
	September 30, 2026
($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises	$	143,433	$	—	$	(8,852)	$	134,581
Obligations of states and political subdivisions	642,699		—		(116,545)		526,154
Agency mortgage-backed securities	2,044,967		136		(125,622)		1,919,481
U.S. Treasury bills	131,620		—		(312)		131,308
Corporate debt securities	18,948		175		(51)		19,072
Total securities available-for-sale	$	2,981,667	$	311	$	(251,382)	$	2,730,596
Held-to-maturity securities:

Obligations of states and political subdivisions	$	884,514	$	36	$	(107,979)	$	776,571
Agency mortgage-backed securities	35,536		—		(4,139)		31,397
Corporate debt securities	110,199		366		(4,549)		106,016
Total securities held-to-maturity	$	1,030,249	$	402	$	(116,667)	$	913,984
ACL	(165)
Total securities held-to-maturity, net	$	1,030,084


	December 31, 2025
($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises	$	187,587	$	76	$	(5,091)	$	182,572
Obligations of states and political subdivisions	626,900		3,914		(58,109)		572,705
Agency mortgage-backed securities	1,733,003		12,638		(36,330)		1,709,311
U.S. Treasury Bills	171,355		128		(499)		170,984
Corporate debt securities	19,448		109		(94)		19,463
Total securities available-for-sale	$	2,738,293	$	16,865	$	(100,123)	$	2,655,035
Held-to-maturity securities:

Obligations of states and political subdivisions	$	920,199	$	10,861	$	(39,849)	$	891,211
Agency mortgage-backed securities	43,839		—		(3,199)		40,640
Corporate debt securities	111,064		325		(3,426)		107,963
Total securities held-to-maturity	$	1,075,102	$	11,186	$	(46,474)	$	1,039,814
ACL	(145)
Total securities held-to-maturity, net	$	1,074,957

The balance of held-to-maturity securities in the “Amortized Cost” column in the tables above include a cumulative net unamortized, unrealized gain of $5.4 million and $7.6 million at September 30, 2026 and December 31, 2025, respectively. Such amounts are amortized over the remaining life of the securities.

At September 30, 2026 and December 31, 2025, there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders’ equity, other than U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government agencies and sponsored enterprises. Securities of $1.7 billion at both September 30, 2026 and December 31, 2025 were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions, in addition to collateral securing borrowing bases with the FHLB and the Federal Reserve.

The amortized cost and estimated fair value of debt securities at September 30, 2026, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately six years.


	Available-for-sale				Held-to-maturity
($ in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	171,797	$	171,271	$	11,428	$	11,332
Due after one year through five years	21,763		21,179		136,465		131,596
Due after five years through ten years	462,963		379,500		292,655		268,849
Due after ten years	280,177		239,165		554,166		470,810
Agency mortgage-backed securities	2,044,967		1,919,481		35,535		31,397

	$	2,981,667	$	2,730,596	$	1,030,249	$	913,984


	September 30, 2026
	Less than 12 months				12 months or more				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government-sponsored enterprises	$	78,193	$	4,291	$	53,415	$	4,561	$	131,608	$	8,852
Obligations of states and political subdivisions	190,304		19,057		335,850		97,488		526,154		116,545
Agency mortgage-backed securities	1,536,059		79,677		291,653		45,945		1,827,712		125,622
U.S. Treasury bills	131,308		312		—		—		131,308		312
Corporate debt securities	987		13		1,962		38		2,949		51
	$	1,936,851	$	103,350	$	682,880	$	148,032	$	2,619,731	$	251,382


	December 31, 2025
	Less than 12 months				12 months or more				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government-sponsored enterprises	$	13,971	$	22	$	149,230	$	5,069	$	163,201	$	5,091
Obligations of states and political subdivisions	32,658		245		425,879		57,864		458,537		58,109
Agency mortgage-backed securities	266,639		1,215		377,787		35,115		644,426		36,330
U.S. Treasury bills	4,996		—		40,418		499		45,414		499
Corporate debt securities	—		—		3,406		94		3,406		94
	$	318,264	$	1,482	$	996,720	$	98,641	$	1,314,984	$	100,123

The unrealized losses at both September 30, 2026 and December 31, 2025 were attributable primarily to changes in market interest rates after the securities were purchased. At each of September 30, 2026 and December 31, 2025, the Company did not have an ACL on available-for-sale securities.

Accrued interest on held-to-maturity debt securities totaled $11.3 million and $12.3 million at September 30, 2026 and December 31, 2025, respectively, and is excluded from the estimate of expected credit losses. The estimate of expected credit losses considers historical credit loss information adjusted for current conditions and reasonable and supportable forecasts. The ACL on held-to-maturity securities was $0.2 million at September 30, 2026 and $0.1 million at December 31, 2025.

The Company sold $180.4 million of available-for-sale securities during the nine months ended September 30, 2026 for a pre-tax loss of approximately $6 million. The loss was partially offset by a pre-tax gain of approximately $4 million from the sale of Visa Class B-1 common stock that the Company held at a zero book value, resulting in a net loss of $2.1 million. During the nine months ended September 30, 2025, the Company sold $9.5 million of available-for-sale securities for a gain of $0.1 million. There were no sales of available-for-sale securities during the three months ended September 30, 2026 and September 30, 2025, respectively.

At September 30, 2026 and December 31, 2025, other investments totaled $120.7 million and $80.9 million, respectively, and includes investments in FHLB and Federal Reserve capital stock. As a member of the FHLB, the Bank is required to maintain a minimum investment in capital stock with the FHLB consisting of membership stock and activity-based stock. The FHLB capital stock of $12.9 million at September 30, 2026 and $9.4 million at December 31, 2025 is recorded at cost, which represents redemption value, and is included in “Other investments” in the Consolidated Balance Sheets.

As a member of the Federal Reserve, the Bank is required to maintain a minimum investment in capital stock with the Federal Reserve. The Federal Reserve capital stock of $34.0 million at September 30, 2026 is recorded at cost, which represents redemption value, and is included in “Other investments” in the Consolidated Balance Sheets. This investment represents 50% of the par value due to the Federal Reserve Bank to become a member bank and the stock cannot be sold, traded, or pledged as collateral for loans. Although the probability is remote, the remaining 50% or $34.0 million due to the Federal Reserve Bank may be callable at its discretion.

The remaining amounts in other investments primarily include investments in Small Business Investment Companies, Community Development Financial Institutions, private equity investments, and the Company’s investment in unconsolidated trusts used to issue trust preferred securities to third parties.