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Investments | 12 Months Ended
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Dec. 31, 2024
Investments [Abstract] |
Investments | Note 4. Investments Available for Sale (AFS) Securities The following table summarizes the amortized cost and fair value of securities available-for-sale at December 31, 2024 and 2023 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, 2024 and 2023 is as follows:
(Dollars in thousands) |  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | unrealized |  | unrealized |  | Fair
December 31, 2024 |  | cost |  | gains |  | losses |  | value
U.S. Treasury |  | $ | 36,192 |  | $ | — |  | $ | (4,395) |  | $ | 31,797
Municipal |  |  | 156,528 |  |  | 37 |  |  | (22,973) |  |  | 133,592
Corporate |  |  | 26,356 |  |  | 1 |  |  | (2,133) |  |  | 24,224
Agency mortgage & asset-backed |  |  | 180,423 |  |  | 178 |  |  | (10,780) |  |  | 169,821
Non-Agency mortgage & asset-backed |  |  | 154,554 |  |  | 45 |  |  | (5,429) |  |  | 149,170
Total |  | $ | 554,053 |  | $ | 261 |  | $ | (45,710) |  | $ | 508,604
(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
At December 31, 2024 and 2023, the fair value of investment securities pledged to secure public funds and trust deposits totaled $151.7 million and $207.4 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, 2024, 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 |  |  |  |  |  | 42,038 |  |  | 38,015
Due after five years through ten years |  |  |  |  |  | 87,395 |  |  | 75,855
Due after ten years |  |  |  |  |  | 89,643 |  |  | 75,743
|  |  |  |  |  | 219,076 |  |  | 189,613
Mortgage-backed and asset-backed |  |  |  |  |  | 334,977 |  |  | 318,991
Total |  |  |  |  | $ | 554,053 |  | $ | 508,604
The composition of the net realized securities (losses) gains for the years ended December 31 is as follows:
(Dollars in thousands) |  | 2024 |  | 2023
Proceeds |  | $ | 42,413 |  | $ | 40,113
Gross gains realized |  |  | — |  |  | 12
Gross losses realized |  |  | (4,267) |  |  | (1,131)
Net (losses)/gains realized |  | $ | (4,267) |  | $ | (1,119)
Tax benefit on net losses realized |  | $ | 896 |  | $ | 235
Allowance for Credit Losses: 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, 2024 and 2023. 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 debt securities in a loss position and subject to evaluation at December 31, 2024 and 2023, were 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, 2024
| 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 | $ | — |  | $ | — |  | — |  | $ | 31,797 |  | $ | (4,395) |  | 13 |  | $ | 31,797 |  | $ | (4,395) |  | 13
Municipal |  | — |  |  | — |  | — |  |  | 132,550 |  |  | (22,973) |  | 164 |  |  | 132,550 |  |  | (22,973) |  | 164
Corporate |  | — |  |  | — |  | — |  |  | 23,237 |  |  | (2,133) |  | 50 |  |  | 23,237 |  |  | (2,133) |  | 50
Agency mortgage & asset-backed |  | 55,121 |  |  | (2,251) |  | 18 |  |  | 101,171 |  |  | (8,529) |  | 217 |  |  | 156,292 |  |  | (10,780) |  | 235
Non-Agency mortgage & asset-backed |  | 79,422 |  |  | (2,974) |  | 26 |  |  | 53,615 |  |  | (2,455) |  | 50 |  |  | 133,037 |  |  | (5,429) |  | 76
Total temporarily impaired | $ | 134,543 |  | $ | (5,225) |  | 44 |  | $ | 342,370 |  | $ | (40,485) |  | 494 |  | $ | 476,913 |  | $ | (45,710) |  | 538
| 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
Equity Securities at fair value The Corporation owns one equity investment with a readily determinable fair value. At December 31, 2024 and 2023, this investment was reported at a fair value of $166 thousand and $427 thousand, respectively, with changes in value reported through income.

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