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Investments | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Investments | INVESTMENTS 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 $525.8 million at December 31, 2021, and December 31, 2020, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions. The amortized cost and estimated fair value of debt securities at December 31, 2021, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
| Available-for-sale |  | Held-to-maturity
($ 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 |
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 |
The unrealized losses at both December 31, 2021, and 2020, were primarily attributable to changes in market interest rates since the securities were purchased. At both December 31, 2021 and 2020, the Company had not recorded an ACL on available-for-sale securities. Accrued interest receivable on held-to-maturity debt securities totaled $3.4 million and $3.6 million at December 31, 2021 and 2020, respectively, and is excluded from the estimate of expected credit losses. The estimate of expected credit losses considers historical credit loss information adjusted for current conditions and reasonable and supportable forecasts. At December 31, 2021 and 2020, the ACL on held-to-maturity securities was $0.6 million and $0.4 million, respectively. The proceeds, gross gains and losses realized from sales of available-for-sale investment securities were as follows:
| December 31,
($ in thousands) | 2021 |  | 2020 |  | 2019
Gross gains realized | $ | — |  |  | $ | 421 |  |  | $ | 400 |
Gross losses realized | — |  |  | — |  |  | (449) |
Proceeds from sales | 27,135 |  |  | 20,221 |  |  | 357,976 |
Other Investments At December 31, 2021, and 2020, other investments totaled $59.9 million and $48.8 million, respectively. As a member of the FHLB system administered by the Federal Housing Finance Agency, the Bank is required to maintain a minimum investment in capital stock with the FHLB consisting of membership stock and activity-based stock. The FHLB capital stock of $12.1 million, and $10.8 million at December 31, 2021, and 2020, respectively, is recorded at cost, which represents redemption value, and is included in other investments in the consolidated balance sheets. The remaining amounts in other investments primarily include various investments in SBICs, CDFIs, and the Company’s investment in unconsolidated trusts used to issue preferred securities to third parties, see “Note 11 – Subordinated Debentures.”

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