
	September 30, 2025
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS Debt Securities
U.S. Treasury securities and obligations of U.S. government agencies	$	41,205	$	346	$	(432)	$	41,119
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	2,654,711		28,944		(141,197)		2,542,458
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	299,739		4,478		(6,471)		297,746
Private mortgage-backed securities and collateralized mortgage obligations	103,825		348		(5,582)		98,591
CLOs	216,818		698		(309)		217,207
Obligations of state and political subdivisions	8,635		1		(1,142)		7,494
Other debt securities	7,389		76		—		7,465
Totals	$	3,332,322	$	34,891	$	(155,133)	$	3,212,080
HTM Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	511,031	$	—	$	(93,719)	$	417,312
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	87,573		—		(6,501)		81,072
Totals	$	598,604	$	—	$	(100,220)	$	498,384


	December 31, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS Debt Securities
U.S. Treasury securities and obligations of U.S. government agencies	$	28,233	$	29	$	(522)	$	27,740
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,777,274		1,237		(190,536)		1,587,975
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	206,537		1,195		(10,283)		197,449
Private mortgage-backed securities and collateralized mortgage obligations	129,475		149		(8,382)		121,242
CLOs	278,342		788		(166)		278,964
Obligations of state and political subdivisions	7,139		—		(1,449)		5,690
Other debt securities	7,389		94		—		7,483
Totals	$	2,434,389	$	3,492	$	(211,338)	$	2,226,543
HTM Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	546,444	$	—	$	(117,620)	$	428,824
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	88,742		—		(9,972)		78,770


Totals	$	635,186	$	—	$	(127,592)	$	507,594

During the three months ended September 30, 2025, debt securities with a fair value of $245.7 million assumed in the acquisition of Heartland were sold. No gain or loss was recognized on the sale. During the three and nine months ended September 30, 2025, there were $19.8 million in other sales of securities, with gross losses of $1.0 million. During the three and nine months ended September 30, 2024, debt securities with a fair value of $17.6 million and $104.4 million, respectively, were sold, with gross losses of $0.3 million and $4.0 million, respectively. Included in “Securities (losses) gains, net” are increases of $0.1 million and $0.4 million, respectively, for the three and nine months ended September 30, 2025, and increases of $0.5 million and $0.3 million, respectively, for the three and nine months ended September 30, 2024 in the value of investments in mutual funds that invest in CRA-qualified debt securities.

The amortized cost and fair value of securities HTM and AFS as of September 30, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	Held-to-Maturity				Available-for-Sale
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	—	$	—	$	14,004	$	14,010
Due after one year through five years	—		—		11,272		11,262
Due after five years through ten years	—		—		8,321		8,598
Due after ten years	—		—		16,243		14,743
	—		—		49,840		48,613

Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	511,031		417,312		2,654,711		2,542,458
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	87,573		81,072		299,739		297,746
Private mortgage-backed securities and collateralized mortgage obligations	—		—		103,825		98,591
CLOs	—		—		216,818		217,207
Other debt securities	—		—		7,389		7,465
Totals	$	598,604	$	498,384	$	3,332,322	$	3,212,080

The estimated fair value of a security is determined based on market quotations, when available, or, if not available, by using quoted market prices for similar securities, pricing models, or discounted cash flow analyses, or using observable market data. The tables below indicate the fair value of AFS debt securities with unrealized losses for which no allowance for credit losses has been recorded.


	September 30, 2025
	Less Than 12 Months				12 Months or Longer				Total1
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies	$	313	$	(2)	$	14,493	$	(430)	$	14,806	$	(432)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	175,515		(2,115)		786,425		(139,082)		961,940		(141,197)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	274		—		95,067		(6,471)		95,341		(6,471)
Private mortgage-backed securities and collateralized mortgage obligations	—		—		81,657		(5,582)		81,657		(5,582)
CLOs	45,106		(132)		44,532		(177)		89,638		(309)
Obligations of state and political subdivisions	—		—		5,663		(1,142)		5,663		(1,142)

Totals	$	221,208	$	(2,249)	$	1,027,837	$	(152,884)	$	1,249,045	$	(155,133)
1Comprised of 337 individual securities.


	December 31, 2024
	Less Than 12 Months				12 Months or Longer				Total1
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies	$	4,825	$	(13)	$	18,060	$	(509)	$	22,885	$	(522)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	648,967		(7,578)		739,363		(182,958)		1,388,330		(190,536)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	13,200		(222)		107,041		(10,061)		120,241		(10,283)
Private mortgage-backed securities and collateralized mortgage obligations	7,178		(16)		101,242		(8,366)		108,420		(8,382)
CLOs	43,410		(152)		7,596		(14)		51,006		(166)
Obligations of state and political subdivisions	319		(15)		5,371		(1,434)		5,690		(1,449)

Totals	$	717,899	$	(7,996)	$	978,673	$	(203,342)	$	1,696,572	$	(211,338)
1Comprised of 377 individual securities.

At September 30, 2025, the Company had unrealized losses of $0.4 million on U.S. Treasury securities and obligations of U.S. government agencies having a fair value of $14.8 million. These securities are either explicitly or implicitly guaranteed by the full faith and credit of the U.S. government. The Company does not expect individual securities issued by the U.S. Treasury, a U.S. agency, or a sponsored U.S. agency to incur future losses of principal. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2025, no allowance for credit losses has been recorded.

At September 30, 2025, the Company had unrealized losses of $147.7 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $1.1 billion. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments and the high credit rating of the portfolio provide a sufficient basis for the current expectation that there is no risk of loss if default were to occur. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2025, no allowance for credit losses has been recorded.

At September 30, 2025, the Company had $5.6 million of unrealized losses on private label residential mortgage-backed securities and collateralized mortgage obligations having a fair value of $81.7 million. The securities have weighted-average credit support of 22%. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2025, no allowance for credit losses has been recorded.

At September 30, 2025, the Company had $0.3 million of unrealized losses in floating rate CLOs having a fair value of $89.6 million. CLOs are special purpose vehicles and those in which the Company has invested are nearly all first-lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors. As of September 30, 2025, all positions held by the Company are in AAA and AA tranches, with weighted-average credit support of 37% and 26%, respectively. The Company evaluates the securities for potential credit losses by modeling expected loan-level defaults, recoveries, and prepayments for each CLO security. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2025, no allowance for credit losses has been recorded.

At September 30, 2025, the Company had $1.1 million of unrealized losses on municipal securities having a fair value of $5.7 million. These securities are highly rated issuances of state or local municipalities, all of which are continuing to make timely contractual payments. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality and expects to recover the entire amortized cost basis of these securities. As a result, as of September 30, 2025, no allowance for credit losses has been recorded.

All HTM debt securities are issued by government-sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments, and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if a default were to occur. As a result, as of September 30, 2025, no allowance for credit losses has been recorded. The Company has the intent and ability to hold these securities until maturity.

Included in Other Assets at September 30, 2025 and December 31, 2024 is $101.9 million and $77.3 million, respectively, of FHLB and Federal Reserve Bank stock stated at par value. The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities. Accrued interest receivable on AFS and HTM debt securities of $11.9 million and $1.0 million, respectively, at September 30, 2025, and $9.2 million and $1.0 million, respectively, at December 31, 2024, is included in Other Assets. Also included in Other Assets are investments in CRA-qualified mutual funds carried at fair value of $13.9 million and $13.5 million at September 30, 2025 and December 31, 2024, respectively.