The following table summarizes the amortized cost and fair value of securities available-for-sale at December 31, 2023 and 2022 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, 2023 and 2022 is as follows:



(Dollars in thousands)			Gross		Gross
	Amortized		unrealized		unrealized		Fair
December 31, 2023	cost		gains		losses		value
U.S. Treasury	$	83,494	$	—	$	(9,403)	$	74,091
Municipal		161,339		—		(22,721)		138,618
Corporate		26,336		—		(3,138)		23,198
Agency mortgage & asset-backed		142,565		90		(10,064)		132,591
Non-Agency mortgage & asset-backed		108,185		48		(4,228)		104,005
Total	$	521,919	$	138	$	(49,554)	$	472,503



(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

At December 31, 2023 and 2022, the fair value of investment securities pledged to secure public funds and trust deposits totaled $207.4 million and $208.9 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, 2023, 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	$	—	$	—
Due after one year through five years		61,341		55,072
Due after five years through ten years		101,953		88,740
Due after ten years		107,875		92,095
		271,169		235,907
Mortgage-backed and asset-backed		250,750		236,596
Total	$	521,919	$	472,503

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


(Dollars in thousands)	2023		2022
Proceeds	$	40,113	$	19,629

Gross gains realized		12		61
Gross losses realized		(1,131)		(152)
Net (losses)/gains realized	$	(1,119)	$	(91)

Tax provision on net (losses)/gains realized	$	235	$	19

The following table reflects the unrealized losses 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, 2023 and 2022. Securities in an unrealized loss position are evaluated at least quarterly for impairment. For this evaluation, the Bank considers: (1) the extent to which the fair value is less than amortized cost; (2) adverse conditions specifically related to the security, industry or geographic area; (3) the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future; (4) failure of the issuer of the security to make scheduled interest or principal payments; and (5) any changes to the rating of the security by a rating agency. 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 Bank does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost. The impairment identified on debt securities and subject to evaluation at December 31, 2023, was determined not to be attributable to credit related factors; therefore, the Bank does not have an allowance for credit loss for these investments.



	December 31, 2023
	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	$	—	$	—	—	$	74,091	$	(9,403)	28	$	74,091	$	(9,403)	28
Municipal		—		—	—		138,618		(22,721)	168		138,618		(22,721)	168
Corporate		1,483		(167)	5		21,715		(2,971)	46		23,198		(3,138)	51
Agency mortgage & asset-backed		6,227		(186)	19		118,053		(9,878)	223		124,280		(10,064)	242
Non-Agency mortgage & asset-backed		47,928		(560)	19		50,071		(3,668)	56		97,999		(4,228)	75
Total temporarily impaired	$	55,638	$	(913)	43	$	402,548	$	(48,641)	521	$	458,186	$	(49,554)	564



	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