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Investments (Tables)
12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following table presents the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available-for-sale and held-to-maturity: 
 December 31, 2024
($ in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
    Obligations of U.S. Government-sponsored enterprises$290,329 $69 $(14,358)$276,040 
    Obligations of states and political subdivisions492,896 12 (83,711)409,197 
    Agency mortgage-backed securities1,090,495 1,072 (64,173)1,027,394 
    Corporate debt securities21,198 — (452)20,746 
    U.S. Treasury Bills130,565 34 (1,706)128,893 
          Total securities available-for-sale$2,025,483 $1,187 $(164,400)$1,862,270 
Held-to-maturity securities:
    Obligations of states and political subdivisions$759,059 $2,366 $(60,351)$701,074 
    Agency mortgage-backed securities47,912 — (5,004)42,908 
    Corporate debt securities122,221 269 (7,601)114,889 
          Total securities held-to-maturity$929,192 $2,635 $(72,956)$858,871 
Allowance for credit losses(257)
Total securities held-to-maturity, net$928,935 
 December 31, 2023
($ in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
    Obligations of U.S. Government-sponsored enterprises$316,511 $303 $(20,368)$296,446 
    Obligations of states and political subdivisions500,881 57 (68,767)432,171 
    Agency mortgage-backed securities758,283 1,181 (59,083)700,381 
    Corporate debt securities8,750 — (1,176)7,574 
    U.S. Treasury Bills184,709 62 (3,070)181,701 
Total securities available-for-sale$1,769,134 $1,603 $(152,464)$1,618,273 
Held-to-maturity securities:
    Obligations of states and political subdivisions$575,699 $7,078 $(47,461)$535,316 
    Agency mortgage-backed securities52,100 — (5,424)46,676 
    Corporate debt securities123,420 216 (8,981)114,655 
Total securities held-to-maturity$751,219 $7,294 $(61,866)$696,647 
Allowance for credit losses(785)
Total securities held-to-maturity, net$750,434 
Debt Securities, Available-for-sale
The following table presents the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available-for-sale and held-to-maturity: 
 December 31, 2024
($ in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
    Obligations of U.S. Government-sponsored enterprises$290,329 $69 $(14,358)$276,040 
    Obligations of states and political subdivisions492,896 12 (83,711)409,197 
    Agency mortgage-backed securities1,090,495 1,072 (64,173)1,027,394 
    Corporate debt securities21,198 — (452)20,746 
    U.S. Treasury Bills130,565 34 (1,706)128,893 
          Total securities available-for-sale$2,025,483 $1,187 $(164,400)$1,862,270 
Held-to-maturity securities:
    Obligations of states and political subdivisions$759,059 $2,366 $(60,351)$701,074 
    Agency mortgage-backed securities47,912 — (5,004)42,908 
    Corporate debt securities122,221 269 (7,601)114,889 
          Total securities held-to-maturity$929,192 $2,635 $(72,956)$858,871 
Allowance for credit losses(257)
Total securities held-to-maturity, net$928,935 
 December 31, 2023
($ in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
    Obligations of U.S. Government-sponsored enterprises$316,511 $303 $(20,368)$296,446 
    Obligations of states and political subdivisions500,881 57 (68,767)432,171 
    Agency mortgage-backed securities758,283 1,181 (59,083)700,381 
    Corporate debt securities8,750 — (1,176)7,574 
    U.S. Treasury Bills184,709 62 (3,070)181,701 
Total securities available-for-sale$1,769,134 $1,603 $(152,464)$1,618,273 
Held-to-maturity securities:
    Obligations of states and political subdivisions$575,699 $7,078 $(47,461)$535,316 
    Agency mortgage-backed securities52,100 — (5,424)46,676 
    Corporate debt securities123,420 216 (8,981)114,655 
Total securities held-to-maturity$751,219 $7,294 $(61,866)$696,647 
Allowance for credit losses(785)
Total securities held-to-maturity, net$750,434 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at December 31, 2024, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately five years.
Available-for-saleHeld-to-maturity
($ in thousands)Amortized CostEstimated
Fair Value
Amortized CostEstimated
Fair Value
Due in one year or less$109,113 $108,614 $6,408 $6,374 
Due after one year through five years283,377 271,322 123,019 115,700 
Due after five years through ten years211,912 183,490 194,514 189,364 
Due after ten years330,586 271,450 557,339 504,525 
Agency mortgage-backed securities1,090,495 1,027,394 47,912 42,908 
 $2,025,483 $1,862,270 $929,192 $858,871 
Schedule of Unrealized Loss on Investments
There were 830 and 753 available-for-sale securities in an unrealized loss position as of December 31, 2024 and 2023, respectively, included in the following tables:
 
 December 31, 2024
Less than 12 months12 months or moreTotal
($ in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$21,044 $132 $234,191 $14,226 $255,235 $14,358 
Obligations of states and political subdivisions3,117 143 403,767 83,568 406,884 83,711 
Agency mortgage-backed securities423,600 6,763 478,790 57,410 902,390 64,173 
Corporate debt securities1,956 44 8,342 408 10,298 452 
U.S. Treasury Bills11,708 23 54,177 1,683 65,885 1,706 
 $461,425 $7,105 $1,179,267 $157,295 $1,640,692 $164,400 
 December 31, 2023
Less than 12 months12 months or moreTotal
($ in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$25,886 $85 $247,027 $20,283 $272,913 $20,368 
Obligations of states and political subdivisions1,168 163 428,171 68,604 429,339 68,767 
Agency mortgage-backed securities58,249 417 540,032 58,666 598,281 59,083 
Corporate debt securities— — 7,574 1,176 7,574 1,176 
U.S. Treasury Bills41,857 49 103,588 3,021 145,445 3,070 
 $127,160 $714 $1,326,392 $151,750 $1,453,552 $152,464 
Schedule of Realized Gain (Loss)
The proceeds, gross gains and losses realized from sales of available-for-sale investment securities were as follows:
 
 Twelve months ended
($ in thousands)December 31, 2024December 31, 2023December 31, 2022
Gross gains realized$— $601 $— 
Proceeds from sales— 40,393 —