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Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022 and December 31, 2021 are summarized as follows:

($ in thousands)			June 30, 2022																								December 31, 2021
			Amortized Cost						Fair Value						Unrealized												Amortized Cost						Fair Value						Unrealized
															Gains						(Losses)																		Gains						(Losses)
Securities available for sale:
U.S. Treasuries			$	174,236					172,195						—						(2,041)						—						—						—						—
Government-sponsored enterprise securities			71,954						60,917						—						(11,037)						71,951						69,179						—						(2,772)
Mortgage-backed securities			2,564,559						2,254,549						19						(310,029)						2,545,150						2,514,805						9,489						(39,834)
Corporate bonds			45,360						44,963						103						(500)						45,380						46,430						1,106						(56)
Total available for sale			$	2,856,109					2,532,624						122						(323,607)						2,662,481						2,630,414						10,595						(42,662)
Securities held to maturity:
Mortgage-backed securities			$	17,190					16,754						—						(436)						20,260						20,845						585						—
State and local governments			529,220						435,904						10						(93,326)						493,565						490,854						2,955						(5,666)
Total held to maturity			$	546,410					452,658						10						(93,762)						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 June 30, 2022 and December 31, 2021 are summarized as follows:

($ in thousands)			June 30, 2022																								December 31, 2021
			Amortized Cost						Fair Value						Unrealized												Amortized Cost						Fair Value						Unrealized
															Gains						(Losses)																		Gains						(Losses)
Securities available for sale:
U.S. Treasuries			$	174,236					172,195						—						(2,041)						—						—						—						—
Government-sponsored enterprise securities			71,954						60,917						—						(11,037)						71,951						69,179						—						(2,772)
Mortgage-backed securities			2,564,559						2,254,549						19						(310,029)						2,545,150						2,514,805						9,489						(39,834)
Corporate bonds			45,360						44,963						103						(500)						45,380						46,430						1,106						(56)
Total available for sale			$	2,856,109					2,532,624						122						(323,607)						2,662,481						2,630,414						10,595						(42,662)
Securities held to maturity:
Mortgage-backed securities			$	17,190					16,754						—						(436)						20,260						20,845						585						—
State and local governments			529,220						435,904						10						(93,326)						493,565						490,854						2,955						(5,666)
Total held to maturity			$	546,410					452,658						10						(93,762)						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 June 30, 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
U.S. Treasuries			$	172,195					2,041						—						—						172,195						2,041
Government-sponsored enterprise securities			18,850						3,109						42,067						7,928						60,917						11,037
Mortgage-backed securities			1,505,339						189,853						761,606						120,612						2,266,945						310,465
Corporate bonds			13,593						407						907						93						14,500						500
State and local governments			392,160						80,374						41,878						12,952						434,038						93,326
Total unrealized loss position			$	2,102,137					275,784						846,458						141,585						2,948,595						417,369

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 June 30, 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
Due within one year			$	26,094					26,149						435						436
Due after one year but within five years			176,752						174,759						998						907
Due after five years but within ten years			87,704						76,260						28,037						24,715
Due after ten years			1,000						907						499,750						409,846
Mortgage-backed securities			2,564,559						2,254,549						17,190						16,754
Total securities			$	2,856,109					2,532,624						546,410						452,658

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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 https://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 https://asc.fasb.org/extlink&oid=126970911&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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-Topic 320
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