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 September 30, 2025 and December 31, 2024 were as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
September 30, 2025
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	163,905	$	1	$	(11,147	)	$	152,759
Obligations of states and political subdivisions		326,020		308		(53,820	)		272,508
Mortgage-backed securities: GSE residential		714,690		2,515		(87,399	)		629,806
Other securities		36,341		3		(1,182	)		35,162
Total available-for-sale	$	1,240,956	$	2,827	$	(153,548	)	$	1,090,235
Held-to-maturity:
Other investments	$	2,290	$	—	$	—		$	2,290
Total held-to-maturity	$	2,290	$	—	$	—		$	2,290
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 September 30, 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 September 30, 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 and nine months ended September 30, 2025 and 2024 (in thousands):


	Three months ended						Nine months ended
	September 30,						September 30,
	2025			2024			2025			2024
Gross gains	$	—		$	11		$	—		$	46
Gross losses		(1,930	)		(288	)		(2,111	)		(479	)
Proceeds from sales		33,803			16,462			42,094			32,338

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 September 30, 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	$	142,826		$	9,933		$	—		$	—		$	152,759
Obligations of state and political subdivisions		43,473			143,535			82,913			2,587			272,508
Mortgage-backed securities: GSE residential		3,291			3,656			39,860			582,999			629,806
Other securities		29,454			4,862			846			—			35,162
Total available-for-sale investments	$	219,044		$	161,986		$	123,619		$	585,586		$	1,090,235
Weighted average yield		2.10	%		2.25	%		2.25	%		2.33	%		2.27	%
Full tax-equivalent yield		2.25	%		2.79	%		2.63	%		2.34	%		2.43	%
Held to maturity:
Other investments	$	—		$	—		$	—		$	2,290		$	2,290
Total held-to-maturity	$	—		$	—		$	—		$	2,290		$	2,290
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 September 30, 2025.

Investment securities carried at approximately $537.3 million and $632.9 million at September 30, 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 September 30, 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
September 30, 2025
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	790	$	—		$	151,518	$	(11,147	)	$	152,308	$	(11,147	)
Obligations of states and political subdivisions		2,361		(15	)		243,565		(53,805	)		245,926		(53,820	)
Mortgage-backed securities: GSE residential		2,816		(18	)		490,374		(87,381	)		493,190		(87,399	)
Other securities		—		—			29,411		(1,182	)		29,411		(1,182	)
Total	$	5,967	$	(33	)	$	914,868	$	(153,515	)	$	920,835	$	(153,548	)
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	)

At September 30, 2025, there were five hundred two available-for-sale securities with a fair value of $914.9 million and unrealized losses of $153.5 million in a continuous unrealized loss position for twelve months or more. At December 31, 2024, there were five hundred fifty-seven available-for-sale securities with a fair value of $1.0 billion and unrealized losses of $193.6 million in a continuous unrealized loss position for twelve months or more.

At September 30, 2025 and December 31, 2024, there were no held-to-maturity securities in a continuous unrealized loss position for twelve months or more.

The Company does not consider available-for-sale securities with unrealized losses at September 30, 2025, to be experiencing credit losses and recognized no resulting allowance for credit losses. The Company does not intend to sell a significant amount of 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.