As of December 31, 2024, and 2023, the investment portfolio was comprised primarily of debt securities, with a small portion of the investment portfolio invested in equity securities.

All of the Company's debt securities were classified as available-for-sale and carried at fair value as of the dates specified in the tables below. The amortized cost and fair values of debt securities at the dates specified are summarized as follows:


	2024
(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Federal agency obligations	$	—	$	—	$	—	$	—
U.S. Treasury securities	6,998		—		766		6,232
Federal agency CMO	347,500		—		63,313		284,187
Federal agency MBS	20,199		—		3,007		17,192
Taxable municipal securities	261,137		10		32,926		228,221
Tax-exempt municipal securities	36,459		3		483		35,979
Corporate bonds	3,473		—		54		3,419
Subordinated corporate bonds	10,000		—		1,300		8,700

Total debt securities, at fair value	$	685,766	$	13	$	101,849	$	583,930


	2023
(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Federal agency obligations	$	5,006	$	—	$	28	$	4,978
U.S. Treasury securities	16,993		—		1,068		15,925
Federal agency CMO	396,665		33		61,947		334,751
Federal agency MBS	21,586		31		2,805		18,812
Taxable municipal securities	262,168		34		35,225		226,977
Tax-exempt municipal securities	45,548		156		285		45,419
Corporate bonds	4,058		—		92		3,966
Subordinated corporate bonds	11,957		—		1,672		10,285

Total debt securities, at fair value	$	763,981	$	254	$	103,122	$	661,113

Accrued interest receivable on available-for-sale debt securities, included in the "Accrued Interest Receivable" line item on the Company’s Consolidated Balance Sheets, amounted to $2.7 million and $3.1 million at December 31, 2024 and 2023, respectively.

At December 31, 2024, management performed its quarterly analysis of all securities with unrealized losses and concluded that the unrealized losses resulted from significant increases in market interest rates relative to the book yield on the securities held. Management concluded that no ACL for available-for-sale securities was necessary as of December 31, 2024 and anticipates they will mature or be called at par value. The Company does not intend to sell these investments and has determined, based upon available evidence, that it is more likely than not that the Company will not be required to sell each security before the recovery of its amortized cost basis.


	2024
	Less than 12 months				12 months or longer				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		# of Holdings
Federal agency obligations	$	—	$	—	$	—	$	—	$	—	$	—	—
U.S. Treasury securities	—		—		6,232		766		6,232		766		1
Federal agency CMO	19,341		548		264,846		62,765		284,187		63,313		85
Federal agency MBS	1,623		22		15,569		2,985		17,192		3,007		11
Taxable municipal securities	1,881		124		224,469		32,802		226,350		32,926		248
Tax-exempt municipal securities	16,212		92		16,465		391		32,677		483		64
Corporate bonds	338		4		3,081		50		3,419		54		15
Subordinated corporate bonds	—		—		8,700		1,300		8,700		1,300		5
Total temporarily impaired debt securities	$	39,395	$	790	$	539,362	$	101,059	$	578,757	$	101,849	429


	2023
	Less than 12 months				12 months or longer				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		# of Holdings
Federal agency obligations	$	4,978	$	28	$	—	$	—	$	4,978	$	28	1
U.S. Treasury securities	—		—		15,925		1,068		15,925		1,068		4
Federal agency CMO	8,810		18		311,221		61,929		320,031		61,947		86
Federal agency MBS	—		—		17,114		2,805		17,114		2,805		10
Taxable municipal securities	1,993		316		223,949		34,909		225,942		35,225		251
Tax-exempt municipal securities	11,890		55		10,519		230		22,409		285		53
Corporate bonds	—		—		3,966		92		3,966		92		18
Subordinated corporate bonds	—		—		10,285		1,672		10,285		1,672		6

Total temporarily impaired debt securities	$	27,671	$	417	$	592,979	$	102,705	$	620,650	$	103,122	429


(Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	13,786	$	13,684
Due after one, but within five years	104,315		98,143
Due after five, but within ten years	216,263		186,185
Due after ten years	351,402		285,918
Total debt securities	$	685,766	$	583,930

Scheduled contractual maturities shown above may not reflect the actual maturities of the investments. The actual MBS/CMO cash flows likely will be faster than presented above due to prepayments and amortization. Similarly, included in the table above are callable securities, comprised of municipal securities and corporate bonds, with a fair value of $128.4 million, which can be redeemed by the issuers prior to the maturity presented above. Management considers these factors when evaluating the interest-rate risk in the Company's asset-liability management program.

From time to time, the Company may pledge debt securities as collateral for deposit account balances of municipal customers, and for borrowing capacity with the FHLB and the FRB. The fair value of debt securities pledged as collateral for these purposes was $575.2 million and $650.8 million at December 31, 2024 and 2023, respectively.


(Dollars in thousands)	2024		2023		2022
Amortized cost of debt securities sold(1)	$	214	$	87,198	$	71,593
Gross realized gains on sales	—		—		1,061
Gross realized losses on sales	(2)		(2,419)		(3,034)
Total proceeds from sales of debt securities	$	212	$	84,779	$	69,620

Tax-exempt interest earned on the municipal securities portfolio amounted to $1.7 million for the year ended December 31, 2024, compared to $2.6 million and $3.4 million for the years ended December 31, 2023 and 2022, respectively.

At December 31, 2024, the Company held equity securities with a fair value of $9.7 million, which consisted of $6.3 million in management directed investments and $3.4 million in mutual funds held in conjunction with the Company's supplemental executive retirement and deferred compensation plan.

At December 31, 2023, the Company held equity securities with a fair value of $7.1 million, which consisted of $4.4 million in management directed investments and $2.7 million in mutual funds held in conjunction with the Company's supplemental executive retirement and deferred compensation plan.


(Dollars in thousands)	2024		2023		2022
Net gains (losses) recognized during the period on equity securities	$	1,140	$	666	$	(514)
Less: Net gains (losses) realized on equity securities sold during the period	77		(5)		(17)
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the end of the period	$	1,063	$	671	$	(497)