The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at June 30, 2026 and December 31, 2025 were as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
June 30, 2026
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	152,514	$	—	$	(10,147	)	$	142,367
Obligations of states and political subdivisions		331,621		273		(44,882	)		287,012
Mortgage-backed securities (1)		911,281		788		(89,248	)		822,821
Corporate bonded debt		28,553		11		(656	)		27,908
Total available-for-sale	$	1,423,969	$	1,072	$	(144,933	)	$	1,280,108
Held-to-maturity:
Other securities	$	2,265	$	—	$	—		$	2,265

December 31, 2025
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	153,859	$	3	$	(9,782	)	$	144,080
Obligations of states and political subdivisions		327,950		341		(47,658	)		280,633
Mortgage-backed securities (1)		705,728		2,458		(83,520	)		624,666
Corporate bonded debt		28,276		—		(772	)		27,504
Total available-for-sale	$	1,215,813	$	2,802	$	(141,732	)	$	1,076,883
Held-to-maturity:
Other securities	$	2,288	$	—	$	—		$	2,288

(1) Mortgage-backed securities include mortgage-backed securities (MBS) and collateralized mortgage obligation (CMO) issues from the following government sponsored enterprises: FHLMC, FNMA, GNMA and FHLB.

The Company also had $3.6 million and $4.6 million of equity securities, at fair value, as of June 30, 2026 and December 31, 2025, respectively. Investment securities carried at approximately $519.9 million and $473.8 million at June 30, 2026 and December 31, 2025, respectively, were pledged to secure public deposits and repurchase agreements and for other purposes as permitted or required by law. All the Company's held-to-maturity securities are government agency-backed securities for which the risk of loss is minimal. As such, as of June 30, 2026, the Company did not record an allowance for credit losses on its held-to-maturity securities.

Proceeds from sales of available-for-sale investment securities, realized gains and losses and income tax expense were as follows during the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three months ended					Six months ended
	June 30,					June 30,
	2026			2025		2026			2025
Proceeds from sales	$	64		$	—	$	167,867		$	8,291
Gross gains		63			—		83			—
Gross losses		—			—		—			(181	)
Income tax benefit (expense)		(17	)		—		(23	)		50

The following table presents the aging of gross unrealized losses and fair value by investment category as of June 30, 2026 and December 31, 2025 (in thousands):


	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
June 30, 2026
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	—	$	—		$	142,366	$	(10,147	)	$	142,366	$	(10,147	)
Obligations of states and political subdivisions		24,881		(189	)		231,589		(44,693	)		256,470		(44,882	)
Mortgage-backed securities (1)		279,235		(4,803	)		449,575		(84,445	)		728,810		(89,248	)
Corporate bonded debt		3,971		(29	)		16,176		(627	)		20,147		(656	)
Total	$	308,087	$	(5,021	)	$	839,706	$	(139,912	)	$	1,147,793	$	(144,933	)

December 31, 2025
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	—	$	—		$	142,833	$	(9,782	)	$	142,833	$	(9,782	)
Obligations of states and political subdivisions		5,923		(8	)		246,076		(47,650	)		251,999		(47,658	)
Mortgage-backed securities (1)		11,327		(102	)		480,583		(83,418	)		491,910		(83,520	)
Corporate bonded debt		3,967		(33	)		19,203		(739	)		23,170		(772	)
Total	$	21,217	$	(143	)	$	888,695	$	(141,589	)	$	909,912	$	(141,732	)

(1) Mortgage-backed securities include mortgage-backed securities (MBS) and collateralized mortgage obligation (CMO) issues from the following government sponsored enterprises: FHLMC, FNMA, GNMA and FHLB.

At June 30, 2026, there were four hundred fifty-nine available-for-sale securities with a fair value of $839.7 million and unrealized losses of $139.9 million in a continuous unrealized loss position for twelve months or more. At December 31, 2025, there were four hundred eighty-eight available-for-sale securities with a fair value of $888.7 million and unrealized losses of $141.6 million in a continuous unrealized loss position for twelve months or more.

At June 30, 2026 and December 31, 2025, there were no held-to-maturity securities in a continuous unrealized loss position for twelve months or more.

The Company does not consider available-for-sale securities with unrealized losses at June 30, 2026, to be experiencing credit losses and recognized no resulting allowance for credit losses. The Company does not intend to sell a significant amount of the investments unless they are acquired and subsequently marked to fair value, and it is more likely than not that the Company will not be required to

sell these investments before recovery of the amortized cost basis, which may be the maturity dates of the securities. The unrealized losses occurred as a result of changes in interest rates, market spreads, and market conditions after purchase.

Note 3 -- Investment Securities