The aggregate carrying and approximate fair values of investment securities follow (in thousands). Fair values are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable financial instruments.


	June 30, 2025								December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Securities available-for-sale:
Obligations of states and
political subdivisions	$	181,301	$	66	$	15,394	$	165,973	$	199,131	$	139	$	15,519	$	183,751
Mortgage-backed securities:
U.S. government agencies	1,467,378		4,800		111,216		1,360,962		1,334,755		1,993		134,667		1,202,081
Private label	5,078		—		105		4,973		5,096		—		163		4,933
Trust preferred securities	4,608		—		178		4,430		4,605		141		—		4,746
Corporate securities	26,786		84		785		26,085		26,862		144		1,211		25,795
Total Securities Available-for-Sale	$	1,685,151	$	4,950	$	127,678	$	1,562,423	$	1,570,449	$	2,417	$	151,560	$	1,421,306

The Company's other investment securities include marketable equity securities and non-marketable equity securities held for investment. At June 30, 2025 and December 31, 2024, the Company held $5.9 million and $6.2 million, respectively, in marketable equity securities. Changes in the fair value of the marketable equity securities are recorded in "unrealized losses recognized on equity securities still held, net" in the Consolidated Statements of Income. The Company's non-marketable securities consist of securities with limited marketability, such as stock in the Federal Reserve Bank ("FRB") or the Federal Home Loan Bank ("FHLB"). At June 30, 2025 and December 31, 2024, the Company held $23.9 million and $23.6 million, respectively, in non-marketable equity securities. These securities are carried at cost due to the restrictions placed on their transferability.

The majority of the Company's investment securities are mortgage-backed. These securities are collateralized by both residential and commercial properties. The mortgage-backed securities in which the Company has invested are predominantly issued by government-sponsored agencies such as Fannie Mae, Freddie Mac, and Ginnie Mae. At June 30, 2025 and December 31, 2024 there were no securities of any non-governmental issuer whose aggregate carrying value or estimated fair value exceeded 10% of shareholders' equity.

Certain investment securities owned by the Company were in an unrealized loss position (i.e., amortized cost basis exceeded the estimated fair value of the securities) as of June 30, 2025 and December 31, 2024. The following table shows the gross unrealized losses and fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):


	June 30, 2025
	Less Than Twelve Months				Twelve Months or Greater				Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Securities available-for-sale:
Obligations of states and political subdivisions	$	6,350	$	126	$	149,636	$	15,268	$	155,986	$	15,394
Mortgage-backed securities:
U.S. Government agencies	54,417		8,663		715,841		102,553		770,258		111,216
Private label	—		—		4,973		105		4,973		105
Trust preferred securities	4,430		178		—		—		4,430		178
Corporate securities	—		—		24,364		785		24,364		785
Total available-for-sale	$	65,197	$	8,967	$	894,814	$	118,711	$	960,011	$	127,678


	December 31, 2024
	Less Than Twelve Months				Twelve Months or Greater				Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Securities available-for-sale:
Obligations of states and political subdivisions	$	19,724	$	422	$	151,508	$	15,097	$	171,232	$	15,519
Mortgage-backed securities:
U.S. Government agencies	114,560		12,669		710,651		121,998		825,211		134,667
Private label	—		—		4,933		163		4,933		163
Trust preferred securities	—		—		—		—		—		—
Corporate securities	—		—		24,035		1,211		24,035		1,211
Total available-for-sale	$	134,284	$	13,091	$	891,127	$	138,469	$	1,025,411	$	151,560

As of June 30, 2025, management does not intend to sell any impaired security, and it is not more than likely that it will be required to sell any impaired security before the recovery of its amortized cost basis. The unrealized losses on debt securities are primarily the result of interest rate changes, credit spread fluctuations on agency-issued mortgage-related securities, general financial market uncertainty and market volatility. These conditions should not prohibit the Company from receiving its contractual principal and interest payments on its debt securities. The fair value is expected to recover as the securities approach their maturity date or repricing date. Due to the previously mentioned factors, as of June 30, 2025, management believes the unrealized losses detailed in the table above are temporary and therefore no allowance for credit losses has been recognized on the Company’s securities. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss will be recognized in net income in the period the other-than-temporary impairment is identified, while any noncredit loss will be recognized in other comprehensive income.

The amortized cost and estimated fair value of debt securities at June 30, 2025, by contractual maturity, is shown in the following table (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Mortgage-backed securities have been allocated to their respective maturity groupings based on their contractual maturity.


	Amortized Cost		Estimated Fair Value
Available-for-Sale Debt Securities
Due in one year or less	$	16,326	$	16,256
Due after one year through five years	146,381		141,565
Due after five years through ten years	296,725		281,560
Due after ten years	1,225,719		1,123,042
Total	$	1,685,151	$	1,562,423



	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Proceeds on sales of available for sale securities	$	14,882	$	—	$	14,882	$	—

Gross realized gains on available for sale securities sold	$	237	$	—	$	237	$	—
Gross realized losses on available for sale securities sold	(87)		—		(87)		(1)
Net realized available for sale securities gains (losses)	$	150	$	—	$	150	$	(1)

Gross unrealized gains recognized on equity securities still held	$	26	$	375	$	62	$	247
Gross unrealized losses recognized on equity securities still held	(289)		(11)		(330)		(35)
Net unrealized (losses) gains recognized on equity securities still held	$	(263)	$	364	$	(268)	$	212