XML 48 R33.htm IDEA: XBRL DOCUMENT v3.22.4

Investments (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022
($ in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	266,090					$	—					$	(28,305)					$	237,785
Obligations of states and political subdivisions			507,842						27						(90,425)						417,444
Agency mortgage-backed securities			727,931						453						(68,980)						659,404
Corporate debt securities			13,750						—						(1,110)						12,640
U.S. Treasury Bills			213,441						1						(4,908)						208,534
Total securities available-for-sale			$	1,729,054					$	481					$	(193,728)					$	1,535,807
Held-to-maturity securities:
Obligations of states and political subdivisions			$	529,012					$	2,321					$	(65,347)					$	465,986
Agency mortgage-backed securities			57,018						—						(6,416)						50,602
Corporate debt securities			124,620						163						(12,854)						111,929
Total securities held-to-maturity			$	710,650					$	2,484					$	(84,617)					$	628,517
Allowance for credit losses			(735)
Total securities held-to-maturity, net			$	709,915
			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

During 2022, the Company transferred $116.7 million of securities from available-for-sale to held-to-maturity. The Company believes the held-to-maturity category is 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. The balance of held-to-maturity securities in the “Amortized Cost” column in the

table above includes a cumulative net unamortized, unrealized gain of $17.6 million and $21.0 million at December 31, 2022 and 2021, respectively. Such amounts are amortized over the remaining life of the securities.

At December 31, 2022, and 2021, 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 $734.5 million and $752.7 million at December 31, 2022, and December 31, 2021, 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, 2022, 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 mortgage-backed securities is approximately 5 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			$	104,362					$	104,000					$	950					$	949
Due after one year through five years			345,957						318,556						41,312						38,210
Due after five years through ten years			67,667						60,425						179,013						165,304
Due after ten years			483,137						393,422						432,357						373,452
Agency mortgage-backed securities			727,931						659,404						57,018						50,602
			$	1,729,054					$	1,535,807					$	710,650					$	628,517

Schedule of Unrealized Loss on Investments

There were approximately 740 available-for-sale securities and 290 available-for-sale securities in an unrealized loss position as of December 31, 2022 and December 31, 2021, respectively, included in the following tables:

			December 31, 2022
			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			$	73,738					$	6,249					$	163,047					$	22,056					$	236,785					$	28,305
Obligations of states and political subdivisions			103,179						13,501						311,634						76,924						414,813						90,425
Agency mortgage-backed securities			334,431						20,038						281,321						48,942						615,752						68,980
Corporate debt securities			12,640						1,110						—						—						12,640						1,110
U.S. Treasury Bills			198,688						4,908						—						—						198,688						4,908
			$	722,676					$	45,806					$	756,002					$	147,922					$	1,478,678					$	193,728
			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

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)			2022						2021						2020
Gross gains realized			$	—					$	—					$	421
Proceeds from sales			—						27,135						20,221

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, 2022
($ in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	266,090					$	—					$	(28,305)					$	237,785
Obligations of states and political subdivisions			507,842						27						(90,425)						417,444
Agency mortgage-backed securities			727,931						453						(68,980)						659,404
Corporate debt securities			13,750						—						(1,110)						12,640
U.S. Treasury Bills			213,441						1						(4,908)						208,534
Total securities available-for-sale			$	1,729,054					$	481					$	(193,728)					$	1,535,807
Held-to-maturity securities:
Obligations of states and political subdivisions			$	529,012					$	2,321					$	(65,347)					$	465,986
Agency mortgage-backed securities			57,018						—						(6,416)						50,602
Corporate debt securities			124,620						163						(12,854)						111,929
Total securities held-to-maturity			$	710,650					$	2,484					$	(84,617)					$	628,517
Allowance for credit losses			(735)
Total securities held-to-maturity, net			$	709,915
			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

During 2022, the Company transferred $116.7 million of securities from available-for-sale to held-to-maturity. The Company believes the held-to-maturity category is 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. The balance of held-to-maturity securities in the “Amortized Cost” column in the

table above includes a cumulative net unamortized, unrealized gain of $17.6 million and $21.0 million at December 31, 2022 and 2021, respectively. Such amounts are amortized over the remaining life of the securities.

At December 31, 2022, and 2021, 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 $734.5 million and $752.7 million at December 31, 2022, and December 31, 2021, 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