
	June 30, 2026
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Securities available-for-sale
Obligations of states and political subdivisions	$	453,017	$	11,503	$	(1,800)	$	462,720
Mortgage-backed securities - residential	3,016,269		19,221		(34,295)		3,001,195
Mortgage-backed securities - commercial	364,721		776		(12,893)		352,604
Collateralized loan obligations	230,500		104		(22)		230,582
Corporate bonds	45,243		1,522		(1,382)		45,383
U.S. Treasury securities	20,674		—		(250)		20,424
Agency debentures	6,433		—		(126)		6,307
Total securities available-for-sale	$	4,136,857	$	33,126	$	(50,768)	$	4,119,215

(in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value

Securities held-to-maturity
Obligations of states and political subdivisions	$	13,030	$	506	$	(12)	$	13,524
Mortgage-backed securities - residential	962,717		—		(134,393)		828,324
Mortgage-backed securities - commercial	311,066		—		(32,826)		278,240
Total securities held-to-maturity	$	1,286,813	$	506	$	(167,231)	$	1,120,088


	December 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Securities available-for-sale
Obligations of states and political subdivisions	$	458,290	$	13,518	$	(649)	$	471,159
Mortgage-backed securities - residential	2,871,733		36,881		(24,325)		2,884,289
Mortgage-backed securities - commercial	381,934		1,622		(11,750)		371,806
Collateralized loan obligations	188,500		1		(185)		188,316
Corporate bonds	51,828		527		(2,440)		49,915
U.S. Treasury securities	20,623		46		—		20,669
Agency debentures	7,243		9		(21)		7,231
Total securities available-for-sale	$	3,980,151	$	52,604	$	(39,370)	$	3,993,385

(in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value

Securities held-to-maturity
Obligations of states and political subdivisions	$	12,902	$	545	$	(6)	$	13,441
Mortgage-backed securities - residential	1,012,716		—		(134,994)		877,722
Mortgage-backed securities - commercial	311,014		—		(31,359)		279,655
Total securities held-to-maturity	$	1,336,632	$	545	$	(166,359)	$	1,170,818

In addition to the reported fair values of the debt securities reflected above, the Company is entitled to receive accrued interest and dividends from its securities. Included in interest receivable and other assets on the consolidated balance sheets as of June 30, 2026 and December 31, 2025 was $21.4 million and $20.2 million, respectively, of interest and dividends receivable from the Company’s debt securities. Accrued interest receivable from securities available-for-sale totaled $19.1

Substantially all the mortgage-backed securities represent securities issued or guaranteed by government sponsored enterprises and government entities. Municipal bonds are comprised of general obligation bonds (i.e., backed by the general credit of the issuer) and revenue bonds (i.e., backed by either collateral or revenues from the specific project being financed) issued by various municipal and corporate entities. As of June 30, 2026 and December 31, 2025, substantially all securities held, including municipal bonds, corporate debt securities, and collateralized loan obligations were rated investment grade based upon nationally recognized statistical rating organizations where available.

At June 30, 2026 and December 31, 2025, the Company held $46.6 million and $49.5 million of trading securities, consisting of U.S. Treasury notes used as economic hedges of our single family mortgage servicing rights, which are carried at fair value and reported as trading securities on the consolidated balance sheets. For the quarter and six months ended June 30, 2026, net losses of $431 thousand and $964 thousand on trading securities were recorded in loan servicing income. There were no net gains or losses on trading securities for the quarter and six months ended June 30, 2025.

The Company reassessed classification of certain investments and effective January 1, 2022, transferred $1.7 billion in residential and commercial mortgage-backed securities from available-for-sale to held-to-maturity securities. The transfer occurred at fair value. The related net unrealized loss of $23.5 million, or $16.7 million net of deferred taxes, included in accumulated other comprehensive income remained in accumulated other comprehensive income. The unrealized loss is accreted to interest income as a yield adjustment through earnings over the remaining term of the securities. For the quarter ended June 30, 2026 and 2025, $593 thousand and $625 thousand, respectively, of the unrealized loss was accreted to interest income, and $1.2 million and $1.3 million, respectively, was accreted to interest income for the six months ended June 30, 2026 and 2025. No gain or loss was recorded at the time of transfer.


	June 30, 2026
	Less than 12 months				12 months or more				Total
(dollars in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses

Obligations of states and political subdivisions	$	112,534	$	1,419	$	22,601	$	381	$	135,135	$	1,800
Mortgage-backed securities - residential	890,067		8,263		358,301		26,032		1,248,368		34,295
Mortgage-backed securities - commercial	116,897		1,162		151,305		11,731		268,202		12,893
Collateralized loan obligations	53,478		22		—		—		53,478		22
Corporate bonds	1,060		18		21,636		1,364		22,696		1,382
U.S. Treasury securities	20,424		250		—		—		20,424		250
Agency debentures	6,307		126		—		—		6,307		126
Total	$	1,200,767	$	11,260	$	553,843	$	39,508	$	1,754,610	$	50,768

Number of securities with unrealized losses			288				219				507


	December 31, 2025
	Less than 12 months				12 months or more				Total
(dollars in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses

Obligations of states and political subdivisions	$	27,015	$	151	$	30,244	$	498	$	57,259	$	649
Mortgage-backed securities - residential	72,234		384		393,915		23,941		466,149		24,325
Mortgage-backed securities - commercial	106,225		405		156,600		11,345		262,825		11,750
Collateralized loan obligations	138,315		185		—		—		138,315		185
Corporate bonds	3,543		101		27,661		2,339		31,204		2,440

Agency debentures	4,877		21		—		—		4,877		21
Total	$	352,209	$	1,247	$	608,420	$	38,123	$	960,629	$	39,370

Number of securities with unrealized losses			83				240				323

The Company did not record an ACL on the debt securities portfolio at June 30, 2026 and December 31, 2025. As of both dates, the Company considers any unrealized or unrecognized loss across the classes of major security-type to be related to fluctuations in market conditions, primarily interest rates, and not reflective of a deterioration in credit quality. The Company maintains that it has the intent and ability to hold these securities until the amortized cost basis of each security is recovered, which may be at maturity, and likewise concluded as of June 30, 2026, that it was not more likely than not that any of the securities in an unrealized loss position would be required to be sold. The factors that were considered in determining that an ACL was not required at June 30, 2026 and December 31, 2025 are discussed below. As discussed in Note 17, “Subsequent Events,” in July 2026, the Company completed a balance sheet restructuring by selling its remaining low-yielding AFS securities and reinvesting in MBS at current market rates. Management expects that the restructuring will improve the Company’s near-term net interest margin. The restructuring was not the result of a deterioration in credit quality of the portfolio.

Obligations of States and Political Subdivisions: The unrealized losses on the Company’s investments in obligations of states and political subdivisions are primarily due to changes in interest rates and not due to credit losses. Management monitors these securities on an ongoing basis and performs an internal analysis which takes into account the impact from market rates movements, severity and duration of the unrealized loss position, viability of the issuer, recent downgrades in ratings, and external credit rating assessments. As a result, management expects to recover the entire amortized cost basis of these securities.

Mortgage-Backed Securities - Residential and Commercial: The unrealized losses on the Company’s investments in residential and commercial MBS are primarily due to changes in interest rates. These securities are either implicitly or explicitly guaranteed by the U.S. government. As a result, management expects to recover the entire amortized cost basis of these securities.

Collateralized Loan Obligations: The unrealized losses on the Company’s collateralized loan obligations are primarily due to slightly wider spreads. Management conducts ongoing monitoring of these securities including analysis of credit enhancement and performance of the underlying collateral. Management expects to recover the entire amortized cost basis of these securities.

Corporate Bonds: The unrealized losses on the Company’s investments in corporate bonds are due to slight discount margin variances related to changes in market rates and not due to credit losses. Management monitors these securities on an ongoing basis and performs an internal analysis which includes a review of credit quality, changes in ratings, and an assessment of regulatory and financial ratios. Management expects to recover the entire amortized cost basis of these securities.

U.S. Treasury Securities: The unrealized losses on the Company’s investments in U.S. Treasury securities are primarily due to changes in interest rates. These securities are backed by the full faith and credit of the U.S. government. As a result, management expects to recover the entire amortized cost basis of these securities.

Agency Debentures: The unrealized losses on the Company’s investments in agency debentures are primarily due to changes in interest rates. These securities are either implicitly or explicitly guaranteed by the U.S. government. As a result, management expects to recover the entire amortized cost basis of these securities.

At June 30, 2026, investment securities with a carrying value of $3.5 billion were pledged to secure available borrowing capacity from the Federal Reserve’s Discount Window, and investment securities with a carrying value of $1.7 billion were pledged to secure the Company’s obligations to collateralize certain public, trust and bankruptcy deposits as required by law.

The fair value of available-for-sale securities and the amortized cost and fair value of held-to-maturity debt securities are shown by contractual maturity in the following tables. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Contractual maturities of securities as of June 30, 2026, were as follows:


	June 30, 2026
(in thousands)	Within One Year		After One Through Five Years		After Five Through Ten Years		After Ten Years		Total
Securities available-for-sale
Obligations of states and political subdivisions	$	3,386	$	44,415	$	131,205	$	283,714	$	462,720
Mortgage-backed securities - residential	242		10,371		21,687		2,968,895		3,001,195
Mortgage-backed securities - commercial	5,247		199,870		133,373		14,114		352,604
Collateralized loan obligations	—		—		—		230,582		230,582
Corporate bonds	—		12,490		32,893		—		45,383
U.S. Treasury securities	—		20,424		—		—		20,424
Agency debentures	—		1,105		3,092		2,110		6,307
Total	$	8,875	$	288,675	$	322,250	$	3,499,415	$	4,119,215


	June 30, 2026
	Within One Year				After One Through Five Years				After Five Through Ten Years				After Ten Years				Total
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Securities held-to-maturity
Obligations of states and political subdivisions	$	3,500	$	3,500	$	3,113	$	3,135	$	4,751	$	5,053	$	1,666	$	1,836	$	13,030	$	13,524
Mortgage-backed securities - residential	—		—		50		49		—		—		962,667		828,275		962,717		828,324
Mortgage-backed securities - commercial	—		—		189,144		170,753		121,922		107,487		—		—		311,066		278,240




Total	$	3,500	$	3,500	$	192,307	$	173,937	$	126,673	$	112,540	$	964,333	$	830,111	$	1,286,813	$	1,120,088