
December 31, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Allowance for Credit Losses		Estimated Fair Value

	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	281,480	$	1,708	$	(2,269)	$	—	$	280,919
Collateralized mortgage obligations	256,258		723		(251)		—		256,730
U.S. Treasury	54,687		622		—		—		55,309
Total	$	592,425	$	3,053	$	(2,520)	$	—	$	592,958


December 31, 2025	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized (Losses)		Estimated Fair Value		Allowance for Credit Losses

	(Dollars in thousands)
Securities held-to-maturity:
Agency mortgage-backed securities	$	502,381	$	289	$	(63,857)	$	438,813	$	—
Municipals - exempt from Federal tax	27,341		1		(388)		26,954		(11)
Total	$	529,722	$	290	$	(64,245)	$	465,767	$	(11)


December 31, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Allowance for Credit Losses		Estimated Fair Value

	(Dollars in thousands)
Securities available-for-sale:
U.S. Treasury	$	187,095	$	—	$	(912)	$	—	$	186,183
Agency mortgage-backed securities	74,239		—		(4,148)		—		70,091
Total	$	261,334	$	—	$	(5,060)	$	—	$	256,274


December 31, 2024	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized (Losses)		Estimated Fair Value		Allowance for Credit Losses

	(Dollars in thousands)
Securities held-to-maturity:
Agency mortgage-backed securities	$	559,548	$	—	$	(91,585)	$	467,963	$	—
Municipals - exempt from Federal tax	30,480		—		(1,431)		29,049		(12)
Total	$	590,028	$	—	$	(93,016)	$	497,012	$	(12)

Securities with unrealized losses at year end, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in an unrealized loss position are as follows:


	Less Than 12 Months				12 Months or More				Total
December 31, 2025	Fair Value		Unrealized (Losses)		Fair Value		Unrealized (Losses)		Fair Value		Unrealized (Losses)

	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	90,437	$	(290)	$	41,717	$	(1,979)	$	132,154	$	(2,269)
Collateralized mortgage obligations	103,768		(251)		—		—		103,768		(251)

Total	$	194,205	$	(541)	$	41,717	$	(1,979)	$	235,922	$	(2,520)

Securities held-to-maturity:
Agency mortgage-backed securities	$	—	$	—	$	428,790	$	(63,857)	$	428,790	$	(63,857)
Municipals — exempt from Federal tax	305		—		19,758		(388)		20,063		(388)
Total	$	305	$	—	$	448,548	$	(64,245)	$	448,853	$	(64,245)


	Less Than 12 Months				12 Months or More				Total
December 31, 2024	Fair Value		Unrealized (Losses)		Fair Value		Unrealized (Losses)		Fair Value		Unrealized (Losses)

	(Dollars in thousands)
Securities available-for-sale:
U.S. Treasury	$	9,778	$	(4)	$	176,405	$	(908)	$	186,183	$	(912)
Agency mortgage-backed securities	20,383		(100)		49,708		(4,048)		70,091		(4,148)
Total	$	30,161	$	(104)	$	226,113	$	(4,956)	$	256,274	$	(5,060)

Securities held-to-maturity:
Agency mortgage-backed securities	$	10,280	$	(53)	$	456,906	$	(91,532)	$	467,186	$	(91,585)
Municipals — exempt from Federal tax	4,076		(65)		23,733		(1,366)		27,809		(1,431)
Total	$	14,356	$	(118)	$	480,639	$	(92,898)	$	494,995	$	(93,016)

There were no holdings of securities of any one issuer, other than the U.S. Government and its sponsored entities, in an amount greater than 10% of shareholders’ equity. At December 31, 2025, the Company held 392 securities (141 available-for-sale and 251 held-to-maturity), of which 340 had fair values below amortized cost. The unrealized losses were due to higher interest rates at period end compared to when the securities were purchased. The issuers are of high credit quality and all principal amounts are expected to be paid when securities mature. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline. The Company does not believe that it is more likely than not that the Company will be required to sell a security in an unrealized loss position prior to recovery in value.

The amortized cost and fair value of debt securities as of December 31, 2025, by contractual maturity, are shown below. The expected maturities will differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	Available-for-sale
	Amortized Cost		Estimated Fair Value

	(Dollars in thousands)

Due after three months through one year	$	14,980	$	15,063
Due after one through five years	39,707		40,246
Agency mortgage-backed securities and
collateralized mortgage obligations	537,738		537,649
Total	$	592,425	$	592,958


	Held-to-maturity
	Amortized Cost (1)		Estimated Fair Value

	(Dollars in thousands)
Due after three months through one year	$	690	$	686
Due after one through five years	12,666		12,490
Due after five through ten years	13,985		13,778
Agency mortgage-backed securities	502,381		438,813
Total	$	529,722	$	465,767

Securities with amortized cost of $529,139,000 and $753,369,000 as of December 31, 2025 and 2024, respectively, were pledged to secure public deposits and for other purposes as required or permitted by law or contract.

The allowance for credit losses on the Company’s held-to-maturity debt securities is presented as a reduction to the amortized cost basis of held-to-maturity securities on the Company’s Consolidated Balance Sheet. The table below presents a roll-forward by major security type for the year ended December 31, 2025 of the allowance for credit losses on debt securities held-to-maturity held at period end:

The change in the allowance for credit losses on the Company’s held-to-maturity debt securities was immaterial due to stable balances and bond ratings for the Company’s municipal investment securities at December 31, 2025 compared to December 31, 2024.