
	June 30, 2026
(dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Investment securities available for sale

U.S. government sponsored entities and U.S. agency securities	$	37,522	$	102	$	(100)	$	37,524
Mortgage-backed securities - agency (1)	1,390,919		4,114		(88,688)		1,306,345
Mortgage-backed securities - non-agency	94,088		1,118		(2,444)		92,762
Asset-backed student loans	19,201		2		(73)		19,130
State and municipal securities	74,999		506		(4,073)		71,432
Collateralized loan obligations	84,552		1		(67)		84,486
Corporate securities	42,697		122		(1,038)		41,781
Total available for sale securities	$	1,743,978	$	5,965	$	(96,483)	$	1,653,460

(1)The amount of fair value hedging adjustment included in the amortized cost amount of the hedged investment securities available-for-sale as of June 30, 2026 was $0.8 million. See Note 6 - Derivative Instruments for additional information regarding these derivative financial instruments.


	December 31, 2025
(dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Investment securities available for sale

U.S. government sponsored entities and U.S. agency securities	$	20,744	$	7	$	(928)	$	19,823
Mortgage-backed securities - agency (1)	1,265,954		3,272		(75,476)		1,193,750
Mortgage-backed securities - non-agency	97,921		1,499		(2,331)		97,089
Asset-backed student loans	34,262		39		(86)		34,215
State and municipal securities	77,054		388		(3,984)		73,458
Collateralized loan obligations	46,800		54		—		46,854
Corporate securities	60,075		69		(2,332)		57,812
Total available for sale securities	$	1,602,810	$	5,328	$	(85,137)	$	1,523,001

(1)The amount of fair value hedging adjustment included in the amortized cost amount of the hedged investment securities available-for-sale as of December 31, 2025 was $(2.3) million. See Note 6 - Derivative Instruments for additional information regarding these derivative financial instruments.

Excluding securities issued or backed by U.S. government or its sponsored entities and agencies, there were no investments in securities from one issuer that exceeded 10% of shareholders' equity as of June 30, 2026 and December 31, 2025.

The table below shows the amortized cost and fair value of the investment securities portfolio by contractual maturity for all securities other than mortgage-backed securities, as of June 30, 2026. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


(dollars in thousands)	Amortized cost		Fair value
Investment securities available for sale
Within one year	$	3,737	$	3,756
After one year through five years	48,294		46,438
After five years through ten years	74,359		71,866
After ten years	132,581		132,293
Mortgage-backed securities	1,485,007		1,399,107
Total available for sale securities	$	1,743,978	$	1,653,460

Proceeds and gross realized gains and losses on sales of investment securities available for sale for the six months ended June 30, 2026 and 2025 are summarized as follows:


	Six Months Ended June 30,
(dollars in thousands)		2026		2025
Investment securities available for sale
Proceeds from sales		$	98,599	$	—
Gross realized gains on sales		248		—
Gross realized losses on sales		(1,979)		—

Unrealized losses and fair values for investment securities available for sale as of June 30, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized as follows:


	June 30, 2026
	Less than 12 Months				12 Months or more				Total
(dollars in thousands)	Fair value		Unrealized loss		Fair value		Unrealized loss		Fair value		Unrealized loss
Investment securities available for sale

U.S. government sponsored entities and U.S. agency securities	$	19,519	$	100	$	—	$	—	$	19,519	$	100
Mortgage-backed securities - agency	494,501		9,851		478,263		78,837		972,764		88,688
Mortgage-backed securities - non-agency	13,848		65		15,728		2,379		29,576		2,444
Asset-backed student loans	3,187		3		13,129		70		16,316		73
State and municipal securities	1,816		2		43,777		4,071		45,593		4,073
Collateralized loan obligations	18,686		67		—		—		18,686		67
Corporate securities	3,974		26		26,685		1,012		30,659		1,038
Total available for sale securities	$	555,531	$	10,114	$	577,582	$	86,369	$	1,133,113	$	96,483


	December 31, 2025
	Less than 12 Months				12 Months or more				Total
(dollars in thousands)	Fair value		Unrealized loss		Fair value		Unrealized loss		Fair value		Unrealized loss
Investment securities available for sale

U.S. government sponsored entities and U.S. agency securities	$	9,668	$	5	$	9,077	$	923	$	18,745	$	928
Mortgage-backed securities - agency	201,422		1,191		524,471		74,285		725,893		75,476
Mortgage-backed securities - non-agency	42		—		22,386		2,331		22,428		2,331
Asset-backed student loans	5,166		13		14,378		73		19,544		86
State and municipal securities	3,826		12		46,204		3,972		50,030		3,984
Collateralized loan obligations	—		—		—		—		—		—
Corporate securities	2,502		1		47,241		2,331		49,743		2,332
Total available for sale securities	$	222,626	$	1,222	$	663,757	$	83,915	$	886,383	$	85,137

At June 30, 2026, 292 investment securities available for sale had unrealized losses with aggregate depreciation of 7.85% from their amortized cost basis. For all of the above investment securities, the unrealized losses were generally due to changes in interest rates and other market conditions that do not represent credit-related impairments. The Company expects the fair value to recover as the securities approach their respective maturity dates and principal is paid back in full. The Company does not intend to sell and it is not more likely than not that the Company will be required to sell the securities prior to their anticipated recovery of their amortized cost.