Securities

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

The book values and approximate fair values of investment securities at December 31, 2025 and 2024 are summarized as follows:


	2025								2024
	Amortized Cost		Fair Value		Unrealized				Amortized Cost		Fair Value		Unrealized
($ in thousands)					Gains		(Losses)						Gains		(Losses)
Securities available for sale:
US Treasury securities	$	165,137	$	168,095	$	3,004	$	(46)	$	121,051	$	120,581	$	—	$	(470)
Government-sponsored enterprise securities	1,968		1,758		—		(210)		11,961		9,614		—		(2,347)
Mortgage-backed securities	2,057,381		1,860,357		4,008		(201,032)		2,261,924		1,897,175		60		(364,809)
Corporate bonds	18,192		18,346		193		(39)		16,181		15,692		—		(489)
Total available for sale	$	2,242,678	$	2,048,556	$	7,205	$	(201,327)	$	2,411,117	$	2,043,062	$	60	$	(368,115)

Securities held to maturity:
Mortgage-backed securities	$	6,735	$	6,536	$	—	$	(199)	$	9,198	$	8,739	$	—	$	(459)
State and local governments	506,364		441,916		19		(64,467)		510,800		419,832		1		(90,969)
Total held to maturity	$	513,099	$	448,452	$	19	$	(64,666)	$	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 December 31, 2025 and 2024.

Accrued interest receivable on AFS debt securities was $5.2 million and $4.6 million at December 31, 2025 and December 31, 2024, respectively. Accrued interest receivable on HTM debt securities was of $4.2 million as of December 31, 2025 and December 31, 2024.

The following table presents information regarding all securities with unrealized losses at December 31, 2025:


	Securities in an Unrealized Loss Position for Less than 12 Months				Securities in an Unrealized Loss Position for More than 12 Months				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
US Treasury securities	$	19,959	$	46	$	—	$	—	$	19,959	$	46
Government-sponsored enterprise securities	—		—		1,758		210		1,758		210
Mortgage-backed securities	157,405		684		1,074,038		200,547		1,231,443		201,231
Corporate bonds	3,711		39		—		—		3,711		39
State and local governments	—		—		436,511		64,467		436,511		64,467
Total temporarily impaired securities	$	181,075	$	769	$	1,512,307	$	265,224	$	1,693,382	$	265,993

The following table presents information regarding all securities with unrealized losses at December 31, 2024:


	Securities in an Unrealized Loss Position for Less than 12 Months				Securities in an Unrealized Loss Position for More than 12 Months				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
US Treasury securities	$	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 temporarily impaired securities	$	442,489	$	2,441	$	1,975,663	$	457,102	$	2,418,152	$	459,543

As of December 31, 2025, the Company's securities portfolio included 573 securities of which 491 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 December 31, 2025 and 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. Nearly 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 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 December 31, 2025 and 2024, the Company determined that expected credit losses associated with HTM securities were insignificant.

The book values and fair values of investment securities at December 31, 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 within one year	$	—	$	—	$	—	$	—
Due after one year but within five years	149,881		152,847		8,872		8,587
Due after five years but within ten years	35,416		35,352		243,080		214,751
Due after ten years	—		—		254,412		218,578
Mortgage-backed securities	2,057,381		1,860,357		6,735		6,536
Total securities	$	2,242,678	$	2,048,556	$	513,099	$	448,452

At December 31, 2025 and 2024, investment securities with carrying values of $876.8 million and $806.0 million, respectively, were pledged as collateral for public deposits. In addition, at December 31, 2025 and 2024, investment securities with carrying values of $622.1 million and $661.0 million, respectively, were pledged as collateral to the FRB to secure any such borrowings.

At December 31, 2025 and 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 2025, the Company received proceeds from sales of securities of $464.7 million and recorded $71.6 million in gross losses from the sales. During 2024, the Company received proceeds from sales of securities of $385.1 million and recorded $41.5 million in gross losses from the sales. These losses were partially offset by the $4.5 million gain on the sale of the Visa stock discussed below. Also Included in "Securities losses, net" in the consolidated statements of income, during 2024, the Company received proceeds from the call of a security of $5.2 million and recorded a $1.0 million loss related to the unamortized premium balance at the time of the call. In 2023, there were no sales of investment securities with the exception of securities acquired from GrandSouth which were subsequently liquidated as discussed in Note 2. There was no gain or loss associated with the sale of acquired securities.

During the second quarter of 2024, the Company sold all of its holdings of Class B shares of Visa, Inc. (“Visa”) stock that were received upon Visa’s initial public offering and recognized a gain of $4.5 million. As the Class B stock did not initially have a readily determinable fair value, it was carried at $0 prior to the sale.

Included in “Other assets” in the consolidated balance sheets are investments in FHLB and Federal Reserve stock totaling $41.6 million and $41.3 million at December 31, 2025 and 2024, respectively. These investments do not have readily determinable fair values. The FHLB stock had a cost of $8.5 million at December 31, 2025 and 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 $33.1 million and $32.7 million at December 31, 2025 and 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.