
	September 30, 2024
(Dollars in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
United States government agency securities	$	45,715	$	107	$	(4,185)	$	41,637
United States sponsored mortgage-backed securities	115,279		946		(8,947)		107,278
United States treasury securities	106,172		—		(2,931)		103,241
Municipal securities	115,593		238		(9,859)		105,972
Corporate debt securities	8,583		15		(147)		8,451
Other debt securities	7,500		—		—		7,500
Total available-for-sale debt securities	398,842		1,306		(26,069)		374,079
Other securities	749		—		—		749
Investment securities available-for-sale	$	399,591	$	1,306	$	(26,069)	$	374,828


	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:


	September 30, 2024
(Dollars in thousands)	Amortized Cost		Fair Value
Within one year	$	75,818	$	74,094
After one year, but within five years	42,555		40,812
After five years, but within ten years	42,135		39,043
After ten years	238,334		220,130
Total available-for-sale debt securities	$	398,842	$	374,079

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 $306.1 million and $223.4 million at September 30, 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 September 30, 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.

The following table summarizes the activity in the ACL related to available-for-sale debt securities during the three and nine months ended September 30, 2024. There was no activity in the ACL related to available-for-sale debt securities during the three and nine months ended September 30, 2023.


(Dollars in thousands)	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024
ACL, beginning of period	$	—	$	—
Provision for credit losses	500		500
Charge-offs	(500)		(500)
ACL, end of period	$	—	$	—

Although the available-for-sale debt securities in an unrealized loss position would result in a pre-tax loss of $26.1 million if sold at September 30, 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 related to these securities as of September 30, 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 September 30, 2024 and December 31, 2023, aggregated by investment category and length of time that the individual securities have been in a continuous loss position:


	September 30, 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 (23)	$	302	$	(1)	$	34,215	$	(4,184)
United States sponsored mortgage-backed securities (48)	4,842		(78)		48,286		(8,869)
United States treasury securities (23)	—		—		103,241		(2,931)
Municipal securities (191)	8,711		(827)		86,256		(9,032)
Corporate debt securities (6)	—		—		3,436		(147)

Total	$	13,855	$	(906)	$	275,434	$	(25,163)


	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 September 30,				Nine Months Ended September 30,
(Dollars in thousands)	2024		2023		2024		2023
Proceeds from sales of available-for-sale securities	$	—	$	—	$	24,327	$	54,531
Gains, gross	—		—		658		—
Losses, gross	—		—		—		1,536

Proceeds from sales of equity securities	$	—	$	360	$	39	$	566
Gain, gross	—		25		103		25
Losses, gross	—		—		—		294

Unrealized holding gains (losses) on equity securities	$	498	$	219	$	463	$	71