Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

(In Thousands, Except Number of Securities)

The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below.

There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of March 31, 2026 or December 31, 2025.


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2026


Obligations of states and political subdivisions	$	272,729	$	5,493	$	(3,580)	$	274,642
Residential mortgage-backed securities:
Agency mortgage-backed securities	1,045,352		2,144		(18,395)		1,029,101
Collateralized mortgage obligations	727,087		3,565		(62,584)		668,068
Commercial mortgage-backed securities:
Agency mortgage-backed securities	99,305		203		(461)		99,047
Collateralized mortgage obligations	419,035		2,985		(18,798)		403,222

Other debt securities	336,708		1,145		(2,286)		335,567

	$	2,900,216	$	15,535	$	(106,104)	$	2,809,647


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2025


Obligations of states and political subdivisions	$	266,553	$	8,012	$	(1,780)	$	272,785
Residential mortgage-backed securities:
Agency mortgage-backed securities	793,154		5,670		(15,675)		783,149
Collateralized mortgage obligations	706,986		2,826		(57,908)		651,904
Commercial mortgage-backed securities:
Agency mortgage-backed securities	100,314		285		(762)		99,837
Collateralized mortgage obligations	419,356		3,552		(18,120)		404,788

Other debt securities	349,132		1,537		(2,314)		348,355

	$	2,635,495	$	21,882	$	(96,559)	$	2,560,818

The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2026
Obligations of states and political subdivisions	$	278,510	$	9	$	(31,584)	$	246,935
Residential mortgage-backed securities:
Agency mortgage-backed securities	313,373		—		(12,441)		300,932
Collateralized mortgage obligations	312,961		—		(23,348)		289,613
Commercial mortgage-backed securities:
Agency mortgage-backed securities	16,901		—		(2,079)		14,822
Collateralized mortgage obligations	41,851		—		(6,004)		35,847
Other debt securities	42,947		—		(2,400)		40,547
	$	1,006,543	$	9	$	(77,856)	$	928,696
Allowance for credit losses - held to maturity securities	(32)
Held-to-maturity securities, net of allowance for credit losses	$	1,006,511


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2025
Obligations of states and political subdivisions	$	279,424	$	29	$	(29,516)	$	249,937
Residential mortgage-backed securities:
Agency mortgage-backed securities	323,993		—		(10,030)		313,963
Collateralized mortgage obligations	320,258		—		(18,600)		301,658
Commercial mortgage-backed securities:
Agency mortgage-backed securities	16,938		—		(2,059)		14,879
Collateralized mortgage obligations	42,079		—		(5,997)		36,082
Other debt securities	47,413		—		(2,062)		45,351
	$	1,030,105	$	29	$	(68,264)	$	961,870
Allowance for credit losses - held to maturity securities	(32)
Held-to-maturity securities, net of allowance for credit losses	$	1,030,073

No securities were sold during the first quarter of 2026 or 2025.

At March 31, 2026 and December 31, 2025, securities with a carrying value of $1,716,468 and $1,732,787, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $8,896 and $21,377 were pledged as collateral for short-term borrowings and derivative instruments, respectively, at March 31, 2026. Securities with a carrying value of $9,023 and $18,732 were pledged as collateral for short-term borrowings and derivative instruments, respectively, at December 31, 2025.

The amortized cost and fair value of securities at March 31, 2026 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.


	Held to Maturity				Available for Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	230	$	230	$	7,235	$	7,247
Due after one year through five years	12,007		11,528		73,896		74,540
Due after five years through ten years	186,144		166,048		123,963		123,220
Due after ten years	80,129		69,129		117,477		119,256
Residential mortgage-backed securities:
Agency mortgage-backed securities	313,373		300,932		1,045,352		1,029,101
Collateralized mortgage obligations	312,961		289,613		727,087		668,068
Commercial mortgage-backed securities:
Agency mortgage-backed securities	16,901		14,822		99,305		99,047
Collateralized mortgage obligations	41,851		35,847		419,035		403,222
Other debt securities	42,947		40,547		286,866		285,946

	$	1,006,543	$	928,696	$	2,900,216	$	2,809,647

The following tables present the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded as of the dates presented:


	Less than 12 Months					12 Months or More					Total
	#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses
Available for Sale:
March 31, 2026

Obligations of states and political subdivisions	41	$	61,680	$	(1,575)	11	$	15,793	$	(2,005)	52	$	77,473	$	(3,580)
Residential mortgage-backed securities:
Agency mortgage-backed securities	18	408,243		(2,236)		38	192,999		(16,159)		56	601,242		(18,395)
Collateralized mortgage obligations	2	73,544		(333)		38	287,019		(62,251)		40	360,563		(62,584)
Commercial mortgage-backed securities:
Agency mortgage-backed securities	8	46,283		(180)		1	4,680		(281)		9	50,963		(461)
Collateralized mortgage obligations	24	107,519		(635)		26	102,716		(18,163)		50	210,235		(18,798)

Other debt securities	12	150,891		(293)		10	68,947		(1,993)		22	219,838		(2,286)
Total	105	$	848,160	$	(5,252)	124	$	672,154	$	(100,852)	229	$	1,520,314	$	(106,104)
December 31, 2025

