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.


	June 30, 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	$	185,915	$	905	$	9,486	$	177,334	$	189,276	$	538	$	10,090	$	179,724
Mortgage-backed securities:
U.S. government agencies	1,371,095		2,395		99,894		1,273,596		1,387,057		7,836		97,104		1,297,789
Private label	5,055		—		72		4,983		5,068		—		36		5,032
Trust preferred securities	4,616		—		78		4,538		4,612		—		188		4,424
Corporate securities	16,630		203		559		16,274		16,708		172		491		16,389
Total Securities Available-for-Sale	$	1,583,311	$	3,503	$	110,089	$	1,476,725	$	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 June 30, 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 June 30, 2026 and December 31, 2025, the Company held $24.2 million and $23.9 million, respectively, 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 June 30, 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 June 30, 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):


	June 30, 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	$	5,612	$	57	$	122,499	$	9,429	$	128,111	$	9,486
Mortgage-backed securities:
U.S. Government agencies	267,591		1,870		759,466		98,024		1,027,057		99,894
Private label	—		—		4,983		72		4,983		72
Trust preferred securities	—		—		4,538		78		4,538		78
Corporate securities	—		—		14,391		559		14,391		559
Total available-for-sale	$	273,203	$	1,927	$	905,877	$	108,162	$	1,179,080	$	110,089


	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 June 30, 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 June 30, 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.

The amortized cost and estimated fair value of debt securities at June 30, 2026, by contractual maturity, is shown in the following table (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities


	Amortized Cost		Estimated Fair Value
Available-for-Sale Debt Securities
Due in one year or less	$	11,206	$	11,152
Due after one year through five years	136,577		131,964
Due after five years through ten years	274,754		260,776
Due after ten years	1,160,774		1,072,833
Total	$	1,583,311	$	1,476,725



	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Proceeds on sales of available for sale securities	$	—	$	14,882	$	—	$	14,882

Gross realized gains on available for sale securities sold	$	—	$	237	$	—	$	237
Gross realized losses on available for sale securities sold	—		(87)		—		(87)
Net realized available for sale securities gains (losses)	$	—	$	150	$	—	$	150

Gross unrealized gains recognized on equity securities still held	$	109	$	26	$	99	$	62
Gross unrealized losses recognized on equity securities still held	(51)		(289)		(34)		(330)
Net unrealized (losses) gains recognized on equity securities still held	$	58	$	(263)	$	65	$	(268)