
	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by the U.S government and agencies:

Due after ten years	$	39,019	—	(8,492)	30,527









Municipal securities:
Due within one year	3,578		—	(28)	3,550
Due after one year through five years	3,299		—	(101)	3,198
Due after five years through ten years	21,308		—	(2,707)	18,601
Due after ten years	47,057		87	(10,475)	36,669

Corporate debt issues:

Due after one year through five years	16,276		107	(367)	16,016
Due after five years through ten years	84,266		856	(1,909)	83,213
Due after ten years	12,000		19	—	12,019

Mortgage-backed securities:
Fixed rate pass-through	520,098		—	(39,689)	480,409
Variable rate pass-through	344		2	—	346

Fixed rate agency CMOs	1,193,431		10	(160,399)	1,033,042
Variable rate agency CMOs	33,957		34	(13)	33,978
Total mortgage-backed securities	1,747,830		46	(200,101)	1,547,775
Total marketable securities available-for-sale	$	1,974,633	1,115	(224,180)	1,751,568

The following table shows the portfolio of marketable securities available-for-sale at December 31, 2025 (in thousands):


	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by the U.S. government and agencies:
Due after one year through five years	$	1,631	11	(13)	1,629
Due after ten years	41,673		—	(7,390)	34,283

Debt issued by government-sponsored enterprises:

Due after one year through five years	1,040		6	(2)	1,044
Due after five years through ten years	996		7	—	1,003




Municipal securities:
Due within one year	1,810		9	—	1,819
Due after one year through five years	10,876		118	(7)	10,987
Due after five years through ten years	25,111		393	(1,253)	24,251
Due after ten years	52,342		342	(6,473)	46,211

Corporate debt issues:
Due in one year or less	500		—	—	500
Due after one year through five years	4,716		12	(22)	4,706
Due after five years through ten years	46,436		1,429	(64)	47,801
Due after ten years	4,000		27	—	4,027

Mortgage-backed securities:
Fixed rate pass-through	407,377		4,008	(10,685)	400,700
Variable rate pass-through	3,015		66	(2)	3,079

Fixed rate agency CMOs	1,063,820		3,170	(108,309)	958,681
Variable rate agency CMOs	45,635		105	(79)	45,661
Total mortgage-backed securities	1,519,847		7,349	(119,075)	1,408,121
Total marketable securities available-for-sale	$	1,710,978	9,703	(134,299)	1,586,382


	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by government-sponsored enterprises:

Due after one year through five years	$	107,991	—	(9,180)	98,811

Mortgage-backed securities:
Fixed rate pass-through	108,007		—	(15,411)	92,596
Variable rate pass-through	280		—	—	280
Fixed rate agency CMOs	395,925		—	(69,754)	326,171
Variable rate agency CMOs	528		—	(3)	525
Total mortgage-backed securities	504,740		—	(85,168)	419,572
Total marketable securities held-to-maturity	$	612,731	—	(94,348)	518,383


	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by government-sponsored enterprises:
Due after one year through five years	$	16,477	—	(98)	16,379
Due after five years through ten years	107,988		—	(8,216)	99,772


Mortgage-backed securities:
Fixed rate pass-through	118,614		1	(12,362)	106,253
Variable rate pass-through	310		3	—	313
Fixed rate agency CMOs	439,452		—	(56,766)	382,686
Variable rate agency CMOs	528		—	(2)	526
Total mortgage-backed securities	558,904		4	(69,130)	489,778
Total marketable securities held-to-maturity	$	683,369	4	(77,444)	605,929


	Amortized cost		Fair value




Mortgage-backed securities:
Due within one year	$	15	15
Due after one year through five years	11,405		10,672
Due after five years through ten years	21,507		20,714
Due after ten years	1,714,903		1,516,374
Total mortgage-backed securities	$	1,747,830	1,547,775

The following table shows the fair value of and gross unrealized losses on available-for-sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2026 (in thousands):


	Less than 12 months			12 months or more		Total
	Fair value		Unrealized loss	Fair value	Unrealized loss	Fair value	Unrealized loss
U.S. government-sponsored enterprises	$	—	—	129,338	(17,672)	129,338	(17,672)
Municipal securities	24,626		(992)	35,271	(12,319)	59,897	(13,311)
Corporate issues	75,579		(2,276)	—	—	75,579	(2,276)

Mortgage-backed securities - agency	1,046,489		(57,369)	888,475	(227,900)	1,934,964	(285,269)

Total	$	1,146,694	(60,637)	1,053,084	(257,891)	2,199,778	(318,528)


	Less than 12 months			12 months or more		Total
	Fair value		Unrealized loss	Fair value	Unrealized loss	Fair value	Unrealized loss
U.S. government-sponsored enterprises	$	1,055	(13)	150,484	(15,706)	151,539	(15,719)
Corporate debt issues	4,914		(86)	—	—	4,914	(86)

Municipal securities	5,627		(14)	41,333	(7,719)	46,960	(7,733)
Mortgage-backed securities - agency	109,300		(170)	1,105,007	(188,035)	1,214,307	(188,205)
Total	$	120,896	(283)	1,296,824	(211,460)	1,417,720	(211,743)

The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position as of September 30, 2026, which were comprised of 385 individual securities, represent a credit loss impairment. All of these securities were issued by U.S. government agencies, U.S. government-sponsored enterprises, local municipalities, or represent corporate debt. The securities issued by the U.S. government agencies or U.S. government-sponsored enterprises are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The securities issued by local municipalities were highly rated, and the corporate debt issues were all rated investment grade by major rating agencies, with none of these securities having a history of credit losses. The unrealized losses were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities. As of September 30, 2026, the Company does not have the intent to sell these investment securities and it is more likely than not that we will not be required to sell these securities before their anticipated recovery, which may be at maturity.

All of the Company’s held-to-maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The decline in fair value of the held-to-maturity debt securities were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities, therefore, the Company did not record an allowance for credit losses for these securities as of September 30, 2026.

The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of September 30, 2026 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, and they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of September 30, 2026.