Obligations of states and political subdivisions	13	$	19,454	$	(445)	7	$	13,591	$	(1,335)	20	$	33,045	$	(1,780)
Residential mortgage-backed securities:
Agency mortgage-backed securities	8	135,320		(903)		36	132,975		(14,772)		44	268,295		(15,675)
Collateralized mortgage obligations	2	24,816		(58)		37	299,606		(57,850)		39	324,422		(57,908)
Commercial mortgage-backed securities:
Agency mortgage-backed securities	9	71,188		(395)		2	5,595		(367)		11	76,783		(762)
Collateralized mortgage obligations	12	40,387		(56)		25	102,206		(18,064)		37	142,593		(18,120)

Other debt securities	10	191,504		(1,347)		8	14,571		(967)		18	206,075		(2,314)

Total	54	$	482,669	$	(3,204)	115	$	568,544	$	(93,355)	169	$	1,051,213	$	(96,559)


	Less than 12 Months					12 Months or More					Total
	#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses
Held to Maturity:
March 31, 2026
Obligations of states and political subdivisions	7	$	17,311	$	(1,296)	117	$	227,737	$	(30,288)	124	$	245,048	$	(31,584)
Residential mortgage-backed securities:
Agency mortgage-backed securities	4	44,100		(728)		62	256,832		(11,713)		66	300,932		(12,441)
Collateralized mortgage obligations	—	—		—		18	289,613		(23,348)		18	289,613		(23,348)
Commercial mortgage-backed securities:
Agency mortgage-backed securities	—	—		—		1	14,823		(2,079)		1	14,823		(2,079)
Collateralized mortgage obligations	—	—		—		9	35,847		(6,004)		9	35,847		(6,004)
Other debt securities	—	—		—		10	40,547		(2,400)		10	40,547		(2,400)
Total	11	$	61,411	$	(2,024)	217	$	865,399	$	(75,832)	228	$	926,810	$	(77,856)
December 31, 2025
Obligations of states and political subdivisions	—	$	—	$	—	124	$	248,044	$	(29,516)	124	$	248,044	$	(29,516)
Residential mortgage-backed securities:
Agency mortgage-backed securities	—	—		—		66	313,963		(10,030)		66	313,963		(10,030)
Collateralized mortgage obligations	—	—		—		18	301,657		(18,600)		18	301,657		(18,600)
Commercial mortgage-backed securities:
Agency mortgage-backed securities	—	—		—		1	14,879		(2,059)		1	14,879		(2,059)
Collateralized mortgage obligations	—	—		—		9	36,083		(5,997)		9	36,083		(5,997)
Other debt securities	—	—		—		10	45,351		(2,062)		10	45,351		(2,062)
Total	—	$	—	$	—	228	$	959,977	$	(68,264)	228	$	959,977	$	(68,264)

The Company evaluates its available for sale investment securities in an unrealized loss position on a quarterly basis. If the Company intends to sell the security or it is more likely than not that it will be required to sell before recovery, the entire unrealized loss is recorded as a loss within noninterest income in the Consolidated Statements of Income along with a corresponding adjustment to the amortized cost basis of the security. If the Company does not intend to sell the security and it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company evaluates if any of the unrealized loss is related to a potential credit loss. The amount related to credit loss, if any, is recognized in earnings as a provision for credit loss and a corresponding allowance for credit losses is established; each is calculated as the difference between the estimate of the discounted future contractual cash flows and the amortized cost basis of the security. A number of qualitative and quantitative factors are considered by management in the estimate of the discounted future contractual cash flows, including the financial condition of the underlying issuer, current and projected deferrals or defaults and credit ratings by nationally recognized statistical rating agencies. The remaining difference between the fair value and the amortized cost basis of the security is considered the amount related to other market factors and is recognized in other comprehensive income, net of tax.

As of March 31, 2026, the Company did not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity. Furthermore, approximately 88% of available for sale securities have the explicit backing of the U.S. government or a guarantee from a U.S. government sponsored enterprise that has perceived credit risk the same as the U.S. government. Performance of these securities has been in line with broader market price performance, indicating that increases in market-based, risk-free rates, and not credit-related factors, are driving losses. When determining the fair value of the contractual cash flows for municipal and corporate securities, the Company considers historical experience with credit sensitive

securities, current market conditions, the financial condition of the underlying issuer, current credit ratings, ratings changes and outlook, explicit and implicit guarantees, or insurance programs. Based upon its review of these factors as of March 31, 2026, the Company determined that all such losses resulted from factors not deemed credit-related. As a result, no credit-related impairment was recognized in current earnings, and all unrealized losses for available for sale securities were recorded in other comprehensive income (loss). See Note 12, “Other Comprehensive Income” for more information on the Company’s unrealized losses on securities.

The allowance for credit losses on held to maturity securities was $32 at each of March 31, 2026 and December 31, 2025. The Company monitors the credit quality of debt securities held to maturity using bond investment grades assigned by nationally recognized statistical ratings agencies. Updated investment grades are obtained as they become available from agencies. As of March 31, 2026, all of the debt securities held to maturity were rated A or higher by the ratings agencies.