
(Dollars in thousands)
September 30, 2026	Amortized Cost	Unrealized Gains	Unrealized Losses	ACL	Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government agencies and U.S. government-sponsored enterprises	$41,642	$1	($2,184)	$—	$39,459
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	898,998	27	(138,089)	—	760,936
Obligations of states and political subdivisions	650	—	(70)	—	580

Individual name issuer trust preferred debt securities	6,190	—	(60)	—	6,130

Corporate bonds	11,221	—	(525)	—	10,696
Total available for sale debt securities	$958,701	$28	($140,928)	$—	$817,801


(Dollars in thousands)
December 31, 2025	Amortized Cost	Unrealized Gains	Unrealized Losses	ACL	Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government agencies and U.S. government-sponsored enterprises	$41,639	$93	($1,774)	$—	$39,958
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	973,520	5,100	(97,726)	—	880,894
Obligations of states and political subdivisions	650	13	—	—	663
Individual name issuer trust preferred debt securities	6,186	—	(83)	—	6,103

Corporate bonds	13,210	2	(488)	—	12,724
Total available for sale debt securities	$1,035,205	$5,208	($100,071)	$—	$940,342

At September 30, 2026 and December 31, 2025, securities with a fair value of $357.9 million and $392.4 million, respectively, were pledged as collateral for FHLB borrowings, potential borrowings with the FRBB, certain public deposits, and for other purposes. See Note 9 for additional discussion on FHLB borrowings.

The schedule of maturities of available for sale debt securities is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments. All other debt securities are included based on contractual maturities. Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties.


(Dollars in thousands)
September 30, 2026	Amortized Cost	Fair Value
Due in one year or less	$85,722	$74,678
Due after one year to five years	263,995	226,706
Due after five years to ten years	228,933	193,775
Due after ten years	380,051	322,642
Total debt securities	$958,701	$817,801

Included in the above table are debt securities with an amortized cost balance of $44.7 million and a fair value of $41.9 million at September 30, 2026 that are callable at the discretion of the issuers. Final maturities of the callable securities range from 7 months to 18 years, with call features ranging from 1 month to 7 years.

Management assesses the decline in fair value of investment securities on a regular basis. Unrealized losses on debt securities may occur from current market conditions, increases in interest rates since the time of purchase, a structural change in an investment, volatility of earnings of a specific issuer, or deterioration in credit quality of the issuer. Management evaluates both qualitative and quantitative factors to assess whether an impairment exists.

The following tables summarize available for sale debt securities in an unrealized loss position, for which an ACL on securities has not been recorded, segregated by length of time that the securities have been in a continuous unrealized loss position:


(Dollars in thousands)	Less than 12 Months			12 Months or Longer			Total
September 30, 2026	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government agencies and U.S. government-sponsored enterprises	4	$1,215	($77)	3	$23,242	($2,107)	7	$24,457	($2,184)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	78	361,569	(15,280)	89	397,647	(122,809)	167	759,216	(138,089)
Obligations of states and political subdivisions	1	580	(70)	—	—	—	1	580	(70)
Individual name issuer trust preferred debt securities	—	—	—	2	6,130	(60)	2	6,130	(60)
Corporate bonds	—	—	—	3	10,697	(525)	3	10,697	(525)
Total	83	$363,364	($15,427)	97	$437,716	($125,501)	180	$801,080	($140,928)


(Dollars in thousands)	Less than 12 Months			12 Months or Longer			Total
December 31, 2025	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government agencies and U.S. government-sponsored enterprises	2	$611	($5)	3	$23,582	($1,769)	5	$24,193	($1,774)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	1	1,519	(1)	91	453,251	(97,725)	92	454,770	(97,726)
Individual name issuer trust preferred debt securities	—	—	—	2	6,103	(83)	2	6,103	(83)
Corporate bonds	—	—	—	3	10,724	(488)	3	10,724	(488)
Total	3	$2,130	($6)	99	$493,660	($100,065)	102	$495,790	($100,071)

There were no debt securities on nonaccrual status at September 30, 2026 and 2025 and, therefore there was no accrued interest related to debt securities reversed against interest income for the three and nine months ended September 30, 2026 and 2025.

As of September 30, 2026, management does not intend to sell, and it is not more-likely-than-not that the Corporation will be required to sell, any of the debt securities in an unrealized loss position before the recovery of its amortized cost basis. As further described below, management believes the unrealized losses on these debt securities are primarily attributable to changes in the investment spreads and interest rates, and not due to reasons of credit quality. Therefore, no ACL was recorded at both September 30, 2026 and December 31, 2025.

The contractual cash flows for these securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. The issuers of these securities continue to make timely principal and interest payments, and none of these securities were past due at September 30, 2026. Additionally, the Corporation utilizes a zero credit loss estimate for these securities.

These securities in an unrealized loss position at September 30, 2026 included two trust preferred securities issued by two individual companies in the banking sector. Management reviewed the collectability of these securities taking into consideration such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, credit ratings, including ratings in effect as of the reporting period date, as well as credit rating changes between the reporting period date and the filing date of this report, and other information. As of September 30, 2026, there was one individual name issuer trust preferred debt security with an amortized cost of $2.0 million and unrealized losses of $37 thousand that was rated below investment grade by S&P. We noted no downgrades to below investment grade between September 30, 2026 and the filing date of this report. Based on the information available through the filing date of this report, all individual name issuer trust preferred debt securities continue to accrue interest and make payments as expected with no payment deferrals or defaults on the part of the issuers.

These securities in an unrealized loss position at September 30, 2026 included three corporate bond holdings issued by two individual companies in the financial services industry. Management reviewed the collectability of these securities taking into consideration such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, credit ratings, including ratings in effect as of the reporting period date, as well as credit rating changes between the reporting period date and the filing date of this report, and other information. As of September 30, 2026, there were no corporate bond debt securities that were rated below investment grade by S&P. We noted no downgrades to below investment grade between September 30, 2026 and the filing date of this report. Based on the information available through the filing date of this report, all corporate bond debt securities continue to accrue interest and make payments as expected with no payment deferrals or defaults on the part of the issuers.