Securities

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investment in Debt and Equity Securities and Other Trading Assets

SECURITIES

Trading Securities

The Company had trading securities of $4.8 million and $4.7 million as of June 30, 2026 and December 31, 2025, respectively. These securities are held in a rabbi trust and will be used for future payments associated with the Company’s non-qualified 401(k) Restoration Plan and Non-qualified Deferred Compensation Plan.

Equity Securities

The Company had equity securities of $21.6 million as of both June 30, 2026 and December 31, 2025. These securities consist primarily of mutual funds held in a rabbi trust and will be used for future payments associated with the Company’s supplemental executive retirement plans.

The following table represents a summary of the gains and losses recognized within non-interest income and non-interest expense within the Consolidated Statements of Income that relate to equity securities for the periods indicated:

	Three Months Ended				Six Months Ended
	June 30				June 30
	2026		2025		2026		2025
	Dollars in thousands
Net gains recognized during the period on equity securities	$	173	$	71	$	198	$	169
Less: net gains recognized during the period on equity securities sold during the period	347		—		347		6
Unrealized (losses) gains recognized during the reporting period on equity securities still held at the reporting date	$	(174)	$	71	$	(149)	$	163

Available for Sale Securities

The following table summarizes the amortized cost, allowance for credit losses, and fair value of available for sale securities and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) at the dates indicated:

	June 30, 2026										December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for credit losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for credit losses		Fair Value
	(Dollars in thousands)
U.S. government agency securities	$	228,317	$	—	$	(9,529)	$	—	$	218,788	$	228,697	$	—	$	(10,025)	$	—	$	218,672
U.S. treasury securities	390,700		—		(11,525)		—		379,175		485,388		32		(14,336)		—		471,084
Agency mortgage-backed securities	996,262		746		(35,199)		—		961,809		790,764		4,430		(22,231)		—		772,963
Agency collateralized mortgage obligations	261,338		126		(9,935)		—		251,529		273,321		784		(4,529)		—		269,576
Municipal securities	229,525		488		(1,212)		—		228,801		230,052		3,056		(30)		—		233,078
Pooled trust preferred securities issued by banks and insurers	1,035		—		(69)		—		966		1,120		—		(78)		—		1,042
Small business administration pooled securities	39,746		—		(4,842)		—		34,904		42,480		—		(4,648)		—		37,832
Total available for sale securities	$	2,146,923	$	1,360	$	(72,311)	$	—	$	2,075,972	$	2,051,822	$	8,302	$	(55,877)	$	—	$	2,004,247

Excluded from the table above is accrued interest on available for sale securities of $5.8 million and $5.6 million at June 30, 2026 and December 31, 2025, respectively, which is included within other assets on the Consolidated Balance Sheets. The Company did not record any write-offs of accrued interest income on available for sale securities during the three and six months ended June 30, 2026 and 2025. Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at June 30, 2026 and December 31, 2025, respectively.

When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The Company had no sales of securities available for sale during the three and six months ended June 30, 2026 and 2025, and therefore no gains or losses were realized for such periods.

The following tables show the gross unrealized losses and fair value of the Company’s available for sale securities in an unrealized loss position as of the dates indicated. These available for sale securities are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position:

	June 30, 2026
		Less than 12 months				12 months or longer				Total
	# of  holdings	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Dollars in thousands)
U.S. government agency securities	9	$	—	$	—	$	218,788	$	(9,529)	$	218,788	$	(9,529)
U.S. treasury securities	9	6,564		(59)		372,611		(11,466)		379,175		(11,525)
Agency mortgage-backed securities	129	637,880		(13,484)		228,825		(21,715)		866,705		(35,199)
Agency collateralized mortgage obligations	86	224,470		(8,530)		21,257		(1,405)		245,727		(9,935)
Municipal securities	174	170,097		(1,212)		—		—		170,097		(1,212)
Pooled trust preferred securities issued by banks and insurers	1	—		—		966		(69)		966		(69)
Small business administration pooled securities	8	—		—		34,904		(4,842)		34,904		(4,842)
Total	416	$	1,039,011	$	(23,285)	$	877,351	$	(49,026)	$	1,916,362	$	(72,311)
	December 31, 2025
		Less than 12 months				12 months or longer				Total
	# of  holdings	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Dollars in thousands)
U.S. government agency securities	9	$	—	$	—	$	218,672	$	(10,025)	$	218,672	$	(10,025)
U.S. treasury securities	10	—		—		464,514		(14,336)		464,514		(14,336)
Agency mortgage-backed securities	106	178,837		(911)		237,923		(21,320)		416,760		(22,231)
Agency collateralized mortgage obligations	54	175,697		(3,216)		23,265		(1,313)		198,962		(4,529)
Municipal securities	8	6,792		(30)		—		—		6,792		(30)
Pooled trust preferred securities issued by banks and insurers	1	—		—		1,042		(78)		1,042		(78)
Small business administration pooled securities	8	—		—		37,832		(4,648)		37,832		(4,648)
Total	196	$	361,326	$	(4,157)	$	983,248	$	(51,720)	$	1,344,574	$	(55,877)

The Company does not intend to sell these investments and has determined, based upon available evidence, that it is more likely than not that the Company will not be required to sell each security before the recovery of its amortized cost basis. In addition, management does not believe that any of the securities are impaired due to reasons of credit quality. As a result, the Company did not recognize a provision for credit losses on these investments during the three and six months ended June 30, 2026 and 2025. The Company made this determination by reviewing various qualitative and quantitative factors regarding each investment category, such as current market conditions, extent and nature of changes in fair value, issuer rating changes and trends, volatility of earnings, and current analysts’ evaluations.

