
	At June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In Thousands)
Investment securities available-for-sale:
GSE debentures	$	191,885	$	417	$	14,617	$	177,685
GSE CMOs	60,498		35		6,466		54,067
GSE MBSs	155,443		92		14,348		141,187



Municipal obligations	19,229		27		310		18,946
Corporate debt obligations	12,205		308		287		12,226
U.S. Treasury bonds	478,139		1,407		17,473		462,073
Foreign government obligations	500		—		—		500


Total investment securities available-for-sale	$	917,899	$	2,286	$	53,501	$	866,684


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In Thousands)
Investment securities available-for-sale:
GSE debentures	$	195,099	$	225	$	19,030	$	176,294
GSE CMOs	62,567		4		7,028		55,543
GSE MBSs	166,843		63		18,621		148,285



Municipal obligations	20,526		19		291		20,254
Corporate debt obligations	12,140		225		78		12,287
U.S. Treasury bonds	506,714		331		25,173		481,872

Foreign government obligations	500		—		1		499

Total investment securities available-for-sale	$	964,389	$	867	$	70,222	$	895,034

As of June 30, 2025, the fair value of all investment securities available-for-sale was $866.7 million, with net unrealized losses of $51.2 million, compared to a fair value of $895.0 million and net unrealized losses of $69.4 million as of December 31, 2024. As of June 30, 2025, $594.9 million, or 68.6% of the portfolio, had gross unrealized losses of $53.5 million, compared to $705.3 million, or 78.8% of the portfolio, with gross unrealized losses of $70.2 million as of December 31, 2024.

As of June 30, 2025 and December 31, 2024, respectively, $769.0 million and $792.0 million of investment securities were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; FRB borrowings; and FHLB borrowings. The Banks had no outstanding FRB borrowings as of June 30, 2025 and December 31, 2024.

For available-for-sale securities in an unrealized loss position, management first assesses whether (i) the Company intends to sell the security, or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either criterion is met, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither criterion is met, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors.

If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for credit loss is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through the ACL is recognized in OCI. Adjustments to the allowance are reported as a component of credit loss expense. Available-for-sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivables associated with debt securities available-for-sale totaled $4.0 million as of June 30, 2025, compared to $4.1 million as of December 31, 2024.

A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a debt security placed on nonaccrual is reversed against interest income. There were no debt securities on nonaccrual status and therefore there was no accrued interest related to debt securities reversed against interest income for the six months ended June 30, 2025 and 2024.


	At June 30, 2025
	Less than Twelve Months				Twelve Months or Longer				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(In Thousands)
Investment securities available-for-sale:
GSE debentures	$	—	$	—	$	126,331	$	14,617	$	126,331	$	14,617
GSE CMOs	—		—		48,791		6,466		48,791		6,466
GSE MBSs	3,237		88		132,244		14,260		135,481		14,348



Municipal obligations	655		8		6,888		302		7,543		310
Corporate debt obligations	—		—		2,364		287		2,364		287
U.S. Treasury bonds	—		—		274,404		17,473		274,404		17,473



Temporarily impaired investment securities available-for-sale	3,892		96		591,022		53,405		594,914		53,501






Total temporarily impaired investment securities	$	3,892	$	96	$	591,022	$	53,405	$	594,914	$	53,501


	At December 31, 2024
	Less than Twelve Months				Twelve Months or Longer				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(In Thousands)
Investment securities available-for-sale:
GSE debentures	$	30,753	$	281	$	107,750	$	18,749	$	138,503	$	19,030
GSE CMOs	4,664		107		50,334		6,921		54,998		7,028
GSE MBSs	11,128		596		131,481		18,025		142,609		18,621


Municipal obligations	3,616		74		3,568		217		7,184		291

Corporate debt obligations	—		—		2,550		78		2,550		78
U.S. Treasury bonds	67,290		285		291,641		24,888		358,931		25,173
Foreign government obligations	—		—		499		1		499		1


Temporarily impaired investment securities available-for-sale	117,451		1,343		587,823		68,879		705,274		70,222






Total temporarily impaired investment securities	$	117,451	$	1,343	$	587,823	$	68,879	$	705,274	$	70,222

The Company performs regular analyses of the investment securities available-for-sale portfolio to determine whether a decline in fair value indicates that an investment security is impaired. In making these impairment determinations, management considers, among other factors, projected future cash flows; credit subordination and the creditworthiness; capital adequacy and near-term prospects of the issuers.

