| Summary of Amortized Cost, Estimated Fair Value and Allowance for Credit Loss on Investments in Debt Securities |
The amortized cost, estimated fair values and allowance for credit losses of investments in debt securities are summarized in the following tables: | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (in thousands) | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | | | Estimated
Fair
Value | | Debt Securities Available for Sale | | | | | | | | | | | Obligations of U.S. government agencies | $ | 1,217,068 | | | $ | 339 | | | $ | (120,196) | | | | | $ | 1,097,211 | | | Obligations of states and political subdivisions | 239,510 | | | 72 | | | (20,446) | | | | | 219,136 | | | Corporate bonds | 999 | | | — | | | (10) | | | | | 989 | | | Asset backed securities | 246,104 | | | 159 | | | (948) | | | | | 245,315 | | | Non-agency collateralized mortgage obligations | 153,671 | | | — | | | (20,653) | | | | | 133,018 | | | Total debt securities available for sale | $ | 1,857,352 | | | $ | 570 | | | $ | (162,253) | | | | | $ | 1,695,669 | | | Debt Securities Held to Maturity | | | | | | | | | | | Obligations of U.S. government agencies | $ | 79,225 | | | $ | 1 | | | $ | (4,056) | | | | | 75,170 | | | Obligations of states and political subdivisions | 1,564 | | | — | | | (19) | | | | | 1,545 | | | Total debt securities held to maturity | $ | 80,789 | | | $ | 1 | | | $ | (4,075) | | | | | $ | 76,715 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (in thousands) | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | | | Estimated
Fair
Value | | Debt Securities Available for Sale | | | | | | | | | | | Obligations of U.S. government agencies | $ | 1,174,813 | | | $ | 1,600 | | | $ | (112,385) | | | | | $ | 1,064,028 | | | Obligations of states and political subdivisions | 240,199 | | | 110 | | | (19,623) | | | | | 220,686 | | | Corporate bonds | 4,981 | | | 3 | | | (26) | | | | | 4,958 | | | Asset backed securities | 270,817 | | | 131 | | | (1,428) | | | | | 269,520 | | | Non-agency collateralized mortgage obligations | 192,602 | | | 209 | | | (20,072) | | | | | 172,739 | | | Total debt securities available for sale | $ | 1,883,412 | | | $ | 2,053 | | | $ | (153,534) | | | | | $ | 1,731,931 | | | Debt Securities Held to Maturity | | | | | | | | | | | Obligations of U.S. government agencies | $ | 88,980 | | | $ | 5 | | | $ | (3,552) | | | | | $ | 85,433 | | | Obligations of states and political subdivisions | 1,564 | | | — | | | (10) | | | | | 1,554 | | | Total debt securities held to maturity | $ | 90,544 | | | $ | 5 | | | $ | (3,562) | | | | | $ | 86,987 | |
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| Summary of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity |
As of June 30, 2026, the contractual final maturity for available for sale and held to maturity investment securities is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Debt Securities | Available for Sale | | Held to Maturity | | (in thousands) | Amortized
Cost | | Estimated
Fair Value | | Amortized
Cost | | Estimated
Fair Value | | | | | Due in one year | $ | 3,317 | | | $ | 3,298 | | | $ | 17 | | | $ | 17 | | | Due after one year through five years | 94,117 | | | 90,150 | | | 2,584 | | | 2,537 | | | Due after five years through ten years | 236,030 | | | 215,993 | | | 77,438 | | | 73,446 | | | Due after ten years | 1,523,888 | | | 1,386,228 | | | 750 | | | 715 | | | Totals | $ | 1,857,352 | | | $ | 1,695,669 | | | $ | 80,789 | | | $ | 76,715 | |
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| Summary of Gross Unrealized Losses on Investment Securities |
Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026: | Less than 12 months | | 12 months or more | | Total | | (in thousands) | Fair
Value | | Unrealized
Loss | | Fair
Value | | Unrealized
Loss | | Fair
Value | | Unrealized
