XML 37 R26.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Securities (Tables)
3 Months Ended
Mar. 31, 2024
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, 2024 and December 31, 2023 are summarized as follows:
($ in thousands)March 31, 2024December 31, 2023
Amortized
Cost
Fair
Value
UnrealizedAmortized
Cost
Fair
Value
Unrealized
Gains(Losses)Gains(Losses)
Securities available for sale:
U.S. Treasuries$124,876 123,770 — (1,106)174,785 172,570 — (2,215)
Government-sponsored enterprise securities71,965 59,959 — (12,006)71,964 60,266 — (11,698)
Mortgage-backed securities2,291,854 1,886,949 22 (404,927)2,323,674 1,937,784 30 (385,920)
Corporate bonds18,676 17,805 — (871)19,676 18,759 — (917)
Total available for sale$2,507,371 2,088,483 22 (418,910)2,590,099 2,189,379 30 (400,750)
Securities held to maturity:
Mortgage-backed securities$11,369 10,682 — (687)12,085 11,447 — (638)
State and local governments514,258 425,973 (88,290)521,593 438,176 39 (83,456)
Total held to maturity$525,627 436,655 (88,977)533,678 449,623 39 (84,094)
Book Values and Fair Values of Held-to-Maturity Securities
The book values and approximate fair values of investment securities at March 31, 2024 and December 31, 2023 are summarized as follows:
($ in thousands)March 31, 2024December 31, 2023
Amortized
Cost
Fair
Value
UnrealizedAmortized
Cost
Fair
Value
Unrealized
Gains(Losses)Gains(Losses)
Securities available for sale:
U.S. Treasuries$124,876 123,770 — (1,106)174,785 172,570 — (2,215)
Government-sponsored enterprise securities71,965 59,959 — (12,006)71,964 60,266 — (11,698)
Mortgage-backed securities2,291,854 1,886,949 22 (404,927)2,323,674 1,937,784 30 (385,920)
Corporate bonds18,676 17,805 — (871)19,676 18,759 — (917)
Total available for sale$2,507,371 2,088,483 22 (418,910)2,590,099 2,189,379 30 (400,750)
Securities held to maturity:
Mortgage-backed securities$11,369 10,682 — (687)12,085 11,447 — (638)
State and local governments514,258 425,973 (88,290)521,593 438,176 39 (83,456)
Total held to maturity$525,627 436,655 (88,977)533,678 449,623 39 (84,094)
Schedule of Information Regarding Securities with Unrealized Losses
The following table presents information regarding all securities with unrealized losses at March 31, 2024:
Securities in an Unrealized
Loss Position for
Less than 12 Months
Securities in an Unrealized
Loss Position for
More than 12 Months
Total
($ in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
U.S. Treasuries$— — 123,770 1,106 123,770 1,106 
Government-sponsored enterprise securities— — 59,959 12,006 59,959 12,006 
Mortgage-backed securities448 1,895,026 405,613 1,895,474 405,614 
Corporate bonds— — 16,055 871 16,055 871 
State and local governments5,356 26 420,149 88,264 425,505 88,290 
Total unrealized loss position$5,804 27 2,514,959 507,860 2,520,763 507,887 

The following table presents information regarding all securities with unrealized losses at December 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
US Treasury securities$— — 172,570 2,215 172,570 2,215 
Government-sponsored enterprise securities— — 60,266 11,698 60,266 11,698 
Mortgage-backed securities1,117 1,945,830 386,553 1,946,947 386,558 
Corporate bonds— — 17,008 917 17,008 917 
State and local governments— — 432,476 83,456 432,476 83,456 
Total unrealized loss position$1,117 2,628,150 484,839 2,629,267 484,844 
Schedule of Book Values and Approximate Fair Values of Investment Securities by Contractual Maturity
The book values and approximate fair values of investment securities at March 31, 2024, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 Securities Available for SaleSecurities Held to Maturity
($ in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due within one year$127,379 126,214 — — 
Due after one year but within five years10,000 8,595 1,997 1,805 
Due after five years but within ten years78,138 66,725 148,754 126,626 
Due after ten years— — 363,507 297,542 
Mortgage-backed securities2,291,854 1,886,949 11,369 10,682 
Total securities$2,507,371 2,088,483 525,627 436,655