
	September 30, 2025
(Dollars in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
United States government agency securities	$	24,589	$	28	$	(2,545)	$	22,072
United States sponsored mortgage-backed securities	202,884		2,204		(9,260)		195,828
United States treasury securities	19,983		—		(148)		19,835
Municipal securities	62,671		31		(7,768)		54,934
Corporate debt securities	24,447		144		(51)		24,540
Other debt securities	7,500		—		—		7,500
Investment securities available-for-sale	$	342,074	$	2,407	$	(19,772)	$	324,709


	December 31, 2024
(Dollars in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
United States government agency securities	$	45,449	$	10	$	(5,613)	$	39,846
United States sponsored mortgage-backed securities	161,032		130		(13,582)		147,580
United States treasury securities	106,095		—		(2,120)		103,975
Municipal securities	114,845		28		(12,733)		102,140
Corporate debt securities	9,943		67		(92)		9,918
Other debt securities	7,500		—		—		7,500


Total available-for-sale debt securities	$	444,864	$	235	$	(34,140)	$	410,959

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, 2025
(Dollars in thousands)	Amortized Cost		Fair Value
Within one year	$	21,633	$	21,485
After one year, but within five years	18,611		18,466
After five years, but within ten years	34,402		33,016
After ten years	267,428		251,742
Total available-for-sale debt securities	$	342,074	$	324,709

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 $225.1 million and $247.4 million at September 30, 2025 and December 31, 2024, 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, 2025. 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.

During the quarter ended September 30, 2025, we recognized a $1.0 million credit-related loss on an available-for-sale subordinated debt security issued by a Fintech investee. An ACL of $1.0 million was recorded through the provision for credit losses and was charged off during the quarter when deemed uncollectible. 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, 2025 and September 30, 2024.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands)	2025		2024		2025		2024
ACL, beginning of period	$	—	$	—	$	—	$	—
Provision for credit losses	1,000		500		1,000		500
Charge-offs	(1,000)		(500)		(1,000)		(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 $19.8 million if sold at September 30, 2025, 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, 2025.

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, 2025 and December 31, 2024, aggregated by investment category and length of time that the individual securities have been in a continuous loss position:


	September 30, 2025
(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 (17)	$	370	$	(2)	$	18,698	$	(2,543)
United States sponsored mortgage-backed securities (49)	25,096		(482)		47,684		(8,778)
United States treasury securities (4)	—		—		19,835		(148)
Municipal securities (125)	8,961		(291)		43,790		(7,477)
Corporate debt securities (4)	10,026		(37)		1,986		(14)

Total	$	44,453	$	(812)	$	131,993	$	(18,960)


	December 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 (28)	$	5,956	$	(264)	$	32,854	$	(5,349)
United States sponsored mortgage-backed securities (75)	92,929		(2,291)		44,444		(11,291)
United States treasury securities (23)	—		—		103,975		(2,120)
Municipal securities (201)	17,613		(1,425)		83,592		(11,308)
Corporate debt securities (6)	990		(10)		2,818		(82)

Total	$	117,488	$	(3,990)	$	267,683	$	(30,150)

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)	2025		2024		2025		2024
Proceeds from sales of available-for-sale securities	$	66,313	$	—	$	95,793	$	24,327
Gains, gross	18		—		399		658
Losses, gross	7,513		—		7,846		—

Proceeds from sales of equity securities	$	581	$	—	$	769	$	39
Gain, gross	—		—		118		103


Unrealized holding (losses) gains on equity securities	$	857	$	498	$	217	$	463