Management also considers the Company's capital adequacy, interest-rate risk, liquidity and business plans in assessing whether it is more likely than not that the Company will sell or be required to sell the investment securities before recovery. If the Company determines that a security investment is impaired and that it is more likely than not that the Company will not sell or be required to sell the investment security before recovery of its amortized cost, the credit portion of the impairment loss is recognized in the Company's consolidated statement of income and the noncredit portion is recognized in accumulated other comprehensive income. The credit portion of the impairment represents the difference between the amortized cost and the present value of the expected future cash flows of the investment security. If the Company determines that a security is impaired and it is more likely than not that it will sell or be required to sell the investment security before recovery of its amortized cost, the entire difference between the amortized cost and the fair value of the security will be recognized in the Company's consolidated statement of income.

The following discussion summarizes, by investment security type, the basis for evaluating if the applicable investment securities within the Company’s available-for-sale portfolio were impaired as of June 30, 2025. The Company has determined it is more likely than not that the Company will not sell or be required to sell the investment securities before recovery of its amortized cost. The Company's ability and intent to hold these investment securities until recovery is supported by the Company's strong capital and liquidity positions as well as its historically low portfolio turnover. As such, management has determined that the investment securities are not impaired as of June 30, 2025. If market conditions for investment securities worsen or the creditworthiness of the underlying issuers deteriorates, it is possible that the Company may recognize additional impairment in future periods.

The Company invests in securities issued by GSEs, including GSE debentures, MBSs, and CMOs. GSE securities include obligations issued by the FNMA, the FHLMC, the GNMA, the FHLB and the Federal Farm Credit Bank. As of June 30, 2025, the Company held GNMA MBSs and CMOs, and SBA commercial loan asset-backed securities in its available-for-sale portfolio with an estimated fair value of $36.6 million compared to $36.9 million as of December 31, 2024.

All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA/SBA) guarantee of the U.S. Government. Therefore, despite unrealized losses in some of the securities within the portfolio, management has determined that the investment securities are not impaired. See discussion on the portfolio below.

As of June 30, 2025, the Company owned 32 GSE debentures with a total fair value of $177.7 million, and a net unrealized loss of $14.2 million. As of December 31, 2024, the Company held 34 GSE debentures with a total fair value of $176.3 million, with a net unrealized loss of $18.8 million. As of June 30, 2025, 20 of the 32 securities in this portfolio were in an unrealized loss position. As of December 31, 2024, 23 of the 34 securities in this portfolio were in an unrealized loss position. During the six months ended June 30, 2025 and 2024, the Company did not purchase any GSE debentures.

As of June 30, 2025, the Company owned 58 GSE CMOs with a total fair value of $54.1 million and a net unrealized loss of $6.4 million. As of December 31, 2024, the Company held 59 GSE CMOs with a total fair value of $55.5 million with a net unrealized loss of $7.0 million. As of June 30, 2025, 54 of the 58 securities in this portfolio were in an unrealized loss position. As of December 31, 2024, 57 of the 59 securities in this portfolio were in an unrealized loss position. During the six months ended June 30, 2025 and 2024, the Company did not purchase any GSE CMOs.

As of June 30, 2025, the Company owned 140 GSE MBSs with a total fair value of $141.2 million and a net unrealized loss of $14.3 million. As of December 31, 2024, the Company held 141 GSE MBSs with a total fair value of $148.3 million with a net unrealized loss of $18.6 million. As of June 30, 2025, 90 of the 140 securities in this portfolio were in an unrealized loss position. As of December 31, 2024, 92 of the 141 securities in this portfolio were in an unrealized loss position. During the six months ended June 30, 2025 and 2024 the Company did not purchase any GSE MBSs.