Loss | | Debt Securities Available for Sale | | | | | | | | | | | | | Obligations of U.S. government agencies | $ | 182,391 | | | $ | (3,129) | | | $ | 857,482 | | | $ | (117,067) | | | $ | 1,039,873 | | | $ | (120,196) | | | Obligations of states and political subdivisions | 21,882 | | | (301) | | | 185,569 | | | (20,145) | | | 207,451 | | | (20,446) | | | Corporate bonds | 988 | | | (10) | | | — | | | — | | | 988 | | | (10) | | | Asset backed securities | 21,407 | | | (44) | | | 64,336 | | | (904) | | | 85,743 | | | (948) | | | Non-agency collateralized mortgage obligations | 10,366 | | | (51) | | | 122,652 | | | (20,602) | | | 133,018 | | | (20,653) | | | Total debt securities available for sale | $ | 237,034 | | | $ | (3,535) | | | $ | 1,230,039 | | | $ | (158,718) | | | $ | 1,467,073 | | | $ | (162,253) | | | Debt Securities Held to Maturity | | | | | | | | | | | | | Obligations of U.S. government agencies | $ | — | | | $ | — | | | $ | 75,090 | | | $ | (4,056) | | | $ | 75,090 | | | $ | (4,056) | | | Obligations of states and political subdivisions | 1,545 | | | (19) | | | — | | | — | | | 1,545 | | | (19) | | | Total debt securities held to maturity | $ | 1,545 | | | $ | (19) | | | $ | 75,090 | | | $ | (4,056) | | | $ | 76,635 | | | $ | (4,075) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following securities had unrealized losses as of June 30, 2026: •Obligations of U.S. government corporations and agencies included 161 debt securities with aggregate depreciation of 10.4% from the Company’s amortized cost basis. •Obligations of states and political subdivisions included 142 debt securities with aggregate depreciation of 9.0% from the Company’s amortized cost basis. •Corporate bonds included 2 debt securities with aggregate depreciation of 1.1% from the Company’s amortized cost basis. •Asset backed securities included 18 debt securities with aggregate depreciation of 1.1% from the Company’s amortized cost basis. •Non-agency collateralized mortgage obligations included 14 debt securities with aggregate depreciation of 13.4% from the Company’s amortized cost basis. Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability of cash flows, as of June 30, 2026, the Company has concluded that it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. As such, the unrealized losses on these securities were caused by the changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities and are not due to the underlying credit of the issuers. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025: | Less than 12 months | | 12 months or more | | Total | | (in thousands) | Fair
Value | | Unrealized
Loss | | Fair
Value | | Unrealized
Loss | | Fair
Value | | Unrealized
Loss | | Debt Securities Available for Sale | | | | | | | | | | | | | Obligations of U.S. government agencies | $ | 39,263 | | | $ | (133) | | | $ | 916,500 | | | $ | (112,252) | | | $ | 955,763 | | | $ | (112,385) | | | Obligations of states and political subdivisions | 2,874 | | | (106) | | | 201,382 | | | (19,517) | | | 204,256 | | | (19,623) | | | Corporate bonds | 495 | | | (5) | | | 2,229 | | | (21) | | | 2,724 | | | (26) | | | Asset backed securities | 94,965 | | | (161) | | | 70,084 | | | (1,267) | | | 165,049 | | | (1,428) | | | Non-agency collateralized mortgage obligations | 10,524 | | | (1) | | | 131,873 | | | (20,071) | | | 142,397 | | | (20,072) | | | Total debt securities available for sale | $ | 148,121 | | | $ | (406) | | | $ | 1,322,068 | | | $ | (153,128) | | | $ | 1,470,189 | | | $ | (153,534) | | | Debt Securities Held to Maturity | | | | | | | | | | | | | Obligations of U.S. government agencies | $ | — | | | $ | — | | | $ | 85,273 | | | $ | (3,552) | | | $ | 85,273 | | | $ | (3,552) | | | Obligations of states and political subdivisions | — | | | — | | | 1,555 | | | (10) | | | 1,555 | | | (10) | | | Total debt securities held to maturity | $ | — | | | $ | — | | | $ | 86,828 | | | $ | (3,562) | | | $ | 86,828 | | | $ | (3,562) | |
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