The amortized cost, gross unrealized gains and losses, allowance for credit losses (“ACL”) and fair value of available for sale (“AFS”) securities as of the dates indicated were as follows:


	As of June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	3,043,549	$	7,498	$	(256,210)	$	—	$	2,794,837
Government-sponsored commercial mortgage-backed securities	1,120,536		3,061		(99,087)		—		1,024,510
U.S. Treasury securities	50,015		51		—		—		50,066
State and municipal bonds and obligations	186,398		32		(8,015)		—		178,415
	$	4,400,498	$	10,642	$	(363,312)	$	—	$	4,047,828


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	2,753,311	$	19,846	$	(239,848)	$	—	$	2,533,309
Government-sponsored commercial mortgage-backed securities	1,148,394		9,388		(97,451)		—		1,060,331
U.S. Treasury securities	50,030		320		—		—		50,350
State and municipal bonds and obligations	191,428		55		(9,904)		—		181,579
	$	4,143,163	$	29,609	$	(347,203)	$	—	$	3,825,569

The Company did not record a provision for credit losses on any AFS securities for either the three and six months ended June 30, 2026 or 2025. Accrued interest receivable on AFS securities totaled $12.5 million and $11.9 million as of June 30, 2026 and December 31, 2025, respectively, and is included within other assets on the Consolidated Balance Sheets. The Company did not record any write-offs of accrued interest receivable on AFS securities during either the three and six months ended June 30, 2026 or 2025. No AFS securities held by the Company were delinquent on contractual payments as of June 30, 2026 or December 31, 2025, nor were any AFS securities placed on non-accrual status during the six and twelve-month periods then ended.

Information pertaining to AFS securities with gross unrealized losses as of June 30, 2026 and December 31, 2025, for which the Company did not recognize a provision for credit losses under the current expected credit loss methodology (“CECL”), aggregated by investment category and length of time that individual securities had been in a continuous loss position, is as follows:


	As of June 30, 2026
		Less than 12 Months				12 Months or Longer				Total
	# of Holdings	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(Dollars in thousands)
Government-sponsored residential mortgage-backed securities	303	$	7,483	$	575,820	$	248,727	$	1,402,448	$	256,210	$	1,978,268
Government-sponsored commercial mortgage-backed securities	148	267		102,613		98,820		577,654		99,087		680,267
State and municipal bonds and obligations	205	515		50,321		7,500		116,669		8,015		166,990
	656	$	8,265	$	728,754	$	355,047	$	2,096,771	$	363,312	$	2,825,525


	As of December 31, 2025
		Less than 12 Months				12 Months or Longer				Total
	# of Holdings	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(Dollars in thousands)
Government-sponsored residential mortgage-backed securities	292	$	317	$	74,415	$	239,531	$	1,511,918	$	239,848	$	1,586,333
Government-sponsored commercial mortgage-backed securities	148	—		—		97,451		608,386		97,451		608,386
State and municipal bonds and obligations	199	8		3,816		9,896		156,973		9,904		160,789
	639	$	325	$	78,231	$	346,878	$	2,277,277	$	347,203	$	2,355,508

The Company does not intend to sell these investments and has determined based upon available evidence that it is not more-likely-than-not that the Company will be required to sell each security before the expected recovery of its amortized cost basis. As a result, the Company did not recognize an ACL on these investments as of either June 30, 2026 or December 31, 2025.

•Government-sponsored mortgage-backed securities – The securities with unrealized losses in these portfolios have contractual terms that generally do not permit the issuer to settle the security at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. government or one of its agencies.

•State and municipal bonds and obligations – The securities with unrealized losses in this portfolio have contractual terms that generally do not permit the issuer to settle the security at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality.


	As of June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	199,766	$	—	$	(17,366)	$	—	$	182,400
Government-sponsored commercial mortgage-backed securities	181,682		—		(12,623)		—		169,059
State and municipal bonds and obligations	329,860		5,774		(404)		—		335,230
Corporate bonds	52,886		1,444		(28)		—		54,302
	$	764,194	$	7,218	$	(30,421)	$	—	$	740,991


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	210,142	$	—	$	(15,595)	$	—	$	194,547
Government-sponsored commercial mortgage-backed securities	185,185		—		(11,601)		—		173,584
State and municipal bonds and obligations	167,346		2,914		(399)		—		169,861
Corporate bonds	36,884		1,098		—		—		37,982
	$	599,557	$	4,012	$	(27,595)	$	—	$	575,974

The Company did not record a provision for estimated credit losses on any HTM securities for either the three and six months ended June 30, 2026 or 2025. The accrued interest receivable on HTM securities totaled $5.8 million and $3.6 million as of June 30, 2026 and December 31, 2025, respectively, and is included within other assets on the Consolidated Balance Sheets. The Company did not record any write-offs of accrued interest receivable on HTM securities during either the three and six months ended June 30, 2026 or 2025. No HTM securities held by the Company were delinquent on contractual payments as of either June 30, 2026 or December 31, 2025, nor were any HTM securities placed on non-accrual status during the six and twelve-month periods then ended.

