The amortized cost, gross unrecognized/unrealized gains and losses, fair value and related ACL on available-for-sale ("AFS") and held-to-maturity ("HTM") debt securities as of March 31, 2025 and December 31, 2024 are as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		ACL
(dollars in thousands)
March 31, 2025
Available-for-sale:
Debt securities:
States and political subdivisions	$	146,693	$	3	$	(28,067)	$	118,629	$	—

U.S. Treasury and other government-sponsored entities and agencies	104,874		625		(1,712)		103,787		—
Collateralized loan obligations	31,237		—		(248)		30,989		—
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies	480,238		1,138		(49,325)		432,051		—
Residential - Non-government agencies	17,324		172		(894)		16,602		—
Commercial - U.S. government-sponsored entities and agencies	80,883		207		(12,726)		68,364		—
Commercial - Non-government agencies	9,958		—		(1)		9,957		—
Total available-for-sale investment securities	$	871,207	$	2,145	$	(92,973)	$	780,379	$	—


	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value		ACL
(dollars in thousands)
March 31, 2025
Held-to-maturity:
Debt securities:
States and political subdivisions	$	42,011	$	—	$	(9,042)	$	32,969	$	—



Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies	547,677		79		(69,008)		478,748		—



Total held-to-maturity investment securities	$	589,688	$	79	$	(78,050)	$	511,717	$	—


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		ACL
(dollars in thousands)
December 31, 2024
Available-for-sale:
Debt securities:
States and political subdivisions	$	147,014	$	2	$	(30,183)	$	116,833	$	—

U.S. Treasury and other government-sponsored entities and agencies	83,861		81		(2,742)		81,200		—
Collateralized loan obligations	31,254		—		(114)		31,140		—
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies	472,476		42		(58,047)		414,471		—
Residential - Non-government agencies	17,836		151		(1,061)		16,926		—
Commercial - U.S. government-sponsored entities and agencies	81,400		76		(14,315)		67,161		—
Commercial - Non-government agencies	9,933		—		(6)		9,927		—
Total available-for-sale investment securities	$	843,774	$	352	$	(106,468)	$	737,658	$	—


	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value		ACL
(dollars in thousands)
December 31, 2024
Held-to-maturity:
Debt securities:
States and political subdivisions	$	42,016	$	—	$	(8,884)	$	33,132	$	—



Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies	554,914		—		(81,365)		473,549		—



Total held-to-maturity investment securities	$	596,930	$	—	$	(90,249)	$	506,681	$	—

The Company did not transfer any investment securities that were classified as AFS to HTM during the three months ended March 31, 2025. During the three months ended March 31, 2025, the Company recorded a total of $1.6 million in amortization of unrecognized losses on investment securities previously transferred from AFS to HTM. During the three months ended March 31, 2024, the Company recorded a total of $1.6 million in amortization of unrecognized losses on investment securities previously transferred from AFS to HTM.

The Company elected to not measure an estimate of credit losses on accrued interest receivable as the Company writes off any uncollectible accrued interest receivable in a timely manner. Accrued interest receivable on investment securities is reported together with accrued interest receivable on loans and other assets in the consolidated balance sheets.

The amortized cost, estimated fair value and weighted average yield of our AFS and HTM debt securities as of March 31, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


(dollars in thousands)	Amortized Cost		Fair Value		Weighted Average Yield (1)
Available-for-sale:
Debt securities:
Due in one year or less	$	4,353	$	4,348	5.75	%
Due after one year through five years	38,754		38,592		4.06
Due after five years through ten years	65,568		63,748		3.80
Due after ten years	142,892		115,728		2.88
Collateralized loan obligations	31,237		30,989		5.79
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies	480,238		432,051		3.00
Residential - Non-government agencies	17,324		16,602		4.85
Commercial - U.S. government-sponsored entities and agencies	80,883		68,364		2.72
Commercial - Non-government agencies	9,958		9,957		4.29
Total available-for-sale securities	$	871,207	$	780,379	3.26	%


(dollars in thousands)	Amortized Cost		Fair Value		Weighted Average Yield (1)
Held-to-maturity:
Debt securities:



Due after ten years	$	42,011	$	32,969	2.26	%

Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies	547,677		478,748		1.91



Total held-to-maturity securities	$	589,688	$	511,717	1.93	%

Investment securities with carrying values totaling $772.3 million and $756.0 million as of March 31, 2025 and December 31, 2024, respectively, were pledged to secure public funds on deposit, Federal Reserve Bank borrowings and other financial transactions.

