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Investments | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | INVESTMENTS The following tables present the amortized cost, gross unrealized gains and losses, ACL and fair value of securities available-for-sale and held-to-maturity as of the periods indicated:
| December 31, 2025
($ in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available-for-sale securities: |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 187,587 |  |  | $ | 76 |  |  | $ | (5,091) |  |  | $ | 182,572 |
Obligations of states and political subdivisions | 626,900 |  |  | 3,914 |  |  | (58,109) |  |  | 572,705 |
Agency mortgage-backed securities | 1,733,003 |  |  | 12,638 |  |  | (36,330) |  |  | 1,709,311 |
U.S. Treasury Bills | 171,355 |  |  | 128 |  |  | (499) |  |  | 170,984 |
Corporate debt securities | 19,448 |  |  | 109 |  |  | (94) |  |  | 19,463 |
Total securities available-for-sale | $ | 2,738,293 |  |  | $ | 16,865 |  |  | $ | (100,123) |  |  | $ | 2,655,035 |
Held-to-maturity securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 920,199 |  |  | $ | 10,861 |  |  | $ | (39,849) |  |  | $ | 891,211 |
Agency mortgage-backed securities | 43,839 |  |  | — |  |  | (3,199) |  |  | 40,640 |
Corporate debt securities | 111,064 |  |  | 325 |  |  | (3,426) |  |  | 107,963 |
Total securities held-to-maturity | $ | 1,075,102 |  |  | $ | 11,186 |  |  | $ | (46,474) |  |  | $ | 1,039,814 |
ACL | (145) |  |  |  |  |  |  |
Total securities held-to-maturity, net | $ | 1,074,957 |  |  |  |  |  |  |
| December 31, 2024
($ in thousands) | Amortized Cost |  | Gross 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 subdivisions | 492,896 |  |  | 12 |  |  | (83,711) |  |  | 409,197 |
Agency mortgage-backed securities | 1,090,495 |  |  | 1,072 |  |  | (64,173) |  |  | 1,027,394 |
U.S. Treasury Bills | 130,565 |  |  | 34 |  |  | (1,706) |  |  | 128,893 |
Corporate debt securities | 21,198 |  |  | — |  |  | (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 securities | 47,912 |  |  | — |  |  | (5,004) |  |  | 42,908 |
Corporate debt securities | 122,221 |  |  | 269 |  |  | (7,601) |  |  | 114,889 |
Total securities held-to-maturity | $ | 929,192 |  |  | $ | 2,635 |  |  | $ | (72,956) |  |  | $ | 858,871 |
ACL | (257) |  |  |  |  |  |  |
Total securities held-to-maturity, net | $ | 928,935 |  |  |  |  |  |  |
The Company believes the held-to-maturity category is consistent with the Company’s intent for these securities. The Company did not transfer any securities from available-for-sale to held-to-maturity in 2025 or 2024. The balance of held-to-maturity securities in the “Amortized Cost” column in the table above includes a cumulative net unamortized, unrealized gain of $7.6 million and $10.8 million at December 31, 2025 and 2024, respectively. Such amounts are amortized over the remaining life of the securities. At December 31, 2025 and 2024, there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders’ equity, other than the 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 $1.7 billion and $1.5 billion at December 31, 2025 and December 31, 2024, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions, in addition to collateral securing borrowing bases with the FHLB and the Federal Reserve. The amortized cost and estimated fair value of debt securities at December 31, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately five years.
| Available-for-sale |  | Held-to-maturity
($ in thousands) | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 250,905 |  |  | $ | 249,646 |  |  | $ | 4,616 |  |  | $ | 4,616 |
Due after one year through five years | 76,242 |  |  | 74,783 |  |  | 129,862 |  |  | 127,143 |
Due after five years through ten years | 353,222 |  |  | 320,753 |  |  | 239,892 |  |  | 239,658 |
Due after ten years | 324,921 |  |  | 300,542 |  |  | 656,893 |  |  | 627,757 |
Agency mortgage-backed securities | 1,733,003 |  |  | 1,709,311 |  |  | 43,839 |  |  | 40,640 |
| $ | 2,738,293 |  |  | $ | 2,655,035 |  |  | $ | 1,075,102 |  |  | $ | 1,039,814 |
There were 681 and 830 available-for-sale securities in an unrealized loss position as of December 31, 2025 and 2024, respectively, included in the following tables:
| December 31, 2025
Less than 12 months |  | 12 months or more |  | Total
($ in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of U.S. Government-sponsored enterprises | $ | 13,971 |  |  | $ | 22 |  |  | $ | 149,230 |  |  | $ | 5,069 |  |  | $ | 163,201 |  |  | $ | 5,091 |
Obligations of states and political subdivisions | 32,658 |  |  | 245 |  |  | 425,879 |  |  | 57,864 |  |  | 458,537 |  |  | 58,109 |
Agency mortgage-backed securities | 266,639 |  |  | 1,215 |  |  | 377,787 |  |  | 35,115 |  |  | 644,426 |  |  | 36,330 |
U.S. Treasury Bills | 4,996 |  |  | — |  |  | 40,418 |  |  | 499 |  |  | 45,414 |  |  | 499 |
Corporate debt securities | — |  |  | — |  |  | 3,406 |  |  | 94 |  |  | 3,406 |  |  | 94 |
| $ | 318,264 |  |  | $ | 1,482 |  |  | $ | 996,720 |  |  | $ | 98,641 |  |  | $ | 1,314,984 |  |  | $ | 100,123 |
| December 31, 2024
Less than 12 months |  | 12 months or more |  | Total
($ in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of U.S. Government-sponsored enterprises | $ | 21,044 |  |  | $ | 132 |  |  | $ | 234,191 |  |  | $ | 14,226 |  |  | $ | 255,235 |  |  | $ | 14,358 |
Obligations of states and political subdivisions | 3,117 |  |  | 143 |  |  | 403,767 |  |  | 83,568 |  |  | 406,884 |  |  | 83,711 |
Agency mortgage-backed securities | 423,600 |  |  | 6,763 |  |  | 478,790 |  |  | 57,410 |  |  | 902,390 |  |  | 64,173 |
U.S. Treasury Bills | 11,708 |  |  | 23 |  |  | 54,177 |  |  | 1,683 |  |  | 65,885 |  |  | 1,706 |
Corporate debt securities | 1,956 |  |  | 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 December 31, 2025 and 2024, were primarily attributable to changes in market interest rates since the securities were purchased. At both December 31, 2025 and 2024, there was no ACL on available-for-sale securities. Accrued interest receivable on held-to-maturity debt securities totaled $12.3 million and $8.6 million at December 31, 2025 and 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. At December 31, 2025 and 2024, the ACL on held-to-maturity securities was $0.1 million and $0.3 million, respectively. The following table presents a summary of proceeds, gross gains and losses realized from sales of available-for-sale investment securities for the periods indicated:
| Twelve months ended
($ in thousands) | December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
Gross gains realized | $ | 1,631 |  |  | $ | — |  |  | $ | 601 |
Gross losses realized | (1,582) |  |  | — |  |  | — |
Proceeds from sales | 139,051 |  |  | — |  |  | 40,393 |
Other Investments At December 31, 2025 and 2024, other investments totaled $80.9 million and $72.8 million, respectively. As a member of the FHLB, 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 $9.4 million, and $8.7 million at December 31, 2025 and 2024, respectively, 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 various investments in SBICs, CDFIs, private equity investments and the Company’s investment in unconsolidated trusts used to issue preferred securities to third parties, see “Note 11 – Debt.”

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