
	March 31, 2026
($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises	$	163,598	$	7	$	(5,259)	$	158,346
Obligations of states and political subdivisions	644,842		1,929		(70,847)		575,924
Agency mortgage-backed securities	1,910,623		4,189		(46,222)		1,868,590
U.S. Treasury bills	151,901		4		(665)		151,240
Corporate debt securities	19,448		213		(94)		19,567
Total securities available-for-sale	$	2,890,412	$	6,342	$	(123,087)	$	2,773,667
Held-to-maturity securities:

Obligations of states and political subdivisions	$	907,676	$	5,055	$	(50,373)	$	862,358
Agency mortgage-backed securities	37,244		—		(3,262)		33,982
Corporate debt securities	110,777		338		(3,934)		107,181
Total securities held-to-maturity	$	1,055,697	$	5,393	$	(57,569)	$	1,003,521
ACL	(202)
Total securities held-to-maturity, net	$	1,055,495


	December 31, 2025
($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises	$	187,587	$	76	$	(5,091)	$	182,572
Obligations of states and political subdivisions	626,900		3,914		(58,109)		572,705
Agency mortgage-backed securities	1,733,003		12,638		(36,330)		1,709,311
U.S. Treasury Bills	171,355		128		(499)		170,984
Corporate debt securities	19,448		109		(94)		19,463
Total securities available-for-sale	$	2,738,293	$	16,865	$	(100,123)	$	2,655,035
Held-to-maturity securities:

Obligations of states and political subdivisions	$	920,199	$	10,861	$	(39,849)	$	891,211
Agency mortgage-backed securities	43,839		—		(3,199)		40,640
Corporate debt securities	111,064		325		(3,426)		107,963
Total securities held-to-maturity	$	1,075,102	$	11,186	$	(46,474)	$	1,039,814
ACL	(145)
Total securities held-to-maturity, net	$	1,074,957

The balance of held-to-maturity securities in the “Amortized Cost” column in the tables above include a cumulative net unamortized, unrealized gain of $6.8 million and $7.6 million at March 31, 2026 and December 31, 2025, respectively. Such amounts are amortized over the remaining life of the securities.

At March 31, 2026 and December 31, 2025, there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders’ equity, other than U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government agencies and sponsored enterprises. Securities of $1.6 billion and $1.7 billion at March 31, 2026 and December 31, 2025, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions, in addition to collateral securing borrowing bases with the FHLB and the Federal Reserve.

The amortized cost and estimated fair value of debt securities at March 31, 2026, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately five years.


	Available-for-sale				Held-to-maturity
($ in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	211,537	$	210,482	$	9,006	$	8,951
Due after one year through five years	58,670		57,058		128,789		125,519
Due after five years through ten years	407,788		361,420		258,215		253,174
Due after ten years	301,793		276,117		622,442		581,895
Agency mortgage-backed securities	1,910,624		1,868,590		37,245		33,982

	$	2,890,412	$	2,773,667	$	1,055,697	$	1,003,521


	March 31, 2026
	Less than 12 months				12 months or more				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government-sponsored enterprises	$	44,031	$	501	$	110,557	$	4,758	$	154,588	$	5,259
Obligations of states and political subdivisions	63,987		1,146		413,355		69,701		477,342		70,847
Agency mortgage-backed securities	764,440		9,086		362,330		37,136		1,126,770		46,222
U.S. Treasury bills	87,754		90		35,354		575		123,108		665
Corporate debt securities	—		—		3,406		94		3,406		94
	$	960,212	$	10,823	$	925,002	$	112,264	$	1,885,214	$	123,087


	December 31, 2025
	Less than 12 months				12 months or more				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government-sponsored enterprises	$	13,971	$	22	$	149,230	$	5,069	$	163,201	$	5,091
Obligations of states and political subdivisions	32,658		245		425,879		57,864		458,537		58,109
Agency mortgage-backed securities	266,639		1,215		377,787		35,115		644,426		36,330
U.S. Treasury bills	4,996		—		40,418		499		45,414		499
Corporate debt securities	—		—		3,406		94		3,406		94
	$	318,264	$	1,482	$	996,720	$	98,641	$	1,314,984	$	100,123

The unrealized losses at both March 31, 2026 and December 31, 2025 were attributable primarily to changes in market interest rates after the securities were purchased. At each of March 31, 2026 and December 31, 2025, the Company did not have an ACL on available-for-sale securities.

Accrued interest on held-to-maturity debt securities totaled $11.7 million and $12.3 million at March 31, 2026 and December 31, 2025, respectively, and is excluded from the estimate of expected credit losses. The estimate of expected credit losses considers historical credit loss information adjusted for current conditions and reasonable and supportable forecasts. The ACL on held-to-maturity securities was $0.2 million at March 31, 2026 and $0.1 million at December 31, 2025.

At March 31, 2026 and December 31, 2025, other investments totaled $81.9 million and $80.9 million, respectively. As a member of the FHLB, the Bank is required to maintain a minimum investment in capital stock with the FHLB consisting of membership stock and activity-based stock. The FHLB capital stock of $10.0 million at March 31, 2026 and $9.4 million at December 31, 2025 is recorded at cost, which represents redemption value, and is included in “Other investments” in the Consolidated Balance Sheets. The remaining amounts in other investments primarily include investments in Small Business Investment Companies, Community Development Financial Institutions, private equity investments, and the Company’s investment in unconsolidated trusts used to issue trust preferred securities to third parties.