v3.26.1
Securities and Other Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Securities AFS
The amortized cost and fair value of securities AFS are summarized as follows.
June 30, 2026
(in thousands)Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated Fair Value
Securities AFS:
U.S. Treasury securities$288,288 $492 $4,078 $284,702 
U.S. government agency securities27,121 — 344 26,777 
State, county and municipals367,314 471 17,559 350,226 
Mortgage-backed securities1,247,459 2,008 32,941 1,216,526 
Corporate debt securities127,865 2,231 1,364 128,732 
Total securities AFS$2,058,047 $5,202 $56,286 $2,006,963 
December 31, 2025
(in thousands)Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated Fair Value
Securities AFS:
U.S. Treasury securities$25,056 $2 $1,004 $24,054 
U.S. government agency securities4,189 4 21 4,172 
State, county and municipals289,826 323 15,325 274,824 
Mortgage-backed securities513,715 3,898 20,832 496,781 
Corporate debt securities61,302 226 1,525 60,003 
Total securities AFS$894,088 $4,453 $38,707 $859,834 
Schedule of Proceeds and Realized Gains or Losses from the Sale of AFS and HTM Securities
Proceeds and realized gains or losses from the sale of AFS securities were as follows.
Six Months Ended June 30,
(in thousands)20262025
Securities AFS:
Gross gains$20 $4 
Gross losses(56)— 
Gains (losses) on sales of securities AFS, net
$(36)$4 
Proceeds from sales of securities AFS *$282,219 $1,250 
* Includes proceeds of $220 million recognized on the sale of securities AFS upon acquisition of MidWestOne in 2026 for which no gain or loss was recognized in the income statement as the investment securities were marked to fair value through purchase accounting.
Schedule of Unrealized Losses and Fair Value of Investment Securities
The following table presents gross unrealized losses and the related estimated fair value of investment securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position.
June 30, 2026
Less than 12 months12 months or moreTotal
($ in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Number of
Securities
Securities AFS:
U.S. Treasury securities$235,186 $3,017 $14,446 $1,061 $249,632 $4,078 14 
U.S. government agency securities24,520 327 2,220 17 26,740 344 11 
State, county and municipals108,977 2,710 204,041 14,849 313,018 17,559 427 
Mortgage-backed securities745,011 11,628 209,249 21,313 954,260 32,941 490 
Corporate debt securities42,508 467 20,653 897 63,161 1,364 43 
Total
$1,156,202 $18,149 $450,609 $38,137 $1,606,811 $56,286 985 
December 31, 2025
Less than 12 months12 months or moreTotal
($ in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Number of
Securities
Securities AFS:
U.S. Treasury securities$— $— $14,598 $1,004 $14,598 $1,004 1 
U.S. government agency securities411 — 2,825 21 3,236 21 8 
State, county and municipals7,002 38 229,648 15,287 236,650 15,325 388 
Mortgage-backed securities31,213 145 232,400 20,687 263,613 20,832 376 
Corporate debt securities2,332 20 40,093 1,505 42,425 1,525 30 
Total
$40,958 $203 $519,564 $38,504 $560,522 $38,707 803 
Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity
The amortized cost and fair value of investment securities 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; as this is particularly inherent in mortgage-backed securities, these securities are not included in the maturity categories below.
As of June 30, 2026
Securities AFS
(in thousands)Amortized CostFair Value
Due in less than one year$65,181 $64,748 
Due in one year through five years419,642 409,227 
Due after five years through ten years257,447 251,570 
Due after ten years68,318 64,892 
810,588 790,437 
Mortgage-backed securities1,247,459 1,216,526 
Total investment securities$2,058,047 $2,006,963 
Schedule of Carrying Value of other Investments The carrying value of other investments are summarized as follows.
(in thousands)June 30, 2026December 31, 2025
Federal Reserve Bank stock
$67,009 $33,541 
Federal Home Loan Bank (“FHLB”) stock
13,359 7,735 
Equity securities with readily determinable fair values12,763 9,505 
Other investments23,444 12,466 
Total other investments$116,575 $63,247