
	At March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In Thousands)
Investment securities available-for-sale:
GSE debentures	$	191,035	$	257	$	12,696	$	178,596
GSE CMOs	563,834		797		11,050		553,581
GSE MBSs	326,216		2,027		12,119		316,124



Municipal obligations	225,345		3,570		427		228,488

Corporate debt obligations	35,359		760		125		35,994
U.S. Treasury bonds	419,142		876		14,591		405,427
Foreign government obligations	500		—		—		500


Total investment securities available-for-sale	$	1,761,431	$	8,287	$	51,008	$	1,718,710


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In Thousands)
Investment securities available-for-sale:
GSE debentures	$	185,449	$	512	$	12,284	$	173,677
GSE CMOs	500,446		2,784		6,660		496,570
GSE MBSs	334,476		3,009		11,740		325,745



Municipal obligations	231,924		8,305		13		240,216
Corporate debt obligations	39,209		863		49		40,023
U.S. Treasury bonds	424,214		1,727		13,904		412,037

Foreign government obligations	500		—		—		500

Total investment securities available-for-sale	$	1,716,218	$	17,200	$	44,650	$	1,688,768

As of March 31, 2026, the fair value of all investment securities available-for-sale was $1.7 billion, with net unrealized losses of $42.7 million, compared to a fair value of $1.7 billion and net unrealized losses of $27.5 million as of December 31, 2025. As of March 31, 2026, $1.0 billion, or 59.5% of the portfolio, had gross unrealized losses of $51.0 million, compared to $552.9 million, or 32.7% of the portfolio, with gross unrealized losses of $44.7 million as of December 31, 2025.

As of March 31, 2026 and December 31, 2025, respectively, $1.3 billion and $1.2 billion of investment securities were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; FRB borrowings; and FHLB borrowings. The Bank had no outstanding FRB borrowings as of March 31, 2026 and December 31, 2025.

For available-for-sale securities in an unrealized loss position, management first assesses whether (i) the Company intends to sell the security, or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either criterion is met, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither criterion is met, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors.

If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for credit loss is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through the ACL is recognized in OCI. Adjustments to the allowance are reported as a component of credit loss expense. Available-for-sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivables associated with debt securities available-for-sale totaled $8.0 million as of March 31, 2026, compared to $7.2 million as of December 31, 2025.

A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a debt security placed on nonaccrual is reversed against interest income. There were no debt securities on nonaccrual status and therefore there was no accrued interest related to debt securities reversed against interest income for the three months ended March 31, 2026 and 2025.


	At March 31, 2026
	Less than Twelve Months				Twelve Months or Longer				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(In Thousands)
Investment securities available-for-sale:
GSE debentures	$	35,401	$	89	$	112,099	$	12,607	$	147,500	$	12,696
GSE CMOs	421,535		4,422		48,411		6,628		469,946		11,050
GSE MBSs	8,809		11		122,292		12,108		131,101		12,119



Municipal obligations	29,286		236		7,194		191		36,480		427
Corporate debt obligations	10,025		125		—		—		10,025		125
U.S. Treasury bonds	9,813		181		217,385		14,410		227,198		14,591










Total temporarily impaired investment securities	$	514,869	$	5,064	$	507,381	$	45,944	$	1,022,250	$	51,008


	At December 31, 2025
	Less than Twelve Months				Twelve Months or Longer				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(In Thousands)
Investment securities available-for-sale:
GSE debentures	$	32	$	1	$	103,884	$	12,283	$	103,916	$	12,284
GSE CMOs	68,184		460		45,145		6,200		113,329		6,660
GSE MBSs	79		1		114,594		11,739		114,673		11,740


Municipal obligations	9,721		11		391		2		10,112		13

Corporate debt obligations	4,943		41		2,666		8		7,609		49
U.S. Treasury bonds	—		—		203,283		13,904		203,283		13,904










Total temporarily impaired investment securities	$	82,959	$	514	$	469,963	$	44,136	$	552,922	$	44,650

The Company performs regular analyses of the investment securities available-for-sale portfolio to determine whether a decline in fair value indicates that an investment security is impaired. In making these impairment determinations, management considers, among other factors, projected future cash flows; credit subordination and the creditworthiness; capital adequacy and near-term prospects of the issuers.

