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Investments (Tables) | 12 Months Ended
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Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity:
| December 31, 2019
($ in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available-for-sale securities: |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 9,954 |  |  | $ | 92 |  |  | $ | — |  |  | $ | 10,046 |
Obligations of states and political subdivisions | 207,269 |  |  | 6,118 |  |  | (363 | ) |  | 213,024 |
Agency mortgage-backed securities | 888,129 |  |  | 15,083 |  |  | (1,191 | ) |  | 902,021 |
U.S. Treasury Bills | 9,971 |  |  | 255 |  |  | — |  |  | 10,226 |
Total securities available-for-sale | $ | 1,115,323 |  |  | $ | 21,548 |  |  | $ | (1,554 | ) |  | $ | 1,135,317 |
Held-to-maturity securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 11,704 |  |  | $ | 170 |  |  | $ | — |  |  | $ | 11,874 |
Agency mortgage-backed securities | 46,346 |  |  | 675 |  |  | — |  |  | 47,021 |
Corporate debt securities | 123,116 |  |  | 128 |  |  | (200 | ) |  | 123,044 |
Total securities held-to-maturity | $ | 181,166 |  |  | $ | 973 |  |  | $ | (200 | ) |  | $ | 181,939 |
| December 31, 2018
($ in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available-for-sale securities: |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 99,926 |  |  | $ | — |  |  | $ | (1,428 | ) |  | $ | 98,498 |
Obligations of states and political subdivisions | 26,566 |  |  | 327 |  |  | (83 | ) |  | 26,810 |
Agency mortgage-backed securities | 596,825 |  |  | 1,160 |  |  | (11,849 | ) |  | 586,136 |
U.S. Treasury Bills | 9,962 |  |  | — |  |  | (37 | ) |  | 9,925 |
Total securities available-for-sale | $ | 733,279 |  |  | $ | 1,487 |  |  | $ | (13,397 | ) |  | $ | 721,369 |
Held-to-maturity securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 12,506 |  |  | $ | 16 |  |  | $ | (114 | ) |  | $ | 12,408 |
Agency mortgage-backed securities | 53,173 |  |  | — |  |  | (1,647 | ) |  | 51,526 |
Total securities held-to-maturity | $ | 65,679 |  |  | $ | 16 |  |  | $ | (1,761 | ) |  | $ | 63,934 |
During the fourth quarter of 2019, the Company transferred corporate debt securities with a book value of $116.3 million and fair value of $123.2 million from available to sale to held-to-maturity. The Company believes the held-to-maturity category is more consistent with the Company’s intent for these securities. The transfer of securities was made at fair value at the time of transfer. The unamortized portion of the $6.9 million unrealized holding gain at the time of transfer is retained in accumulated other comprehensive income and in the carrying value of held-to-maturity securities. Accordingly, the balance of held-to-maturity securities in the “Amortized cost” column in the table above includes a net unamortized unrealized gain of $6.8 million at December 31, 2019. Such amounts are amortized over the remaining life of the securities. At December 31, 2019, and 2018, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than the U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government-sponsored enterprises. Securities having a fair value of $484.8 million and $433.7 million at December 31, 2019, and December 31, 2018, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions.
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity:
| December 31, 2019
($ in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available-for-sale securities: |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 9,954 |  |  | $ | 92 |  |  | $ | — |  |  | $ | 10,046 |
Obligations of states and political subdivisions | 207,269 |  |  | 6,118 |  |  | (363 | ) |  | 213,024 |
Agency mortgage-backed securities | 888,129 |  |  | 15,083 |  |  | (1,191 | ) |  | 902,021 |
U.S. Treasury Bills | 9,971 |  |  | 255 |  |  | — |  |  | 10,226 |
Total securities available-for-sale | $ | 1,115,323 |  |  | $ | 21,548 |  |  | $ | (1,554 | ) |  | $ | 1,135,317 |
Held-to-maturity securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 11,704 |  |  | $ | 170 |  |  | $ | — |  |  | $ | 11,874 |
Agency mortgage-backed securities | 46,346 |  |  | 675 |  |  | — |  |  | 47,021 |
Corporate debt securities | 123,116 |  |  | 128 |  |  | (200 | ) |  | 123,044 |
Total securities held-to-maturity | $ | 181,166 |  |  | $ | 973 |  |  | $ | (200 | ) |  | $ | 181,939 |
| December 31, 2018
($ in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available-for-sale securities: |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 99,926 |  |  | $ | — |  |  | $ | (1,428 | ) |  | $ | 98,498 |
