
	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	158,733	$	—	$	9,270	$	149,463
Obligations of states and municipalities	1,054,158		1,868		65,757		990,269
Residential mortgage backed - agency	60,008		357		2,990		57,375
Residential mortgage backed - non-agency	379,401		1,097		8,012		372,486
Commercial mortgage backed - agency	72,465		29		810		71,684
Commercial mortgage backed - non-agency	100,064		282		1,969		98,377
Asset-backed	50,732		111		543		50,300
Other	36,954		186		1,057		36,083
Total	$	1,912,515	$	3,930	$	90,408	$	1,826,037


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	159,088	$	—	$	8,964	$	150,124
Obligations of states and municipalities	977,104		5,414		59,944		922,574
Residential mortgage backed - agency	57,731		464		2,810		55,385
Residential mortgage backed - non-agency	221,443		1,860		5,211		218,092
Commercial mortgage backed - agency	74,253		250		607		73,896
Commercial mortgage backed - non-agency	112,082		584		1,557		111,109
Asset-backed	53,954		89		577		53,466
Other	32,162		158		1,012		31,308
Total	$	1,687,817	$	8,819	$	80,682	$	1,615,954

At March 31, 2026, and December 31, 2025, AFS securities with amortized costs of $1.1 billion and $1.1 billion, respectively, and with estimated fair values of $1.0 billion and $1.1 billion, respectively, were pledged to serve as collateral for secured borrowings, derivative exposures, or to secure public deposits as required or permitted by law.

The proceeds from sales, calls, and maturities of debt securities available-for-sale, including principal payments received, and the related gross gains and losses realized, for the three months ended March 31, 2026, and March 31, 2025, were as follows (in thousands):


	March 31, 2026
	Amortized Cost
	One Year or Less		One to Five Years		Five to Ten Years		After Ten Years		Total
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	—	$	158,733	$	—	$	—	$	158,733
Obligations of states and municipalities	6,000		273,806		543,525		230,827		1,054,158
Residential mortgage backed - agency	—		25,872		26,284		7,852		60,008
Residential mortgage backed - non-agency	2,014		82,568		267,098		27,721		379,401
Commercial mortgage backed - agency	—		46,711		25,754		—		72,465
Commercial mortgage backed - non-agency	7,162		66,128		26,774		—		100,064
Asset-backed	2,610		33,268		14,854		—		50,732
Other	—		2,811		25,034		9,109		36,954
Total	$	17,786	$	689,897	$	929,323	$	275,509	$	1,912,515


	March 31, 2026
	Fair Value
	One Year or Less		One to Five Years		Five to Ten Years		After Ten Years		Total
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	—	$	149,463	$	—	$	—	$	149,463
Obligations of states and municipalities	5,982		261,801		514,455		208,031		990,269
Residential mortgage backed - agency	—		25,920		23,350		8,105		57,375
Residential mortgage backed - non-agency	2,000		80,279		262,595		27,612		372,486
Commercial mortgage backed - agency	—		46,197		25,487		—		71,684
Commercial mortgage backed - non-agency	7,108		64,213		27,056		—		98,377
Asset-backed	2,599		32,994		14,707		—		50,300
Other	—		2,888		24,243		8,952		36,083
Total	$	17,689	$	663,755	$	891,893	$	252,700	$	1,826,037

The following table shows the gross unrealized losses and fair value of the Company’s securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026, and December 31, 2025.


	March 31, 2026
	Less Than Twelve Months				More Than Twelve Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Total Unrealized Losses
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	—	$	—	$	149,463	$	9,270	$	9,270
Obligations of states and municipalities	311,372		5,567		494,147		60,190		65,757
Residential mortgage backed - agency	20,341		98		19,335		2,892		2,990
Residential mortgage backed - non-agency	180,092		2,877		82,348		5,135		8,012
Commercial mortgage backed - agency	45,025		373		25,202		437		810
Commercial mortgage backed - non-agency	45,095		485		21,778		1,484		1,969
Asset-backed	13,342		47		25,103		496		543
Other	—		—		22,271		1,057		1,057
Total	$	615,267	$	9,447	$	839,647	$	80,961	$	90,408


	December 31, 2025
	Less Than Twelve Months				More Than Twelve Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Total Unrealized Losses
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	—	$	—	$	150,124	$	8,964	$	8,964
Obligations of states and municipalities	134,143		1,852		513,623		58,092		59,944
Residential mortgage backed - agency	4,461		4		24,832		2,806		2,810
Residential mortgage backed - non-agency	11,545		17		85,750		5,194		5,211
Commercial mortgage backed - agency	14,987		93		26,032		514		607
Commercial mortgage backed - non-agency	29,730		131		30,175		1,426		1,557
Asset-backed	14,531		38		27,750		539		577
Other	—		—		22,288		1,012		1,012
Total	$	209,397	$	2,135	$	880,574	$	78,547	$	80,682

The Company is required to conduct an impairment evaluation on AFS securities to determine whether the Company has the intent to sell the security or it is more likely than not that it will be required to sell the security before recovery. If these situations apply, the guidance requires the Company to reduce the security’s amortized cost basis down to its fair value through earnings. The Company also evaluates the unrealized losses on AFS securities to determine if a security’s decline in fair value below its amortized cost basis is due to credit factors. The evaluation is based upon factors such as the creditworthiness of the underlying borrowers, performance of the underlying collateral, if applicable, and the level of credit support in the security structure. Management also evaluates other factors and circumstances that may be indicative of a decline in the fair value of the security due to a credit factor.

