Note 3 -- Investment Securities

The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at March 31, 2025 and December 31, 2024 were as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
March 31, 2025
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	203,079	$	—	$	(18,146	)	$	184,933
Obligations of states and political subdivisions		324,071		181		(62,147	)		262,105
Mortgage-backed securities: GSE residential		636,759		834		(103,891	)		533,702
Other securities		61,137		—		(2,150	)		58,987
Total available-for-sale	$	1,225,046	$	1,015	$	(186,334	)	$	1,039,727
Held-to-maturity:
Other investments	$	2,285	$	—	$	—		$	2,285
Total held-to-maturity	$	2,285	$	—	$	—		$	2,285
December 31, 2024
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	212,513	$	3	$	(21,158	)	$	191,358
Obligations of states and political subdivisions		324,046		135		(56,441	)		267,740
Mortgage-backed securities: GSE residential		653,760		552		(114,570	)		539,742
Other securities		67,117		—		(2,665	)		64,452
Total available-for-sale	$	1,257,436	$	690	$	(194,834	)	$	1,063,292
Held-to-maturity:
Other investments	$	2,279	$	—	$	—		$	2,279
Total held-to-maturity	$	2,279	$	—	$	—		$	2,279

The Company also had $4.5 million and $4.4 million of equity securities, at fair value, as of March 31, 2025 and December 31, 2024, respectively. The Company's held-to-maturity securities are annuities for which the risk of loss is minimal. As such, as of March 31, 2025, the Company did not record an allowance for credit losses on its held-to-maturity securities.

Realized gains and losses resulting from sales of securities were as follows during the three months ended March 31, 2025 and 2024 (in thousands):


	Three months ended
	March 31,
	2025			2024
Gross gains	$	—		$	—
Gross losses		(181	)		—

The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost, at March 31, 2025 and the weighted average yield for each range of maturities (dollars in thousands):


	One year or less			After 1 through 5 years			After 5 through 10 years			After ten years			Total
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	173,943		$	10,990		$	—		$	—		$	184,933
Obligations of state and political subdivisions		30,126			123,008			100,221			8,750			262,105
Mortgage-backed securities: GSE residential		116			8,194			31,129			494,263			533,702
Other securities		45,411			12,762			814			—			58,987
Total available-for-sale investments	$	249,596		$	154,954		$	132,164		$	503,013		$	1,039,727
Weighted average yield		2.06	%		2.33	%		2.26	%		1.80	%		2.00	%
Full tax-equivalent yield		2.17	%		2.82	%		2.69	%		1.83	%		2.17	%
Held to maturity:
Other investments	$	—		$	—		$	—		$	2,285		$	2,285
Total held-to-maturity	$	—		$	—		$	—		$	2,285		$	2,285
Weighted average yield		—	%		—	%		—	%		—	%		—	%
Full tax-equivalent yield		—	%		—	%		—	%		—	%		—	%

The weighted average yields are calculated based on the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax-equivalent yields have been calculated using a 21% tax rate. With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, which the book value exceeded 10% of stockholders' equity at March 31, 2025.

Investment securities carried at approximately $529.8 million and $632.9 million at March 31, 2025 and December 31, 2024, respectively, were pledged to secure public deposits and repurchase agreements and for other purposes as permitted or required by law.

The following table presents the aging of gross unrealized losses and fair value by investment category as of March 31, 2025 and December 31, 2024 (in thousands):


	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
March 31, 2025
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	1,091	$	(2	)	$	183,392	$	(18,144	)	$	184,483	$	(18,146	)
Obligations of states and political subdivisions		17,581		(1,343	)		237,147		(60,804	)		254,728		(62,147	)
Mortgage-backed securities: GSE residential		1,158		(5	)		503,901		(103,886	)		505,059		(103,891	)
Other securities		—		—			53,237		(2,150	)		53,237		(2,150	)
Total	$	19,830	$	(1,350	)	$	977,677	$	(184,984	)	$	997,507	$	(186,334	)
December 31, 2024
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	1,340	$	—		$	189,327	$	(21,158	)	$	190,667	$	(21,158	)
Obligations of states and political subdivisions		20,349		(1,248	)		241,502		(55,193	)		261,851		(56,441	)
Mortgage-backed securities: GSE residential		1,135		(18	)		511,746		(114,552	)		512,881		(114,570	)
Other securities		—		—			58,702		(2,665	)		58,702		(2,665	)
Total	$	22,824	$	(1,266	)	$	1,001,277	$	(193,568	)	$	1,024,101	$	(194,834	)

U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies. At March 31, 2025 there were twenty-seven available-for-sale securities with a fair value of $183.4 million and unrealized losses of $18.1 million in a continuous unrealized loss position for twelve months or more. At December 31, 2024, there were twenty-nine available-for-sale securities with a fair value of $189.3 million and unrealized losses of $21.2 million in a continuous unrealized loss position for twelve months or more. There were no held-to-maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies in a continuous unrealized loss position for twelve months or more.

Obligations of states and political subdivisions. At March 31, 2025, there were two hundred fifty-one obligations of states and political subdivisions with a fair value of $237.1 million and unrealized losses of $60.8 million in a continuous unrealized loss position for twelve months or more. At December 31, 2024 there were two hundred forty-seven obligations of states and political subdivisions with a fair value of $241.5 million and unrealized losses of $55.2 million in a continuous unrealized loss position for twelve months or more.

Mortgage-backed Securities: GSE Residential. At March 31, 2025, there were two hundred thirty-three mortgage-backed securities with a fair value of $503.9 million and unrealized losses of $103.9 million in a continuous unrealized loss position for twelve months or more. At December 31, 2024, there were two hundred forty-one mortgage-backed securities with a fair value of $511.7 million and unrealized losses of $114.6 million in a continuous unrealized loss position for twelve months or more.

Other securities. At March 31, 2025, there were thirty-six other securities with a fair value of $53.2 million and unrealized losses of $2.2 million in a continuous unrealized loss position for twelve months or more. At December 31, 2024, there were forty other securities with a fair value of $58.7 million and unrealized losses of $2.7 million in a continuous unrealized loss position for twelve months or more.

The Company does not consider available-for-sale securities with unrealized losses at March 31, 2025, to be experiencing credit losses and recognized no resulting allowance for credit losses. The Company does not intend to sell these investments, and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost basis, which may be the maturity dates of the securities. The unrealized losses occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase.