SECURITIES

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Debt securities available-for-sale ("AFS") at March 31, 2026 and December 31, 2025 were as follows:


	March 31, 2026
	Amortized		Unrealized				Allowance For		Fair
	Cost		Gains		Losses		Credit Losses		Value
U.S. Government sponsored entities	$	98,859	$	—	$	(1,000)	$	—	$	97,859
State & political subdivisions	95,432		28		(9,064)		—		86,396
Residential & multi-family mortgage	491,697		278		(27,939)		—		464,036
Corporate notes & bonds	41,538		282		(1,447)		—		40,373
Pooled SBA	7,262		1		(395)		—		6,868

Total	$	734,788	$	589	$	(39,845)	$	—	$	695,532


	December 31, 2025
	Amortized		Unrealized				Allowance For		Fair
	Cost		Gains		Losses		Credit Losses		Value
U.S. Government sponsored entities	$	113,211	$	100	$	(216)	$	—	$	113,095
State & political subdivisions	96,607		47		(8,806)		—		87,848
Residential & multi-family mortgage	352,004		492		(24,249)		—		328,247
Corporate notes & bonds	49,512		180		(1,752)		—		47,940
Pooled SBA	7,578		2		(380)		—		7,200

Total	$	618,912	$	821	$	(35,403)	$	—	$	584,330

Debt securities held-to-maturity ("HTM") at March 31, 2026 and December 31, 2025 were as follows:


	March 31, 2026
	Amortized		Unrealized				Allowance For		Fair
	Cost		Gains		Losses		Credit Losses		Value
U.S. Government sponsored entities	$	162,621	$	—	$	(5,804)	$	—	$	156,817
Residential & multi-family mortgage	62,572		—		(6,819)		—		55,753





Total	$	225,193	$	—	$	(12,623)	$	—	$	212,570


	December 31, 2025
	Amortized		Unrealized				Allowance For		Fair
	Cost		Gains		Losses		Credit Losses		Value
U.S. Government sponsored entities	$	177,569	$	—	$	(6,061)	$	—	$	171,508
Residential & multi-family mortgage	64,569		—		(6,383)		—		58,186





Total	$	242,138	$	—	$	(12,444)	$	—	$	229,694

Information pertaining to security sales on AFS securities is as follows:


	Proceeds		Gross Gains		Gross Losses
Three months ended March 31, 2026	$	36,670	$	331	$	—
Three months ended March 31, 2025	—		—		—

The tax provision related to these net realized gains (losses) was $70 thousand for the three months ended March 31, 2026 and zero for the three months ended March 31, 2025, respectively.

The table below illustrates the maturity distribution of debt securities at amortized cost and fair value as of March 31, 2026:


	Available-for-sale				Held-to-maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
1 year or less	$	7,420	$	7,392	$	82,771	$	81,826
1 year – 5 years	81,352		78,198		70,870		66,987
5 years – 10 years	132,271		127,593		8,980		8,003
After 10 years	14,786		11,445		—		—
	235,829		224,628		162,621		156,816
Residential & multi-family mortgage	491,697		464,036		62,572		55,754
Pooled SBA	7,262		6,868		—		—

Total debt securities	$	734,788	$	695,532	$	225,193	$	212,570

Mortgage securities and pooled Small Business Administration ("SBA") securities are not due at a single date; periodic payments are received based on the payment patterns of the underlying collateral.

On March 31, 2026 and December 31, 2025, securities carried at $712.7 million and $583.8 million, respectively, were pledged to secure public deposits and for other purposes as provided by law.

At March 31, 2026 and December 31, 2025, there were no holdings of securities of any one issuer, other than the U.S. Government sponsored entities, in an amount greater than 10% of shareholders' equity. The Corporation's residential and multi-family mortgage securities are issued by government sponsored entities.

AFS debt securities with unrealized losses at March 31, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

March 31, 2026


	Less than 12 Months				12 Months or More				Total
Description of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. Government sponsored entities	$	97,859	$	(1,000)	$	—	$	—	$	97,859	$	(1,000)
State & political subdivisions	6,291		(29)		73,196		(9,035)		79,487		(9,064)
Residential & multi-family mortgage	280,110		(4,311)		137,764		(23,628)		417,874		(27,939)
Corporate notes and bonds	7,707		(290)		19,938		(1,157)		27,645		(1,447)
Pooled SBA	200		(1)		6,461		(394)		6,661		(395)

	$	392,167	$	(5,631)	$	237,359	$	(34,214)	$	629,526	$	(39,845)

December 31, 2025


	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. Government sponsored entities	$	42,705	$	(216)	$	—	$	—	$	42,705	$	(216)
State & political subdivisions	2,380		(1)		75,516		(8,805)		77,896		(8,806)
Residential & multi-family mortgage	123,186		(835)		143,001		(23,414)		266,187		(24,249)
Corporate notes and bonds	13,146		(333)		24,175		(1,419)		37,321		(1,752)
Pooled SBA	57		(1)		6,876		(379)		6,933		(380)

	$	181,474	$	(1,386)	$	249,568	$	(34,017)	$	431,042	$	(35,403)

HTM debt securities with unrealized losses at March 31, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

March 31, 2026


	Less than 12 Months				12 Months or More				Total
Description of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. Government sponsored entities	$	—	$	—	$	156,817	$	(5,804)	$	156,817	$	(5,804)
Residential & multi-family mortgage	—		—		55,753		(6,819)		55,753		(6,819)





	$	—	$	—	$	212,570	$	(12,623)	$	212,570	$	(12,623)

December 31, 2025


	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. Government sponsored entities	$	—	$	—	$	171,508	$	(6,061)	$	171,508	$	(6,061)
Residential & multi-family mortgage	—		—		58,186		(6,383)		58,186		(6,383)





	$	—	$	—	$	229,694	$	(12,444)	$	229,694	$	(12,444)

At March 31, 2026 and December 31, 2025, management performed an assessment for possible impairment related to credit losses of the Corporation's debt securities, relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. Based on the results of the assessment, management believes there is no credit related impairment of these debt securities at March 31, 2026 and December 31, 2025.

First, an assessment was performed to determine if the Corporation intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost. Management determined it does not intend to sell and will not be required to sell any of the securities before recovery of its amortized cost. Next, management performed an evaluation relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. For the securities that comprise corporate notes and bonds and the securities that are issued by state and political subdivisions, management monitors publicly available financial information, such as filings with the Securities and Exchange Commission, in order to evaluate the securities' credit quality and the issuer's ability to repay its debt obligations. For financial institution issuers, management monitors information from quarterly "call" report filings that are used to generate Uniform Bank Performance Reports. All other securities that were in an unrealized loss position at the balance sheet date were reviewed by management, and issuer-specific documents were reviewed as appropriate given the following considerations; the financial condition and near-term prospects of the issuer and whether downgrades by bond rating agencies have occurred. Based on the results of the assessment, management believes the decline in fair value is not the result of credit losses. As a result no credit allowance is required as of March 31, 2026.

As of March 31, 2026 and December 31, 2025, management concluded the debt securities described in the previous paragraphs did not decline in fair value due to credit factors for the following reasons:

•There is no indication of any significant deterioration of the creditworthiness of the institutions that issued the securities.

•All contractual interest payments on the securities have been received as scheduled, and no information has come to management's attention through the processes previously described which would lead to a conclusion that future contractual payments will not be timely received.

The Corporation does not intend to sell and it is not more likely than not that it will be required to sell the securities in an unrealized loss position before recovery of its amortized cost basis.

Equity securities at March 31, 2026 and December 31, 2025 were as follows:


	March 31, 2026		December 31, 2025
Corporate equity securities	$	4,686	$	4,745
Mutual funds	3,972		3,792
Money market funds	247		245
Corporate notes	1,999		2,083

Total	$	10,904	$	10,865