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v3.23.1

Securities (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023 and December 31, 2022 are summarized as follows:
($ in thousands) | March 31, 2023 |  | December 31, 2022
Amortized Cost |  | Fair Value |  | Unrealized |  | Amortized Cost |  | Fair Value |  | Unrealized
|  | Gains |  | (Losses) |  |  |  | Gains |  | (Losses)
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries | $ | 174,510 |  |  | 170,109 |  |  | — |  |  | (4,401) |  |  | 174,420 |  |  | 168,758 |  |  | — |  |  | (5,662) |
Government-sponsored enterprise securities | 71,959 |  |  | 59,304 |  |  | — |  |  | (12,655) |  |  | 71,957 |  |  | 57,456 |  |  | — |  |  | (14,501) |
Mortgage-backed securities | 2,432,854 |  |  | 2,042,379 |  |  | 3 |  |  | (390,478) |  |  | 2,467,839 |  |  | 2,045,000 |  |  | 4 |  |  | (422,843) |
Corporate bonds | 19,673 |  |  | 18,473 |  |  | — |  |  | (1,200) |  |  | 44,340 |  |  | 43,279 |  |  | — |  |  | (1,061) |
Total available for sale | $ | 2,698,996 |  |  | 2,290,265 |  |  | 3 |  |  | (408,734) |  |  | 2,758,556 |  |  | 2,314,493 |  |  | 4 |  |  | (444,067) |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | $ | 14,360 |  |  | 13,539 |  |  | — |  |  | (821) |  |  | 15,150 |  |  | 14,221 |  |  | — |  |  | (929) |
State and local governments | 525,435 |  |  | 435,365 |  |  | 53 |  |  | (90,123) |  |  | 526,550 |  |  | 418,307 |  |  | 7 |  |  | (108,250) |
Total held to maturity | $ | 539,795 |  |  | 448,904 |  |  | 53 |  |  | (90,944) |  |  | 541,700 |  |  | 432,528 |  |  | 7 |  |  | (109,179) |
Book Values and Fair Values of Held-to-Maturity Securities | The book values and approximate fair values of investment securities at March 31, 2023 and December 31, 2022 are summarized as follows:
($ in thousands) | March 31, 2023 |  | December 31, 2022
Amortized Cost |  | Fair Value |  | Unrealized |  | Amortized Cost |  | Fair Value |  | Unrealized
|  | Gains |  | (Losses) |  |  |  | Gains |  | (Losses)
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries | $ | 174,510 |  |  | 170,109 |  |  | — |  |  | (4,401) |  |  | 174,420 |  |  | 168,758 |  |  | — |  |  | (5,662) |
Government-sponsored enterprise securities | 71,959 |  |  | 59,304 |  |  | — |  |  | (12,655) |  |  | 71,957 |  |  | 57,456 |  |  | — |  |  | (14,501) |
Mortgage-backed securities | 2,432,854 |  |  | 2,042,379 |  |  | 3 |  |  | (390,478) |  |  | 2,467,839 |  |  | 2,045,000 |  |  | 4 |  |  | (422,843) |
Corporate bonds | 19,673 |  |  | 18,473 |  |  | — |  |  | (1,200) |  |  | 44,340 |  |  | 43,279 |  |  | — |  |  | (1,061) |
Total available for sale | $ | 2,698,996 |  |  | 2,290,265 |  |  | 3 |  |  | (408,734) |  |  | 2,758,556 |  |  | 2,314,493 |  |  | 4 |  |  | (444,067) |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | $ | 14,360 |  |  | 13,539 |  |  | — |  |  | (821) |  |  | 15,150 |  |  | 14,221 |  |  | — |  |  | (929) |
State and local governments | 525,435 |  |  | 435,365 |  |  | 53 |  |  | (90,123) |  |  | 526,550 |  |  | 418,307 |  |  | 7 |  |  | (108,250) |
Total held to maturity | $ | 539,795 |  |  | 448,904 |  |  | 53 |  |  | (90,944) |  |  | 541,700 |  |  | 432,528 |  |  | 7 |  |  | (109,179) |
Schedule of Information Regarding Securities with Unrealized Losses | The following table presents information regarding all securities with unrealized losses at March 31, 2023:
| 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 | $ | — |  |  | — |  |  | 170,109 |  |  | 4,401 |  |  | 170,109 |  |  | 4,401 |
Government-sponsored enterprise securities | — |  |  | — |  |  | 59,304 |  |  | 12,655 |  |  | 59,304 |  |  | 12,655 |
Mortgage-backed securities | 41,339 |  |  | 1,429 |  |  | 2,013,372 |  |  | 389,870 |  |  | 2,054,711 |  |  | 391,299 |
Corporate bonds | 2,816 |  |  | 107 |  |  | 13,908 |  |  | 1,093 |  |  | 16,724 |  |  | 1,200 |
State and local governments | 1,122 |  |  | 3 |  |  | 429,001 |  |  | 90,120 |  |  | 430,123 |  |  | 90,123 |
Total unrealized loss position | $ | 45,277 |  |  | 1,539 |  |  | 2,685,694 |  |  | 498,139 |  |  | 2,730,971 |  |  | 499,678 |
The following table presents information regarding all securities with unrealized losses at December 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 Treasury securities | $ | 168,758 |  |  | 5,662 |  |  | — |  |  | — |  |  | 168,758 |  |  | 5,662 |
Government-sponsored enterprise securities | — |  |  | — |  |  | 57,456 |  |  | 14,501 |  |  | 57,456 |  |  | 14,501 |
Mortgage-backed securities | 221,006 |  |  | 18,215 |  |  | 1,835,958 |  |  | 405,557 |  |  | 2,056,964 |  |  | 423,772 |
Corporate bonds | 40,644 |  |  | 947 |  |  | 886 |  |  | 114 |  |  | 41,530 |  |  | 1,061 |
State and local governments | 48,385 |  |  | 8,323 |  |  | 368,897 |  |  | 99,927 |  |  | 417,282 |  |  | 108,250 |
Total unrealized loss position | $ | 478,793 |  |  | 33,147 |  |  | 2,263,197 |  |  | 520,099 |  |  | 2,741,990 |  |  | 553,246 |
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, 2023, 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 | $ | — |  |  | — |  |  | — |  |  | — |
Due after one year but within five years | 177,020 |  |  | 172,525 |  |  | 997 |  |  | 894 |
Due after five years but within ten years | 88,122 |  |  | 74,362 |  |  | 73,454 |  |  | 62,882 |
Due after ten years | 1,000 |  |  | 999 |  |  | 450,984 |  |  | 371,589 |
Mortgage-backed securities | 2,432,854 |  |  | 2,042,379 |  |  | 14,360 |  |  | 13,539 |
Total securities | $ | 2,698,996 |  |  | 2,290,265 |  |  | 539,795 |  |  | 448,904 |

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