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Securities | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities The book values and approximate fair values of investment securities at June 30, 2025 and December 31, 2024 are summarized as follows:
($ in thousands) |  | June 30, 2025 |  | December 31, 2024
| Amortized Cost |  | Fair Value |  | Unrealized |  | Amortized Cost |  | Fair Value |  | Unrealized
|  |  | Gains |  | (Losses) |  |  |  | Gains |  | (Losses)
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | 121,461 |  |  | $ | 124,020 |  |  | $ | 2,559 |  |  | $ | — |  |  | $ | 121,051 |  |  | $ | 120,581 |  |  | $ | — |  |  | $ | (470) |
Government-sponsored enterprise securities |  | 11,964 |  |  | 10,097 |  |  | — |  |  | (1,867) |  |  | 11,961 |  |  | 9,614 |  |  | — |  |  | (2,347) |
Mortgage-backed securities |  | 2,295,111 |  |  | 1,995,592 |  |  | 1,984 |  |  | (301,503) |  |  | 2,261,924 |  |  | 1,897,175 |  |  | 60 |  |  | (364,809) |
Corporate bonds |  | 15,188 |  |  | 15,122 |  |  | 47 |  |  | (113) |  |  | 16,181 |  |  | 15,692 |  |  | — |  |  | (489) |
Total available for sale |  | $ | 2,443,724 |  |  | $ | 2,144,831 |  |  | $ | 4,590 |  |  | $ | (303,483) |  |  | $ | 2,411,117 |  |  | $ | 2,043,062 |  |  | $ | 60 |  |  | $ | (368,115) |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 7,885 |  |  | $ | 7,600 |  |  | $ | — |  |  | $ | (285) |  |  | $ | 9,198 |  |  | $ | 8,739 |  |  | $ | — |  |  | $ | (459) |
State and local governments |  | 508,520 |  |  | 423,820 |  |  | 2 |  |  | (84,702) |  |  | 510,800 |  |  | 419,832 |  |  | 1 |  |  | (90,969) |
Total held to maturity |  | $ | 516,405 |  |  | $ | 431,420 |  |  | $ | 2 |  |  | $ | (84,987) |  |  | $ | 519,998 |  |  | $ | 428,571 |  |  | $ | 1 |  |  | $ | (91,428) |
All of the Company’s mortgage-backed securities were issued by government-sponsored enterprises ("GSEs"), except for private mortgage-backed securities with a fair value of $0.7 million as of June 30, 2025 and December 31, 2024. Accrued interest receivable on available for sale ("AFS") debt securities was $4.5 million and $4.6 million at June 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on held to maturity ("HTM") debt securities was $4.2 million and $4.2 million as of June 30, 2025 and December 31, 2024. The following table presents information regarding all securities with unrealized losses at June 30, 2025:
|  | Securities in an Unrealized Loss Position for Less than Twelve Months |  | Securities in an Unrealized Loss Position for More than Twelve Months |  | Total
($ in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Government-sponsored enterprise securities |  | $ | — |  |  | $ | — |  |  | $ | 10,097 |  |  | $ | 1,867 |  |  | $ | 10,097 |  |  | $ | 1,867 |
Mortgage-backed securities |  | 277,088 |  |  | 1,302 |  |  | 1,536,577 |  |  | 300,486 |  |  | 1,813,665 |  |  | 301,788 |
Corporate bonds |  | — |  |  | — |  |  | 3,324 |  |  | 113 |  |  | 3,324 |  |  | 113 |
State and local governments |  | 4,617 |  |  | 41 |  |  | 418,441 |  |  | 84,661 |  |  | 423,058 |  |  | 84,702 |
Total unrealized loss position |  | $ | 281,705 |  |  | $ | 1,343 |  |  | $ | 1,968,439 |  |  | $ | 387,127 |  |  | $ | 2,250,144 |  |  | $ | 388,470 |
The following table presents information regarding all securities with unrealized losses at December 31, 2024:
|  | Securities in an Unrealized Loss Position for Less than Twelve Months |  | Securities in an Unrealized Loss Position for More than Twelve Months |  | Total
($ in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasuries |  | $ | 120,581 |  |  | $ | 470 |  |  | $ | — |  |  | $ | — |  |  | $ | 120,581 |  |  | $ | 470 |
Government-sponsored enterprise securities |  | — |  |  | — |  |  | 9,614 |  |  | 2,347 |  |  | 9,614 |  |  | 2,347 |
Mortgage-backed securities |  | 317,015 |  |  | 1,845 |  |  | 1,538,156 |  |  | 363,423 |  |  | 1,855,171 |  |  | 365,268 |
Corporate bonds |  | 380 |  |  | 51 |  |  | 13,562 |  |  | 438 |  |  | 13,942 |  |  | 489 |
State and local governments |  | 4,513 |  |  | 75 |  |  | 414,331 |  |  | 90,894 |  |  | 418,844 |  |  | 90,969 |
Total unrealized loss position |  | $ | 442,489 |  |  | $ | 2,441 |  |  | $ | 1,975,663 |  |  | $ | 457,102 |  |  | $ | 2,418,152 |  |  | $ | 459,543 |
