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SECURITIES
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
SECURITIES SECURITIES
The following tables present the amortized cost and estimated fair value of securities available for sale as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesEstimated Fair Value
Mortgage-backed securities, residential$284,959 $19 $45,374 $— $239,604 
Collateralized mortgage obligations2,977 — 116 — 2,861 
Obligations of states and political subdivisions10,016 — 308 — 9,708 
Corporate bonds and notes18,250 3 1,383 — 16,870 
Total$316,202 $22 $47,181 $— $269,043 

December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesEstimated Fair Value
Mortgage-backed securities, residential$295,595 $76 $45,296 $— $250,375 
Collateralized mortgage obligations2,990 — 59 — 2,931 
Obligations of states and political subdivisions10,553 — 243 — 10,310 
Corporate bonds and notes18,750 — 1,768 — 16,982 
Total$327,888 $76 $47,366 $— $280,598 

The following tables present the amortized cost and estimated fair value of securities held to maturity as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026
Amortized CostUnrecognized GainsUnrecognized LossesAllowance for Credit LossesEstimated Fair Value
Obligations of states and political subdivisions$1,560 $— $— $— $1,560 
December 31, 2025
Amortized CostUnrecognized GainsUnrecognized LossesAllowance for Credit LossesEstimated Fair Value
Obligations of states and political subdivisions$640 $— $— $— $640 

There were no proceeds from sales and calls of securities resulting in gains or losses for the three and six month periods ended June 30, 2026. During the three months ended June 30, 2025, the Corporation sold available for sale securities with a book value of $244.8 million, resulting in a realized pre-tax loss of $17.5 million. Proceeds from and the gross realized gains and losses on sales and calls of securities available for sale for the three and six month periods ended June 30, 2025 are presented below (in thousands).

For the Three and Six Months Ended
June 30, 2025
Proceeds from sales$227,305 
Gross realized gains$14 
Gross realized (losses)$(17,512)
Tax expense (benefit)$(4,261)

The amortized cost and estimated fair value of debt securities are shown below by contractual maturity (in thousands). Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
June 30, 2026
Available for SaleHeld to Maturity
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Within one year$466 $464 $1,000 $1,000 
After one, but within five years3,362 3,185 560 560 
After five, but within ten years24,438 22,929 — — 
After ten years— — — — 
28,266 26,578 1,560 1,560 
Mortgage-backed securities, residential284,959 239,604 — — 
Collateralized mortgage obligations2,977 2,861 — — 
Total$316,202 $269,043 $1,560 $1,560 

Securities pledged as of June 30, 2026 and December 31, 2025 had a carrying value of $202.1 million and $178.2 million, respectively, and were pledged to secure public deposits.


The following tables summarize the investment securities available for sale with unrealized losses as of June 30, 2026 and December 31, 2025 by aggregated major security type and length of time in a continuous unrealized loss position (in thousands):
Less than 12 months12 months or longerTotal
June 30, 2026Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Mortgage-backed securities, residential$— $— $234,609 $45,374 $234,609 $45,374 
Collateralized mortgage obligations2,861 116 — — 2,861 116 
Obligations of states and political subdivisions2,574 31 7,134 277 9,708 308 
Corporate bonds and notes— — 15,867 1,383 15,867 1,383 
Total$5,435 $147 $257,610 $47,034 $263,045 $47,181 
Less than 12 months12 months or longerTotal
December 31, 2025Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Mortgage-backed securities, residential$— $— $245,329 $45,296 $245,329 $45,296 
Collateralized mortgage obligations2,931 59 — — 2,931 59 
Obligations of states and political subdivisions— — 9,845 243 9,845 243 
Corporate bonds and notes984 16 15,998 1,752 16,982 1,768 
Total$3,915 $75 $271,172 $47,291 $275,087 $47,366 

Assessment of Available for Sale Debt Securities for Credit Risk
Management assesses the decline in fair value of investment securities on a regular basis. Unrealized losses on debt securities may occur from current market conditions, increases in interest rates since the time of purchase, a structural change in an investment, volatility in earnings of a specific issuer, or deterioration in credit quality of the issuer. Management evaluates both qualitative and quantitative factors to assess whether potential credit losses exist. The following is a discussion of the credit quality characteristics of portfolio segments carrying material unrealized losses as of June 30, 2026.

Obligations of U.S. Governmental agencies and sponsored enterprises:
As of June 30, 2026, the majority of the Corporation’s unrealized losses in available for sale investment securities related to mortgage-backed securities, issued by government-sponsored entities and agencies. Unrealized losses attributable to mortgage-backed securities were 96.2% of total unrealized losses on available for sale securities as of June 30, 2026. Declines in fair value were attributable to changes in interest rates, not credit quality. The Corporation does not have the intent, and is not likely to be required, to sell these securities prior to anticipated recovery. Due to affiliations with U.S. governmental agencies and/or enterprises, the Corporation considers these obligations to carry zero loss estimates, and has not recorded an allowance for credit losses as of June 30, 2026.

Corporate bonds and notes:
The Corporation's corporate bonds and notes portfolio is comprised of subordinated debt issues of community and regional banks. Unrealized losses attributable to corporate bonds and notes were 2.9% of total unrealized losses on available for sale securities as of June 30, 2026. Management considers the credit quality of these investments on an individual basis. Management reviewed the collectability of these securities, taking into consideration such factors as the financial condition of issuers, reported regulatory capital ratios of issuers, and credit ratings when available, among other pertinent factors. All corporate bond debt securities continue to accrue interest and make payments as expected with no defaults or deferrals on the part of the issuers. The decreases in fair value were attributable to changes in interest rates. Therefore, the Corporation considers the potential credit risk of these issuers to be immaterial, and has not recorded an allowance for credit losses as of June 30, 2026.

Equity Investments
The Corporation maintains a non-qualified deferred compensation plan to allow a select group of management and employees the opportunity to defer all or a portion of their annual compensation, and treats assets held under this plan as equity investments. As of June 30, 2026 and December 31, 2025, the fair value of investments held in relation to the deferred compensation plan was $3.5 million and $3.2 million, respectively. The Corporation also held $0.1 million and $0.6 million of marketable securities as equity investments as of June 30, 2026 and December 31, 2025, respectively. During the three months ended June 30, 2026, the Corporation recognized a $0.3 million write-down of a legacy non-marketable equity investment following the reassessment of the investment's carrying value, which included consideration of additional qualitative information regarding its expected recoverability. The Corporation transferred the remaining carrying value of the investment to other assets