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:


	March 31, 2025
(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

U.S. Treasury securities	$	6,998	$	—	$	628	$	6,370
Federal agency CMO	338,988		71		47,650		291,409
Federal agency MBS	19,718		10		2,640		17,088
Taxable municipal securities	260,962		64		27,488		233,538
Tax-exempt municipal securities	34,909		4		442		34,471
Corporate bonds	3,026		—		33		2,993
Subordinated corporate bonds	10,000		—		1,178		8,822

Total debt securities, at fair value	$	674,601	$	149	$	80,059	$	594,691


	December 31, 2024
(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

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

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 $3.2 million at March 31, 2025 and $2.7 million at December 31, 2024.

At March 31, 2025, 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 March 31, 2025 and anticipates they will mature or be called at par value. The Company does not intend to sell these investments prior to maturity 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.


	March 31, 2025
	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

U.S. Treasury securities	$	—	$	—	$	6,370	$	628	$	6,370	$	628	1
Federal agency CMO	7,443		25		272,125		47,625		279,568		47,650		84
Federal agency MBS	—		—		15,440		2,640		15,440		2,640		10
Taxable municipal securities	895		110		229,879		27,378		230,774		27,488		247
Tax-exempt municipal securities	13,060		61		16,290		381		29,350		442		56
Corporate bonds	341		1		2,653		32		2,994		33		13
Subordinated corporate bonds	—		—		8,821		1,178		8,821		1,178		5
Total	$	21,739	$	197	$	551,578	$	79,862	$	573,317	$	80,059	416


	December 31, 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

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	$	39,395	$	790	$	539,362	$	101,059	$	578,757	$	101,849	429


(Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	12,211	$	12,092
Due after one, but within five years	110,078		104,549
Due after five, but within ten years	209,356		184,585
Due after ten years	342,956		293,465
Total debt securities	$	674,601	$	594,691

The 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 $130.5 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 $585.9 million and $575.2 million at March 31, 2025 and December 31, 2024, respectively.

At March 31, 2025, the Company held equity securities with a fair value of $9.2 million, which consisted of $6.1 million in management directed investments and $3.1 million in mutual funds held in conjunction with the Company's supplemental executive retirement and deferred compensation plan.

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.

Net gains and losses recognized on equity securities for the three months ended March 31, 2025 and March 31, 2024 are summarized as follows:


	Three months ended March 31,
(Dollars in thousands)		2025		2024
Net (losses) gains recognized during the period on equity securities		$	(301)	$	465
Less: Net gains recognized on equity securities sold during the period		54		1
Unrealized (losses) gains recognized during the reporting period on equity securities still held at the end of the period		$	(355)	$	464