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Investments (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020
($ in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	14,978					$	186					$	(3)					$	15,161
Obligations of states and political subdivisions			335,271						8,994						(33)						344,232
Agency mortgage-backed securities			506,703						20,190						(321)						526,572
Corporate debt securities			14,750						248						—						14,998
U.S. Treasury Bills			10,980						486						—						11,466
Total securities available-for-sale			$	882,682					$	30,104					$	(357)					$	912,429
Held-to-maturity securities:
Obligations of states and political subdivisions			$	248,324					$	2,814					$	—					$	251,138
Agency mortgage-backed securities			112,742						2,295						(496)						114,541
Corporate debt securities			126,993						8,851						—						135,844
Total securities held-to-maturity			$	488,059					$	13,960					$	(496)					$	501,523
Less: Allowance for credit losses			449
Total securities held-to-maturity, net			$487,610
			December 31, 2019
($ 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

During 2020 and 2019, the Company transferred securities with a book value of $331.0 million and $116.3 million and fair value of $352.6 million and $123.2 million, respectively, from available-for-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 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 $25.6 million and $6.6 million at December 31, 2020 and 2019, respectively. Such amounts are amortized over the remaining life of the securities.

At December 31, 2020, and 2019, 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 $525.8 million and $484.8 million at December 31, 2020, and December 31, 2019, 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, 2020
($ in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	14,978					$	186					$	(3)					$	15,161
Obligations of states and political subdivisions			335,271						8,994						(33)						344,232
Agency mortgage-backed securities			506,703						20,190						(321)						526,572
Corporate debt securities			14,750						248						—						14,998
U.S. Treasury Bills			10,980						486						—						11,466
Total securities available-for-sale			$	882,682					$	30,104					$	(357)					$	912,429
Held-to-maturity securities:
Obligations of states and political subdivisions			$	248,324					$	2,814					$	—					$	251,138
Agency mortgage-backed securities			112,742						2,295						(496)						114,541
Corporate debt securities			126,993						8,851						—						135,844
Total securities held-to-maturity			$	488,059					$	13,960					$	(496)					$	501,523
Less: Allowance for credit losses			449
Total securities held-to-maturity, net			$487,610
			December 31, 2019
($ 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

During 2020 and 2019, the Company transferred securities with a book value of $331.0 million and $116.3 million and fair value of $352.6 million and $123.2 million, respectively, from available-for-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 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 $25.6 million and $6.6 million at December 31, 2020 and 2019, respectively. Such amounts are amortized over the remaining life of the securities.

At December 31, 2020, and 2019, 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 $525.8 million and $484.8 million at December 31, 2020, and December 31, 2019, 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, 2020, 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 3 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			$	12,048					$	12,240					$	—					$	—
Due after one year through five years			21,977						22,629						11,589						12,040
Due after five years through ten years			19,711						20,105						132,613						141,252
Due after ten years			322,243						330,883						231,115						233,690
Agency mortgage-backed securities			506,703						526,572						112,742						114,541
			$	882,682					$	912,429					$	488,059					$	501,523

Schedule of Unrealized Loss on Investments

There were 30 available-for-sale securities and 73 available-for-sale and held-to-maturity securities in an unrealized loss position as of December 31, 2020 and December 31, 2019, respectively, included in the following tables:

			December 31, 2020
			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			$	4,997					$	3					$	—					$	—					$	4,997					$	3
Obligations of states and political subdivisions			4,079						33						—						—						4,079						33
Agency mortgage-backed securities			65,986						321						—						—						65,986						321
			$	75,062					$	357					$	—					$	—					$	75,062					$	357
The following table presents a summary of available-for-sale and held-to-maturity investment securities in an unrealized loss position:
			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

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)			2020						2019						2018
Gross gains realized			$	421					$	400					$	9
Gross losses realized			—						(449)						—
Proceeds from sales			20,221						357,976						1,451

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- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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-Section 50
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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

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