Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale at December 31, 2025 and 2024 are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore falls into the Level 2 category. The table below presents the balances of investment securities available-for-sale measured at fair value on a recurring basis. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of debt and equity investment securities are summarized as follows:


	December 31, 2025
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	247,716	$	3,228	$	(10,733)	$	240,211
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	503,599		2,144		(27,047)		478,696
Corporate bonds	30,895		—		(1,999)		28,896

Asset backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises	23,294		—		(325)		22,969
Total	$	805,504	$	5,372	$	(40,104)	$	770,772


	December 31, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	188,933	$	4	$	(16,973)	$	171,964
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	267,359		11		(34,095)		233,275
Corporate bonds	95,841		3		(8,058)		87,786

Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	35,575		—		(579)		34,996
Total	$	587,708	$	18	$	(59,705)	$	528,021


	December 31, 2025
	Less than 12 months				12 months or more				Total
(In thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
State and political subdivisions	$	—	$	—	$	139,379	$	10,733	$	139,379	$	10,733
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	148,111		1,733		155,353		25,314		303,464		27,047
Corporate bonds	—		—		28,896		1,999		28,896		1,999

Asset backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises	—		—		22,969		325		22,969		325
Total	$	148,111	$	1,733	$	346,597	$	38,371	$	494,708	$	40,104


	December 31, 2024
	Less than 12 months				12 months or more				Total
(In thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
State and political subdivisions	$	4,082	$	8	$	163,893	$	16,964	$	167,975	$	16,972
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	85,272		2,086		139,676		32,009		224,948		34,095
Corporate bonds	7,901		99		66,860		7,960		74,761		8,059

Asset backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises	—		—		30,575		579		30,575		579
Total	$	97,255	$	2,193	$	401,004	$	57,512	$	498,259	$	59,705

There were 204 investment securities, or 67.3%, in an unrealized loss position as of December 31, 2025 compared to 241 investment securities, or 96.0%, in an unrealized loss position as of December 31, 2024. The unrealized losses at December 31, 2025 were primarily attributable to changes in market interest rates after the investment securities were purchased. The Company does not currently intend to sell, and based on current conditions, the Company does not believe it will be required to sell these available-for-sale investment securities before the recovery of the amortized cost basis, which may be the maturity dates of the investment securities. Therefore, the unrealized losses are recorded in accumulated other comprehensive loss. Of these investment securities, 177, or 58.4%, were in an unrealized loss position for greater than 12 months at December 31, 2025. At December 31, 2025 and December 31, 2024, the Company had not recorded an allowance for credit losses on investment securities.

The amortized cost and fair value of debt and equity investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.


	December 31, 2025
(In thousands)	Amortized Cost		Fair Value
Due in 1 year or less	$	6,757	$	6,755
Due after 1 year through 5 years	73,493		70,979
Due after 5 years through 10 years	160,264		149,204
Due after 10 years	564,990		543,834
Total	$	805,504	$	770,772