The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities, excluding allowances for credit losses of $14,000 and $31,000, as of December 31, 2024 and 2023 (in thousands):


	2024
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value

Government-agency obligations	$	9,999	—	(292)	9,707

State and municipal obligations	311,118		689	(14,133)	297,674
Corporate obligations	6,520		—	(168)	6,352
	$	327,637	689	(14,593)	313,733


	2023
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value
Treasury obligations	$	5,146	1	—	5,147
Government-agency obligations	11,058		—	(652)	10,406

State and municipal obligations	339,816		244	(9,700)	330,360
Corporate obligations	7,091		—	(403)	6,688
	$	363,111	245	(10,755)	352,601

Accrued interest on held to maturity debt securities, which is excluded from the amortized cost, totaled $2.9 million and $3.1 million as of December 31, 2024 and December 31, 2023, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.

The amortized cost and fair value of held to maturity debt securities as of December 31, 2024 by contractual maturity, excluding allowances for credit losses of $14,000, as of December 31, 2024 are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.


	2024
	Amortized cost		Fair value
Due in one year or less	$	44,861	44,506
Due after one year through five years	168,560		165,304
Due after five years through ten years	96,148		89,996
Due after ten years	18,068		13,927
	$	327,637	313,733

The Company generally purchases securities for long-term investment purposes, and differences between carrying and fair values may fluctuate during the investment period. Held to maturity debt securities having a carrying value of $269.6 million and $317.6 million as of December 31, 2024 and 2023, respectively, were pledged to secure municipal deposits.

During 2024, the Company recognized no gross gains while losses totaled $1,200 related to calls on securities in the held to maturity debt securities portfolio, with total proceeds from the calls totaling $5.5 million. There were no sales of securities from the held to maturity debt securities portfolio for the year ended December 31, 2024.

For 2023, the Company recognized gains of $45,000 and losses of $15,000 related to calls on securities in the held to maturity debt securities portfolio, with total proceeds from the calls totaling $11.6 million. There were no sales of securities from the held to maturity debt securities portfolio for the year ended December 31, 2023.

For the 2022 period, the Company recognized gains of $123,000 and no losses related to calls on certain securities in the held to maturity debt securities portfolio, with total proceeds from the calls totaling $39.2 million. There were no sales of securities from the held to maturity debt securities portfolio for the year ended December 31, 2022.

The number of securities in an unrealized loss position as of December 31, 2024 totaled 512, compared with 372 as of December 31, 2023. The increase in the number of securities in an unrealized loss position as of December 31, 2024 was due to higher current market interest rates on the intermediate part of the curve compared to rates as of December 31, 2023.

Management measures expected credit losses on held to maturity debt securities on a collective basis by security type. Management classifies the held to maturity debt securities portfolio into the following security types:

All of the agency obligations held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The majority of the state and municipal and corporate obligations carry credit ratings from the rating agencies as of December 31, 2024 that were no lower than an A rating and the Company had no securities rated BBB or worse by Moody’s.

Credit Quality Indicators. The following table provides the amortized cost of held to maturity debt securities by credit rating as of December 31, 2024 (in thousands):


	December 31, 2024
Total Portfolio	AAA		AA	A	BBB	Not Rated	Total

Government-agency obligations	$	9,999	—	—	—	—	9,999

State and municipal obligations	44,821		234,212	28,735	—	3,350	311,118
Corporate obligations	501		2,013	3,981	—	25	6,520
	$	55,321	236,225	32,716	—	3,375	327,637

	December 31, 2023
Total Portfolio	AAA		AA	A	BBB	Not Rated	Total
Treasury obligations	$	5,146	—	—	—	—	5,146
Government-agency obligations	11,058		—	—	—	—	11,058

State and municipal obligations	43,749		156,438	137,231	—	2,398	339,816
Corporate obligations	504		2,510	4,052	—	25	7,091
	$	60,457	158,948	141,283	—	2,423	363,111

Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. As of December 31, 2024, the held to maturity debt securities portfolio was comprised of 17% rated AAA, 72% rated AA, 10% rated A, and less than 1% either below an A rating or not rated by Moody’s Investors Service or Standard and Poor’s. Securities not explicitly rated, such as U.S. government issued mortgage-backed securities, were grouped where possible under the credit rating of the issuer of the security.