The aggregate carrying and approximate fair values of investment securities follow (in thousands). Fair values are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable financial instruments.


	September 30, 2026								December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Securities available-for-sale:
Obligations of states and
political subdivisions	$	183,806	$	12	$	21,818	$	162,000	$	189,276	$	538	$	10,090	$	179,724
Mortgage-backed securities:
U.S. government agencies	1,421,050		32		149,066		1,272,016		1,387,057		7,836		97,104		1,297,789
Private label	5,052		—		92		4,960		5,068		—		36		5,032
Trust preferred securities	4,619		—		91		4,528		4,612		—		188		4,424
Corporate securities	16,591		222		694		16,119		16,708		172		491		16,389
Total Securities Available-for-Sale	$	1,631,118	$	266	$	171,761	$	1,459,623	$	1,602,721	$	8,546	$	107,909	$	1,503,358

The Company's other investment securities include marketable equity securities and non-marketable equity securities held for investment. At September 30, 2026 and December 31, 2025, the Company held $5.7 million and $5.6 million, respectively, in marketable equity securities. Changes in the fair value of the marketable equity securities are recorded in "unrealized losses recognized on equity securities still held, net" in the Consolidated Statements of Income. The Company's non-marketable securities consist of securities with limited marketability, such as stock in the Federal Reserve Bank ("FRB") or the Federal Home Loan Bank ("FHLB"). At September 30, 2026 and December 31, 2025, the Company held $24.1 million and $23.9 million, respectively, in non-marketable equity securities. These securities are carried at cost due to the restrictions placed on their transferability.

The majority of the Company's investment securities are mortgage-backed. These securities are collateralized by both residential and commercial properties. The mortgage-backed securities in which the Company has invested are predominantly issued by government-sponsored agencies such as Fannie Mae, Freddie Mac, and Ginnie Mae. At September 30, 2026 and December 31, 2025, there were no securities of any non-governmental issuer whose aggregate carrying value or estimated fair value exceeded 10% of shareholders' equity.

Certain investment securities owned by the Company were in an unrealized loss position (i.e., amortized cost basis exceeded the estimated fair value of the securities) as of September 30, 2026 and December 31, 2025. The following table shows the gross unrealized losses and fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):


	September 30, 2026
	Less Than Twelve Months				Twelve Months or Greater				Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Securities available-for-sale:
Obligations of states and political subdivisions	$	47,167	$	4,490	$	113,973	$	17,328	$	161,140	$	21,818
Mortgage-backed securities:
U.S. Government agencies	551,449		20,597		695,628		128,469		1,247,077		149,066
Private label	—		—		4,960		92		4,960		92
Trust preferred securities	—		—		4,528		91		4,528		91
Corporate securities	—		—		14,205		694		14,205		694
Total available-for-sale	$	598,616	$	25,087	$	833,294	$	146,674	$	1,431,910	$	171,761


	December 31, 2025
	Less Than Twelve Months				Twelve Months or Greater				Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Securities available-for-sale:
Obligations of states and political subdivisions	$	4,746	$	29	$	129,347	$	10,061	$	134,093	$	10,090
Mortgage-backed securities:
U.S. Government agencies	48,555		140		803,686		96,964		852,241		97,104
Private label	—		—		5,032		36		5,032		36
Trust preferred securities	4,424		188		—		—		4,424		188
Corporate securities	—		—		14,559		491		14,559		491
Total available-for-sale	$	57,725	$	357	$	952,624	$	107,552	$	1,010,349	$	107,909

As of September 30, 2026, management does not intend to sell any impaired security, and it is not more likely than not that it will be required to sell any impaired security before the recovery of its amortized cost basis. The unrealized losses on debt securities are primarily the result of interest rate changes, credit spread fluctuations on agency-issued mortgage-related securities, general financial market uncertainty and market volatility. These conditions should not prohibit the Company from receiving its contractual principal and interest payments on its debt securities. The fair value is expected to recover as the securities approach their maturity date or repricing date. Due to the previously mentioned factors, as of September 30, 2026, management believes the unrealized losses detailed in the table above are temporary and therefore no allowance for credit losses has been recognized on the Company’s securities..

The amortized cost and estimated fair value of debt securities at September 30, 2026, by contractual maturity, is shown in the following table (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Mortgage-backed securities have been allocated to their respective maturity groupings based on their contractual maturity.


	Amortized Cost		Estimated Fair Value
Available-for-Sale Debt Securities
Due in one year or less	$	4,224	$	4,199
Due after one year through five years	123,047		116,965
Due after five years through ten years	305,436		280,387
Due after ten years	1,198,411		1,058,072
Total	$	1,631,118	$	1,459,623



	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Proceeds on sales of available for sale securities	$	—	$	51,918	$	—	$	66,800

Gross realized gains on available for sale securities sold	$	—	$	319	$	—	$	556
Gross realized losses on available for sale securities sold	—		(282)		—		(369)
Net realized available for sale securities gains (losses)	$	—	$	37	$	—	$	187

Gross unrealized gains recognized on equity securities still held	$	158	$	96	$	230	$	119
Gross unrealized losses recognized on equity securities still held	(80)		—		(87)		(291)
Net unrealized (losses) gains recognized on equity securities still held	$	78	$	96	$	143	$	(172)

The carrying value of securities pledged to secure public deposits and for other purposes as required or permitted by law approximated $688 million and $716 million at September 30, 2026 and December 31, 2025, respectively.