
	March 31, 2024
(Dollars in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
United States government agency securities	$	45,412	$	8	$	(6,032)	$	39,388
United States sponsored mortgage-backed securities	99,792		145		(11,920)		88,017
United States treasury securities	106,324		—		(5,761)		100,563
Municipal securities	117,434		—		(12,943)		104,491
Corporate debt securities	9,078		—		(130)		8,948
Other debt securities	7,500		—		—		7,500
Total available-for-sale debt securities	385,540		153		(36,786)		348,907
Other securities	771		—		—		771
Investment securities available-for-sale	$	386,311	$	153	$	(36,786)	$	349,678


	December 31, 2023
(Dollars in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
United States government agency securities	$	44,003	$	8	$	(5,603)	$	38,408
United States sponsored mortgage-backed securities	91,939		992		(10,549)		82,382
United States treasury securities	106,401		—		(6,045)		100,356
Municipal securities	118,065		—		(11,158)		106,907
Corporate debt securities	9,076		—		(134)		8,942
Other debt securities	7,500		—		—		7,500
Total available-for-sale debt securities	376,984		1,000		(33,489)		344,495
Other securities	780		—		—		780
Investment securities available-for-sale	$	377,764	$	1,000	$	(33,489)	$	345,275

The following table presents amortized cost and fair values of available-for-sale debt securities by contractual maturity as of the period shown:


	March 31, 2024
(Dollars in thousands)	Amortized Cost		Fair Value
Within one year	$	96,995	$	86,803
After one year, but within five years	102,365		96,832
After five years, but within ten years	41,990		37,664
After ten years	144,190		127,608
Total available-for-sale debt securities	$	385,540	$	348,907

The table above reflects contractual maturities. Actual results will differ as the loans underlying the mortgage-backed securities may be repaid sooner than scheduled.

Investment securities with a carrying value of $236.3 million and $223.4 million at March 31, 2024 and December 31, 2023, respectively, were pledged to secure public funds, repurchase agreements and potential borrowings at the Federal Reserve discount window.

Our investment portfolio includes securities that are in an unrealized loss position as of March 31, 2024. We evaluate available-for-sale debt securities to determine whether the unrealized loss is due to credit-related factors or non-credit-related factors. When determining the ACL on securities, we consider such factors as adverse conditions specifically related to a certain security or to specific conditions in an industry or geographic area, our ability to hold the security for a period of time sufficient to allow for anticipated recovery in value, whether or not the security has been downgraded by a rating agency and whether or not the financial condition of the security issuer has severely deteriorated.

Although these securities would result in a pre-tax loss of $36.8 million if sold at March 31, 2024, we have no intent to sell the applicable securities at such fair values, and maintain that we have the ability to hold these securities until all principal has been recovered. It is more likely than not that we will not, for liquidity purposes, sell any securities at a loss. Declines in the fair values of these securities can be traced to general market conditions, which reflect the prospect for the economy as a whole, rather than credit-related conditions. Therefore, we have no ACL losses as of March 31, 2024.

The following tables show available-for-sale debt securities in an unrealized loss position for which an ACL has not been recorded as of March 31, 2024 and December 31, 2023, aggregated by investment category and length of time that the individual securities have been in a continuous loss position:


	March 31, 2024
(Dollars in thousands)	Less than 12 months				12 months or more
Description and number of positions	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
United States government agency securities (26)	$	4,363	$	(21)	$	33,669	$	(6,011)
United States sponsored mortgage-backed securities (54)	19,467		(146)		48,156		(11,774)
United States treasury securities (23)	—		—		100,563		(5,761)
Municipal securities (215)	555		(11)		86,573		(12,932)
Corporate debt securities (7)	498		(2)		3,451		(128)

Total	$	24,883	$	(180)	$	272,412	$	(36,606)


	December 31, 2023
(Dollars in thousands)	Less than 12 months				12 months or more
Description and number of positions	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
United States government agency securities (25)	$	316	$	—	$	34,619	$	(5,603)
United States sponsored mortgage-backed securities (47)	—		—		50,345		(10,549)
United States treasury securities (23)	—		—		100,354		(6,045)
Municipal securities (216)	847		(10)		106,060		(11,148)
Corporate debt securities (7)	2,009		(67)		1,933		(67)

Total	$	3,172	$	(77)	$	293,311	$	(33,412)

The following table summarizes investment sales, related gains and losses and unrealized holding losses for the periods shown:


	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Proceeds from sales of available-for-sale securities	$	24,344	$	54,531
Gains, gross	658		—
Losses, gross	—		1,536





Unrealized holding losses on equity securities	(49)		(308)