| Summary of Debt Securities |
Debt securities at March 31, 2026 and December 31, 2025 are summarized as follows:
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March 31, 2026 |
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Securities Available-For-Sale |
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In Thousands |
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Estimated
Market
Value |
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U.S. Government-sponsored enterprises
(GSEs) |
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$ |
148,353 |
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97 |
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11,434 |
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137,016 |
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Mortgage-backed securities |
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742,567 |
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1,405 |
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47,930 |
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696,042 |
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Asset-backed securities |
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53,287 |
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16 |
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947 |
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52,356 |
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Corporate notes and other |
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4,500 |
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— |
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22 |
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4,478 |
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Obligations of states and political
subdivisions |
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173,512 |
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4 |
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21,585 |
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151,931 |
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$ |
1,122,219 |
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1,522 |
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81,918 |
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1,041,823 |
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December 31, 2025 |
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Securities Available-For-Sale |
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In Thousands |
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Estimated
Market
Value |
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U.S. Government-sponsored enterprises
(GSEs) |
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$ |
149,261 |
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136 |
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10,807 |
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138,590 |
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Mortgage-backed securities |
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665,620 |
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2,472 |
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44,794 |
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623,298 |
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Asset-backed securities |
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47,868 |
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47 |
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1,135 |
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46,780 |
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Corporate notes and other |
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4,500 |
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— |
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48 |
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4,452 |
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Obligations of states and political
subdivisions |
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173,939 |
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79 |
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20,634 |
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153,384 |
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$ |
1,041,188 |
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2,734 |
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77,418 |
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966,504 |
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| Amortized Cost and Estimated Market Value of Debt Securities by Contractual Maturity |
The amortized cost and estimated market value of debt securities at March 31, 2026 by contractual maturity are shown below.
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Available-For-Sale |
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In Thousands |
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Amortized
Cost |
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Estimated
Market Value |
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Due in one year or less |
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$ |
3,460 |
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$ |
3,388 |
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Due after one year through five years |
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123,668 |
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114,888 |
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Due after five years through ten years |
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282,655 |
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260,405 |
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Due after ten years |
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712,436 |
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663,142 |
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$ |
1,122,219 |
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$ |
1,041,823 |
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| Gross Unrealized Losses and Fair Value of Investments |
The following tables show the gross unrealized losses and fair value of the Company’s investments 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.
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In Thousands, Except Number of Securities |
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Less than 12 Months |
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12 Months or More |
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Total |
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March 31, 2026 |
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Fair
Value |
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Unrealized
Losses |
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Number of
Securities
Included |
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Fair
Value |
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Unrealized
Losses |
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Number of
Securities
Included |
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Fair
Value |
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Unrealized
Losses |
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Available-for-Sale Securities: |
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U.S. Government-sponsored
enterprises (GSEs) |
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$ |
7,404 |
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$ |
93 |
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2 |
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$ |
118,382 |
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$ |
11,341 |
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49 |
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$ |
125,786 |
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$ |
11,434 |
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Mortgage-backed securities |
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253,119 |
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3,496 |
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49 |
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306,351 |
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44,434 |
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201 |
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559,470 |
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47,930 |
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Asset-backed securities |
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34,997 |
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83 |
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15 |
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10,443 |
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864 |
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5 |
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45,440 |
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947 |
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Corporate notes and other |
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4,478 |
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22 |
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2 |
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— |
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— |
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— |
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4,478 |
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22 |
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Obligations of states and
political subdivisions |
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9,585 |
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260 |
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5 |
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141,211 |
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21,325 |
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144 |
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150,796 |
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21,585 |
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$ |
309,583 |
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$ |
3,954 |
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73 |
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$ |
576,387 |
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$ |
77,964 |
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399 |
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$ |
885,970 |
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$ |
81,918 |
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In Thousands, Except Number of Securities |
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Less than 12 Months |
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12 Months or More |
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Total |
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December 31, 2025 |
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Fair
Value |
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Unrealized
Losses |
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Number of
Securities
Included |
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Fair
Value |
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Unrealized
Losses |
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Number of
Securities
Included |
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Fair
Value |
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Unrealized
Losses |
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Available-for-Sale Securities: |
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U.S. Government-sponsored
enterprises (GSEs) |
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$ |
5,003 |
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$ |
22 |
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1 |
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$ |
121,994 |
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$ |
10,785 |
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52 |
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$ |
126,997 |
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$ |
10,807 |
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Mortgage-backed securities |
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133,756 |
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532 |
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24 |
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321,141 |
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44,262 |
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205 |
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454,897 |
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44,794 |
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Asset-backed securities |
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6,972 |
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32 |
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3 |
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22,415 |
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1,103 |
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9 |
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29,387 |
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1,135 |
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Corporate notes and other |
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4,452 |
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48 |
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2 |
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— |
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— |
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— |
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4,452 |
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48 |
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Obligations of states and
political subdivisions |
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— |
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— |
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— |
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148,056 |
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20,634 |
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148 |
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148,056 |
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20,634 |
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$ |
150,183 |
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$ |
634 |
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30 |
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$ |
613,606 |
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$ |
76,784 |
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|
414 |
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$ |
763,789 |
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$ |
77,418 |
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