Investment securities classified as available for sale ("AFS") are carried at fair value in the consolidated balance sheets. The following tables present amortized cost, fair values, and gross unrealized gains and losses of investment securities AFS as of the dates stated.


	March 31, 2025
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale
Mortgage backed securities	$	208,094	$	64	$	(32,850	)	$	175,308
U.S. Treasury and agencies		79,081		—		(8,465	)		70,616
State and municipal		50,073		—		(6,372	)		43,701
Corporate bonds		38,464		7		(2,695	)		35,776
Total investment securities	$	375,712	$	71	$	(50,382	)	$	325,401


	December 31, 2024
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale
Mortgage backed securities	$	199,453	$	—	$	(35,015	)	$	164,438
U.S. Treasury and agencies		79,430		—		(9,975	)		69,455
State and municipal		50,233		—		(7,296	)		42,937
Corporate bonds		38,453		—		(3,248	)		35,205
Total investment securities	$	367,569	$	—	$	(55,534	)	$	312,035

As of March 31, 2025 and December 31, 2024, securities with a fair value of $174.5 million and $268.9 million, respectively, were pledged to secure the Bank’s borrowings facility with the Federal Home Loan Bank of Atlanta ("FHLB").

As of March 31, 2025 and December 31, 2024, securities with fair values of $0 and $16.3 million, respectively, were pledged to secure borrowing capacity through the Federal Reserve Bank of Richmond ("FRB") Discount Window, of which there were no outstanding advances as of either date.

The following tables present fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates stated. The reference point for determining when securities are in an unrealized loss position is period-end; therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period. Excluded from

the tables below were securities whose amortized cost equaled their fair value or were in an unrealized gain position as of the dates stated totaling $15.9 million and $1.1 million, as of March 31, 2025 and December 31, 2024, respectively.


			March 31, 2025
			Less than 12 Months					12 Months or Greater					Total
(Dollars in thousands)	Number of Securities		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Mortgage backed securities		84	$	11,008	$	(53	)	$	151,569	$	(32,797	)	$	162,577	$	(32,850	)
U.S. Treasury and agencies		29		—		—			70,615		(8,465	)		70,615		(8,465	)
State and municipal		69		1,686		(10	)		41,430		(6,362	)		43,116		(6,372	)
Corporate bonds		40		1,756		(2	)		31,434		(2,693	)		33,190		(2,695	)
Total		222	$	14,450	$	(65	)	$	295,048	$	(50,317	)	$	309,498	$	(50,382	)


			December 31, 2024
			Less than 12 Months					12 Months or Greater					Total
(Dollars in thousands)	Number of Securities		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Mortgage backed securities		85	$	11,637	$	(107	)	$	152,802	$	(34,908	)	$	164,439	$	(35,015	)
U.S. Treasury and agencies		29		—		—			69,453		(9,975	)		69,453		(9,975	)
State and municipal		70		2,040		(42	)		40,531		(7,254	)		42,571		(7,296	)
Corporate bonds		42		3,803		(21	)		30,653		(3,227	)		34,456		(3,248	)
Total		226	$	17,480	$	(170	)	$	293,439	$	(55,364	)	$	310,919	$	(55,534	)

At March 31, 2025 and December 31, 2024, the majority of securities in an unrealized loss position were of investment grade; however, a portion of the portfolio does not have a third-party investment grade available (securities with fair values of $27.9 million and $29.3 million, respectively). These securities were primarily subordinated debt instruments issued by bank holding companies and are classified as corporate bonds in the tables above. The Company evaluated the issuers of these individually, observing that each issuer had strong capital ratios and profitability, thereby indicating limited exposure to asset quality or liquidity issues and resulted in no identifiable credit losses. Contractual cash flows for mortgage backed securities and U.S. Treasury and agencies are guaranteed and/or funded by the U.S. government and government agencies. State and municipal securities showed no indication that the contractual cash flows would not be received when due. The Company does not intend to sell, nor does it believe that it will be required to sell, any of its impaired securities prior to the recovery of the amortized cost. As of March 31, 2025 and December 31, 2024, there was no allowance for credit losses ("ACL") for the Company's securities AFS portfolio. Any impairment that has not been recorded through an ACL is recognized in accumulated other comprehensive income (loss).

Restricted equity investments consisted of stock in the FHLB (carrying value of $9.1 million and $9.4 million as of March 31, 2025 and December 31, 2024, respectively), FRB stock (carrying value of $9.2 million and $9.4 million at March 31, 2025 and December 31, 2024, respectively), and stock in the Company’s correspondent bank (carrying value of $468 thousand at both March 31, 2025 and December 31, 2024). Restricted equity investments are carried at cost.

The Company has various other equity investments, including an investment in a fintech company and limited partnerships, totaling $4.7 million and $4.8 million as of March 31, 2025 and December 31, 2024, respectively.

The Company also holds other investments, primarily in early-stage focused investment funds, which totaled $20.4 million and $19.4 million as of March 31, 2025 and December 31, 2024, respectively, and are reported in other investments on the consolidated balance sheets.