Obligations of states and political subdivisions | 26,566 |  |  | 327 |  |  | (83 | ) |  | 26,810 |
Agency mortgage-backed securities | 596,825 |  |  | 1,160 |  |  | (11,849 | ) |  | 586,136 |
U.S. Treasury Bills | 9,962 |  |  | — |  |  | (37 | ) |  | 9,925 |
Total securities available-for-sale | $ | 733,279 |  |  | $ | 1,487 |  |  | $ | (13,397 | ) |  | $ | 721,369 |
Held-to-maturity securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 12,506 |  |  | $ | 16 |  |  | $ | (114 | ) |  | $ | 12,408 |
Agency mortgage-backed securities | 53,173 |  |  | — |  |  | (1,647 | ) |  | 51,526 |
Total securities held-to-maturity | $ | 65,679 |  |  | $ | 16 |  |  | $ | (1,761 | ) |  | $ | 63,934 |
During the fourth quarter of 2019, the Company transferred corporate debt securities with a book value of $116.3 million and fair value of $123.2 million from available to sale to held-to-maturity. The Company believes the held-to-maturity category is more consistent with the Company’s intent for these securities. The transfer of securities was made at fair value at the time of transfer. The unamortized portion of the $6.9 million unrealized holding gain at the time of transfer is retained in accumulated other comprehensive income and in the carrying value of held-to-maturity securities. Accordingly, the balance of held-to-maturity securities in the “Amortized cost” column in the table above includes a net unamortized unrealized gain of $6.8 million at December 31, 2019. Such amounts are amortized over the remaining life of the securities. At December 31, 2019, and 2018, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than the U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government-sponsored enterprises. Securities having a fair value of $484.8 million and $433.7 million at December 31, 2019, and December 31, 2018, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions.
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at December 31, 2019, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the agency mortgage-backed securities is approximately 4 years.
| Available-for-sale |  | Held-to-maturity
($ in thousands) | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 959 |  |  | $ | 978 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 26,825 |  |  | 27,355 |  |  | 4,167 |  |  | 4,234 |
Due after five years through ten years | 8,646 |  |  | 8,945 |  |  | 130,653 |  |  | 130,684 |
Due after ten years | 190,764 |  |  | 196,018 |  |  | — |  |  | — |
Agency mortgage-backed securities | 888,129 |  |  | 902,021 |  |  | 46,346 |  |  | 47,021 |
| $ | 1,115,323 |  |  | $ | 1,135,317 |  |  | $ | 181,166 |  |  | $ | 181,939 |
Schedule of Unrealized Loss on Investments | The following table represents a summary of investment securities that had an unrealized loss:
| December 31, 2019
Less than 12 months |  | 12 months or more |  | Total
($ in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of states and political subdivisions | $ | 56,327 |  |  | $ | 363 |  |  | $ | — |  |  | $ | — |  |  | $ | 56,327 |  |  | $ | 363 |
Agency mortgage-backed securities | 131,693 |  |  | 756 |  |  | 41,491 |  |  | 435 |  |  | 173,184 |  |  | 1,191 |
Corporate debt securities | 67,964 |  |  | 200 |  |  | — |  |  | — |  |  | 67,964 |  |  | 200 |
| $ | 255,984 |  |  | $ | 1,319 |  |  | $ | 41,491 |  |  | $ | 435 |  |  | $ | 297,475 |  |  | $ | 1,754 |
| December 31, 2018
Less than 12 months |  | 12 months or more |  | Total
($ in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of U.S. Government-sponsored enterprises | $ | 19,622 |  |  | $ | 322 |  |  | $ | 78,876 |  |  | $ | 1,106 |  |  | $ | 98,498 |  |  | $ | 1,428 |
Obligations of states and political subdivisions | 3,102 |  |  | 15 |  |  | 14,156 |  |  | 182 |  |  | 17,258 |  |  | 197 |
Agency mortgage-backed securities | 87,357 |  |  | 2,211 |  |  | 389,770 |  |  | 11,285 |  |  | 477,127 |  |  | 13,496 |
U.S. Treasury Bills | — |  |  | — |  |  | 9,925 |  |  | 37 |  |  | 9,925 |  |  | 37 |
| $ | 110,081 |  |  | $ | 2,548 |  |  | $ | 492,727 |  |  | $ | 12,610 |  |  | $ | 602,808 |  |  | $ | 15,158 |
Schedule of Realized Gain (Loss) | The gross gains and losses realized from sales of available-for-sale investment securities were as follows:
| December 31,
($ in thousands) | 2019 |  | 2018 |  | 2017
Gross gains realized | $ | 400 |  |  | $ | 9 |  |  | $ | 22 |
Gross losses realized | (449 | ) |  | — |  |  | — |
Proceeds from sales | 357,976 |  |  | 1,451 |  |  | 144,076 |

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