Management also considers the Company's capital adequacy, interest-rate risk, liquidity and business plans in assessing whether it is more likely than not that the Company will sell or be required to sell the investment securities before recovery. If the Company determines that a security investment is impaired and that it is more likely than not that the Company will not sell or be required to sell the investment security before recovery of its amortized cost, the credit portion of the impairment loss is recognized in the Company's consolidated statement of income and the noncredit portion is recognized in accumulated other comprehensive income. The credit portion of the impairment represents the difference between the amortized cost and the present value of the expected future cash flows of the investment security. If the Company determines that a security is impaired and it is more likely than not that it will sell or be required to sell the investment security before recovery of its amortized cost, the entire difference between the amortized cost and the fair value of the security will be recognized in the Company's consolidated statement of income.

The following discussion summarizes, by investment security type, the basis for evaluating if the applicable investment securities within the Company’s available-for-sale portfolio were impaired as of March 31, 2026. The Company has determined it is more likely than not that the Company will not sell or be required to sell the investment securities before recovery of its amortized cost. The Company's ability and intent to hold these investment securities until recovery is supported by the Company's strong capital and liquidity positions as well as its historically low portfolio turnover. If market conditions for investment securities worsen or the creditworthiness of the underlying issuers deteriorates, it is possible that the Company may recognize additional impairment in future periods.

The Company invests in securities issued by GSEs, including GSE debentures, MBSs, and CMOs. GSE securities include obligations issued by the FNMA, the FHLMC, the GNMA, the FHLB and the Federal Farm Credit Bank. As of March 31, 2026, the Company held GNMA MBSs and CMOs, and SBA commercial loan asset-backed securities in its available-for-sale portfolio with an estimated fair value of $345.0 million compared to $285.4 million as of December 31, 2025

As of March 31, 2026, the Company owned 31 GSE debentures with a total fair value of $178.6 million, and a net unrealized loss of $12.4 million. As of December 31, 2025, the Company held 38 GSE debentures with a total fair value of $173.7 million, with a net unrealized loss of $11.8 million. As of March 31, 2026, 21 of the 31 securities in this portfolio were in an unrealized loss position. As of December 31, 2025, 17 of the 38 securities in this portfolio were in an unrealized loss

As of March 31, 2026, the Company owned 144 GSE CMOs with a total fair value of $553.6 million and a net unrealized loss of $10.3 million. As of December 31, 2025, the Company held 136 GSE CMOs with a total fair value of $496.6 million with a net unrealized loss of $3.9 million. As of March 31, 2026, 122 of the 144 securities in this portfolio were in an unrealized loss position. As of December 31, 2025, 57 of the 136 securities in this portfolio were in an unrealized loss position. During the three months ended March 31, 2026 the Company purchased $79.6 million of GSE CMOs compared to the same period in 2025, when the Company did not purchase any GSE CMOs.

As of March 31, 2026, the Company owned 193 GSE MBSs with a total fair value of $316.1 million and a net unrealized loss of $10.1 million. As of December 31, 2025, the Company held 194 GSE MBSs with a total fair value of $325.7 million with a net unrealized loss of $8.7 million. As of March 31, 2026, 98 of the 193 securities in this portfolio were in an unrealized loss position. As of December 31, 2025, 85 of the 194 securities in this portfolio were in an unrealized loss position. During the three months ended March 31, 2026, the Company did not purchase any GSE MBSs compared to the same period in 2025 when the Company purchased $.0 million of GSE MBSs.

