
	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value

Mortgage-backed securities, residential	$	295,595	$	76	$	45,296	$	—	$	250,375
Collateralized mortgage obligations	2,990		—		59		—		2,931
Obligations of states and political subdivisions	10,553		—		243		—		10,310
Corporate bonds and notes	18,750		—		1,768		—		16,982



Total	$	327,888	$	76	$	47,366	$	—	$	280,598


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
U.S. treasury notes and bonds	$	59,880	$	—	$	2,974	$	—	$	56,906
Mortgage-backed securities, residential	441,191		14		75,271		—		365,934

Obligations of states and political subdivisions	37,059		—		1,554		—		35,505
Corporate bonds and notes	25,750		—		3,734		—		22,016
SBA loan pools	53,391		35		2,345		—		51,081


Total	$	617,271	$	49	$	85,878	$	—	$	531,442

Proceeds from and the gross realized gains and losses on sales and calls of securities available for sale for the year ended December 31, 2025 are presented below (in thousands).

Amortized cost and estimated fair value of securities held to maturity as of December 31, 2025 and 2024 are as follows (in thousands):


	December 31, 2025
	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Allowance for Credit Losses		Estimated Fair Value
Obligations of states and political subdivisions	$	640	$	—	$	—	$	—	$	640


	December 31, 2024
	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Allowance for Credit Losses		Estimated Fair Value
Obligations of states and political subdivisions	$	808	$	—	$	—	$	—	$	808

The amortized cost and estimated fair value of debt securities are shown below by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately (in thousands):


	December 31, 2025
	Available for Sale				Held to Maturity
	Amortized Cost		Estimated Fair Value		Amortized Cost		Fair Value
Within one year	$	992	$	988	$	—	$	—
After one, but within five years	2,573		2,360		160		160
After five, but within ten years	25,588		23,800		480		480
After ten years	150		144		—		—
	$	29,303	$	27,292	$	640	$	640
Mortgage-backed securities, residential	295,595		250,375		—		—

Collateralized mortgage obligations	2,990		2,931		—		—



Total	$	327,888	$	280,598	$	640	$	640

The following tables summarize the investment securities available for sale with unrealized losses, for which an allowance for credit losses has not been recorded as of December 31, 2025 and 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
2025

Mortgage-backed securities, residential	$	—	$	—	$	245,329	$	45,296	$	245,329	$	45,296
Collateralized mortgage obligations	2,931		59		—		—		2,931		59
Obligations of states and political subdivisions	—		—		9,845		243		9,845		243
Corporate bonds and notes	984		16		15,998		1,752		16,982		1,768

Total	$	3,915	$	75	$	271,172	$	47,291	$	275,087	$	47,366


	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
2024
U.S. treasury notes and bonds	$	—	$	—	$	56,906	$	2,974	$	56,906	$	2,974
Mortgage-backed securities, residential	5,006		111		359,722		75,160		364,728		75,271

Obligations of states and political subdivisions	107		3		35,398		1,551		35,505		1,554
Corporate bonds and notes	1,921		79		20,095		3,655		22,016		3,734
SBA loan pools	564		1		46,018		2,344		46,582		2,345
Total	$	7,598	$	194	$	518,139	$	85,684	$	525,737	$	85,878

The fair value of securities pledged to secure public funds on deposit or for other purposes as required by law was $178.2 million as of December 31, 2025 and $181.5 million as of December 31, 2024.

There are no securities of a single issuer (other than securities of U.S. Government sponsored enterprises) that exceeded 10% of shareholders' equity as of December 31, 2025 or 2024.

Management assesses the change in fair value of investment securities on a regular basis. Unrealized losses on debt securities may occur from current market conditions, increases in interest rates since the time of purchase, structural changes in an investment, volatility in financial results of specific issuers, or deterioration in credit quality of issuers. Management assesses both qualitative and quantitative factors to determine whether an allowance for credit losses is required. The following is a discussion of the credit quality characteristics of major portfolio segments carrying material unrealized losses as of December 31, 2025.

As of December 31, 2025, the majority of the Corporation’s unrealized losses in available for sale investment securities related to mortgage-backed securities, issued by government-sponsored entities and agencies. Declines in fair value were attributable to changes in interest rates and market liquidity, not credit quality. The Corporation does not have the intent, and is not likely to be required, to sell these securities prior to anticipated recovery. Due to affiliations with U.S. governmental agencies and or enterprises, the Corporation considers these obligations to carry zero loss estimates, and has not recorded an allowance for credit losses as of December 31, 2025.

The Corporation's corporate bonds and notes portfolio is comprised of subordinated debt issues of community and regional banks. Management considers the credit quality of these investments on an individual basis. Management reviews the collectability of these securities, taking into consideration such factors as the financial condition of issuers, reported regulatory capital ratios of the issuers, and credit ratings when available, among other pertinent factors. All corporate bond debt securities continue to accrue interest and make payments as expected with no defaults or deferrals on the part of the issuers. The decrease in market value was attributable to changes in interest rates. Therefore, the Corporation considers the potential credit risk of the issuers to be immaterial, and has not recorded an allowance for credit losses as of December 31, 2025.