			1,000						928						509,851						457,366
Mortgage-backed securities			2,632,054						2,425,911						18,662						18,513
Total securities			$	2,898,910					2,685,048						546,090						492,307

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269825-111563

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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).

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