As of June 30, 2025, the Company's securities portfolio included 589 securities of which 548 securities were in an unrealized loss position. As of December 31, 2024, the Company's securities portfolio included 584 securities of which 560 securities were in an unrealized loss position. In the above tables, all of the securities that were in an unrealized loss position at June 30, 2025 and December 31, 2024 are bonds that the Company has determined are in a loss position due primarily to interest rate factors and not credit quality concerns. In arriving at this conclusion, the Company reviewed third-party credit ratings and considered the severity of the impairment. The state and local government investments are comprised almost entirely of highly-rated municipal bonds issued by state and local governments throughout the nation. The Company has no significant concentrations of bond holdings from any one state or local government entity. Substantially all of the Company's mortgage-backed securities were issued by Federal Home Loan Mortgage Corporation ("FHLMC"), Federal National Mortgage Association ("FNMA"), Government National Mortgage Association ("GNMA"), or SBA, each of which is a government agency or GSE and guarantees the repayment of its securities. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. At June 30, 2025 and December 31, 2024, the Company determined that expected credit losses associated with HTM securities were insignificant. The book values and fair values of investment securities at June 30, 2025, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Securities Available for Sale |  | Securities Held to Maturity
($ in thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due after one year but within five years |  | $ | 105,805 |  |  | $ | 107,789 |  |  | $ | 6,035 |  |  | $ | 5,897 |
Due after five years but within ten years |  | 42,808 |  |  | 41,450 |  |  | 209,190 |  |  | 178,650 |
Due after ten years |  | — |  |  | — |  |  | 293,295 |  |  | 239,273 |
Mortgage-backed securities |  | 2,295,111 |  |  | 1,995,592 |  |  | 7,885 |  |  | 7,600 |
Total securities |  | $ | 2,443,724 |  |  | $ | 2,144,831 |  |  | $ | 516,405 |  |  | $ | 431,420 |
At June 30, 2025 and December 31, 2024, investment securities with carrying values of $787.0 million and $806.0 million, respectively, were pledged as collateral for public deposits. In addition, at June 30, 2025 and December 31, 2024, investment securities with carrying values of $713.5 million and $661.0 million, respectively, were pledged as collateral to the Federal Reserve Bank ("Federal Reserve") to secure any such borrowings. At June 30, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies or GSEs, in an amount greater than 10% of shareholders' equity. During three and six months ended June 30, 2025, there were no sales of investment securities. During the three months ended June 30, 2024, the Company received proceeds from the sale of securities and its holdings of Class B shares of Visa, Inc. of $142.7 million and recorded $0.2 million in net losses from the sales. During the six months ended June 30, 2024, the Company received proceeds from the sale of securities and its holdings of Class B shares of Visa, Inc. of $148.0 million and recorded $1.2 million in net losses from the sales. Included in “Other assets” in the consolidated balance sheets are investments in Federal Home Loan Bank (“FHLB”) and Federal Reserve stock totaling $41.6 million and $41.3 million at June 30, 2025 and December 31, 2024, respectively. These investments do not have readily determinable fair values. The FHLB stock had a cost of $8.6 million at June 30, 2025 and December 31, 2024, and serves as part of the collateral for the Company’s line of credit with the FHLB and is also a requirement for membership in the FHLB system. The Federal Reserve stock had a cost of $33.0 million and $32.7 million at June 30, 2025 and December 31, 2024, respectively, and is a requirement for Federal Reserve member bank qualification. Periodically, both the FHLB and Federal Reserve recalculate the Company’s required level of holdings, and the Company either buys more stock or redeems a portion of the stock at cost. The Company determined that neither stock was impaired at either period end.

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