The Company invests in certain state and municipal securities with high credit ratings for portfolio diversification and tax planning purposes. Full collection of the obligations is expected because the financial conditions of the issuing municipalities are sound, they have not defaulted on scheduled payments, the obligations are rated investment grade, and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost. As of June 30, 2025, the Company owned 39 municipal obligation securities with a total fair value of $18.9 million and a net unrealized loss of $0.3 million. As of December 31, 2024, the Company owned 39 municipal obligation securities with a total fair value of $20.3 million and a net unrealized loss of $0.3 million. As of June 30, 2025, 20 of the 39 securities in this portfolio were in an unrealized loss position. As of December 31, 2024, 13 of the 39 securities in this portfolio were in an unrealized loss position. During the six months ended June 30, 2025, the Company purchased $1.3 million of municipal securities compared to the same period in 2024 when the Company purchased $2.5 million of municipal securities.

The Company may invest in high-quality corporate obligations to provide portfolio diversification and improve the overall yield on the portfolio. As of June 30, 2025, the Company held 4 corporate obligation securities with a total fair value of $12.2 million, which approximated cost. As of December 31, 2024, the Company held 4 corporate obligation securities with a total fair value of $12.3 million and a net unrealized gain of $0.1 million. As of June 30, 2025, 1 of the 4 securities in this portfolio were in an unrealized loss position. As of December 31, 2024, 1 of the 4 securities in this portfolio were in an unrealized loss position. During the six months ended June 30, 2025 and 2024, the Company did not purchase any corporate obligations.

The Company invests in securities issued by the U.S. government. As of June 30, 2025, the Company owned 61 U.S. Treasury bonds with a total fair value of $462.1 million and a net unrealized loss of $16.1 million. As of December 31, 2024, the Company held 65 U.S. Treasury bonds with a total fair value of $481.9 million and a net unrealized loss of $24.8 million. As of June 30, 2025, 37 of the 61 securities in this portfolio were in an unrealized loss position. As of December 31, 2024, 50 of the 65 securities in this portfolio were in an unrealized loss position. During the six months ended June 30, 2025, the Company purchased $9.9 million of of U.S. Treasury bonds, compared to the same period in 2024 when the Company purchased $38.6 million U.S. Treasury bonds.

As of June 30, 2025 and December 31, 2024, the Company owned 1 foreign government obligation security with a fair value of $0.5 million, which approximated cost. As of June 30, 2025, the security was held at par. As of December 31, 2024, the security was in an unrealized loss position. During the six months ended June 30, 2025, the Company repurchased the same type of foreign government obligation that had matured.


	At June 30, 2025						At December 31, 2024
	Amortized Cost		Estimated Fair Value		Weighted Average Rate		Amortized Cost		Estimated Fair Value		Weighted Average Rate
	(Dollars in Thousands)
Investment securities available-for-sale:
Within 1 year	$	162,929	$	162,170	3.23	%	$	103,337	$	102,457	3.22	%
After 1 year through 5 years	430,637		415,834		3.03	%	449,289		434,608		3.32	%
After 5 years through 10 years	160,283		144,229		1.86	%	207,980		180,370		1.77	%
Over 10 years	164,050		144,451		3.31	%	203,783		177,599		3.13	%
	$	917,899	$	866,684	2.92	%	$	964,389	$	895,034	2.96	%

Actual maturities of debt securities will differ from those presented above since certain obligations amortize and may also provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. MBSs and CMOs are included above based on their final stated maturities; the actual maturities, however, may occur earlier due to anticipated prepayments and stated amortization of cash flows.

As of June 30, 2025, issuers of debt securities with an estimated fair value of $112.6 million had the right to call or prepay the obligations. Of the $112.6 million, approximately $14.7 million matures in less then 1 year, $61.5 million matures in 1-5 years, $28.7 million matures in 6-10 years, and $7.7 million matures after ten years. As of December 31, 2024, issuers of debt securities with an estimated fair value of approximately $118.6 million had the right to call or prepay the obligations. Of the $118.6 million, approximately $4.8 million matures in less then 1 year, $67.4 million matures in 1-5 years, $38.9 million matures in 6-10 years, and $7.5 million matures after ten years.