Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

The following table presents the fair values of our securities portfolio at the dates presented:


(dollars in thousands)	March 31, 2026		December 31, 2025
Debt securities	$	1,008,140	$	986,277
Equity securities		1,378		1,382
Total Securities Available for Sale	$	1,009,518	$	987,659

The following table presents the amortized cost and fair value of available-for-sale debt securities at the dates presented:


	March 31, 2026												December 31, 2025
(dollars in thousands)	Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
U.S. Treasury securities		$	86,125		$	92		$	(2,056)		$	84,161		$	86,381		$	110		$	(1,984)		$	84,507

Collateralized mortgage obligations of U.S. government corporations and agencies(2)		658,717			2,068			(34,283)			626,502			650,314			4,961			(31,012)			624,263
Residential mortgage-backed securities of U.S. government corporations and agencies(2)		37,690			6			(4,602)			33,094			35,994			7			(4,665)			31,336
Commercial mortgage-backed securities of U.S. government corporations		263,458			1,408			(5,361)			259,505			243,571			2,411			(4,720)			241,262

Obligations of states and political subdivisions		4,875			3			—			4,878			4,902			7			—			4,909
Total Available-for-Sale Debt Securities(1)		$	1,050,865		$	3,577		$	(46,302)		$	1,008,140		$	1,021,162		$	7,496		$	(42,381)		$	986,277

(1) Excludes interest receivable of $3.2 million at March 31, 2026 and $3.3 million at December 31, 2025. Interest receivable is included in other assets in the Consolidated Balance Sheets.

(2)Collateralized mortgage obligations and residential mortgage backed securities consist primarily of securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae.

The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category at the dates presented:


	March 31, 2026
	Less Than 12 Months					12 Months or More					Total
(dollars in thousands)	Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
U.S. Treasury securities	—	$	—	$	—	7	$	69,192	$	(2,056)	7	$	69,192	$	(2,056)

Collateralized mortgage obligations of U.S. government corporations and agencies	18	153,665		(1,564)		53	271,532		(32,719)		71	425,197		(34,283)
Residential mortgage-backed securities of U.S. government corporations and agencies	1	2,502		(24)		12	30,433		(4,578)		13	32,935		(4,602)
Commercial mortgage-backed securities of U.S. government corporations	6	59,409		(663)		8	93,768		(4,698)		14	153,177		(5,361)



Total	25	$	215,576	$	(2,251)	80	$	464,925	$	(44,051)	105	$	680,501	$	(46,302)


	December 31, 2025
	Less Than 12 Months					12 Months or More					Total
(dollars in thousands)	Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
U.S. Treasury securities	—	$	—	$	—	7	$	69,409	$	(1,984)	7	$	69,409	$	(1,984)

Collateralized mortgage obligations of U.S. government corporations and agencies	4	34,993		(52)		55	299,732		(30,960)		59	334,725		(31,012)
Residential mortgage-backed securities of U.S. government corporations and agencies	—	—		—		15	31,171		(4,665)		15	31,171		(4,665)
Commercial mortgage-backed securities of U.S. government corporations	1	9,943		(29)		10	114,107		(4,691)		11	124,050		(4,720)



Total	5	$	44,936	$	(81)	87	$	514,419	$	(42,300)	92	$	559,355	$	(42,381)

We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit impairment or other factors. We do not believe any individual unrealized loss as of March 31, 2026 represents a credit impairment. The unrealized losses on debt securities were attributable to changes in interest rates and not related to the credit quality of the issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. As of March 31, 2026, we do not intend to sell, and it is more likely than not that we will not be required to sell, the securities in an unrealized loss position before recovery of their amortized cost.

The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive loss, for the periods presented:


	March 31, 2026						December 31, 2025
(dollars in thousands)	Gross Unrealized Gains		Gross Unrealized Losses		Net Unrealized Losses		Gross Unrealized Gains		Gross Unrealized Losses		Net Unrealized Losses
Total unrealized gains (losses) on available-for-sale debt securities	$	3,577	$	(46,302)	$	(42,725)	$	7,496	$	(42,381)	$	(34,885)
Income tax (expense) benefit	(770)		9,967		9,197		(1,614)		9,123		7,509
Net Unrealized Losses, Net of Tax Included in Accumulated Other Comprehensive Loss	$	2,807	$	(36,335)	$	(33,528)	$	5,882	$	(33,258)	$	(27,376)

The amortized cost and fair value of available-for-sale debt securities at March 31, 2026 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	March 31, 2026
(dollars in thousands)	Amortized Cost		Fair Value
Obligations of the U.S. Treasury, U.S. government corporations and agencies and obligations of states and political subdivisions
Due in one year or less	$	30,083	$	30,036
Due after one year through five years	51,022		49,075
Due after five years through ten years	9,895		9,928
Due after ten years	—		—
Available-for-Sale Debt Securities With Fixed Maturities	91,000		89,039
Debt Securities without a single maturity date
Collateralized mortgage obligations of U.S. government corporations and agencies	658,717		626,502
Residential mortgage-backed securities of U.S. government corporations and agencies	37,690		33,094
Commercial mortgage-backed securities of U.S. government corporations	263,458		259,505


Total Available-for-Sale Debt Securities	$	1,050,865	$	1,008,140

Debt securities are pledged in order to meet various regulatory and legal requirements. Restricted pledged securities had a carrying value of $37.2 million at March 31, 2026 and $38.3 million at December 31, 2025. Unrestricted pledged securities had a carrying value of $208.0 million at March 31, 2026 and $202.0 million at December 31, 2025. Any sales or changes to the pledged status of restricted pledged securities requires approval of the beneficiary. Approval is not required in order to sell or make changes to the pledged status for unrestricted pledged securities.