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Securities (Tables)
3 Months Ended
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, 2023December 31, 2022
Amortized
Cost
Fair
Value
UnrealizedAmortized
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 securities71,959 59,304 — (12,655)71,957 57,456 — (14,501)
Mortgage-backed securities2,432,854 2,042,379 (390,478)2,467,839 2,045,000 (422,843)
Corporate bonds19,673 18,473 — (1,200)44,340 43,279 — (1,061)
Total available for sale$2,698,996 2,290,265 (408,734)2,758,556 2,314,493 (444,067)
Securities held to maturity:
Mortgage-backed securities$14,360 13,539 — (821)15,150 14,221 — (929)
State and local governments525,435 435,365 53 (90,123)526,550 418,307 (108,250)
Total held to maturity$539,795 448,904 53 (90,944)541,700 432,528 (109,179)
Book Values and Fair Values of Held-to-Maturity Securities
The book values and approximate fair values of investment securities at March 31, 2023 and December 31, 2022 are summarized as follows:
($ in thousands)March 31, 2023December 31, 2022
Amortized
Cost
Fair
Value
UnrealizedAmortized
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 securities71,959 59,304 — (12,655)71,957 57,456 — (14,501)
Mortgage-backed securities2,432,854 2,042,379 (390,478)2,467,839 2,045,000 (422,843)
Corporate bonds19,673 18,473 — (1,200)44,340 43,279 — (1,061)
Total available for sale$2,698,996 2,290,265 (408,734)2,758,556 2,314,493 (444,067)
Securities held to maturity:
Mortgage-backed securities$14,360 13,539 — (821)15,150 14,221 — (929)
State and local governments525,435 435,365 53 (90,123)526,550 418,307 (108,250)
Total held to maturity$539,795 448,904 53 (90,944)541,700 432,528 (109,179)
Schedule of Information Regarding Securities with Unrealized Losses
The following table presents information regarding all securities with unrealized losses at March 31, 2023:
Securities in an Unrealized
Loss Position for
Less than 12 Months
Securities in an Unrealized
Loss Position for
More than 12 Months
Total
($ in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
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 securities41,339 1,429 2,013,372 389,870 2,054,711 391,299 
Corporate bonds2,816 107 13,908 1,093 16,724 1,200 
State and local governments1,122 429,001 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 ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
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 securities221,006 18,215 1,835,958 405,557 2,056,964 423,772 
Corporate bonds40,644 947 886 114 41,530 1,061 
State and local governments48,385 8,323 368,897 99,927 417,282 108,250 
Total unrealized loss position$478,793 33,147 2,263,197 520,099 2,741,990 553,246 
Schedule of Book Values and Approximate Fair Values of Investment Securities by Contractual Maturity
The book values and approximate fair values of investment securities at March 31, 2023, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 Securities Available for SaleSecurities Held to Maturity
($ in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due within one year$— — — — 
Due after one year but within five years177,020 172,525 997 894 
Due after five years but within ten years88,122 74,362 73,454 62,882 
Due after ten years1,000 999 450,984 371,589 
Mortgage-backed securities2,432,854 2,042,379 14,360 13,539 
Total securities$2,698,996 2,290,265 539,795 448,904