XML 52 R36.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Investments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
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, 2021
($ in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available-for-sale securities: |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 175,409 |  |  | $ | 3 |  |  | $ | (1,901) |  |  | $ | 173,511 |
Obligations of states and political subdivisions | 571,587 |  |  | 5,907 |  |  | (2,410) |  |  | 575,084 |
Agency mortgage-backed securities | 509,243 |  |  | 8,485 |  |  | (3,869) |  |  | 513,859 |
Corporate debt securities | 11,750 |  |  | 632 |  |  | — |  |  | 12,382 |
U.S. Treasury Bills | 90,971 |  |  | 220 |  |  | (21) |  |  | 91,170 |
Total securities available-for-sale | $ | 1,358,960 |  |  | $ | 15,247 |  |  | $ | (8,201) |  |  | $ | 1,366,006 |
Held-to-maturity securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 236,379 |  |  | $ | 1,794 |  |  | $ | (730) |  |  | $ | 237,443 |
Agency mortgage-backed securities | 68,105 |  |  | 940 |  |  | (666) |  |  | 68,379 |
Corporate debt securities | 125,811 |  |  | 3,039 |  |  | — |  |  | 128,850 |
Total securities held-to-maturity | $ | 430,295 |  |  | $ | 5,773 |  |  | $ | (1,396) |  |  | $ | 434,672 |
Allowance for credit losses | (614) |  |  |  |  |  |  |
Total securities held-to-maturity, net | $ | 429,681 |  |  |  |  |  |  |
| 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 |
Allowance for credit losses | (449) |  |  |  |  |  |  |
Total securities held-to-maturity, net | $ | 487,610 |  |  |  |  |  |  |
During 2020, the Company transferred securities with a book value of $331.0 million and fair value of $352.6 million 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 $21.0 million and $25.6 million at December 31, 2021 and 2020, respectively. Such amounts are amortized over the remaining life of the securities. In January 2022, the Company transferred securities with a book value of $116.7 million from available-for-sale to held-to-maturity. At December 31, 2021, and 2020, 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 $752.7 million and $525.8 million at December 31, 2021, and December 31, 2020, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions.
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at December 31, 2021, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
| Available-for-sale |  | Held-to-maturity
($ in thousands) | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 81,809 |  |  | $ | 81,797 |  |  | $ | 211 |  |  | $ | 214 |
Due after one year through five years | 166,470 |  |  | 165,161 |  |  | 13,793 |  |  | 13,998 |
Due after five years through ten years | 40,130 |  |  | 40,568 |  |  | 143,900 |  |  | 146,933 |
Due after ten years | 561,308 |  |  | 564,621 |  |  | 204,286 |  |  | 205,148 |
Agency mortgage-backed securities | 509,243 |  |  | 513,859 |  |  | 68,105 |  |  | 68,379 |
| $ | 1,358,960 |  |  | $ | 1,366,006 |  |  | $ | 430,295 |  |  | $ | 434,672 |
Schedule of Unrealized Loss on Investments | There were approximately 290 available-for-sale securities and 30 available-for-sale securities in an unrealized loss position as of December 31, 2021 and December 31, 2020, respectively, included in the following tables:
| December 31, 2021
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 | $ | 163,634 |  |  | $ | 1,775 |  |  | $ | 4,874 |  |  | $ | 126 |  |  | $ | 168,508 |  |  | $ | 1,901 |
Obligations of states and political subdivisions | 242,188 |  |  | 2,361 |  |  | 1,776 |  |  | 49 |  |  | 243,964 |  |  | 2,410 |
Agency mortgage-backed securities | 259,047 |  |  | 3,685 |  |  | 6,467 |  |  | 184 |  |  | 265,514 |  |  | 3,869 |
U.S. Treasury Bills | 60,961 |  |  | 21 |  |  | — |  |  | — |  |  | 60,961 |  |  | 21 |
| $ | 725,830 |  |  | $ | 7,842 |  |  | $ | 13,117 |  |  | $ | 359 |  |  | $ | 738,947 |  |  | $ | 8,201 |
| 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 |
Schedule of Realized Gain (Loss) | The proceeds, gross gains and losses realized from sales of available-for-sale investment securities were as follows:
| December 31,
($ in thousands) | 2021 |  | 2020 |  | 2019
Gross gains realized | $ | — |  |  | $ | 421 |  |  | $ | 400 |
Gross losses realized | — |  |  | — |  |  | (449) |
Proceeds from sales | 27,135 |  |  | 20,221 |  |  | 357,976 |
Debt Securities, Available-for-sale | 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, 2021
($ in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available-for-sale securities: |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 175,409 |  |  | $ | 3 |  |  | $ | (1,901) |  |  | $ | 173,511 |
Obligations of states and political subdivisions | 571,587 |  |  | 5,907 |  |  | (2,410) |  |  | 575,084 |
Agency mortgage-backed securities | 509,243 |  |  | 8,485 |  |  | (3,869) |  |  | 513,859 |
Corporate debt securities | 11,750 |  |  | 632 |  |  | — |  |  | 12,382 |
U.S. Treasury Bills | 90,971 |  |  | 220 |  |  | (21) |  |  | 91,170 |
Total securities available-for-sale | $ | 1,358,960 |  |  | $ | 15,247 |  |  | $ | (8,201) |  |  | $ | 1,366,006 |
Held-to-maturity securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 236,379 |  |  | $ | 1,794 |  |  | $ | (730) |  |  | $ | 237,443 |
Agency mortgage-backed securities | 68,105 |  |  | 940 |  |  | (666) |  |  | 68,379 |
Corporate debt securities | 125,811 |  |  | 3,039 |  |  | — |  |  | 128,850 |
Total securities held-to-maturity | $ | 430,295 |  |  | $ | 5,773 |  |  | $ | (1,396) |  |  | $ | 434,672 |
Allowance for credit losses | (614) |  |  |  |  |  |  |
Total securities held-to-maturity, net | $ | 429,681 |  |  |  |  |  |  |
| 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 |
Allowance for credit losses | (449) |  |  |  |  |  |  |
Total securities held-to-maturity, net | $ | 487,610 |  |  |  |  |  |  |
During 2020, the Company transferred securities with a book value of $331.0 million and fair value of $352.6 million 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 $21.0 million and $25.6 million at December 31, 2021 and 2020, respectively. Such amounts are amortized over the remaining life of the securities. In January 2022, the Company transferred securities with a book value of $116.7 million from available-for-sale to held-to-maturity. At December 31, 2021, and 2020, 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 $752.7 million and $525.8 million at December 31, 2021, and December 31, 2020, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions.

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269825-111563 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269820-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27232-111563 + Details
Name: | us-gaap_HeldToMaturitySecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27357-111563 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration