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v3.25.2

Securities (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Book Values and Fair Values of Available-for-Sale 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) |
Schedule of Book Values and Fair Values of Held-to-Maturity 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) |
Schedule of Information Regarding Securities with Unrealized Losses | 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 |
Schedule of Book Values and Approximate Fair Values of Investment Securities by Contractual Maturity | 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 |

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