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Available for Sale Debt Securities | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Available for Sale Debt Securities | Available for Sale Debt Securities The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities as of December 31, 2025 and 2024 (in thousands):
| 2025
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
U.S. Treasury obligations | $ | 274,500 |  |  | 190 |  |  | (7,946) |  |  | 266,744 |
Government-agency obligations | 32,693 |  |  | 877 |  |  | (31) |  |  | 33,539 |
Mortgage-backed securities | 2,705,346 |  |  | 23,454 |  |  | (116,453) |  |  | 2,612,347 |
Asset-backed securities | 41,619 |  |  | 409 |  |  | (267) |  |  | 41,761 |
State and municipal obligations | 119,173 |  |  | 1,249 |  |  | (7,423) |  |  | 112,999 |
Corporate obligations | 93,498 |  |  | 5,429 |  |  | (1,561) |  |  | 97,366 |
| $ | 3,266,829 |  |  | 31,608 |  |  | (133,681) |  |  | 3,164,756 |
| 2024
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
U.S. Treasury obligations | $ | 348,621 |  |  | 317 |  |  | (18,340) |  |  | 330,598 |
Government-agency obligations | 105,965 |  |  | 1,461 |  |  | (191) |  |  | 107,235 |
Mortgage-backed securities | 2,243,725 |  |  | 4,982 |  |  | (186,548) |  |  | 2,062,159 |
Asset-backed securities | 47,203 |  |  | 645 |  |  | (285) |  |  | 47,563 |
State and municipal obligations | 126,766 |  |  | 243 |  |  | (10,092) |  |  | 116,917 |
Corporate obligations | 103,415 |  |  | 3958 |  |  | (2,930) |  |  | 104,443 |
| $ | 2,975,695 |  |  | 11,606 |  |  | (218,386) |  |  | 2,768,915 |
Accrued interest on available for sale debt securities, which is excluded from the amortized cost, totaled $10.9 million and $9.7 million as of December 31, 2025 and December 31, 2024, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition. The carrying value of available for sale debt securities that were pledged as collateral for municipal deposits and repurchase agreements was $2.2 billion and $863.9 million as of December 31, 2025 and 2024, respectively. The amortized cost and fair value of available for sale debt securities as of December 31, 2025, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
| 2025
| Amortized cost |  | Fair value
Due in one year or less | $ | 108,932 |  |  | 107,858 |
Due after one year through five years | 196,488 |  |  | 190,223 |
Due after five years through ten years | 114,951 |  |  | 117,101 |
Due after ten years | 66,801 |  |  | 61,928 |
| $ | 487,172 |  |  | 477,110 |
Investments which pay principal on a periodic basis, which are primarily related to mortgage-backed securities, totaling $2.78 billion at amortized cost and $2.69 billion at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During 2025, proceeds from sales on securities in the available for sale debt securities portfolio totaled $1.7 million with gross gains of $87,000 and no losses recognized. For 2024, proceeds from sales of securities from the available for sale debt securities portfolio totaled $569.9 million with no gains and $3.0 million of losses recognized, of which $2.8 million was related to the sale of subordinated debt issued by Lakeland from its investment portfolio. During 2025, proceeds from calls on securities in the available for sale debt securities portfolio totaled $23.9 million with gross gains of $729,000 and no losses recognized. For 2024, proceeds from calls on securities in the available for sale debt securities portfolio totaled $780,000 with no gains and no losses recognized. The following table shows gross unrealized losses and estimated fair value of available for sale debt securities, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of December 31, 2025 and 2024 (in thousands):
|  | December 31, 2025
|  | Less Than 12 months |  | 12 Months or More |  | Total
|  | Fair value |  | Unrealized Losses |  | Fair value |  | Unrealized Losses |  | Fair value |  | Unrealized Losses
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury obligations |  | $ | — |  |  | — |  |  | 245,675 |  |  | (7,946) |  |  | 245,675 |  |  | (7,946) |
Government-agency obligations |  | 8,541 |  |  | (31) |  |  | — |  |  | — |  |  | 8,541 |  |  | (31) |
Mortgage-backed securities |  | 133,316 |  |  | (4,119) |  |  | 984,261 |  |  | (112,334) |  |  | 1,117,577 |  |  | (116,453) |
Asset-backed securities |  | 20,493 |  |  | (129) |  |  | 1,605 |  |  | (138) |  |  | 22,098 |  |  | (267) |
State and municipal obligations |  | 21,613 |  |  | (665) |  |  | 53,173 |  |  | (6,758) |  |  | 74,786 |  |  | (7,423) |
Corporate obligations |  | 8,994 |  |  | (6) |  |  | 18,742 |  |  | (1,555) |  |  | 27,736 |  |  | (1,561) |
Total |  | $ | 192,957 |  |  | (4,949) |  |  | 1,303,456 |  |  | (128,732) |  |  | 1,496,412 |  |  | (133,681) |
The number of securities in an unrealized loss position as of December 31, 2025 totaled 406, compared with 646 as of December 31, 2024. The decrease in the number of securities in an unrealized loss position as of December 31, 2025 was mainly due to lower current market interest rates on the intermediate part of the curve compared to rates as of December 31, 2024. The Company concluded that no available for sale debt securities were impaired at December 31, 2025 based on consideration of several factors. The Company noted that each issuer made all the contractually due payments when required. There were no defaults on principal or interest payments, and no interest payments were deferred. Furthermore, the net unrealized losses were primarily due to changes in the general credit and interest rate environment and not credit quality. Additionally, the Company has not utilized securities sales as a source of liquidity and the Company’s liquidity plans include adequate sources of liquidity outside securities sales.

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