The Company invests in certain state and municipal securities with high credit ratings for portfolio diversification and tax planning purposes. Full collection of the obligations is expected because the financial conditions of the issuing municipalities are sound, they have not defaulted on scheduled payments, the obligations are rated investment grade, and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost. As of March 31, 2026, the Company owned 238 municipal obligation securities with a total fair value of $228.5 million and a net unrealized gain of $3.1 million. As of December 31, 2025, the Company owned 242 municipal obligation securities with a total fair value of $240.2 million and a net unrealized gain of $8.3 million. As of March 31, 2026, 43 of the 238 securities in this portfolio were in an unrealized loss position. As of December 31, 2025, 12 of the 242 securities in this portfolio were in an unrealized loss position. During the three months ended March 31, 2026, the Company purchased $32.0 thousand of municipal securities compared to the same period in 2025 when the Company purchased $0.2 million of municipal securities.

The Company may invest in high-quality corporate obligations to provide portfolio diversification and improve the overall yield on the portfolio. As of March 31, 2026, the Company held 19 corporate obligation securities with a total fair value of $36.0 million and a net unrealized gain of $0.6 million. As of December 31, 2025, the Company held 16 corporate obligation securities with a total fair value of $40.0 million and a net unrealized gain of $0.8 million. As of March 31, 2026, 4 of the 19 securities in this portfolio were in an unrealized loss position. As of December 31, 2025, 2 of the 16 securities in this portfolio were in an unrealized loss position. During the three months ended March 31, 2026 and 2025, the Company did not purchase any corporate obligations.

The Company invests in securities issued by the U.S. government. As of March 31, 2026, the Company owned 51 U.S. Treasury bonds with a total fair value of $405.4 million and a net unrealized loss of $13.7 million. As of December 31, 2025, the Company held 54 U.S. Treasury bonds with a total fair value of $412.0 million and a net unrealized loss of $12.2 million. As of March 31, 2026, 30 of the 51 securities in this portfolio were in an unrealized loss position. As of December 31, 2025, 25 of the 54 securities in this portfolio were in an unrealized loss position. During the three months ended March 31, 2026, the Company purchased $29.5 million of U.S. Treasury bonds, compared to the same period in 2025 when the Company did not purchase U.S. Treasury bonds.

As of March 31, 2026 and December 31, 2025, the Company owned 1 foreign government obligation security with a fair value of $0.5 million, which approximated cost. As of March 31, 2026 and December 31, 2025, the security was held at par. During the three months ended March 31, 2026 the Company did not purchase any foreign government obligation, compared to the same period in 2025 when the Company repurchased the foreign government obligation that had matured.


	At March 31, 2026						At December 31, 2025
	Amortized Cost		Estimated Fair Value		Weighted Average Rate		Amortized Cost		Estimated Fair Value		Weighted Average Rate
	(Dollars in Thousands)
Investment securities available-for-sale:
Within 1 year	$	115,150	$	114,990	3.68	%	$	145,787	$	146,092	3.89	%
After 1 year through 5 years	504,732		484,744		2.97	%	472,284		454,138		2.76	%
After 5 years through 10 years	245,821		239,804		3.37	%	246,784		242,931		3.56	%
Over 10 years	895,728		879,172		4.18	%	851,363		845,607		4.18	%
	$	1,761,431	$	1,718,710	3.69	%	$	1,716,218	$	1,688,768	3.69	%

Actual maturities of debt securities will differ from those presented above since certain obligations amortize and may also provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. MBSs and CMOs are included above based on their final stated maturities; the actual maturities, however, may occur earlier due to anticipated prepayments and stated amortization of cash flows.

As of March 31, 2026, issuers of debt securities with an estimated fair value of $951.5 million had the right to call or prepay the obligations. Of the $951.5 million, approximately $103.9 million matures in less then 1 year, $386.8 million matures in 1-5 years, $201.2 million matures in 6-10 years, and $259.6 million matures after ten years. As of December 31, 2025, issuers of debt securities with an estimated fair value of approximately $965.2 million had the right to call or prepay the obligations. Of the $965.2 million, approximately $12.4 million matures in less then 1 year, $111.4 million matures in 1-5 years, $157.1 million matures in 6-10 years, and $684.3 million matures after ten years.