
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
March 31, 2025
Investment securities available-for-sale:

U.S. agency securities	$	570,988	$	—	$	(33,079)	$	—	$	537,909
Residential mortgage-backed securities	695,732		35		(78,373)		—		617,394
Commercial mortgage-backed securities	52,795		—		(3,589)		—		49,206
Municipal bonds	8,562		—		(674)		—		7,888
Corporate bonds	2,000		—		(160)		—		1,840
Total available-for-sale securities	$	1,330,077	$	35	$	(115,875)	$	—	$	1,214,237


(dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value
March 31, 2025
Investment securities held-to-maturity:


Residential mortgage-backed securities	$	592,109	$	—	$	(74,975)	$	517,134
Commercial mortgage-backed securities	88,197		—		(11,485)		76,712
Municipal bonds	114,001		—		(10,879)		103,122
Corporate bonds	131,441		—		(7,879)		123,562
Total	$	925,748	$	—	$	(105,218)	$	820,530
Less: allowance for credit losses	(1,275)
Total held-to-maturity securities, net of ACL	$	924,473


(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
December 31, 2024
Investment securities available-for-sale:
U.S. treasury bonds	$	24,988	$	—	$	(212)	$	—	$	24,776
U.S. agency securities	600,277		—		(41,742)		—		558,535
Residential mortgage-backed securities	719,815		36		(94,535)		—		625,316
Commercial mortgage-backed securities	53,248		—		(4,303)		—		48,945
Municipal bonds	8,607		—		(593)		—		8,014
Corporate bonds	2,000		—		(160)		(22)		1,818
Total available-for-sale securities	$	1,408,935	$	36	$	(141,545)	$	(22)	$	1,267,404


(dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value
December 31, 2024
Investment securities held-to-maturity:


Residential mortgage-backed securities	$	605,904	$	—	$	(85,941)	$	519,963
Commercial mortgage-backed securities	88,575		—		(13,069)		75,506
Municipal bonds	114,060		—		(11,389)		102,671
Corporate bonds	131,414		—		(9,172)		122,242
Total	$	939,953	$	—	$	(119,571)	$	820,382
Less: allowance for credit losses	(1,306)
Total held-to-maturity securities, net of ACL	$	938,647

In addition, as of March 31, 2025 and December 31, 2024, the Company held $51.5 million and $51.8 million in non marketable equity securities, respectively, in a combination of Federal Reserve System ("Federal Reserve Board," "Federal Reserve" or "FRB") and FHLB stocks, which are required to be held for regulatory purposes. These securities cannot be disposed of other than through redemption by the issuer and, if redeemed, would be redeemed at the original cost. The securities are carried at cost, classified as restricted securities, and periodically evaluated for impairment based on ultimate recovery of par value.

As of March 31, 2025 and December 31, 2024, the Company had $43.2 million and $44.8 million, respectively, of unamortized unrealized losses outstanding following the transfer of investment securities from AFS to HTM in 2022. These unrealized losses are included in accumulated other comprehensive loss and are amortized through interest income as a yield adjustment over the remaining term of the securities.

Accrued interest receivable on investment securities totaled $6.7 million and $6.6 million as of March 31, 2025 and December 31, 2024, respectively. The accrued interest on investment securities is excluded from the amortized cost of the securities and is reported in other assets in the Consolidated Balance Sheets.

The following tables summarize, by length of time, the Company's AFS securities that have been in a continuous unrealized loss position and HTM securities that have been in a continuous unrecognized loss position:


		Less than 12 Months				12 Months or Greater				Total
(dollars in thousands)	Number of Securities	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
March 31, 2025
Investment securities available-for-sale:

U.S. agency securities	70	$	—	$	—	$	537,909	$	(33,079)	$	537,909	$	(33,079)
Residential mortgage-backed securities	148	7,398		(39)		608,722		(78,334)		616,120		(78,373)
Commercial mortgage-backed securities	13	—		—		49,206		(3,589)		49,206		(3,589)
Municipal bonds	1	—		—		7,888		(674)		7,888		(674)
Corporate bonds	1	—		—		1,840		(160)		1,840		(160)
Total	233	$	7,398	$	(39)	$	1,205,565	$	(115,836)	$	1,212,963	$	(115,875)


		Less than 12 Months				12 Months or Greater				Total
(dollars in thousands)	Number of Securities	Estimated Fair Value		Unrecognized Losses		Estimated Fair Value		Unrecognized Losses		Estimated Fair Value		Unrecognized Losses
March 31, 2025
Investment securities held-to-maturity:


