The following tables set forth the amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities classified as available for sale and held to maturity at December 31, 2024 and 2023. Amortized cost of securities does not include accrued interest which is reflected in the accrued interest line item on the consolidated balance sheets totaling $29.8 million and $27.4 million at December 31, 2024 and December 31, 2023, respectively.


Securities Available for Sale
	December 31, 2024								December 31, 2023
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
($ in thousands)	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury and government agency securities	$	185,827	$	349	$	3,894	$	182,282	$	97,741	$	1,581	$	1,514	$	97,808
Municipal obligations		200,272		—		3,942		196,330		203,533		79		2,200		201,412
Residential mortgage-backed securities		2,482,109		496		353,554		2,129,051		2,440,411		2,734		329,279		2,113,866
Commercial mortgage-backed securities		2,849,372		2,185		250,592		2,600,965		2,683,872		7,176		253,576		2,437,472
Collateralized mortgage obligations		37,553		—		2,306		35,247		47,661		—		3,376		44,285
Corporate debt securities		19,000		—		1,384		17,616		23,500		—		3,148		20,352
Total	$	5,774,133	$	3,030	$	615,672	$	5,161,491	$	5,496,718	$	11,570	$	593,093	$	4,915,195


Securities Held to Maturity
	December 31, 2024								December 31, 2023
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
($ in thousands)	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury and government agency securities	$	394,689	$	—	$	45,876	$	348,813	$	413,490	$	179	$	43,971	$	369,698
Municipal obligations		623,907		169		20,867		603,209		664,488		1,252		19,593		646,147
Residential mortgage-backed securities		573,057		—		61,525		511,532		654,262		—		59,223		595,039
Commercial mortgage-backed securities		818,604		—		72,854		745,750		920,048		—		75,803		844,245
Collateralized mortgage obligations		25,406		—		1,184		24,222		32,491		—		1,702		30,789
Total	$	2,435,663	$	169	$	202,306	$	2,233,526	$	2,684,779	$	1,431	$	200,292	$	2,485,918

The Company held no securities classified as trading at December 31, 2024 or 2023.

The following tables present the amortized cost and fair value of debt securities available for sale and held to maturity at December 31, 2024 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateral mortgage obligations.

During the twelve months ended December 31, 2022, the Company transferred securities with an aggregate fair value of $561.8 million, inclusive of an unrealized loss of $15.4 million, from the available for sale portfolio to the held to maturity portfolio; as such, the securities were recorded with an amortized cost of $561.8 million within the held to maturity portfolio. The unrealized loss is reflected in accumulated other comprehensive income and is being amortized to interest income over the remaining lives of the securities. There were no such transfers in 2024 or 2023.

Securities with carrying values totaling approximately $3.9 billion at December 31, 2024 and $4.7 billion at December 31, 2023 were pledged as collateral, primarily to secure public deposits or securities sold under agreements to repurchase.

The Company’s policy is to invest only in securities of investment grade quality. These investments are largely limited to U.S. agency securities and municipal securities. Management has concluded, based on the long history of no credit losses, that the expectation of nonpayment of the held to maturity securities carried at amortized cost is zero for securities that are backed by the full faith and credit of and/or guaranteed by the U.S. government. As such, no allowance for credit losses has been recorded for these securities. The municipal portfolio is analyzed separately for allowance for credit loss in accordance with the applicable guidance for each portfolio as noted below.

The Company evaluates credit impairment for individual securities available for sale whose fair value was below amortized cost with a more than inconsequential risk of default and where the Company had assessed whether the decline in fair value was significant enough to suggest a credit event occurred. There were no securities with a material credit loss event and therefore, no allowance for credit loss was recorded in any period presented.

The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses at December 31, 2024 are presented in the table below.


Available for sale
	December 31, 2024
	Losses < 12 Months				Losses 12 Months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
($ in thousands)	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury and government agency securities	$	130,453	$	2,243	$	7,247	$	1,651	$	137,700	$	3,894
Municipal obligations		24,149		247		170,110		3,695		194,259		3,942
Residential mortgage-backed securities		347,772		2,935		1,554,001		350,619		1,901,773		353,554
Commercial mortgage-backed securities		184,534		2,738		2,139,191		247,854		2,323,725		250,592
Collateralized mortgage obligations		—		—		35,247		2,306		35,247		2,306
Corporate debt securities		—		—		15,616		1,384		15,616		1,384
Total	$	686,908	$	8,163	$	3,921,412	$	607,509	$	4,608,320	$	615,672

The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses at December 31, 2023 are presented in the table below.


Available for sale
	December 31, 2023
	Losses < 12 Months				Losses 12 Months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
($ in thousands)	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury and government agency securities	$	—	$	—	$	7,790	$	1,514	$	7,790	$	1,514
Municipal obligations		49,832		374		128,965		1,826		178,797		2,200
Residential mortgage-backed securities		3,062		25		1,795,154		329,254		1,798,216		329,279
Commercial mortgage-backed securities		—		—		2,227,703		253,576		2,227,703		253,576
Collateralized mortgage obligations		—		—		44,285		3,376		44,285		3,376
Corporate debt securities		—		—		19,852		3,148		19,852		3,148
Total	$	52,894	$	399	$	4,223,749	$	592,694	$	4,276,643	$	593,093

At each reporting period, the Company evaluated its held to maturity municipal obligation portfolio for credit loss using probability of default and loss given default models. The models were run using a long-term average probability of default migration and with a probability weighting of Moody’s economic forecasts. The resulting credit losses, if any, were negligible and no allowance for credit loss was recorded.

The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses at December 31, 2024 are presented in the table below.


Held to maturity
	December 31, 2024
	Losses < 12 Months				Losses 12 Months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
($ in thousands)	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury and government agency securities	$	27,660	$	840	$	321,154	$	45,036	$	348,814	$	45,876
Municipal obligations		82,028		451		497,999		20,416		580,027		20,867
Residential mortgage-backed securities		—		—		511,531		61,525		511,531		61,525
Commercial mortgage-backed securities		—		—		745,750		72,854		745,750		72,854
Collateralized mortgage obligations		—		—		24,222		1,184		24,222		1,184
Total	$	109,688	$	1,291	$	2,100,656	$	201,015	$	2,210,344	$	202,306

The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses at December 31, 2023 are presented in the table below.


Held to maturity	December 31, 2023
	Losses < 12 Months				Losses 12 Months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
($ in thousands)	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury and government agency securities	$	9,530	$	63	$	339,533	$	43,908	$	349,063	$	43,971
Municipal obligations		343,401		1,801		226,165		17,792		569,566		19,593
Residential mortgage-backed securities		—		—		595,039		59,223		595,039		59,223
Commercial mortgage-backed securities		—		—		844,245		75,803		844,245		75,803
Collateralized mortgage obligations		—		—		30,789		1,702		30,789		1,702
Total	$	352,931	$	1,864	$	2,035,771	$	198,428	$	2,388,702	$	200,292

At December 31, 2024 and 2023, the Company had 729 and 698 securities, respectively, with market values below their cost basis. There were no material unrealized losses related to the marketability of the securities or the issuer’s ability to meet contractual obligations. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. The unrealized losses were deemed to be non-credit related at December 31, 2024 and 2023. The Company had adequate liquidity and, therefore, neither planned to nor expected to be required to liquidate these securities before recovery of the amortized cost basis.