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.


	March 31, 2026								December 31, 2025
	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	$	188,054	$	171	$	10,926	$	177,299	$	189,276	$	538	$	10,090	$	179,724
Mortgage-backed securities:
U.S. government agencies	1,332,163		3,620		97,686		1,238,097		1,387,057		7,836		97,104		1,297,789
Private label	5,065		—		55		5,010		5,068		—		36		5,032
Trust preferred securities	4,614		—		217		4,397		4,612		—		188		4,424
Corporate securities	16,669		181		555		16,295		16,708		172		491		16,389
Total Securities Available-for-Sale	$	1,546,565	$	3,972	$	109,439	$	1,441,098	$	1,602,721	$	8,546	$	107,909	$	1,503,358

The Company's other investment securities include marketable equity securities and non-marketable equity securities held for investment. At March 31, 2026 and December 31, 2025, the Company held $5.6 million 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 March 31, 2026 and December 31, 2025, the Company held $23.9 million 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 March 31, 2026 and December 31, 2025 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 March 31, 2026 and December 31, 2025. 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):


	March 31, 2026
	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	$	21,647	$	240	$	125,038	$	10,686	$	146,685	$	10,926
Mortgage-backed securities:
U.S. Government agencies	128,957		871		780,227		96,815		909,184		97,686
Private label	—		—		5,010		55		5,010		55
Trust preferred securities	4,397		217		—		—		4,397		217
Corporate securities	—		—		14,445		555		14,445		555
Total available-for-sale	$	155,001	$	1,328	$	924,720	$	108,111	$	1,079,721	$	109,439


	December 31, 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	$	4,746	$	29	$	129,347	$	10,061	$	134,093	$	10,090
Mortgage-backed securities:
U.S. Government agencies	48,555		140		803,686		96,964		852,241		97,104
Private label	—		—		5,032		36		5,032		36
Trust preferred securities	4,424		188		—		—		4,424		188
Corporate securities	—		—		14,559		491		14,559		491
Total available-for-sale	$	57,725	$	357	$	952,624	$	107,552	$	1,010,349	$	107,909

As of March 31, 2026, management does not intend to sell any impaired security, and it is not more likely than not 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 March 31, 2026, 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.


	Amortized Cost		Estimated Fair Value
Available-for-Sale Debt Securities
Due in one year or less	$	9,509	$	9,434
Due after one year through five years	123,411		119,855
Due after five years through ten years	279,901		267,538
Due after ten years	1,133,744		1,044,271
Total	$	1,546,565	$	1,441,098



	Three months ended March 31,
	2026		2025
Proceeds on sales of available for sale securities	$	—	$	—

Gross realized gains on available for sale securities sold	$	—	$	—
Gross realized losses on available for sale securities sold	—		—
Net realized available for sale securities gains (losses)	$	—	$	—

Gross unrealized gains recognized on equity securities still held	$	41	$	101
Gross unrealized losses recognized on equity securities still held	(34)		(106)
Net unrealized (losses) gains recognized on equity securities still held	$	7	$	(5)