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Investment Securities | 12 Months Ended
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Dec. 31, 2025
Investment Securities [Abstract] |
Investment Securities | Note 4—Investment Securities Investment securities are classified as available for sale and are summarized as follows (dollars in thousands):
|  | December 31, 2025
|  |  |  | Gross |  | Gross |  |
|  | Amortized |  | unrealized |  | unrealized |  | Fair
|  | cost |  | gains |  | losses |  | value
U.S. Government agency securities |  | $ | 25,503 |  | $ | 63 |  | $ | (457) |  | $ | 25,109
Asset-backed securities |  |  | 234,029 |  |  | 205 |  |  | (133) |  |  | 234,101
Tax-exempt obligations of states and political subdivisions |  |  | 9,614 |  |  | 62 |  |  | (40) |  |  | 9,636
Taxable obligations of states and political subdivisions |  |  | 18,941 |  |  | 45 |  |  | (59) |  |  | 18,927
Residential mortgage-backed securities |  |  | 454,837 |  |  | 13,039 |  |  | (3,553) |  |  | 464,323
Collateralized mortgage obligation securities |  |  | 58,129 |  |  | 44 |  |  | (593) |  |  | 57,580
Commercial mortgage-backed securities |  |  | 856,273 |  |  | 14,306 |  |  | (8,505) |  |  | 862,074
|  | $ | 1,657,326 |  | $ | 27,764 |  | $ | (13,340) |  | $ | 1,671,750
|  | December 31, 2024
|  |  |  | Gross |  | Gross |  |
|  | Amortized |  | unrealized |  | unrealized |  | Fair
|  | cost |  | gains |  | losses |  | value
U.S. Government agency securities |  | $ | 31,233 |  | $ | — |  | $ | (1,271) |  | $ | 29,962
Asset-backed securities |  |  | 214,346 |  |  | 177 |  |  | (24) |  |  | 214,499
Tax-exempt obligations of states and political subdivisions |  |  | 6,860 |  |  | — |  |  | (73) |  |  | 6,787
Taxable obligations of states and political subdivisions |  |  | 29,267 |  |  | 7 |  |  | (441) |  |  | 28,833
Residential mortgage-backed securities |  |  | 438,562 |  |  | 1,137 |  |  | (6,280) |  |  | 433,419
Collateralized mortgage obligation securities |  |  | 27,279 |  |  | — |  |  | (1,127) |  |  | 26,152
Commercial mortgage-backed securities |  |  | 778,857 |  |  | 1,653 |  |  | (17,302) |  |  | 763,208
|  | $ | 1,526,404 |  | $ | 2,974 |  | $ | (26,518) |  | $ | 1,502,860
The amortized cost and fair value of the Company’s investment securities at December 31, 2025, by contractual maturity are shown below (dollars in thousands). Expected maturities may differ from contractual maturities based on the timing of cashflows from the underlying collateral.
|  | Available-for-sale
|  | Amortized |  | Fair
|  | cost |  | value
Due before one year |  | $ | 19,987 |  | $ | 19,872
Due after one year through five years |  |  | 221,361 |  |  | 222,617
Due after five years through ten years |  |  | 565,703 |  |  | 574,098
Due after ten years |  |  | 850,275 |  |  | 855,163
|  | $ | 1,657,326 |  | $ | 1,671,750
R ealized losses on securities sales or calls were not material for the years ended December 31, 2025, 2024 and 2023. The table below indicates the length of time individual securities had been in continuous unrealized loss positions (dollars in thousands):
|  | December 31, 2025
|  | Less than 12 months |  | 12 months or longer |  | Total
|  | Fair Value |  | Unrealized losses |  |  | Fair Value |  | Unrealized losses |  | Fair Value |  | Unrealized losses
Description of Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency securities |  | $ | 2,521 |  | $ | (1) |  | $ | 11,660 |  | $ | (456) |  | $ | 14,181 |  | $ | (457)
Asset-backed securities |  |  | 59,024 |  |  | (133) |  |  | — |  |  | — |  |  | 59,024 |  |  | (133)
Tax-exempt obligations of states and political subdivisions |  |  | 3,456 |  |  | (33) |  |  | 1,153 |  |  | (7) |  |  | 4,609 |  |  | (40)
Taxable obligations of states and political subdivisions |  |  | — |  |  | — |  |  | 14,053 |  |  | (59) |  |  | 14,053 |  |  | (59)
Residential mortgage-backed securities |  |  | 18,630 |  |  | (62) |  |  | 28,886 |  |  | (3,491) |  |  | 47,516 |  |  | (3,553)
Collateralized mortgage obligation securities |  |  | 34,149 |  |  | (75) |  |  | 12,721 |  |  | (518) |  |  | 46,870 |  |  | (593)
Commercial mortgage-backed securities |  |  | 173,572 |  |  | (873) |  |  | 119,778 |  |  | (7,632) |  |  | 293,350 |  |  | (8,505)
Total unrealized loss position |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
investment securities |  | $ | 291,352 |  | $ | (1,177) |  | $ | 188,251 |  | $ | (12,163) |  | $ | 479,603 |  | $ | (13,340)
|  | December 31, 2024
|  | Less than 12 months |  | 12 months or longer |  | Total
|  | Fair Value |  | Unrealized losses |  | Fair Value |  | Unrealized losses |  | Fair Value |  | Unrealized losses
Description of Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency securities |  | $ | 15,384 |  | $ | (307) |  | $ | 14,578 |  | $ | (964) |  | $ | 29,962 |  | $ | (1,271)
Asset-backed securities |  |  | 35,108 |  |  | (8) |  |  | 33,854 |  |  | (16) |  |  | 68,962 |  |  | (24)
Tax-exempt obligations of states and political subdivisions |  |  | 5,664 |  |  | (36) |  |  | 1,123 |  |  | (37) |  |  | 6,787 |  |  | (73)
Taxable obligations of states and political subdivisions |  |  | 1,157 |  |  | (18) |  |  | 25,734 |  |  | (423) |  |  | 26,891 |  |  | (441)
Residential mortgage-backed securities |  |  | 172,076 |  |  | (1,156) |  |  | 37,527 |  |  | (5,124) |  |  | 209,603 |  |  | (6,280)
Collateralized mortgage obligation securities |  |  | — |  |  | — |  |  | 26,152 |  |  | (1,127) |  |  | 26,152 |  |  | (1,127)
Commercial mortgage-backed securities |  |  | 351,595 |  |  | (4,402) |  |  | 166,554 |  |  | (12,900) |  |  | 518,149 |  |  | (17,302)
Total unrealized loss position |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
investment securities |  | $ | 580,984 |  | $ | (5,927) |  | $ | 305,522 |  | $ | (20,591) |  | $ | 886,506 |  | $ | (26,518)
There were 188 and 267 securities in a loss position as of December 31, 2025 and 2024, respectively. The Company concluded that an allowance was not required to recognize credit losses on its investment securities as of both December 31, 2025 and 2024. In 2023, the Company recognized a provision for credit loss on investment securities of $10.0 million for the total par value of the only trust preferred security in its portfolio, based upon limited financial and other information received from the issuer. During the year ended December 31, 2024, the issuer tendered an offer to repurchase these securities which the Company accepted, and $1.0 million recovery was recognized.

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