The amortized cost and estimated fair value of AFS and HTM securities by contractual maturities as of June 30, 2026 and December 31, 2025 are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.


	As of June 30, 2026
	Due in one year or less				Due after one year to five years				Due after five to ten years				Due after ten years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
AFS securities
Government-sponsored residential mortgage-backed securities	$	702	$	698	$	7,047	$	6,933	$	19,708	$	18,467	$	3,016,092	$	2,768,739	$	3,043,549	$	2,794,837
Government-sponsored commercial mortgage-backed securities	97,081		96,503		521,777		517,685		36,120		32,156		465,558		378,166		1,120,536		1,024,510
U.S. Treasury securities	50,015		50,066		—		—		—		—		—		—		50,015		50,066
State and municipal bonds and obligations	7,279		7,242		34,771		34,267		54,139		53,270		90,209		83,636		186,398		178,415
Total available for sale securities	155,077		154,509		563,595		558,885		109,967		103,893		3,571,859		3,230,541		4,400,498		4,047,828
HTM securities
Government-sponsored residential mortgage-backed securities	—		—		—		—		—		—		199,766		182,400		199,766		182,400
Government-sponsored commercial mortgage-backed securities	—		—		128,418		121,697		53,264		47,362		—		—		181,682		169,059
State and municipal bond obligations	—		—		—		—		1,190		1,262		328,670		333,968		329,860		335,230
Corporate bonds	1,006		1,008		—		—		46,880		48,308		5,000		4,986		52,886		54,302
Total held to maturity securities	1,006		1,008		128,418		121,697		101,334		96,932		533,436		521,354		764,194		740,991
Total	$	156,083	$	155,517	$	692,013	$	680,582	$	211,301	$	200,825	$	4,105,295	$	3,751,895	$	5,164,692	$	4,788,819


	As of December 31, 2025
	Due in one year or less				Due after one year to five years				Due after five to ten years				Due after ten years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
AFS securities
Government-sponsored residential mortgage-backed securities	$	661	$	657	$	10,753	$	10,602	$	22,179	$	21,006	$	2,719,718	$	2,501,044	$	2,753,311	$	2,533,309
Government-sponsored commercial mortgage-backed securities	10,528		10,368		601,026		604,330		48,278		43,673		488,562		401,960		1,148,394		1,060,331
U.S. Treasury securities	50,030		50,350		—		—		—		—		—		—		50,030		50,350
State and municipal bonds and obligations	7,040		7,011		35,647		35,181		52,939		52,451		95,802		86,936		191,428		181,579
Total available for sale securities	68,259		68,386		647,426		650,113		123,396		117,130		3,304,082		2,989,940		4,143,163		3,825,569
HTM securities
Government-sponsored residential mortgage-backed securities	—		—		—		—		—		—		210,142		194,547		210,142		194,547
Government-sponsored commercial mortgage-backed securities	—		—		130,301		124,033		54,884		49,551		—		—		185,185		173,584
State and municipal bonds and obligations	—		—		—		—		—		—		167,346		169,861		167,346		169,861
Corporate bonds	—		—		1,012		1,014		35,872		36,968		—		—		36,884		37,982
Total held to maturity securities	—		—		131,313		125,047		90,756		86,519		377,488		364,408		599,557		575,974
Total	$	68,259	$	68,386	$	778,739	$	775,160	$	214,152	$	203,649	$	3,681,570	$	3,354,348	$	4,742,720	$	4,401,543

As of June 30, 2026 and December 31, 2025, securities with a carrying value of $957.2 million and $692.9 million, respectively, were pledged to secure public deposits and for other purposes required by law. As of June 30, 2026 and December 31, 2025, deposits with associated pledged collateral included municipal deposit accounts. As of June 30, 2026 and December 31, 2025, securities with a carrying value of $3.0 billion and $0.2 billion, respectively, were pledged as collateral to the FHLBB.