The following tables set forth the amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities classified as available for sale and held to maturity at December 31, 2025 and 2024. Amortized cost of securities does not include accrued interest which is reflected in the accrued interest line item on the consolidated balance sheets totaling $31.7 million and $29.8 million at December 31, 2025 and December 31, 2024, respectively.


Securities Held to Maturity
	December 31, 2025								December 31, 2024
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
($ in thousands)	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury and government agency securities	$	373,605	$	248	$	30,143	$	343,710	$	394,689	$	—	$	45,876	$	348,813
Municipal obligations		511,516		708		11,455		500,769		623,907		169		20,867		603,209
Residential mortgage-backed securities		497,338		—		34,239		463,099		573,057		—		61,525		511,532
Commercial mortgage-backed securities		731,329		—		46,455		684,874		818,604		—		72,854		745,750
Collateralized mortgage obligations		19,094		—		520		18,574		25,406		—		1,184		24,222
Total	$	2,132,882	$	956	$	122,812	$	2,011,026	$	2,435,663	$	169	$	202,306	$	2,233,526

The Company held no securities classified as trading at December 31, 2025 or 2024.

The following tables present the amortized cost and fair value of debt securities available for sale and held to maturity at December 31, 2025 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateral mortgage obligations.


($ in thousands)	Amortized Cost		Fair Value
Debt Securities Available for Sale
Due in one year or less	$	31,996	$	32,084
Due after one year through five years		1,766,369		1,711,795
Due after five years through ten years		1,829,382		1,743,201
Due after ten years		2,713,575		2,474,837
Total available for sale debt securities	$	6,341,322	$	5,961,917


($ in thousands)	Amortized Cost		Fair Value
Debt Securities Held to Maturity
Due in one year or less	$	141,124	$	140,203
Due after one year through five years		666,314		648,904
Due after five years through ten years		475,596		452,476
Due after ten years		849,848		769,443
Total held to maturity debt securities	$	2,132,882	$	2,011,026

The following table presents the proceeds from, gross gains on, and gross losses on sales of securities during the years ended December 31, 2025, 2024 and 2023. Net gains or losses are reflected in the "Securities transactions, net" line item on the Consolidated Statements of Income.


	Years Ended December 31,
($ in thousands)	2025		2024		2023
Proceeds	$	229,200	$	—	$	977,114
Gross gains		4,197		—		—
Gross losses		4,208		—		65,380

Securities with carrying values totaling approximately $3.9 billion at both December 31, 2025 and December 31, 2024 were pledged as collateral, primarily to secure public deposits or securities sold under agreements to repurchase.

The Company’s policy is to invest only in securities of investment grade quality. These investments are largely limited to U.S. agency securities and municipal securities. Management has concluded, based on the long history of no credit losses, that the expectation of nonpayment of the held to maturity securities carried at amortized cost is zero for securities that are backed by the full faith and credit of and/or guaranteed by the U.S. government. As such, no allowance for credit losses has been recorded for these securities. The municipal portfolio is analyzed separately for allowance for credit loss in accordance with the applicable guidance for each portfolio as noted below.

The Company evaluates credit impairment for individual securities available for sale whose fair value was below amortized cost with a more than inconsequential risk of default and where the Company had assessed whether the decline in fair value was significant enough to suggest a credit event occurred. There were no securities with a material credit loss event and therefore, no allowance for credit loss was recorded in any period presented.

The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses at December 31, 2025 are presented in the table below.


Available for sale
	December 31, 2025
	Losses < 12 Months				Losses 12 Months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
($ in thousands)	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury and government agency securities	$	17,468	$	9	$	14,677	$	1,189	$	32,145	$	1,198
Municipal obligations		—		—		124,852		508		124,852		508
Residential mortgage-backed securities		54,250		598		1,442,746		256,396		1,496,996		256,994
Commercial mortgage-backed securities		374,740		1,787		2,158,865		143,081		2,533,605		144,868
Collateralized mortgage obligations		—		—		25,946		1,154		25,946		1,154
Corporate debt securities		1,998		2		11,322		678		13,320		680
Total	$	448,456	$	2,396	$	3,778,408	$	403,006	$	4,226,864	$	405,402

The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses at December 31, 2024 are presented in the table below.


Available for sale
	December 31, 2024
	Losses < 12 Months				Losses 12 Months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
($ in thousands)	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury and government agency securities	$	130,453	$	2,243	$	7,247	$	1,651	$	137,700	$	3,894
Municipal obligations		24,149		247		170,110		3,695		194,259		3,942
Residential mortgage-backed securities		347,772		2,935		1,554,001		350,619		1,901,773		353,554
Commercial mortgage-backed securities		184,534		2,738		2,139,191		247,854		2,323,725		250,592
Collateralized mortgage obligations		—		—		35,247		2,306		35,247		2,306
Corporate debt securities		—		—		15,616		1,384		15,616		1,384
Total	$	686,908	$	8,163	$	3,921,412	$	607,509	$	4,608,320	$	615,672

At each reporting period, the Company evaluated its held to maturity municipal obligation portfolio for credit loss using probability of default and loss given default models. The models were run using a long-term average probability of default migration and with a probability weighting of Moody’s economic forecasts. The resulting credit losses, if any, were negligible and no allowance for credit loss was recorded.

The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses at December 31, 2025 are presented in the table below.


Held to maturity
	December 31, 2025
	Losses < 12 Months				Losses 12 Months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
($ in thousands)	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury and government agency securities	$	—	$	—	$	316,814	$	30,143	$	316,814	$	30,143
Municipal obligations		98,559		97		325,241		11,358		423,800		11,455
Residential mortgage-backed securities		—		—		463,099		34,239		463,099		34,239
Commercial mortgage-backed securities		—		—		684,874		46,455		684,874		46,455
Collateralized mortgage obligations		—		—		18,574		520		18,574		520
Total	$	98,559	$	97	$	1,808,602	$	122,715	$	1,907,161	$	122,812

The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses at December 31, 2024 are presented in the table below.


Held to maturity	December 31, 2024
	Losses < 12 Months				Losses 12 Months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
($ in thousands)	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury and government agency securities	$	27,660	$	840	$	321,154	$	45,036	$	348,814	$	45,876
Municipal obligations		82,028		451		497,999		20,416		580,027		20,867
Residential mortgage-backed securities		—		—		511,531		61,525		511,531		61,525
Commercial mortgage-backed securities		—		—		745,750		72,854		745,750		72,854
Collateralized mortgage obligations		—		—		24,222		1,184		24,222		1,184
Total	$	109,688	$	1,291	$	2,100,656	$	201,015	$	2,210,344	$	202,306

At December 31, 2025 and 2024, the Company had 604 and 729 securities, respectively, with market values below their cost basis. There were no material unrealized losses related to the marketability of the securities or the issuer’s ability to meet contractual obligations. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. The unrealized losses were deemed to be non-credit related at December 31, 2025 and 2024. At December 31, 2025, the Company had adequate liquidity and, therefore, neither planned nor expected to be required to liquidate these securities before recovery of the amortized cost basis.