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SECURITIES | 3 Months Ended
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Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | SECURITIES The amortized cost and fair value of securities available for sale were as follows:
| March 31, 2026
Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
(In thousands)
Available for Sale |  |  |  |  |  |  |
U.S. government and agency securities | $ | 89,315 |  |  | $ | 546 |  |  | $ | (2,216) |  |  | $ | 87,645 |
Municipal securities | 217,653 |  |  | 355 |  |  | (24,389) |  |  | 193,619 |
Agency mortgage-backed pass-through securities | 839,002 |  |  | 2,252 |  |  | (35,367) |  |  | 805,887 |
Agency collateralized mortgage obligations | 723,509 |  |  | 1,483 |  |  | (51,007) |  |  | 673,985 |
Corporate bonds and other | 107,861 |  |  | 678 |  |  | (4,965) |  |  | 103,574 |
Total | $ | 1,977,340 |  |  | $ | 5,314 |  |  | $ | (117,944) |  |  | $ | 1,864,710 |
| 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 |
As of March 31, 2026, 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 March 31, 2026, 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 |  | $ | 2,963 |  |  | $ | 3,011 |
Due after one year through five years |  | 22,651 |  |  | 21,303 |
Due after five years through ten years |  | 153,598 |  |  | 142,929 |
Due after ten years |  | 235,617 |  |  | 217,595 |
Subtotal |  | 414,829 |  |  | 384,838 |
Agency mortgage-backed pass-through securities and collateralized mortgage obligations |  | 1,562,511 |  |  | 1,479,872 |
Total |  | $ | 1,977,340 |  |  | $ | 1,864,710 |
Securities with unrealized losses segregated by length of time in a continuous loss position were as follows:
| March 31, 2026
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 | $ | 11,911 |  |  | $ | (184) |  |  | $ | 47,236 |  |  | $ | (2,032) |  |  | $ | 59,147 |  |  | $ | (2,216) |
Municipal securities | 12,226 |  |  | (889) |  |  | 165,897 |  |  | (23,500) |  |  | 178,123 |  |  | (24,389) |
Agency mortgage-backed pass-through securities | 338,489 |  |  | (5,617) |  |  | 234,061 |  |  | (29,750) |  |  | 572,550 |  |  | (35,367) |
Agency collateralized mortgage obligations | 147,257 |  |  | (2,430) |  |  | 338,541 |  |  | (48,577) |  |  | 485,798 |  |  | (51,007) |
Corporate bonds and other | 21,533 |  |  | (468) |  |  | 49,370 |  |  | (4,497) |  |  | 70,903 |  |  | (4,965) |
Total | $ | 531,416 |  |  | $ | (9,588) |  |  | $ | 835,105 |  |  | $ | (108,356) |  |  | $ | 1,366,521 |  |  | $ | (117,944) |
| 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) |
During the three months ended March 31, 2026, the Company had no sales and calls of securities. During the three months ended March 31, 2025, the Company had sales and calls of securities of $102.7 million with a loss of $3 thousand. At March 31, 2026 and December 31, 2025, 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 consolidated shareholders’ equity at such respective dates. The carrying value of pledged securities was $1.86 billion at March 31, 2026 and $828.5 million at December 31, 2025. The majority of the securities in each case were pledged to collateralize public fund deposits.

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