The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s debt securities:


	June 30, 2025
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
Available-for-sale
U.S. government and federal agency	$	434,011	19	(8,730)	425,300
U.S. government sponsored enterprises	324,793		—	(8,811)	315,982
State and local governments	73,814		172	(3,282)	70,704
Corporate bonds	14,771		—	(138)	14,633
Residential mortgage-backed securities	2,425,723		10	(237,869)	2,187,864
Commercial mortgage-backed securities	1,071,083		239	(60,825)	1,010,497
Total available-for-sale	$	4,344,195	440	(319,655)	4,024,980
Held-to-maturity
U.S. government and federal agency	862,536		—	(39,150)	823,386
State and local governments	1,600,848		352	(248,765)	1,352,435
Residential mortgage-backed securities	742,749		—	(47,050)	695,699
Total held-to-maturity	3,206,133		352	(334,965)	2,871,520
Total debt securities	$	7,550,328	792	(654,620)	6,896,500


	December 31, 2024
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
Available-for-sale
U.S. government and federal agency	$	484,082	5	(15,654)	468,433
U.S. government sponsored enterprises	323,854		—	(13,700)	310,154
State and local governments	71,737		215	(3,272)	68,680
Corporate bonds	14,818		—	(315)	14,503
Residential mortgage-backed securities	2,660,330		5	(304,819)	2,355,516
Commercial mortgage-backed securities	1,101,489		2	(73,572)	1,027,919
Total available-for-sale	$	4,656,310	227	(411,332)	4,245,205
Held-to-maturity
U.S. government and federal agency	859,432		—	(54,496)	804,936
State and local governments	1,619,850		810	(209,502)	1,411,158
Residential mortgage-backed securities	815,565		—	(63,089)	752,476
Total held-to-maturity	3,294,847		810	(327,087)	2,968,570
Total debt securities	$	7,951,157	1,037	(738,419)	7,213,775

The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity at June 30, 2025. Actual maturities may differ from expected or contractual maturities since some issuers have the right to prepay obligations with or without prepayment penalties.


	June 30, 2025
	Available-for-Sale			Held-to-Maturity
(Dollars in thousands)	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Due within one year	$	656,246	643,971	9,887	9,887
Due after one year through five years	135,756		130,467	963,132	922,352
Due after five years through ten years	25,180		23,868	238,847	226,960
Due after ten years	30,207		28,313	1,251,518	1,016,622
	847,389		826,619	2,463,384	2,175,821
Mortgage-backed securities 1	3,496,806		3,198,361	742,749	695,699
Total	$	4,344,195	4,024,980	3,206,133	2,871,520

Proceeds from sales and calls of debt securities and the associated gains and losses that have been included in earnings in gain (loss) on sale of securities are listed below:


	Three Months ended			Six Months ended
(Dollars in thousands)	June 30, 2025		June 30, 2024	June 30, 2025	June 30, 2024
Available-for-sale
Proceeds from sales and calls of debt securities	$	120,245	451	120,680	173,719
Gross realized gains 1	—		—	—	29
Gross realized losses 1	—		—	—	—
Held-to-maturity
Proceeds from calls of debt securities	6,365		650	10,495	6,185
Gross realized gains 1	—		—	—	—
Gross realized losses 1	—		(12)	—	(25)

The following tables summarize available-for-sale debt securities that were in an unrealized loss position for which an ACL has not been recorded, based on the length of time the individual securities have been in an unrealized loss position. The number of available-for-sale debt securities in an unrealized loss position is also disclosed.


	June 30, 2025
	Number of Securities	Less than 12 Months			12 Months or More		Total
(Dollars in thousands)		Fair Value		Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Available-for-sale
U.S. government and federal agency	43	$	2,280	(26)	420,119	(8,704)	422,399	(8,730)
U.S. government sponsored enterprises	14	—		—	315,982	(8,811)	315,982	(8,811)
State and local governments	52	8,186		(146)	47,093	(3,136)	55,279	(3,282)
Corporate bonds	2	—		—	13,874	(138)	13,874	(138)
Residential mortgage-backed securities	397	25,065		(312)	2,161,706	(237,557)	2,186,771	(237,869)
Commercial mortgage-backed securities	147	36,175		(1,202)	926,733	(59,623)	962,908	(60,825)
Total available-for-sale	655	$	71,706	(1,686)	3,885,507	(317,969)	3,957,213	(319,655)


