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 $16,000 and $14,000, as of December 31, 2025 and 2024 (in thousands):


	2025
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value

Government-agency obligations	$	3,400	—	(22)	3,378

State and municipal obligations	276,600		156	(7,045)	269,711
Corporate obligations	2,143		—	(14)	2,129
	$	282,143	156	(7,081)	275,218


	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

Accrued interest on held to maturity debt securities, which is excluded from the amortized cost, totaled $2.6 million and $2.9 million as of December 31, 2025 and December 31, 2024, 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, 2025 by contractual maturity, excluding allowances for credit losses of $16,000, as of December 31, 2025 are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.


	2025
	Amortized cost		Fair value
Due in one year or less	$	45,807	45,712
Due after one year through five years	152,602		151,763
Due after five years through ten years	78,986		73,941
Due after ten years	4,748		3,802
	$	282,143	275,218

The Company generally purchases securities for long-term investment purposes, and differences between carrying and fair values may fluctuate during the investment period. The carrying value of held to maturity debt securities that were pledged to secure municipal deposits was $240.7 million and $269.6 million as of December 31, 2025 and 2024, respectively.

During 2025, the Company recognized gains of $27,000 and no losses related to calls on securities in the held to maturity debt securities portfolio, with total proceeds from the calls totaling $11.7 million. There were no sales of securities from the held to maturity debt securities portfolio for the year ended December 31, 2025.

During 2024, the Company recognized no 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.

During the 2023 period, 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.

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, 2025 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, 2025 (in thousands):


	December 31, 2025
Total Portfolio	AAA		AA	A	Not Rated	Total

Government-agency obligations	$	3,400	—	—	—	3,400

State and municipal obligations	44,930		199,977	20,896	10,797	276,600
Corporate obligations	—		573	1,570	—	2,143
	$	48,330	200,550	22,466	10,797	282,143

	December 31, 2024
Total Portfolio	AAA		AA	A	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

Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. As of December 31, 2025, the held to maturity debt securities portfolio was comprised of 17% rated AAA, 71% rated AA, 8% rated A, and less than 4% either below an A rating or not rated by Moody’s Investors Service or Standard and Poor’s.

The following table shows gross unrealized losses and estimated fair value of held to maturity debt securities, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025
	Less Than 12 months			12 Months or More		Total
	Fair value		Unrealized Losses	Fair value	Unrealized Losses	Fair value	Unrealized Losses
Held-to-maturity:
Government-agency obligations	$	—	—	3,378	22	3,378	22
Mortgage-backed securities	—		—	—	—	—	—
State and municipal obligations	3,353		1	127,012	7,044	130,365	7,045
Corporate obligations	—		—	2,129	14	2,129	14
Total	$	3,353	1	132,519	7,080	135,872	7,081

The number of securities in an unrealized loss position as of December 31, 2025 totaled 221, compared with 512 as of December 31, 2024. The decrease in the number of securities in an unrealized loss position as of December 31, 2025 was mainly due to lower current market interest rates compared to rates as of December 31, 2024.