The following is the amortized cost and fair value of investment securities held to maturity:


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
September 30, 2026:
U.S. Government agencies	$	132,891	$	—	$	(21,449	)	$	111,442
Residential mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		1,054,751		—		(219,481	)		835,270
Residential collateralized mortgage-obligations issued by U.S. government
agencies or sponsored enterprises		355,715		—		(69,930	)		285,785
Commercial mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		318,780		—		(65,771	)		253,009
Small Business Administration loan-backed securities		43,162		—		(9,392	)		33,770
	$	1,905,299	$	—	$	(386,023	)	$	1,519,276
December 31, 2025:
U.S. Government agencies	$	132,913	$	—	$	(15,767	)	$	117,146
Residential mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		1,153,024		—		(177,101	)		975,923
Residential collateralized mortgage-obligations issued by U.S. government
agencies or sponsored enterprises		379,107		—		(55,232	)		323,875
Commercial mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		336,910		—		(58,332	)		278,578
Small Business Administration loan-backed securities		46,076		—		(8,748	)		37,328
	$	2,048,030	$	—	$	(315,180	)	$	1,732,850

The following is the amortized cost and fair value of investment securities available for sale:


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
September 30, 2026:
Residential mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises	$	2,063,433	$	37	$	(227,466	)	$	1,836,004
Residential collateralized mortgage-obligations issued by U.S. government
agencies or sponsored enterprises		2,064,461		—		(105,817	)		1,958,644
Commercial mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		1,142,156		126		(113,763	)		1,028,519
State and municipal obligations		1,275,798		1		(240,763	)		1,035,036
Small Business Administration loan-backed securities		542,998		159		(30,055	)		513,102
Corporate securities		23,000		—		(996	)		22,004
	$	7,111,846	$	323	$	(718,860	)	$	6,393,309
December 31, 2025:
Residential mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises	$	1,826,307	$	10,108	$	(138,307	)	$	1,698,108
Residential collateralized mortgage-obligations issued by U.S. government
agencies or sponsored enterprises		2,208,710		23,979		(47,105	)		2,185,584
Commercial mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		903,209		3,282		(74,042	)		832,449
State and municipal obligations		1,141,377		1,252		(135,217	)		1,007,412
Small Business Administration loan-backed securities		593,973		548		(26,088	)		568,433
Corporate securities		23,000		—		(1,230	)		21,770
	$	6,696,576	$	39,169	$	(421,989	)	$	6,313,756

The Company’s other investment securities consist of non-marketable equity and other securities that have no readily determinable market value. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of September 30, 2026, the Company has determined that there was no impairment on its other investment securities.

The amortized cost and fair value of debt securities at September 30, 2026, by contractual maturity are detailed below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.

During the three and nine months ended September 30, 2026, there were no sales of securities available for sale. During the three months ended September 30, 2025, there were no sales of securities available for sale. During the first quarter of 2025, the Company sold a portion of the available for sale investment securities acquired from Independent and recognized no gain or loss on these investment securities as each security was marked to fair value at the acquisition date. During the first quarter of 2025, in addition to the sale of the investment securities acquired from Independent, the Company executed an investment portfolio restructuring and sold $1.8 billion of available for sale investment securities from its existing investment securities portfolio.

There were no sales of held to maturity securities during the three and nine months ended September 30, 2026 or September 30, 2025.

The Company had 1,273 securities with gross unrealized losses at September 30, 2026. Information pertaining to our securities with gross unrealized losses at September 30, 2026, and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is as follows:


	Less Than				12 Months
	12 Months				or More
(Dollars in thousands)	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
September 30, 2026:
Securities Held to Maturity
U.S. Government agencies	$	—	$	—	$	21,449	$	111,441
Residential mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		—		—		219,481		835,270
Residential collateralized mortgage-obligations issued by U.S. government
agencies or sponsored enterprises		—		—		69,930		285,786
Commercial mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		—		—		65,771		253,009
Small Business Administration loan-backed securities		—		—		9,392		33,770
	$	—	$	—	$	386,023	$	1,519,276
Securities Available for Sale
Residential mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises	$	48,240	$	1,149,122	$	179,226	$	685,215
Residential collateralized mortgage-obligations issued by U.S. government
agencies or sponsored enterprises		48,097		1,720,299		57,720		238,313
Commercial mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		24,057		584,234		89,707		379,753
State and municipal obligations		21,868		264,070		218,894		765,244
Small Business Administration loan-backed securities		2,684		93,861		27,371		283,268
Corporate securities		101		9,899		895		12,105
	$	145,047	$	3,821,485	$	573,813	$	2,363,898
December 31, 2025:
Securities Held to Maturity
U.S. Government agencies	$	—	$	—	$	15,767	$	117,146
Residential mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		—		—		177,101		975,923
Residential collateralized mortgage-obligations issued by U.S. government
agencies or sponsored enterprises		—		—		55,232		323,874
Commercial mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		—		—		58,332		278,579
Small Business Administration loan-backed securities		—		—		8,748		37,328
	$	—	$	—	$	315,180	$	1,732,850
Securities Available for Sale
Residential mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises	$	459	$	145,357	$	137,848	$	803,407
Residential collateralized mortgage-obligations issued by U.S. government
agencies or sponsored enterprises		46		40,399		47,059		278,620
Commercial mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		228		152,299		73,814		423,165
State and municipal obligations		572		43,620		134,645		903,784
Small Business Administration loan-backed securities		680		284,036		25,408		202,322
Corporate securities		—		—		1,230		21,769
	$	1,985	$	665,711	$	420,004	$	2,633,067

The Company’s valuation methodology for securities impairment is disclosed in Note 1 — Summary of Significant Accounting Policies, under the “Investment Securities” section, of the 2025 Form 10-K. All debt securities in an unrealized loss position as of September 30, 2026, continue to perform as scheduled and management does not believe there is a provision for credit losses is necessary. Management does not currently intend to sell the securities within the portfolio, and it is not more-likely-than-not that the Company will be required to sell the debt securities.

The Company follows its nonaccrual policy by reversing interest income in the income statement when the Company determines the interest for held to maturity securities is uncollectible. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the investment securities and does not record an allowance for credit losses on accrued interest receivable. As of September 30, 2026, and December 31, 2025, the accrued interest receivables for all investment securities recorded in Other Assets were $45.8 million and $38.9 million, respectively.

At September 30, 2026, investment securities with a market value of $4.8 billion and a carrying value of $5.2 billion were pledged to secure public funds deposits and for other purposes required and permitted by law (excluding securities pledged to secure repurchase agreement disclosed in Note 19 — Short-Term Borrowings, under the “Securities Sold Under Agreements to Repurchase (“Repurchase agreements”)” section). Of the $5.2 billion carrying value of investment securities pledged, $5.1 billion were pledged to secure public funds deposits, $22.4 million were pledged to secure FHLB advances, and $73.8 million were pledged to secure interest rate swap positions with correspondent banks. At December 31, 2025, investment securities with a market value of $5.2 billion and a carrying value of $5.5 billion were pledged to secure public funds deposits and for other purposes required and permitted by law. Of the $5.5 billion carrying value of investment securities pledged, $5.2 billion were pledged to secure public funds deposits, $182.2 million were pledged to secure FHLB advances and $83.3 million were pledged to secure interest rate swap positions with correspondent banks.