The following table summarizes the amortized cost and fair value of securities available-for-sale at December 31, 2022 and 2021 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss).

The amortized cost and estimated fair value of investment securities available for sale as of December 31, 2022 and 2021 is as follows:



(Dollars in thousands)			Gross		Gross
	Amortized		unrealized		unrealized		Fair
December 31, 2022	cost		gains		losses		value
U.S. Treasury	$	101,980	$	—	$	(11,723)	$	90,257
Municipal		186,007		14		(30,566)		155,455
Corporate		26,316		—		(2,077)		24,239
Agency mortgage & asset-backed		163,274		19		(12,358)		150,935
Non-Agency mortgage & asset-backed		70,756		1		(4,807)		65,950
Total	$	548,333	$	34	$	(61,531)	$	486,836



(Dollars in thousands)			Gross		Gross
	Amortized		unrealized		unrealized		Fair
December 31, 2021	cost		gains		losses		value
U.S. Treasury	$	84,896	$	88	$	(698)	$	84,286
Municipal		206,501		7,148		(1,422)		212,227
Corporate		24,794		333		(188)		24,939
Agency mortgage & asset-backed		178,614		1,157		(2,086)		177,685
Non-Agency mortgage & asset-backed		30,912		34		(272)		30,674
Total	$	525,717	$	8,760	$	(4,666)	$	529,811

At December 31, 2022 and 2021, the fair value of investment securities pledged to secure public funds and trust deposits totaled $208.9 million and $160.3 million, respectively. The Bank has no investment in a single issuer that exceeds 10% of shareholders equity except U.S. Treasuries.

The amortized cost and estimated fair value of debt securities at December 31, 2022, by contractual maturity are shown below. Actual maturities may differ from contractual maturities because of prepayment or call options embedded in the securities. Mortgage-backed and asset-backed securities without defined maturity dates are reported on a separate line.



(Dollars in thousands)	Amortized ‎cost		Fair ‎value
Due in one year or less	$	12,815	$	12,782
Due after one year through five years		13,242		12,666
Due after five years through ten years		151,852		131,416
Due after ten years		136,394		113,087
		314,303		269,951
Mortgage-backed and asset-backed securities		234,030		216,885
Total	$	548,333	$	486,836

The composition of the net realized securities (losses) gains for the years ended December 31 is as follows:


(Dollars in thousands)	2022		2021
Proceeds	$	19,629	$	36,666

Gross gains realized		61		626
Gross losses realized		(152)		(499)
Net (losses)/gains realized	$	(91)	$	127

Tax provision on net (losses)/gains realized	$	19	$	(27)

The following table reflects the temporary impairment in the investment portfolio, aggregated by investment category, length of time that individual securities have been in a continuous unrealized loss position and the number of securities in each category as of December 31, 2022 and 2021. For securities with an unrealized loss, Management applies a systematic methodology in order to perform an assessment of the potential for other-than-temporary impairment. In the case of debt securities, investments considered for other-than-temporary impairment: (1) had a specified maturity or repricing date, (2) were generally expected to be redeemed at par, and (3) were expected to achieve a recovery in market value within a reasonable period of time. In addition, the Bank considers whether it intends to sell these securities or whether it will be forced to sell these securities before the earlier of amortized cost recovery or maturity. The impairment identified on debt securities and subject to assessment at December 31, 2022, was deemed to be temporary and required no further adjustments to the financial statements, unless otherwise noted.



	December 31, 2022
	Less than 12 months					12 months or more					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(Dollars in thousands)	Value		Losses		Count	Value		Losses		Count	Value		Losses		Count

U.S. Treasury	$	17,598	$	(183)	3	$	72,659	$	(11,540)	28	$	90,257	$	(11,723)	31
Municipal		73,644		(9,586)	90		80,503		(20,981)	104		154,147		(30,566)	194
Corporate		12,221		(851)	25		10,368		(1,226)	21		22,589		(2,077)	46
Agency mortgage & asset-backed		55,393		(2,747)	139		88,953		(9,611)	113		144,346		(12,358)	252
Non-Agency mortgage & asset-backed		49,301		(3,092)	52		14,207		(1,715)	16		63,508		(4,807)	68
Total temporarily impaired	$	208,157	$	(16,459)	309	$	266,690	$	(45,072)	282	$	474,847	$	(61,531)	591



	December 31, 2021
	Less than 12 months					12 months or more					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(Dollars in thousands)	Value		Losses		Count	Value		Losses		Count	Value		Losses		Count

U.S. Treasury	$	76,383	$	(698)	21	$	—	$	—	—	$	76,383	$	(698)	21
Municipal		38,997		(910)	44		15,404		(512)	16		54,401		(1,422)	60
Corporate		8,954		(132)	17		1,694		(56)	3		10,648		(188)	20
Agency mortgage & asset-backed		96,923		(1,669)	94		15,991		(417)	18		112,914		(2,086)	112
Non-Agency mortgage & asset-backed		15,215		(215)	11		1,964		(57)	3		17,179		(272)	14
Total temporarily impaired	$	236,472	$	(3,624)	187	$	35,053	$	(1,042)	40	$	271,525	$	(4,666)	227

The following table represents the cumulative credit losses on debt securities recognized in earnings as of December 31, 2022 and December 31, 2021: