
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2025


Obligations of states and political subdivisions	$	268,798	$	2,147	$	(4,357)	$	266,588
Residential mortgage backed securities:
Government agency mortgage backed securities	674,915		2,682		(19,516)		658,081
Government agency collateralized mortgage obligations	760,573		3,685		(66,528)		697,730
Commercial mortgage backed securities:
Government agency mortgage backed securities	88,320		83		(1,136)		87,267
Government agency collateralized mortgage obligations	406,971		1,700		(19,326)		389,345

Other debt securities	374,085		938		(2,547)		372,476

	$	2,573,662	$	11,235	$	(113,410)	$	2,471,487


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2024


Obligations of states and political subdivisions	$	20,266	$	57	$	(2,269)	$	18,054
Residential mortgage backed securities:
Government agency mortgage backed securities	185,292		81		(24,468)		160,905
Government agency collateralized mortgage obligations	475,311		75		(86,870)		388,516
Commercial mortgage backed securities:
Government agency mortgage backed securities	11,373		—		(751)		10,622
Government agency collateralized mortgage obligations	146,510		41		(21,595)		124,956

Other debt securities	130,175		440		(2,655)		127,960

	$	968,927	$	694	$	(138,608)	$	831,013


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2025
Obligations of states and political subdivisions	$	281,456	$	—	$	(40,761)	$	240,695
Residential mortgage backed securities
Government agency mortgage backed securities	348,360		—		(14,376)		333,984
Government agency collateralized mortgage obligations	337,493		—		(25,999)		311,494
Commercial mortgage backed securities:
Government agency mortgage backed securities	16,949		—		(2,379)		14,570
Government agency collateralized mortgage obligations	42,807		—		(6,371)		36,436
Other debt securities	49,784		—		(2,604)		47,180
	$	1,076,849	$	—	$	(92,490)	$	984,359
Allowance for credit losses - held to maturity securities	(32)
Held to maturity securities, net of allowance for credit losses	$	1,076,817


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2024
Obligations of states and political subdivisions	$	284,542	$	3	$	(42,491)	$	242,054
Residential mortgage backed securities
Government agency mortgage backed securities	372,414		—		(25,251)		347,163
Government agency collateralized mortgage obligations	354,882		—		(41,506)		313,376
Commercial mortgage backed securities:
Government agency mortgage backed securities	16,961		—		(2,958)		14,003
Government agency collateralized mortgage obligations	43,662		—		(7,317)		36,345
Other debt securities	53,683		—		(4,080)		49,603
	$	1,126,144	$	3	$	(123,603)	$	1,002,544
Allowance for credit losses - held to maturity securities	(32)
Held to maturity securities, net of allowance for credit losses	$	1,126,112

Securities sold are presented in the tables below for the periods presented. On April 1, 2025, the Company acquired available for sale securities with a fair value of $1,457,203 as part of the merger with The First. Shortly after merger, certain securities from this portfolio were sold at carrying value, resulting in no gain or loss on the sale; no other securities were sold in the first six months of 2025. With respect to the securities sold during the six months ended June 30, 2024, the Company intended to sell these securities as of December 31, 2023, and completed the sale in January 2024. Therefore, the Company impaired the securities and recognized the loss in net income as of December 31, 2023.


	Carrying Value Immediately Prior to Sale		Net Proceeds		Gain/(Loss)
Three months ended June 30, 2025
Obligations of other U.S. Government agencies and corporations	$	34,394	$	34,394	$	—
Obligations of states and political subdivisions	327,509		327,509		$	—
Residential mortgage backed securities:
Government agency mortgage backed securities	275,910		275,910		$	—
Government agency collateralized mortgage obligations	2,437		2,437		—
Commercial mortgage backed securities:
Government agency mortgage backed securities	6,541		6,541		—
Government agency collateralized mortgage obligations	6,480		6,480		—

Other debt securities	33,214		33,214		—

	$	686,485	$	686,485	$	—
Six months ended June 30, 2025
Obligations of other U.S. Government agencies and corporations	$	34,394	$	34,394	$	—
Obligations of states and political subdivisions	327,509		327,509		$	—
Residential mortgage backed securities:
Government agency mortgage backed securities	275,910		275,910		—
Government agency collateralized mortgage obligations	2,437		2,437		—
Commercial mortgage backed securities:
Government agency mortgage backed securities	6,541		6,541		—
Government agency collateralized mortgage obligations	6,480		6,480		—

Other debt securities	33,214		33,214		—

	$	686,485	$	686,485	$	—


	Carrying Value Immediately Prior to Sale		Net Proceeds		Impairment (Recognized in December 2023)













Six months ended June 30, 2024

Obligations of states and political subdivisions	$	12,301	$	11,360	$	(941)
Residential mortgage backed securities:
Government agency mortgage backed securities	107,389		95,922		(11,467)
Government agency collateralized mortgage obligations	48,300		43,990		(4,310)
Commercial mortgage backed securities:

Government agency collateralized mortgage obligations	28,547		25,913		(2,634)



	$	196,537	$	177,185	$	(19,352)

At June 30, 2025 and December 31, 2024, securities with a carrying value of $1,191,329 and $818,344, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $24,947 and $25,526 were pledged as collateral for short-term borrowings and derivative instruments at June 30, 2025 and December 31, 2024, respectively.


	Held to Maturity				Available for Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	420	$	419	$	22,007	$	22,033
Due after one year through five years	5,698		5,413		74,507		74,611
Due after five years through ten years	158,817		138,535		122,446		120,894
Due after ten years	116,521		96,328		103,075		101,420
Residential mortgage backed securities:
Government agency mortgage backed securities	348,360		333,984		674,915		658,081
Government agency collateralized mortgage obligations	337,493		311,494		760,573		697,730
Commercial mortgage backed securities:
Government agency mortgage backed securities	16,949		14,570		88,320		87,267
Government agency collateralized mortgage obligations	42,807		36,436		406,971		389,345
Other debt securities	49,784		47,180		320,848		320,106

	$	1,076,849	$	984,359	$	2,573,662	$	2,471,487


	Less than 12 Months					12 Months or More					Total
	#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses
Available for Sale:
June 30, 2025

Obligations of states and political subdivisions	107	$	114,704	$	(2,434)	7	$	13,096	$	(1,923)	114	$	127,800	$	(4,357)
Residential mortgage backed securities:
Government agency mortgage backed securities	12	153,789		(1,269)		34	137,165		(18,247)		46	290,954		(19,516)
Government agency collateralized mortgage obligations	4	107,676		(552)		37	311,864		(65,976)		41	419,540		(66,528)
Commercial mortgage backed securities:
Government agency mortgage backed securities	8	65,008		(687)		2	5,542		(449)		10	70,550		(1,136)
Government agency collateralized mortgage obligations	6	13,658		(26)		25	103,541		(19,300)		31	117,199		(19,326)

Other debt securities	11	104,255		(1,134)		10	18,967		(1,413)		21	123,222		(2,547)
Total	148	$	559,090	$	(6,102)	115	$	590,175	$	(107,308)	263	$	1,149,265	$	(113,410)
December 31, 2024

Obligations of states and political subdivisions	—	$	—	$	—	7	$	12,841	$	(2,269)	7	$	12,841	$	(2,269)
Residential mortgage backed securities:
Government agency mortgage backed securities	7	11,051		(259)		34	141,321		(24,208)		41	152,372		(24,467)
Government agency collateralized mortgage obligations	3	48,879		(482)		37	311,964		(86,389)		40	360,843		(86,871)
Commercial mortgage backed securities:
Government agency mortgage backed securities	2	5,248		(122)		2	5,375		(629)		4	10,623		(751)
Government agency collateralized mortgage obligations	2	7,681		(39)		25	104,326		(21,556)		27	112,007		(21,595)

Other debt securities	2	22,357		(218)		17	30,801		(2,437)		19	53,158		(2,655)

Total	16	$	95,216	$	(1,120)	122	$	606,628	$	(137,488)	138	$	701,844	$	(138,608)


