XML 36 R25.htm IDEA: XBRL DOCUMENT v3.25.2
Investments (Tables)
6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available-for-sale and held-to-maturity:
 
 
June 30, 2025
($ in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises$252,037 $125 $(9,792)$242,370 
Obligations of states and political subdivisions547,277 257 (83,482)464,052 
Agency mortgage-backed securities1,395,601 8,368 (45,459)1,358,510 
U.S. Treasury bills116,992 11 (948)116,055 
Corporate debt securities23,698 81 (255)23,524 
          Total securities available-for-sale$2,335,605 $8,842 $(139,936)$2,204,511 
Held-to-maturity securities:
Obligations of states and political subdivisions$928,973 $2,372 $(68,867)$862,478 
Agency mortgage-backed securities45,922 — (3,866)42,056 
Corporate debt securities116,638 297 (5,080)111,855 
          Total securities held-to-maturity$1,091,533 $2,669 $(77,813)$1,016,389 
Allowance for credit losses(295)
          Total securities held-to-maturity, net$1,091,238 

 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 
U.S. Treasury Bills130,565 34 (1,706)128,893 
Corporate debt securities21,198 — (452)20,746 
          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 
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available-for-sale and held-to-maturity:
 
 
June 30, 2025
($ in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises$252,037 $125 $(9,792)$242,370 
Obligations of states and political subdivisions547,277 257 (83,482)464,052 
Agency mortgage-backed securities1,395,601 8,368 (45,459)1,358,510 
U.S. Treasury bills116,992 11 (948)116,055 
Corporate debt securities23,698 81 (255)23,524 
          Total securities available-for-sale$2,335,605 $8,842 $(139,936)$2,204,511 
Held-to-maturity securities:
Obligations of states and political subdivisions$928,973 $2,372 $(68,867)$862,478 
Agency mortgage-backed securities45,922 — (3,866)42,056 
Corporate debt securities116,638 297 (5,080)111,855 
          Total securities held-to-maturity$1,091,533 $2,669 $(77,813)$1,016,389 
Allowance for credit losses(295)
          Total securities held-to-maturity, net$1,091,238 

 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 
U.S. Treasury Bills130,565 34 (1,706)128,893 
Corporate debt securities21,198 — (452)20,746 
          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$928,935 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at June 30, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately six years.
Available-for-saleHeld-to-maturity
($ in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due in one year or less$171,956 $170,028 $4,527 $4,518 
Due after one year through five years177,526 171,763 125,076 120,366 
Due after five years through ten years294,410 253,855 235,371 230,589 
Due after ten years296,112 250,355 680,637 618,860 
Agency mortgage-backed securities1,395,601 1,358,510 45,922 42,056 
 $2,335,605 $2,204,511 $1,091,533 $1,016,389 
Schedule of Unrealized Loss on Investments
The following tables presents a summary of available-for-sale investment securities in an unrealized loss position:
 June 30, 2025
Less than 12 months12 months or moreTotal
($ in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$8,521 $25 $220,414 $9,767 $228,935 $9,792 
Obligations of states and political subdivisions9,484 210 402,776 83,272 412,260 83,482 
Agency mortgage-backed securities90,236 1,345 439,829 44,114 530,065 45,459 
U.S. Treasury bills37,886 23 42,465 925 80,351 948 
Corporate debt securities1,960 39 6,534 216 8,494 255 
 $148,087 $1,642 $1,112,018 $138,294 $1,260,105 $139,936 
 December 31, 2024
Less than 12 months12 months or moreTotal
($ 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 
U.S. Treasury bills11,708 23 54,177 1,683 65,885 1,706 
Corporate debt securities1,956 44 8,342 408 10,298 452 
 $461,425 $7,105 $1,179,267 $157,295 $1,640,692 $164,400