Residential mortgage-backed securities	138	$	—	$	—	$	517,134	$	(74,975)	$	517,134	$	(74,975)
Commercial mortgage-backed securities	16	—		—		76,712		(11,485)		76,712		(11,485)
Municipal bonds	35	—		—		102,122		(10,879)		102,122		(10,879)
Corporate bonds	30	1,935		(70)		111,598		(7,809)		113,533		(7,879)
Total	219	$	1,935	$	(70)	$	807,566	$	(105,148)	$	809,501	$	(105,218)


		Less than 12 Months				12 Months or Greater				Total
(dollars in thousands)	Number of Securities	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
December 31, 2024
Investment securities available-for-sale:
U.S. treasury bonds	1	$	—	$	—	$	24,776	$	(212)	$	24,776	$	(212)
U.S. agency securities	71	2,300		(8)		556,235		(41,734)		558,535		(41,742)
Residential mortgage-backed securities	148	7,530		(128)		616,392		(94,407)		623,922		(94,535)
Commercial mortgage-backed securities	13	—		—		48,945		(4,303)		48,945		(4,303)
Municipal bonds	1	—		—		8,014		(593)		8,014		(593)
Corporate bonds	1	—		—		1,818		(160)		1,818		(160)
Total	235	$	9,830	$	(136)	$	1,256,180	$	(141,409)	$	1,266,010	$	(141,545)


		Less than 12 Months				12 Months or Greater				Total
(dollars in thousands)	Number of Securities	Estimated Fair Value		Unrecognized Losses		Estimated Fair Value		Unrecognized Losses		Estimated Fair Value		Unrecognized Losses
December 31, 2024
Investment securities held-to-maturity:


Residential mortgage-backed securities	140	$	—	$	—	$	519,963	$	(85,941)	$	519,963	$	(85,941)
Commercial mortgage-backed securities	16	—		—		75,506		(13,069)		75,506		(13,069)
Municipal bonds	36	4,026		(75)		98,645		(11,314)		102,671		(11,389)
Corporate bonds	30	1,928		(77)		110,280		(9,095)		112,208		(9,172)
Total	222	$	5,954	$	(152)	$	804,394	$	(119,419)	$	810,348	$	(119,571)

Unrealized losses as of March 31, 2025 were generally attributable to changes in market interest rates and interest spread relationships subsequent to the dates the securities were originally purchased, and were considered to be temporary, and not due to credit quality concerns on the investment securities. The fair values of these securities are expected to recover as the securities approach their respective maturity dates. The Company does not intend to sell and it is likely that it will not be required to sell the securities prior to their anticipated recovery.

The Company measures its AFS and HTM securities portfolios for current expected credit losses as part of its ACL analysis. For further information on provision for credit losses on AFS and HTM securities, see Allowance for Credit Losses discussion in "Note 1. Summary of Significant Accounting Policies". As of March 31, 2025 and December 31, 2024, the Company had an allowance for credit losses outstanding of zero and $22 thousand, respectively, on its AFS securities and $1.28 million and $1.31 million, respectively, on its HTM securities, each of which primarily comprise allowances for corporate bonds.

The following table summarizes the Company's investment in AFS securities and HTM securities by contractual maturity. Expected maturities for mortgage-backed securities ("MBS") will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	March 31, 2025
(dollars in thousands)	Amortized Cost		Estimated Fair Value
Investment securities available-for-sale:
Within one year	$	156,396	$	153,945
One to five years	340,645		319,023
Five to ten years	65,175		58,051
Beyond ten years	19,334		16,618
Residential mortgage-backed securities	695,732		617,394
Commercial mortgage-backed securities	52,795		49,206

Less: allowance for credit losses	—		—
Total investment securities available-for-sale	$	1,330,077	$	1,214,237

Investment securities held-to-maturity:
Within one year	$	6,948	$	6,925
One to five years	64,904		63,184
Five to ten years	118,431		107,829
Beyond ten years	55,159		48,746
Residential mortgage-backed securities:	592,109		517,134
Commercial mortgage-backed securities	88,197		76,712

Less: allowance for credit losses	(1,275)		—
Total investment securities held-to-maturity	$	924,473	$	820,530
Total	$	2,254,550	$	2,034,767

During the three months ended March 31, 2025 and 2024, proceeds from the sale or call of investment securities were $50.1 million, and $27.1 million, respectively. For the three months ended March 31, 2025 and 2024, gross realized gains on sales and calls of investment securities were $5 thousand and $4 thousand, respectively. There were $1 thousand and none in gross realized losses on sales or calls of investment securities during the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025 and December 31, 2024, the book value of securities pledged as collateral for certain government deposits, securities sold under agreements to repurchase and certain lines of credit with correspondent banks was $626.8 million and $369.1 million, respectively, which were well in excess of required amounts in order to operationally provide significant reserve amounts for new business. As of March 31, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. Government and U.S. agency securities, which exceeded ten percent of shareholders’ equity.