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Investment Securities
 12 Months Ended
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

Realized 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.