
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Fair Value
December 31, 2023					Less Than 1 Year		Over 1 Year
Available for sale:
U.S. agency mortgage-backed	$	314,569	$	91	$	10	$	30,797	$	283,853
Collateralized mortgage obligations	82,764		1		—		3,503		79,262
Municipal bonds	53,891		4		3		7,218		46,674
U.S. government agency	19,151		—		117		985		18,049
Corporate bonds	6,982		—		—		894		6,088
Total available for sale	$	477,357	$	96	$	130	$	43,397	$	433,926
Held to maturity:
Municipal bonds	$	1,065	$	1	$	—	$	—	$	1,066
Total held to maturity	$	1,065	$	1	$	—	$	—	$	1,066


(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Fair Value
December 31, 2022					Less Than 1 Year		Over 1 Year
Available for sale:
U.S. agency mortgage-backed	$	355,014	$	63	$	14,828	$	23,417	$	316,832
Collateralized mortgage obligations	91,217		1		4,860		13		86,345
Municipal bonds	67,476		50		3,245		6,656		57,625
U.S. government agency	20,600		—		1,259		8		19,333
Corporate bonds	6,980		—		247		350		$	6,383
Total available for sale	$	541,287	$	114	$	24,439	$	30,444	$	486,518
Held to maturity:
Municipal bonds	$	1,075	$	—	$	3	$	—	$	1,072
Total held to maturity	$	1,075	$	—	$	3	$	—	$	1,072

Management evaluates securities for impairment from credit losses at least quarterly, and more frequently when economic and market conditions warrant such evaluations. Consideration is given to numerous factors including, but not limited to, the extent to which the fair value is less than the amortized cost basis; adverse conditions causing changes in the financial condition of the issuer of the security or underlying loan guarantors; changes to the rating of the security by a rating agency; and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost, which may extend to maturity.

The Company performs a process to determine whether the decline in the fair value of securities has resulted from credit losses or other factors. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, bond credit support, loan-to-value ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. If this evaluation indicates the existence of credit losses, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost basis, an ACL is recorded, limited by the amount that the fair value of the security is less than its amortized cost.

The Company's investment securities with unrealized losses, aggregated by type and length of time that individual securities have been in a continuous loss position, are summarized in the following tables.


(dollars in thousands)	Less Than 1 Year				Over 1 Year				Total
December 31, 2023	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
U.S. agency mortgage-backed	$	4,033	$	10	$	273,128	$	30,797	$	277,161	$	30,807
Collateralized mortgage obligations	—		—		79,253		3,503		79,253		3,503
Municipal bonds	519		3		44,195		7,218		44,714		7,221
U.S. government agency	3,760		117		14,289		985		18,049		1,102
Corporate bonds	—		—		6,088		894		6,088		894
Total available for sale	$	8,312	$	130	$	416,953	$	43,397	$	425,265	$	43,527
Held to maturity:
Municipal bonds	$	—	$	—	$	—	$	—	$	—	$	—
Total held to maturity	$	—	$	—	$	—	$	—	$	—	$	—


(dollars in thousands)	Less Than 1 Year				Over 1 Year				Total
December 31, 2022	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
U.S. agency mortgage-backed	$	184,896	$	14,828	$	129,248	$	23,417	$	314,144	$	38,245
Collateralized mortgage obligations	85,715		4,860		620		13		86,335		4,873
Municipal bonds	28,710		3,245		24,100		6,656		52,810		9,901
U.S. government agency	18,718		1,259		615		8		19,333		1,267
Corporate bonds	3,233		247		3,150		350		6,383		597
Total available for sale	$	321,272	$	24,439	$	157,733	$	30,444	$	479,005	$	54,883
Held to maturity:
Municipal bonds	$	1,072	$	3	$	—	$	—	$	1,072	$	3
Total held to maturity	$	1,072	$	3	$	—	$	—	$	1,072	$	3

At December 31, 2023, 290 of the Company’s debt securities had unrealized losses totaling 9.3% of the individual securities’ amortized cost basis and 9.1% of the Company’s total amortized cost basis of the investment securities portfolio. At such date, 284 of the 290 securities had been in a continuous loss position for over 12 months. Management has determined that the declines in the fair value of these securities were not attributable to credit losses. As a result, no ACL was recorded for available for sale investment securities at December 31, 2023.

At December 31, 2023 and December 31, 2022, it was determined that no ACL was required for the Company's held to maturity investment securities. The Company monitors credit quality of debt securities held to maturity through the use of credit ratings. The following tables present the amortized cost of the Company's held to maturity securities by credit quality rating at December 31, 2023 and December 31, 2022.

The amortized cost and estimated fair value by maturity of the Company’s investment securities as of December 31, 2023 are shown in the following tables. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of the exercise of call options and potential paydowns. Accordingly, actual maturities may differ from contractual maturities.


(dollars in thousands)	One Year or Less		After One Year through Five Years		After Five Years through Ten Years		After Ten Years		Total
Fair Value
Available for sale:
U.S. agency mortgage-backed	$	234	$	76,274	$	79,811	$	127,534	$	283,853
Collateralized mortgage obligations	430		60,299		548		17,985		79,262
Municipal bonds	—		1,754		24,584		20,336		46,674
U.S. government agency	—		5,198		12,598		253		18,049
Corporate bonds	—		—		6,088		—		6,088
Total securities available for sale	$	664	$	143,525	$	123,629	$	166,108	$	433,926
Held to maturity:
Municipal bonds	$	—	$	1,066	$	—	$	—	$	1,066
Total securities held to maturity	$	—	$	1,066	$	—	$	—	$	1,066


(dollars in thousands)	One Year or Less		After One Year through Five Years		After Five Years through Ten Years		After Ten Years		Total
Amortized Cost
Available for sale:
U.S. agency mortgage-backed	$	236	$	82,757	$	85,306	$	146,270	$	314,569
Collateralized mortgage obligations	432		62,779		576		18,977		82,764
Municipal bonds	—		1,889		28,161		23,841		53,891
U.S. government agency	—		5,232		13,664		255		19,151
Corporate bonds	—		—		6,982		—		6,982
Total securities available for sale	$	668	$	152,657	$	134,689	$	189,343	$	477,357
Held to maturity:
Municipal bonds	$	—	$	1,065	$	—	$	—	$	1,065
Total securities held to maturity	$	—	$	1,065	$	—	$	—	$	1,065

For the year ended December 31, 2023, the Company recorded gross gains of $98,000 and gross losses of $347,000 related to the sale of investment securities. For the year ended December 31, 2022, the Company recorded no gross gains and losses related to the sale of investment securities. For the year ended December 31, 2021, the Company recorded gross gains and losses recorded related to the sale of investment securities of $5,300 and $5,200, respectively, related to the sale of investment securities.

As of December 31, 2023 and 2022, the Company had accrued interest receivable for investment securities of $1,563,000 and $1,798,000, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.

As of December 31, 2023 and 2022, the Company had $127,172,000 and $170,036,000, respectively, of securities pledged to secure public deposits. At December 31, 2023, the Company had pledged securities with a collateral value of $103.4 million against our Bank Term Funding Program ("BTFP") facility.