
	September 30, 2026
(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	$	60,756	$	8	$	(2,702)	$	58,062
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	3,728,834		195		(297,828)		3,431,201
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	284,625		207		(11,177)		273,655
Private mortgage-backed securities and collateralized mortgage obligations	81,000		108		(6,590)		74,518
CLOs	317,266		508		(858)		316,916
Obligations of state and political subdivisions	333,779		—		(23,647)		310,132
Other debt securities	176,779		52		(6,960)		169,871
Totals	$	4,983,039	$	1,078	$	(349,762)	$	4,634,355
HTM Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	466,721	$	—	$	(109,805)	$	356,916
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	86,261		—		(7,866)		78,395
Totals	$	552,982	$	—	$	(117,671)	$	435,311


	December 31, 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	$	54,831	$	365	$	(451)	$	54,745
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	3,681,499		41,388		(135,388)		3,587,499
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	395,165		4,636		(5,928)		393,873
Private mortgage-backed securities and collateralized mortgage obligations	131,846		561		(5,010)		127,397
CLOs	423,864		636		(512)		423,988
Obligations of state and political subdivisions	336,417		651		(2,520)		334,548
Other debt securities	242,672		421		(576)		242,517
Totals	$	5,266,294	$	48,658	$	(150,385)	$	5,164,567
HTM Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	498,931	$	—	$	(90,696)	$	408,235
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	87,247		—		(5,922)		81,325


Totals	$	586,178	$	—	$	(96,618)	$	489,560

During the three and nine months ended September 30, 2026, debt securities with fair values of $234.0 million and $511.1 million, respectively, were sold, with gross losses of $0.1 million and $39.6 million, respectively. 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. Included in “Securities losses, net” on the Consolidated Statements of Income are decreases of $0.5 million and $0.7 million, respectively, for the three and nine months ended September 30, 2026, and increases of $0.1 million and $0.4 million, respectively, for the three and nine months ended September 30, 2025 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, 2026, 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	$	—	$	—	$	6,265	$	6,260
Due after one year through five years	—		—		2,993		2,921
Due after five years through ten years	—		—		50,352		46,655
Due after ten years	—		—		334,925		312,358
	—		—		394,535		368,194

Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	466,721		356,916		3,728,834		3,431,201
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	86,261		78,395		284,625		273,655
Private mortgage-backed securities and collateralized mortgage obligations	—		—		81,000		74,518
CLOs	—		—		317,266		316,916
Other debt securities	—		—		176,779		169,871
Totals	$	552,982	$	435,311	$	4,983,039	$	4,634,355

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. Information pertaining to our securities with gross unrealized losses at September 30, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss positions is as follows:


	September 30, 2026
	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	$	46,460	$	(2,252)	$	8,732	$	(450)	$	55,192	$	(2,702)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	2,995,789		(182,019)		398,717		(115,809)		3,394,506		(297,828)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	150,581		(4,669)		68,196		(6,508)		218,777		(11,177)
Private mortgage-backed securities and collateralized mortgage obligations	7,924		(231)		63,609		(6,359)		71,533		(6,590)
CLOs	194,479		(627)		46,960		(231)		241,439		(858)
Obligations of state and political subdivisions	304,841		(22,133)		5,291		(1,514)		310,132		(23,647)
Other debt securities	153,813		(6,960)		—		—		153,813		(6,960)
Totals	$	3,853,887	$	(218,891)	$	591,505	$	(130,871)	$	4,445,392	$	(349,762)
1Comprised of 661 individual securities.


	December 31, 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	$	21,846	$	(31)	$	13,932	$	(420)	$	35,778	$	(451)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	378,739		(1,625)		730,551		(133,763)		1,109,290		(135,388)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	90,765		(61)		95,090		(5,867)		185,855		(5,928)
Private mortgage-backed securities and collateralized mortgage obligations	969		(1)		76,829		(5,009)		77,798		(5,010)
CLOs	211,052		(320)		38,882		(192)		249,934		(512)
Obligations of state and political subdivisions	244,168		(1,445)		5,730		(1,075)		249,898		(2,520)
Other debt securities	132,345		(576)		—		—		132,345		(576)
Totals	$	1,079,884	$	(4,059)	$	961,014	$	(146,326)	$	2,040,898	$	(150,385)
1Comprised of 383 individual securities.

At September 30, 2026, the Company had unrealized losses of $2.7 million on U.S. Treasury securities and obligations of U.S. government agencies having a fair value of $55.2 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

At September 30, 2026, the Company had unrealized losses of $309.0 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $3.6 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, 2026, no allowance has been recorded.

At September 30, 2026, the Company had $6.6 million of unrealized losses on private label residential mortgage-backed securities and collateralized mortgage obligations having a fair value of $71.5 million. All positions held 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, 2026, no allowance has been recorded.

At September 30, 2026, the Company had $0.9 million of unrealized losses in floating rate CLOs having a fair value of $241.4 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, 2026, all positions held by the Company are in AAA and AA tranches, with weighted-average credit support of 37% and 23%, 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 not changes in credit quality and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2026, no allowance has been recorded.

At September 30, 2026, the Company had $23.6 million of unrealized losses on municipal securities having a fair value of $310.1 million and $7.0 million of unrealized losses on other debt securities having a fair value of $153.8 million. These securities are highly rated issuances, 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, 2026, no allowance 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, 2026, no allowance has been recorded. The Company has the intent and ability to hold these securities until maturity.

Included in Other assets at September 30, 2026 and December 31, 2025 is $143.9 million and $135.6 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 $22.5 million and $0.9 million, respectively, at September 30, 2026, and $24.5 million and $1.0 million, respectively, at December 31, 2025, is included in Other assets. Also included in Other assets are investments in CRA-qualified mutual funds carried at fair value of $13.3 million and $13.9 million at September 30, 2026 and December 31, 2025, respectively.