	Less than 12 Months					12 Months or More					Total
	#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses
Held to Maturity:
June 30, 2025
Obligations of states and political subdivisions	7	$	16,490	$	(1,671)	119	$	223,984	$	(39,090)	126	$	240,474	$	(40,761)
Residential mortgage backed securities:
Government agency mortgage backed securities	1	15,604		(637)		66	318,380		(13,739)		67	333,984		(14,376)
Government agency collateralized mortgage obligations	—	—		—		18	311,494		(25,999)		18	311,494		(25,999)
Commercial mortgage backed securities:
Government agency mortgage backed securities	—	—		—		1	14,570		(2,379)		1	14,570		(2,379)
Government agency collateralized mortgage obligations	—	—		—		9	36,436		(6,371)		9	36,436		(6,371)
Other debt securities	—	—		—		10	47,181		(2,604)		10	47,181		(2,604)
Total	8	$	32,094	$	(2,308)	223	$	952,045	$	(90,182)	231	$	984,139	$	(92,490)
December 31, 2024
Obligations of states and political subdivisions	—	$	—	$	—	128	$	240,394	$	(42,491)	128	$	240,394	$	(42,491)
Residential mortgage backed securities:
Government agency mortgage backed securities	—	—		—		69	347,154		(25,251)		69	347,154		(25,251)
Government agency collateralized mortgage obligations	—	—		—		18	313,376		(41,506)		18	313,376		(41,506)
Commercial mortgage backed securities:
Government agency mortgage backed securities	—	—		—		1	14,002		(2,958)		1	14,002		(2,958)
Government agency collateralized mortgage obligations	—	—		—		9	36,345		(7,317)		9	36,345		(7,317)
Other debt securities	—	—		—		10	49,603		(4,080)		10	49,603		(4,080)
Total	—	$	—	$	—	235	$	1,000,874	$	(123,603)	235	$	1,000,874	$	(123,603)

The Company evaluates its available for sale investment securities in an unrealized loss position on a quarterly basis. If the Company intends to sell the security or it is more likely than not that it will be required to sell before recovery, the entire unrealized loss is recorded as a loss within noninterest income in the Consolidated Statements of Income along with a corresponding adjustment to the amortized cost basis of the security. If the Company does not intend to sell the security and it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company evaluates if any of the unrealized loss is related to a potential credit loss. The amount related to credit loss, if any, is recognized in earnings as a provision for credit loss and a corresponding allowance for credit losses is established; each is calculated as the difference between the estimate of the discounted future contractual cash flows and the amortized cost basis of the security. A number of qualitative and quantitative factors are considered by management in the estimate of the discounted future contractual cash flows, including the financial condition of the underlying issuer, current and projected deferrals or defaults and credit ratings by nationally recognized statistical rating agencies. The remaining difference between the fair value and the amortized cost basis of the security is considered the amount related to other market factors and is recognized in other comprehensive income, net of tax.

As of June 30, 2025, the Company did not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity. Furthermore, more than 90% of available for sale securities have the explicit or implicit backing of the federal government. Performance of these securities has been in line with broader market price performance, indicating that increases in market-based, risk-free rates, and not credit-related factors, are driving losses. When determining the fair value of

the contractual cash flows for municipal and corporate securities, the Company considers historical experience with credit sensitive securities, current market conditions, the financial condition of the underlying issuer, current credit ratings, ratings changes and outlook, explicit and implicit guarantees, or insurance programs. Based upon its review of these factors as of June 30, 2025, the Company determined that all such losses resulted from factors not deemed credit-related. As a result, no credit-related impairment was recognized in current earnings, and all unrealized losses for available for sale securities were recorded in other comprehensive income (loss). See Note 13, “Other Comprehensive Income” for more information on the Company’s unrealized losses on securities.

The allowance for credit losses on held to maturity securities was $32 at each of June 30, 2025 and December 31, 2024. The Company monitors the credit quality of debt securities held to maturity using bond investment grades assigned by nationally recognized statistical ratings agencies. Updated investment grades are obtained as they become available from agencies. As of June 30, 2025, all of the debt securities held to maturity were rated A or higher by the ratings agencies.