The following is a summary of securities available for sale as of the dates indicated:


			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
	(in thousands)
June 30, 2026
U.S. Treasury securities	$	211,878	$	24	$	(485	)	$	211,417
U.S. government agency and sponsored agency obligations:
Mortgage-backed securities - residential		394,720		538		(40,430	)		354,828
Mortgage-backed securities - commercial		73,852		17		(11,669	)		62,200
Collateralized mortgage obligations		164,731		486		(6,265	)		158,952
Debt securities		42,565		—		(539	)		42,026
Total U.S. government agency and sponsored agency obligations		675,868		1,041		(58,903	)		618,006
Municipal bonds-tax exempt		74,509		—		(7,322	)		67,187
Total securities available for sale	$	962,255	$	1,065	$	(66,710	)	$	896,610

December 31, 2025
U.S. Treasury securities	$	128,569	$	298	$	(157	)	$	128,710
U.S. government agency and sponsored agency obligations:
Mortgage-backed securities - residential		411,223		926		(38,741	)		373,408
Mortgage-backed securities - commercial		71,751		116		(11,295	)		60,572
Collateralized mortgage obligations		188,120		1,768		(5,933	)		183,955
Debt securities		67,059		—		(1,105	)		65,954
Total U.S. government agency and sponsored agency obligations		738,153		2,810		(57,074	)		683,889
Municipal bonds-tax exempt		75,038		—		(7,013	)		68,025
Total securities available for sale	$	941,760	$	3,108	$	(64,244	)	$	880,624

The amortized cost and estimated fair value of securities as of June 30, 2026 and December 31, 2025, by contractual or expected maturity, are shown below. Collateralized mortgage obligations are included in the table shown below based on their expected maturities. All other securities are included based on their contractual maturities. Mortgage-backed securities included in the table below may be repaid before their contractual maturities.


	June 30, 2026				December 31, 2025
	Available for Sale				Available for Sale
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
	(in thousands)
Within one year	$	182,678	$	181,944	$	159,050	$	158,399
Over one year through five years		96,493		95,365		65,994		64,919
Over five years through ten years		286,927		258,160		234,306		213,596
Over ten years		396,157		361,141		482,410		443,710
Total	$	962,255	$	896,610	$	941,760	$	880,624

The following table summarizes debt securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded at June 30, 2026 or December 31, 2025, aggregated by major security type and length of time in a continuous unrealized loss position:


	Holding Period
	Less than 12 Months							12 Months or More							Total
	Gross			Estimated		Number		Gross			Estimated		Number		Gross			Estimated		Number
	Unrealized			Fair		of		Unrealized			Fair		of		Unrealized			Fair		of
	Loss			Value		Securities		Loss			Value		Securities		Loss			Value		Securities
	(in thousands, except number of securities)
June 30, 2026
U.S. Treasury securities	$	(423	)	$	174,452		39	$	(62	)	$	10,440		3	$	(485	)	$	184,892		42
U.S. government agency and sponsored agency obligations:
Mortgage-backed securities - residential		(291	)		24,434		6		(40,139	)		297,345		115		(40,430	)		321,779		121
Mortgage-backed securities - commercial		(166	)		12,221		4		(11,503	)		48,288		14		(11,669	)		60,509		18
Collateralized mortgage obligations		(212	)		52,053		13		(6,053	)		41,783		21		(6,265	)		93,836		34
Debt securities		(36	)		9,963		2		(503	)		32,062		7		(539	)		42,025		9
Total U.S. government agency and sponsored agency obligations		(705	)		98,671		25		(58,198	)		419,478		157		(58,903	)		518,149		182
Municipal bonds-tax exempt		—			—		—		(7,322	)		67,186		19		(7,322	)		67,186		19
Total	$	(1,128	)	$	273,123		64	$	(65,582	)	$	497,104		179	$	(66,710	)	$	770,227		243

December 31, 2025
U.S. Treasury securities	$	—		$	4,999		1	$	(157	)	$	10,351		3	$	(157	)	$	15,350		4
U.S. government agency and sponsored agency obligations:
Mortgage-backed securities - residential		(46	)		4,629		2		(38,695	)		322,912		114		(38,741	)		327,541		116
Mortgage-backed securities - commercial		—			—		—		(11,295	)		54,316		16		(11,295	)		54,316		16
Collateralized mortgage obligations		—			—		—		(5,933	)		50,264		24		(5,933	)		50,264		24
Debt securities		—			—		—		(1,105	)		65,954		13		(1,105	)		65,954		13
Total U.S. government agency and sponsored agency obligations		(46	)		4,629		2		(57,028	)		493,446		167		(57,074	)		498,075		169
Municipal bonds-tax exempt		—			—		—		(7,013	)		68,025		19		(7,013	)		68,025		19
Total	$	(46	)	$	9,628		3	$	(64,198	)	$	571,822		189	$	(64,244	)	$	581,450		192

The Company evaluates its available for sale securities portfolio for impairment on a quarterly basis. The Company did not recognize unrealized losses in income because it has the ability and the intent to hold and does not expect to be required to sell these securities until the recovery of their cost basis. The quarterly impairment assessment takes into account the changes in the credit quality of these debt securities since acquisition and the likelihood of a credit loss occurring over the life of the securities. If a credit loss is expected to occur, an allowance is established and a corresponding credit loss is recognized. Based on this analysis, the Company determined that no credit losses are expected to be realized on the tax-exempt municipal bond portfolio. The remainder of the securities portfolio consists of U.S. Treasury obligations, U.S. government agency securities, and U.S. government sponsored agency securities, all of which have the backing of the U.S. government and are therefore not expected to incur credit losses.

There were no sales of securities during the six months ended June 30, 2026 or June 30, 2025.

As of June 30, 2026 and December 31, 2025, there were no securities available for sale that were pledged to secure advances or other borrowings.

At June 30, 2026, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity.

Note 2 — Securities