SECURITIES

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

The amortized cost and fair value of securities available for sale were as follows:


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Available for Sale
U.S. government and agency securities	$	394,361	$	497	$	(2,383)	$	392,475
Municipal securities	218,143		627		(22,569)		196,201
Agency mortgage-backed pass-through securities	831,815		5,548		(29,377)		807,986
Agency collateralized mortgage obligations	737,627		3,375		(43,937)		697,065
Corporate bonds and other	108,820		564		(4,652)		104,732
Total	$	2,290,766	$	10,611	$	(102,918)	$	2,198,459


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Available for Sale
U.S. government and agency securities	$	198,962	$	348	$	(5,707)	$	193,603
Municipal securities	219,545		367		(28,459)		191,453
Agency mortgage-backed pass-through securities	566,719		3		(45,346)		521,376
Agency collateralized mortgage obligations	730,861		830		(71,328)		660,363
Corporate bonds and other	115,601		181		(9,561)		106,221
Total	$	1,831,688	$	1,729	$	(160,401)	$	1,673,016

As of December 31, 2025, no allowance for credit losses has been recognized on available for sale securities in an unrealized loss position as management does not believe any of the securities are impaired due to reasons of credit quality. This belief is based upon our analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors related to our available for sale securities and in consideration of our historical credit loss experience and internal forecasts. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. Furthermore, management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost. The unrealized losses are due to increases in market

interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline.

The amortized cost and fair value of investment securities at December 31, 2025, by contractual maturity, are shown below. Expected maturity may differ from contractual maturity if borrowers have the right to call or prepay obligations at any time with or without call or prepayment penalties.


	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	299,937	$	299,992
Due after one year through five years	17,231		16,502
Due after five years through ten years	150,356		141,024
Due after ten years	253,800		235,890
Subtotal	721,324		693,408
Agency mortgage-backed pass through securities and collateralized mortgage obligations	1,569,442		1,505,051
Total	$	2,290,766	$	2,198,459

Securities with unrealized losses segregated by length of time in a continuous loss position are as follows:


	December 31, 2025
	Less than 12 Months				More than 12 Months				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(In thousands)
Available for Sale
U.S. government and agency securities	$	185,275	$	(180)	$	51,684	$	(2,203)	$	236,959	$	(2,383)
Municipal securities	6,091		(725)		170,400		(21,844)		176,491		(22,569)
Agency mortgage-backed pass-through securities	157,352		(1,390)		279,693		(27,987)		437,045		(29,377)
Agency collateralized mortgage obligations	65,444		(1,006)		357,857		(42,931)		423,301		(43,937)
Corporate bonds and other	21,255		(193)		50,384		(4,459)		71,639		(4,652)
Total	$	435,417	$	(3,494)	$	910,018	$	(99,424)	$	1,345,435	$	(102,918)


	December 31, 2024
	Less than 12 Months				More than 12 Months				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(In thousands)
Available for Sale
U.S. government and agency securities	$	29,443	$	(576)	$	122,936	$	(5,131)	$	152,379	$	(5,707)
Municipal securities	8,512		(183)		168,132		(28,276)		176,644		(28,459)
Agency mortgage-backed pass-through securities	254,169		(6,861)		265,993		(38,485)		520,162		(45,346)
Agency collateralized mortgage obligations	216,422		(4,501)		317,225		(66,827)		533,647		(71,328)
Corporate bonds and other	11,903		(1,097)		81,027		(8,464)		92,930		(9,561)
Total	$	520,449	$	(13,218)	$	955,313	$	(147,183)	$	1,475,762	$	(160,401)

During the year ended December 31, 2025, the Company had sales and calls of securities totaling $136.7 million with a realized loss of $3 thousand. During the year ended December 31, 2024, the Company had sales and calls of securities totaling $6.9 million with no gain or loss recorded. During the year ended December 31, 2023, the Company had sales and calls of securities totaling $392.7 million and recorded a net loss of $794 thousand.

At December 31, 2025 and 2024, the Company did not own securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of the consolidated shareholders’ equity at such respective dates.

The carrying value of pledged securities was $828.5 million and $410.2 million at December 31, 2025 and 2024, respectively. The majority of the securities in each case were pledged to collateralize public fund deposits.