There were no holdings of investment securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders' equity as of March 31, 2025 and December 31, 2024.

The following tables summarize AFS and HTM investment securities, which were in a loss position as of the dates presented, aggregated by major security type and length of time in a continuous loss position. There were a total of 197 and 218 AFS investment securities which were in an unrealized loss position, without an ACL, as of March 31, 2025 and December 31, 2024, respectively. There were a total of 83 HTM investment securities which were in an unrecognized loss position, without an ACL, as of March 31, 2025 and December 31, 2024.


	Less Than 12 Months				12 Months or Longer				Total
(dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2025
Available-for-sale:
Debt securities:
States and political subdivisions	$	755	$	(15)	$	111,453	$	(28,052)	$	112,208	$	(28,067)

U.S. Treasury and other government-sponsored entities and agencies	6,276		(19)		12,618		(1,693)		18,894		(1,712)
Collateralized loan obligations	30,989		(248)		—		—		30,989		(248)
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies	55,046		(702)		260,478		(48,623)		315,524		(49,325)
Residential - Non-government agencies	5,019		(46)		7,566		(848)		12,585		(894)
Commercial - U.S. government-sponsored entities and agencies	—		—		49,312		(12,726)		49,312		(12,726)
Commercial - Non-government agencies	9,957		(1)		—		—		9,957		(1)
Total	$	108,042	$	(1,031)	$	441,427	$	(91,942)	$	549,469	$	(92,973)


	Less Than 12 Months				12 Months or Longer				Total
(dollars in thousands)	Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses
March 31, 2025
Held-to-maturity:
Debt securities:
States and political subdivisions	$	—	$	—	$	32,969	$	(9,042)	$	32,969	$	(9,042)



Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies	—		—		471,459		(69,008)		471,459		(69,008)



Total	$	—	$	—	$	504,428	$	(78,050)	$	504,428	$	(78,050)


	Less Than 12 Months				12 Months or Longer				Total
(dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2024
Available-for-sale:
Debt securities:
States and political subdivisions	$	4,967	$	(85)	$	107,267	$	(30,098)	$	112,234	$	(30,183)

U.S. Treasury and other government-sponsored entities and agencies	56,139		(803)		12,971		(1,939)		69,110		(2,742)
Collateralized loan obligations	31,140		(114)		—		—		31,140		(114)
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies	135,224		(2,254)		260,575		(55,793)		395,799		(58,047)
Residential - Non-government agencies	5,270		(100)		7,606		(961)		12,876		(1,061)
Commercial - U.S. government-sponsored entities and agencies	12,469		(90)		48,304		(14,225)		60,773		(14,315)
Commercial - Non-government agencies	9,927		(6)		—		—		9,927		(6)
Total	$	255,136	$	(3,452)	$	436,723	$	(103,016)	$	691,859	$	(106,468)


	Less Than 12 Months				12 Months or Longer				Total
(dollars in thousands)	Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses
December 31, 2024
Held-to-maturity:
Debt securities:
States and political subdivisions	$	—	$	—	$	33,132	$	(8,884)	$	33,132	$	(8,884)



Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies	7,470		(19)		466,079		(81,346)		473,549		(81,365)



Total	$	7,470	$	(19)	$	499,211	$	(90,230)	$	506,681	$	(90,249)

Investment securities in an unrecognized or unrealized loss position are evaluated at least on a quarterly basis, and include evaluating the changes in the investment securities' ratings issued by rating agencies and changes in the financial condition of the issuer. For mortgage-related securities, delinquency and loss information with respect to the underlying collateral, changes in levels of subordination for the Company's particular position within the repayment structure, and remaining credit enhancement as compared to projected credit losses of the security are also evaluated.

The Company has evaluated its AFS and HTM investment securities that are in an unrecognized or unrealized loss position and has determined that the unrecognized or unrealized losses on the Company's investment securities are unrelated to credit quality and primarily attributable to changes in interest rates and volatility in the financial markets since purchase. All of the investment securities in an unrecognized or unrealized loss position continue to be rated investment grade by one or more major rating agencies. The Company does not intend to sell the AFS and HTM securities that were in an unrecognized or unrealized loss position as of March 31, 2025 and December 31, 2024, and it is unlikely that the Company will be required to sell these securities before recovery of its amortized cost basis that may be at maturity. Therefore, the Company has not recorded an ACL on these securities and the unrecognized or unrealized losses on these securities have not been recognized into income.