
($ in thousands)	June 30, 2026								December 31, 2025
	Amortized Cost		Fair Value		Unrealized				Amortized Cost		Fair Value		Unrealized
					Gains		(Losses)						Gains		(Losses)
Securities available for sale:
U.S. Treasuries	$	165,504	$	165,202	$	389	$	(691)	$	165,137	$	168,095	$	3,004	$	(46)
Government-sponsored enterprise securities	1,972		1,761		—		(211)		1,968		1,758		—		(210)
Mortgage-backed securities	1,957,870		1,753,884		2,260		(206,246)		2,057,381		1,860,357		4,008		(201,032)
Corporate bonds	18,198		18,228		74		(44)		18,192		18,346		193		(39)
Total available for sale	$	2,143,544	$	1,939,075	$	2,723	$	(207,192)	$	2,242,678	$	2,048,556	$	7,205	$	(201,327)

Securities held to maturity:
Mortgage-backed securities	$	5,623	$	5,415	$	—	$	(208)	$	6,735	$	6,536	$	—	$	(199)
State and local governments	504,089		437,883		9		(66,215)		506,364		441,916		19		(64,467)
Total held to maturity	$	509,712	$	443,298	$	9	$	(66,423)	$	513,099	$	448,452	$	19	$	(64,666)

Accrued interest receivable on available for sale ("AFS") debt securities was $5.0 million and $5.2 million at June 30, 2026 and December 31, 2025, respectively. Accrued interest receivable on held to maturity ("HTM") debt securities was $4.2 million as of June 30, 2026 and December 31, 2025.


	Securities in an Unrealized Loss Position for Less than Twelve Months				Securities in an Unrealized Loss Position for More than Twelve Months				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasuries	$	42,524	$	691	$	—	$	—	$	42,524	$	691
Government-sponsored enterprise securities	$	—	$	—	$	1,761	$	211	$	1,761	$	211
Mortgage-backed securities	370,955		4,540		1,010,165		201,914		1,381,120		206,454
Corporate bonds	10,707		44		—		—		10,707		44
State and local governments	917		3		432,642		66,212		433,559		66,215
Total unrealized loss position	$	425,103	$	5,278	$	1,444,568	$	268,337	$	1,869,671	$	273,615


	Securities in an Unrealized Loss Position for Less than Twelve Months				Securities in an Unrealized Loss Position for More than Twelve Months				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasuries	$	19,959	$	46	$	—	$	—	$	19,959	$	46
Government-sponsored enterprise securities	—		—		1,758		210		1,758		210
Mortgage-backed securities	157,405		684		1,074,038		200,547		1,231,443		201,231
Corporate bonds	3,711		39		—		—		3,711		39
State and local governments	—		—		436,511		64,467		436,511		64,467
Total unrealized loss position	$	181,075	$	769	$	1,512,307	$	265,224	$	1,693,382	$	265,993

As of June 30, 2026, the Company's securities portfolio included 577 securities of which 517 securities were in an unrealized loss position. As of December 31, 2025, the Company's securities portfolio included 573 securities of which 491 securities were in an unrealized loss position.

In the above tables, all of the securities that were in an unrealized loss position at June 30, 2026 and December 31, 2025 are bonds that the Company has determined are in a loss position due primarily to interest rate factors and not credit quality concerns. In arriving at this conclusion, the Company reviewed third-party credit ratings and considered the severity of the impairment. The state and local government investments are comprised almost entirely of highly-rated municipal bonds issued by state and local governments throughout the nation. The Company has no significant concentrations of bond holdings from any one state or local government entity. Substantially all of the Company's mortgage-backed securities were issued by Federal Home Loan Mortgage Corporation ("FHLMC"), Federal National Mortgage Association ("FNMA"), Government National Mortgage Association ("GNMA"), or Small Business Administration ("SBA"), each of which is a government agency or GSE and guarantees the repayment of its securities. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost.

The book values and fair values of investment securities at June 30, 2026, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Securities Available for Sale				Securities Held to Maturity
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	—	$	—	$	992	$	969
Due after one year but within five years	$	159,670	$	159,609	$	13,136	$	12,236
Due after five years but within ten years	26,004		25,582		280,409		244,828
Due after ten years	—		—		209,552		179,850
Mortgage-backed securities	1,957,870		1,753,884		5,623		5,415
Total securities	$	2,143,544	$	1,939,075	$	509,712	$	443,298

At June 30, 2026 and December 31, 2025, investment securities with carrying values of $885.4 million and $876.8 million, respectively, were pledged as collateral for public deposits. In addition, at June 30, 2026 and December 31, 2025, investment securities with carrying values of $616.3 million and $622.1 million, respectively, were pledged as collateral to the Federal Reserve Bank ("Federal Reserve") to secure any such borrowings.

Included in “Other assets” in the consolidated balance sheets are investments in Federal Home Loan Bank (“FHLB”) and Federal Reserve stock totaling $42.0 million and $41.6 million at June 30, 2026 and December 31, 2025, respectively. These investments do not have readily determinable fair values. The FHLB stock had a cost of $8.9 million and $8.5 million at June 30, 2026 and December 31, 2025, respectively, and serves as part of the collateral for the Company’s line of credit with the FHLB and is also a requirement for membership in the FHLB system. The Federal Reserve stock had a cost of $33.1 million at both June 30, 2026 and December 31, 2025, and is a requirement for Federal Reserve member bank qualification. Periodically, both the FHLB and Federal Reserve recalculate the Company’s required level of holdings, and the Company either buys more stock or redeems a portion of the stock at cost. The Company determined that neither stock was impaired at either period end.