This includes, but is not limited to, an evaluation of the type of security, length of time and extent to which the fair value has been less than cost, and near-term prospects of the issuer. If this assessment indicates that a credit loss exists, the present value of the expected cash flows of the security is compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost, an allowance for credit losses (“ACL”) is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis under the current expected credit loss (“CECL”) standard, and declines due to non-credit factors are recorded in accumulated

other comprehensive income (“AOCI”), net of taxes. If a credit loss is recognized in earnings, subsequent improvements to the expectation of collectability will be recognized through the ACL. If the fair value of the security increases above its amortized cost, the unrealized gain will be recorded in accumulated other comprehensive income, net of taxes, in the Consolidated Balance Sheets.

The Company did not record an ACL on the AFS securities as of March 31, 2026, or December 31, 2025. The Company considers the unrealized losses on the AFS securities to be related to fluctuations in market conditions, primarily interest rates, and not reflective of deterioration in credit. The Company had 478 securities in an unrealized loss position as of March 31, 2026. The Company has evaluated AFS securities in an unrealized loss position for credit-related impairment at March 31, 2026, and concluded no impairment existed based on a combination of factors, which included: (1) the securities are of high credit quality, (2) unrealized losses are primarily the result of market volatility and increases in market interest rates, (3) the contractual terms of the investments do not permit the issuer(s) to settle the securities at a price less than the par value of each investment, (4) issuers continue to make timely principal and interest payments, and (5) the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell any of the investments before recovery of its amortized cost basis. As such, there was no ACL on AFS securities at March 31, 2026.

At March 31, 2026, the unrealized losses associated with 10 U.S. Treasuries and Government Agency securities, 11 Residential Mortgage Backed – Agency securities, and 15 Commercial Mortgage Backed – Agency securities were generally driven by changes in interest rates and not due to credit losses given the explicit or implicit guarantees provided by the U.S. government. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at March 31, 2026.

At March 31, 2026, the unrealized losses associated with 347 State and Municipal securities were primarily caused by changes in interest rates and not the credit quality of the securities. These securities are investment grade and were generally underwritten in accordance with our own investment standards prior to the decision to purchase, without relying on a bond insurer’s guarantee in making the investment decision. These securities will continue to be monitored as part of our ongoing impairment analysis but are expected to perform, even if the rating agencies reduce the credit rating of the bond insurers. As a result, we expect to recover the entire amortized cost basis of these securities. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at March 31, 2026.

At March 31, 2026, the unrealized losses associated with 63 Residential Mortgage Backed – Non-Agency securities and 8 Commercial Mortgage Backed – Non-Agency securities were generally driven by changes in interest rates, credit spreads, and projected collateral losses. We assess for credit impairment by estimating the present value of expected cash flows. The key assumptions for determining expected cash flows include default rates, loss severities, and/or prepayment rates. Based on our assessment of the expected credit losses and the credit enhancement level of the securities, we expect to recover the entire amortized cost of these securities. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at March 31, 2026.

At March 31, 2026, the unrealized losses associated with 17 Asset-Backed securities were generally driven by changes in interest rates, credit spreads, and projected collateral losses. We assess for credit impairment by estimating the present value of expected cash flows. The key assumptions for determining expected cash flows include default rates, loss severities, and/or prepayment rates. Based on our assessment of the expected credit losses and the credit enhancement level of the securities, we expect to recover the entire amortized cost of these securities. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at March 31, 2026.

prior to the decision to purchase, without relying on a bond insurer’s guarantee in making the investment decision. Based on our assessment of the expected credit losses, we expect to recover the entire amortized cost basis of the securities. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at March 31, 2026.

The Company’s investment in Federal Home Loan Bank (“FHLB”) stock totaled $30.5 million and $26.8 million at March 31, 2026, and December 31, 2025, respectively. The Company’s investment in Federal Reserve Bank stock totaled $14.8 million and $14.8 million at March 31, 2026, and December 31, 2025, respectively. FHLB and Federal Reserve stock are generally viewed as long-term investments and as restricted investment securities, which are carried at cost, because there is no market for the stocks other than member institutions. Therefore, when evaluating FHLB and Federal Reserve stock for impairment, their values are based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Company does not consider these investments to be impaired at March 31, 2026, and no impairment has been recognized. FHLB stock and Federal Reserve stock are included in a separate line item, restricted stock, at cost on the Consolidated Balance Sheets and are not part of the Company’s AFS securities portfolio.

The Company’s restricted stock line item on the Consolidated Balance Sheets also includes an investment in Community Bankers’ Bank, totaling $111 thousand at March 31, 2026, and $111 thousand at December 31, 2025, which is carried at cost and is not impaired at March 31, 2026. The Company also has other restricted stock investments including WV Bankers Title and Atlantic Community Bankers Bank which are included in restricted stock on the Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.