As a result of the Company’s review of these qualitative and quantitative factors, the causes of the impairments listed in the table above by category were as follows at June 30, 2026:

•U.S. Government Agency Securities, U.S. Treasury Securities, Agency Mortgage-Backed Securities, Agency Collateralized Mortgage Obligations and Small Business Administration Pooled Securities: These portfolios have contractual terms that generally do not permit the issuer to settle the securities at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. Government or one of its agencies.

•Municipal Securities: This portfolio has contractual terms that generally do not permit the issuer to settle the securities at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality.

•Pooled Trust Preferred Securities: This portfolio consists of one security which is performing. The unrealized loss on this security is attributable to the illiquid nature of the trust preferred market in the current economic and regulatory environment. Management evaluates collateral credit and instrument structure, including current and expected deferral and default rates and timing. In addition, discount rates are determined by evaluating comparable spreads observed currently in the market for similar instruments.

Held to Maturity Securities

The following table summarizes the amortized cost, fair value and allowance for credit losses of held to maturity securities and the corresponding amounts of gross unrealized gains and losses recognized at the dates indicated:

	June 30, 2026										December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for credit losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for credit losses		Fair Value
	(Dollars in thousands)
U.S. treasury securities	$	100,911	$	—	$	(3,408)	$	—	$	97,503	$	100,872	$	—	$	(3,748)	$	—	$	97,124
Agency mortgage-backed securities	653,630		177		(38,749)		—		615,058		694,903		339		(35,827)		—		659,415
Agency collateralized mortgage obligations	348,671		—		(45,598)		—		303,073		370,698		—		(44,900)		—		325,798
Small business administration pooled securities	107,098		—		(5,088)		—		102,010		112,554		183		(4,341)		—		108,396
Total held to maturity securities	$	1,210,310	$	177	$	(92,843)	$	—	$	1,117,644	$	1,279,027	$	522	$	(88,816)	$	—	$	1,190,733

All held to maturity securities held by the Company are guaranteed by the U.S. federal government or other government sponsored agencies and have a long history of no credit losses. As a result, management has determined these securities to have a zero loss expectation and therefore the Company did not record a provision for estimated credit losses on any held to maturity securities during the three and six months ended June 30, 2026 and 2025. Excluded from the table above is accrued interest on held to maturity securities of $3.1 million and $3.4 million at June 30, 2026 and December 31, 2025, respectively, which is included within other assets on the Consolidated Balance Sheets. The Company did not record any write-offs of accrued interest income on held to maturity securities during the three and six months ended June 30, 2026 and 2025. Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at June 30, 2026 and December 31, 2025.

When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The Company had no sales of held to maturity securities during the three and six months ended June 30, 2026 and 2025, and therefore no gains or losses were realized for such periods.

The Company monitors the credit quality of held to maturity securities through the use of credit ratings. Credit ratings are monitored by the Company on at least a quarterly basis. As of June 30, 2026, all held to maturity securities held by the Company were rated investment grade or higher.

The actual maturities of certain available for sale or held to maturity securities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. A schedule of the contractual maturities of securities available for sale and securities held to maturity at June 30, 2026 is presented below:

	Due in one year or less				Due after one year to five years				Due after five to ten years				Due after ten years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in thousands)
Available for sale securities
U.S. government agency securities	$	67,515	$	67,059	$	160,802	$	151,729	$	—	$	—	$	—	$	—	$	228,317	$	218,788
U.S. treasury securities	199,932		197,482		190,768		181,693		—		—		—		—		390,700		379,175
Agency mortgage-backed securities	23,567		23,396		208,375		200,532		21,425		20,460		742,895		717,421		996,262		961,809
Agency collateralized mortgage obligations	—		—		4,477		4,429		1,690		1,576		255,171		245,524		261,338		251,529
Municipal securities	3,551		3,550		130,495		129,958		94,020		93,798		1,459		1,495		229,525		228,801
Pooled trust preferred securities issued by banks and insurers	—		—		—		—		—		—		1,035		966		1,035		966
Small business administration pooled securities	—		—		—		—		9,483		8,894		30,263		26,010		39,746		34,904
Total available for sale securities	$	294,565	$	291,487	$	694,917	$	668,341	$	126,618	$	124,728	$	1,030,823	$	991,416	$	2,146,923	$	2,075,972
Held to maturity securities
U.S. treasury securities	$	49,964	$	49,065	$	49,953	$	47,574	$	994	$	864	$	—	$	—	$	100,911	$	97,503
Agency mortgage-backed securities	80,520		79,977		375,469		352,741		87,173		79,429		110,468		102,911		653,630		615,058
Agency collateralized mortgage obligations	25,164		25,098		34,727		32,835		28,725		25,612		260,055		219,528		348,671		303,073
Small business administration pooled securities	—		—		—		—		4,773		4,475		102,325		97,535		107,098		102,010
Total held to maturity securities	$	155,648	$	154,140	$	460,149	$	433,150	$	121,665	$	110,380	$	472,848	$	419,974	$	1,210,310	$	1,117,644
Total	$	450,213	$	445,627	$	1,155,066	$	1,101,491	$	248,283	$	235,108	$	1,503,671	$	1,411,390	$	3,357,233	$	3,193,616

Included in the table above is $128.8 million of callable securities at June 30, 2026.

The carrying value of securities pledged to secure public funds, trust deposits, and for other purposes, as required or permitted by law, was $2.8 billion and $2.5 billion at June 30, 2026 and December 31, 2025, respectively.

At June 30, 2026 and December 31, 2025, the Company had no investments in obligations of individual states, counties, or municipalities which exceeded 10% of consolidated stockholders’ equity.