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Fair Value Measurements
9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
The following table summarizes financial instruments measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
 
September 30, 2025
($ in thousands)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total Fair
Value
Assets
Securities available-for-sale
Obligations of U.S. Government-sponsored enterprises$— $244,506 $— $244,506 
Obligations of states and political subdivisions— 524,746 — 524,746 
Agency mortgage-backed securities— 1,444,552 — 1,444,552 
U.S. Treasury bills— 114,041 — 114,041 
Corporate debt securities— 23,648 — 23,648 
Total securities available-for-sale— 2,351,493 — 2,351,493 
Other investments— 3,085 — 3,085 
Derivative financial instruments— 13,279 — 13,279 
Total assets$— $2,367,857 $— $2,367,857 
Liabilities
Derivative financial instruments$— $10,552 $— $10,552 
Total liabilities$— $10,552 $— $10,552 

December 31, 2024
($ in thousands)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total Fair
Value
Assets
Securities available-for-sale
Obligations of U.S. Government-sponsored enterprises$— $276,040 $— $276,040 
Obligations of states and political subdivisions— 409,197 — 409,197 
Agency mortgage-backed securities— 1,027,394 — 1,027,394 
U.S. Treasury bills— 128,893 — 128,893 
Corporate debt securities— 20,746 — 20,746 
Total securities available-for-sale— 1,862,270 — 1,862,270 
Other investments— 2,983 — 2,983 
Derivative financial instruments— 15,144 — 15,144 
Total assets$— $1,880,397 $— $1,880,397 
Liabilities
Derivative financial instruments$— $18,692 $— $18,692 
Total liabilities$— $18,692 $— $18,692 
From time to time, the Company measures certain assets at fair value on a nonrecurring basis. These include assets measured at the lower of cost or fair value that were recognized at fair value below cost at the end of the period. The amounts reported in the following tables include balances measured at fair value during the reporting period and still held as of the reporting date.
September 30, 2025
($ in thousands)Total Fair ValueQuoted Prices in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Individually-evaluated loans$2,490 $— $— $2,490 
Other real estate 7,821 — — 7,821 
Total$10,311 $— $— $10,311 
December 31, 2024
($ in thousands)Total Fair ValueQuoted Prices in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Individually-evaluated loans$15,370 $— $— $15,370 
Other real estate3,955 — — 3,955 
Total$19,325 $— $— $19,325 


Following is a summary of the carrying amounts and fair values of certain financial instruments:
 September 30, 2025December 31, 2024
($ in thousands)Carrying AmountEstimated fair valueLevelCarrying AmountEstimated fair valueLevel
Balance sheet assets    
Securities held-to-maturity, net$1,081,847 $1,032,361 Level 2$928,935 $858,871 Level 2
Other investments91,042 91,042 Level 269,801 69,801 Level 2
Loans held-for-sale681 681 Level 2110 110 Level 2
Loans, net11,434,255 11,401,145 Level 311,082,405 10,983,459 Level 3
State tax credits, held-for-sale14,408 15,729 Level 314,663 15,518 Level 3
Servicing asset3,253 4,853 Level 22,256 3,570 Level 2
Balance sheet liabilities    
Certificates of deposit$1,651,173 $1,636,546 Level 3$1,369,604 $1,364,377 Level 3
Subordinated debentures and notes93,617 92,150 Level 2156,551 155,102 Level 2
FHLB advances327,000 327,000 Level 2— — Level 2
Other borrowings247,006 223,538 Level 2280,821 258,461 Level 2

For information regarding the methods and assumptions used to estimate the fair value of each class of financial instruments refer to Note 18 – Fair Value Measurements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC.