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Investments (Tables)
3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available-for-sale and held-to-maturity:
 
 
March 31, 2025
($ in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises$265,193 $115 $(11,415)$253,893 
Obligations of states and political subdivisions491,740 — (88,416)403,324 
Agency mortgage-backed securities1,237,422 5,052 (50,185)1,192,289 
U.S. Treasury bills120,699 44 (1,199)119,544 
Corporate debt securities21,198 100 (280)21,018 
          Total securities available-for-sale$2,136,252 $5,311 $(151,495)$1,990,068 
Held-to-maturity securities:
Obligations of states and political subdivisions$865,674 $3,068 $(67,180)$801,562 
Agency mortgage-backed securities46,976 — (4,220)42,756 
Corporate debt securities121,927 283 (6,179)116,031 
          Total securities held-to-maturity$1,034,577 $3,351 $(77,579)$960,349 
Allowance for credit losses(295)
          Total securities held-to-maturity, net$1,034,282 

 December 31, 2024
($ in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
    Obligations of U.S. Government-sponsored enterprises$290,329 $69 $(14,358)$276,040 
    Obligations of states and political subdivisions492,896 12 (83,711)409,197 
    Agency mortgage-backed securities1,090,495 1,072 (64,173)1,027,394 
U.S. Treasury Bills130,565 34 (1,706)128,893 
Corporate debt securities21,198 — (452)20,746 
          Total securities available-for-sale$2,025,483 $1,187 $(164,400)$1,862,270 
Held-to-maturity securities:
   Obligations of states and political subdivisions$759,059 $2,366 $(60,351)$701,074 
   Agency mortgage-backed securities47,912 — (5,004)42,908 
Corporate debt securities122,221 269 (7,601)114,889 
          Total securities held-to-maturity$929,192 $2,635 $(72,956)$858,871 
Allowance for credit losses(257)
          Total securities held-to-maturity, net$928,935 
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available-for-sale and held-to-maturity:
 
 
March 31, 2025
($ in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises$265,193 $115 $(11,415)$253,893 
Obligations of states and political subdivisions491,740 — (88,416)403,324 
Agency mortgage-backed securities1,237,422 5,052 (50,185)1,192,289 
U.S. Treasury bills120,699 44 (1,199)119,544 
Corporate debt securities21,198 100 (280)21,018 
          Total securities available-for-sale$2,136,252 $5,311 $(151,495)$1,990,068 
Held-to-maturity securities:
Obligations of states and political subdivisions$865,674 $3,068 $(67,180)$801,562 
Agency mortgage-backed securities46,976 — (4,220)42,756 
Corporate debt securities121,927 283 (6,179)116,031 
          Total securities held-to-maturity$1,034,577 $3,351 $(77,579)$960,349 
Allowance for credit losses(295)
          Total securities held-to-maturity, net$1,034,282 

 December 31, 2024
($ in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
    Obligations of U.S. Government-sponsored enterprises$290,329 $69 $(14,358)$276,040 
    Obligations of states and political subdivisions492,896 12 (83,711)409,197 
    Agency mortgage-backed securities1,090,495 1,072 (64,173)1,027,394 
U.S. Treasury Bills130,565 34 (1,706)128,893 
Corporate debt securities21,198 — (452)20,746 
          Total securities available-for-sale$2,025,483 $1,187 $(164,400)$1,862,270 
Held-to-maturity securities:
   Obligations of states and political subdivisions$759,059 $2,366 $(60,351)$701,074 
   Agency mortgage-backed securities47,912 — (5,004)42,908 
Corporate debt securities122,221 269 (7,601)114,889 
          Total securities held-to-maturity$929,192 $2,635 $(72,956)$858,871 
Allowance for credit losses(257)
          Total securities held-to-maturity, net$928,935 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at March 31, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately five years.
Available-for-saleHeld-to-maturity
($ in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due in one year or less$145,257 $144,058 $7,231 $7,214 
Due after one year through five years220,941 212,587 125,753 119,955 
Due after five years through ten years238,026 202,822 218,879 213,168 
Due after ten years294,606 238,312 635,738 577,256 
Agency mortgage-backed securities1,237,422 1,192,289 46,976 42,756 
 $2,136,252 $1,990,068 $1,034,577 $960,349 
Schedule of Unrealized Loss on Investments
The following tables presents a summary of available-for-sale investment securities in an unrealized loss position:
 March 31, 2025
Less than 12 months12 months or moreTotal
($ in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$1,996 $$229,941 $11,410 $231,937 $11,415 
Obligations of states and political subdivisions4,847 208 398,477 88,208 403,324 88,416 
Agency mortgage-backed securities176,976 1,910 468,526 48,275 645,502 50,185 
U.S. Treasury bills33,600 21 45,198 1,178 78,798 1,199 
Corporate debt securities1,984 16 6,486 264 8,470 280 
 $219,403 $2,160 $1,148,628 $149,335 $1,368,031 $151,495 
 December 31, 2024
Less than 12 months12 months or moreTotal
($ in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$21,044 $132 $234,191 $14,226 $255,235 $14,358 
Obligations of states and political subdivisions3,117 143 403,767 83,568 406,884 83,711 
Agency mortgage-backed securities423,600 6,763 478,790 57,410 902,390 64,173 
U.S. Treasury bills11,708 23 54,177 1,683 65,885 1,706 
Corporate debt securities1,956 44 8,342 408 10,298 452 
 $461,425 $7,105 $1,179,267 $157,295 $1,640,692 $164,400