	December 31, 2024
	Number of Securities	Less than 12 Months			12 Months or More		Total
(Dollars in thousands)		Fair Value		Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Available-for-sale
U.S. government and federal agency	55	$	3,756	(34)	463,151	(15,620)	466,907	(15,654)
U.S. government sponsored enterprises	14	—		—	310,154	(13,700)	310,154	(13,700)
State and local governments	50	3,653		(35)	49,748	(3,237)	53,401	(3,272)
Corporate bonds	2	—		—	13,707	(315)	13,707	(315)
Residential mortgage-backed securities	389	13,535		(240)	2,341,700	(304,579)	2,355,235	(304,819)
Commercial mortgage-backed securities	152	36,466		(1,042)	986,809	(72,530)	1,023,275	(73,572)
Total available-for-sale	662	$	57,410	(1,351)	4,165,269	(409,981)	4,222,679	(411,332)

With respect to severity, the majority of available-for-sale debt securities with unrealized loss positions at June 30, 2025 were issued by Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”), Government National Mortgage Association (“Ginnie Mae”) and other agencies of the U.S. government or have credit ratings issued by one or more of the NRSRO entities in the four highest credit rating categories. All of the Company’s available-for-sale debt securities with unrealized loss positions at June 30, 2025 have been determined to be investment grade.

The Company did not have any past due available-for-sale debt securities as of June 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on available-for-sale debt securities totaled $7,718,000 and $8,037,000 at June 30, 2025, and December 31, 2024, respectively, and was excluded from the estimate of credit losses.

Based on an analysis of its available-for-sale debt securities with unrealized losses as of June 30, 2025, the Company determined the decline in value was unrelated to credit losses and was primarily the result of changes in interest rates and market spreads subsequent to acquisition. The fair value of the debt securities is expected to recover as payments are received and the debt securities approach maturity. In addition, as of June 30, 2025, management determined it did not intend to sell available-for-sale debt securities with unrealized losses, and there was no expected requirement to sell such securities before recovery of their amortized cost. As a result, no ACL was recorded on available-for-sale debt securities at June 30, 2025. As part of this determination, the Company considered contractual obligations, regulatory constraints, liquidity, capital, asset/liability management and securities portfolio objectives and whether or not any of the Company’s investment securities were managed by third-party investment funds.

The Company measured expected credit losses on held-to-maturity debt securities on a collective basis by major security type and NRSRO credit ratings, which is the Company’s primary credit quality indicator for state and local government securities. The estimate of expected credit losses considered historical credit loss information that was adjusted for current conditions as well as reasonable and supportable forecasts. The following table summarizes the amortized cost of held-to-maturity municipal bonds aggregated by NRSRO credit rating:


(Dollars in thousands)	June 30, 2025		December 31, 2024
Municipal bonds held-to-maturity
S&P: AAA / Moody’s: Aaa	$	404,714	414,147
S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3	1,161,795		1,168,491
S&P: A+, A, A- / Moody’s: A1, A2, A3	30,572		33,585

Not rated by either entity	3,767		3,627

Total municipal bonds held-to-maturity	$	1,600,848	1,619,850

The Company’s municipal bonds in the held-to-maturity debt securities portfolio is primarily comprised of general obligation and revenue bonds with NRSRO ratings in the four highest credit rating categories. All of the Company’s municipal bonds that are classified as held-to-maturity debt securities at June 30, 2025 have been determined to be investment grade. Held-to-maturity debt securities included in the Company’s U.S. government and federal agency and residential mortgage-backed security categories are issued and guaranteed by the U.S. Treasury, Fannie Mae, Freddie Mac, Ginnie Mae and other agencies of the U.S. government and are considered to be zero-loss securities. This determination is in consideration of the explicit and implicit guarantees by the U.S. Government, the U.S. Government’s ability to print its own currency, a history of no credit losses by the U.S. Government and noted agencies and the current economic and financial condition of the United States and US Government providing no indication the zero-loss determination is unjustified.

As of June 30, 2025 and December 31, 2024, the Company did not have any held-to-maturity debt securities past due. Accrued interest receivable on held-to-maturity debt securities totaled $16,333,000 and $16,538,000 at June 30, 2025 and December 31, 2024, respectively, and were excluded from the estimate of credit losses.