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Investments
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments INVESTMENTS
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:
 
 
September 30, 2025
($ in thousands)Amortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises$252,046 $158 $(7,698)$244,506 
Obligations of states and political subdivisions590,182 2,226 (67,662)524,746 
Agency mortgage-backed securities1,473,138 11,987 (40,573)1,444,552 
U.S. Treasury bills114,698 60 (717)114,041 
Corporate debt securities23,698 120 (170)23,648 
          Total securities available-for-sale$2,453,762 $14,551 $(116,820)$2,351,493 
Held-to-maturity securities:
Obligations of states and political subdivisions$925,829 $6,999 $(49,430)$883,398 
Agency mortgage-backed securities44,837 — (3,509)41,328 
Corporate debt securities111,351 312 (4,028)107,635 
          Total securities held-to-maturity$1,082,017 $7,311 $(56,967)$1,032,361 
Allowance for credit losses(170)
          Total securities held-to-maturity, net$1,081,847 

 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 

The balance of held-to-maturity securities in the “Amortized Cost” column in the table above includes a cumulative net unamortized unrealized gain of $8.4 million and $10.8 million at September 30, 2025 and December 31, 2024, respectively. Such amounts are amortized over the remaining life of the securities.
At September 30, 2025 and December 31, 2024, there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders’ equity, other than U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government agencies and sponsored enterprises. Securities of $1.6 billion and $1.5 billion at September 30, 2025 and December 31, 2024, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions, in addition to collateral securing borrowing bases with the FHLB and the Federal Reserve.

The amortized cost and estimated fair value of debt securities at September 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 five years.
Available-for-saleHeld-to-maturity
($ in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due in one year or less$207,822 $205,486 $5,226 $5,226 
Due after one year through five years141,250 138,032 125,772 122,173 
Due after five years through ten years317,131 282,830 240,152 238,874 
Due after ten years314,421 280,593 666,030 624,760 
Agency mortgage-backed securities1,473,138 1,444,552 44,837 41,328 
 $2,453,762 $2,351,493 $1,082,017 $1,032,361 

The following tables presents a summary of available-for-sale investment securities in an unrealized loss position:
 September 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$5,993 $8 $219,987 $7,690 $225,980 $7,698 
Obligations of states and political subdivisions6,614 244 416,996 67,418 423,610 67,662 
Agency mortgage-backed securities96,890 854 406,132 39,719 503,022 40,573 
U.S. Treasury bills2,020 1 40,188 716 42,208 717 
Corporate debt securities— — 6,580 170 6,580 170 
 $111,517 $1,107 $1,089,883 $115,713 $1,201,400 $116,820 
 December 31, 2024
Less than 12 months12 months or moreTotal
($ 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 

The unrealized losses at both September 30, 2025 and December 31, 2024 were attributable primarily to changes in market interest rates after the securities were purchased. At each of September 30, 2025 and December 31, 2024, the Company did not have an allowance for credit losses on available-for-sale securities.
Accrued interest on held-to-maturity debt securities totaled $12.2 million and $8.6 million at September 30, 2025 and December 31, 2024, respectively, and is excluded from the estimate of expected credit losses. The estimate of expected credit losses considers historical credit loss information adjusted for current conditions and reasonable and supportable forecasts. The ACL on held-to-maturity securities was $0.2 million at September 30, 2025 and $0.3 million at December 31, 2024.

There were no sales of available-for-sale securities during the three months ended September 30, 2025 and September 30, 2024, respectively, or the nine months ended September 30, 2024. The Company sold $9.5 million of available-for-sale securities during the nine months ended September 30, 2025 for a gain of $0.1 million.

Other Investments
At September 30, 2025 and December 31, 2024, other investments totaled $94.1 million and $72.8 million, respectively. As a member of the FHLB system administered by the Federal Housing Finance Agency, the Bank is required to maintain a minimum investment in capital stock with the FHLB consisting of membership stock and activity-based stock. The FHLB capital stock of $24.1 million at September 30, 2025 and $8.7 million at December 31, 2024 is recorded at cost, which represents redemption value, and is included in other investments in the consolidated balance sheets. The remaining amounts in other investments primarily include investments in Small Business Investment Companies, Community Development Financial Institutions, private equity investments, and the Company’s investment in unconsolidated trusts used to issue trust preferred securities to third parties.