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v3.25.1

Investments | 3 Months Ended
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Mar. 31, 2025
Investments [Abstract] |
Investments | ‎ Note 4. Investments Available for Sale (AFS) Securities The amortized cost and estimated fair value of AFS securities as of March 31, 2025 and December 31, 2024 are as follows:
(Dollars in thousands) |  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | unrealized |  | unrealized |  | Fair
March 31, 2025 |  | cost |  | gains |  | losses |  | Value
U.S. Treasury |  | $ | 36,115 |  | $ | — |  | $ | (3,643) |  | $ | 32,472
Municipal |  |  | 155,220 |  |  | — |  |  | (21,341) |  |  | 133,879
Corporate |  |  | 26,361 |  |  | — |  |  | (2,020) |  |  | 24,341
Agency MBS & CMO |  |  | 145,771 |  |  | 13 |  |  | (8,091) |  |  | 137,693
Non-Agency MBS & CMO |  |  | 140,674 |  |  | 132 |  |  | (3,679) |  |  | 137,127
Asset-backed |  |  | 30,272 |  |  | 133 |  |  | (430) |  |  | 29,975
Total |  | $ | 534,413 |  | $ | 278 |  | $ | (39,204) |  | $ | 495,487
(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 MBS & CMO |  |  | 149,003 |  |  | 15 |  |  | (10,276) |  |  | 138,742
Non-Agency MBS & CMO |  |  | 154,554 |  |  | 45 |  |  | (5,429) |  |  | 149,170
Asset-backed |  |  | 31,420 |  |  | 163 |  |  | (504) |  |  | 31,079
Total |  | $ | 554,053 |  | $ | 261 |  | $ | (45,710) |  | $ | 508,604
At March 31, 2025 and December 31, 2024, the fair value of debt securities pledged to secure public deposits, trust deposits and FHLB borrowing commitments totaled $206.2 million and $207.2 million, respectively. The Bank has no investment in a single issuer that exceeds 10% of shareholders’ equity, except for securities issued by the U.S. Treasury and U.S. government sponsored entities. The amortized cost and estimated fair value of debt securities at March 31, 2025, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because of prepayment or call options embedded in the securities. Securities not due at a single maturity date are presented separately.
(Dollars in thousands) |  | Amortized ‎cost |  | Fair ‎value
Due in one year or less |  | $ | — |  | $ | —
Due after one year through five years |  |  | 43,406 |  |  | 39,945
Due after five years through ten years |  |  | 90,269 |  |  | 79,271
Due after ten years |  |  | 84,021 |  |  | 71,476
|  |  | 217,696 |  |  | 190,692
MBS, CMO & ABS |  |  | 316,717 |  |  | 304,795
|  | $ | 534,413 |  | $ | 495,487
Credit Impairment: The debt securities portfolio contained 523 securities, having a fair value of $460.4 million, with $39.2 million in unrealized losses at March 31, 2025, an improvement of $6.5 million from the prior year-end. AFS securities in an unrealized loss position are evaluated for credit impairment at least quarterly. For these securities, 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 unrealized losses identified on debt securities and subject to evaluation at March 31, 2025 and December 31, 2024, were determined not to be attributable to credit related factors; therefore, the Bank does not have an allowance for credit loss for these investments. The following table summarizes debt securities in the AFS portfolio in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category, length of time that individual securities have been in continuous unrealized loss position and the number of securities in each category as of March 31, 2025 and December 31, 2024:
| March 31, 2025
| 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 | $ | — |  | $ | — |  | — |  | $ | 32,472 |  | $ | (3,643) |  | 13 |  | $ | 32,472 |  | $ | (3,643) |  | 13
Municipal |  | 771 |  |  | (100) |  | 2 |  |  | 133,108 |  |  | (21,241) |  | 163 |  |  | 133,879 |  |  | (21,341) |  | 165
Corporate |  | 983 |  |  | (5) |  | 1 |  |  | 23,358 |  |  | (2,015) |  | 50 |  |  | 24,341 |  |  | (2,020) |  | 51
Agency MBS & CMO |  | 55,424 |  |  | (1,231) |  | 16 |  |  | 80,715 |  |  | (6,860) |  | 178 |  |  | 136,139 |  |  | (8,091) |  | 194
Non-Agency MBS & CMO |  | 68,983 |  |  | (1,724) |  | 18 |  |  | 43,499 |  |  | (1,955) |  | 43 |  |  | 112,482 |  |  | (3,679) |  | 61
Asset-backed |  | 1,729 |  |  | (7) |  | 4 |  |  | 19,378 |  |  | (423) |  | 35 |  |  | 21,107 |  |  | (430) |  | 39
Total unrealized losses | $ | 127,890 |  | $ | (3,067) |  | 41 |  | $ | 332,530 |  | $ | (36,137) |  | 482 |  | $ | 460,420 |  | $ | (39,204) |  | 523
| 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 MBS & CMO |  | 54,388 |  |  | (2,250) |  | 15 |  |  | 82,110 |  |  | (8,026) |  | 183 |  |  | 136,498 |  |  | (10,276) |  | 198
Non-Agency MBS & CMO |  | 79,422 |  |  | (2,974) |  | 26 |  |  | 53,615 |  |  | (2,455) |  | 50 |  |  | 133,037 |  |  | (5,429) |  | 76
Asset-backed |  | 733 |  |  | (1) |  | 3 |  |  | 19,061 |  |  | (503) |  | 34 |  |  | 19,794 |  |  | (504) |  | 37
Total unrealized losses | $ | 134,543 |  | $ | (5,225) |  | 44 |  | $ | 342,370 |  | $ | (40,485) |  | 494 |  | $ | 476,913 |  | $ | (45,710) |  | 538

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