The amortized cost and fair value of debt securities available for sale, with gross unrealized gains and losses, as of the dates indicated, follows:


December 31, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. government agencies and corporations	$	351,136	$	-	$	40,012	$	311,124
States and political subdivisions		178,106		-		32,372		145,734
Mortgage-backed securities		143,747		24		5,473		138,298
Corporate debt securities		6,507		-		764		5,743
U.S. treasury		1,000		-		1		999
Total securities available for sale	$	680,496	$	24	$	78,622	$	601,898


December 31, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. government agencies and corporations	$	353,904	$	-	$	42,060	$	311,844
States and political subdivisions		179,507		-		29,614		149,893
Mortgage-backed securities		156,875		-		6,724		150,151
Corporate debt securities		6,504		-		754		5,750
U.S. treasury		996		-		33		963
Total securities available for sale	$	697,786	$	-	$	79,185	$	618,601

The deferred tax asset for the net unrealized loss on securities available for sale was $16,506 as of December 31, 2024 and $16,629 as of December 31, 2023. The deferred tax asset is included in other assets on the Consolidated Balance Sheets.

The amortized cost and fair value of single maturity securities available for sale, by contractual maturity as of the date indicated, are shown below. Mortgage-backed securities are categorized by final maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	December 31, 2024
	Amortized Cost		Fair Value
Available for Sale:
Due in one year or less	$	33,945	$	33,681
Due after one year through five years		222,409		206,893
Due after five years through ten years		234,024		195,039
Due after ten years		190,118		166,285
Total securities available for sale	$	680,496	$	601,898

Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position as of the dates indicated, follows:


December 31, 2024	Less Than 12 Months				12 Months or More
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. government agencies and corporations	$	-	$	-	$	311,124	$	40,012
State and political subdivisions		885		118		144,849		32,254
Mortgage-backed securities		5,336		28		115,011		5,445
Corporate debt securities		-		-		5,743		764
U.S. treasury		-		-		999		1
Total temporarily impaired securities	$	6,221	$	146	$	577,726	$	78,476


December 31, 2023	Less Than 12 Months				12 Months or More
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. government agencies and corporations	$	-	$	-	$	311,844	$	42,060
State and political subdivisions		884		1		148,763		29,613
Mortgage-backed securities		1,616		26		147,922		6,698
Corporate debt securities		-		-		5,750		754
U.S. treasury		-		-		963		33
Total temporarily impaired securities	$	2,500	$	27	$	615,242	$	79,158

The Company evaluates securities available for sale that are in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to the extent to which the fair value is less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

At December 31, 2024, the Company had 564 securities with a fair value of $583,947 in an unrealized loss position. The Company reviews securities in an unrealized loss position to evaluate credit risk. The Company considers payment history, risk ratings from external parties, financial statements for municipal and corporate securities, public statements from issuers and other available credible published sources in evaluating credit risk. No credit risk was found and no ACL on securities available for sale was recorded as of December 31, 2024 or December 31, 2023. The unrealized losses are attributed to noncredit-related factors, including changes in interest rates and other market conditions. The Company does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The contractual terms of the investments do not permit the issuers to settle the securities at a price less than the cost basis of the investments. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline.

During 2024, the Company sold securities acquired from FCB shortly after the acquisition date and no gain or loss was recognized. During 2023, the Company sold securities and realized a net loss of $3,332. Information pertaining to realized gains and losses on sold securities for the period indicated follows:


	Sale of Available for Sale Securities
For the Year Ended December 31,	Proceeds		Book Value		Gross Gain		Gross Loss		Net Loss
2024	$	9,279	$	9,279	$	-	$	-	$	-
2023		43,518		46,850		137		3,469		3,332

The Company held restricted stock of $1,848 as of December 31, 2024 and $1,264 as of December 31, 2023. Restricted stock is reported separately from available for sale securities. As a member of the Federal Reserve and the FHLB, NBB is required to maintain certain minimum investments in the common stock of those entities. Required levels of investment are based upon NBB’s capital and a percentage of qualifying assets. The Company purchases stock from or sells stock back to the correspondents based on their calculations. The stock is held by member institutions only and is not actively traded.

Redemption of FHLB stock is subject to certain limitations and conditions. At its discretion, the FHLB may declare dividends on the stock. In addition to dividends, NBB also benefits from its membership with FHLB through eligibility to borrow from the FHLB, using as collateral NBB’s capital stock investment in the FHLB and qualifying NBB real estate mortgage loans totaling $515,921 as of December 31, 2024. Management reviews for impairment based upon the ultimate recoverability of the cost basis of the FHLB stock, and as of December 31, 2024, management did not determine any impairment.

As of December 31, 2024 and 2023, securities with a carrying value of $536,260 and $534,465, respectively, were pledged to secure municipal deposits and Federal Reserve discount window borrowing capacity.