
	December 31, 2024
(dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Basis Adjustments(2)		Fair value
Investment securities available for sale

U.S. government sponsored entities and U.S. agency securities	$	21,655	$	25	$	(1,539)	$	—	$	20,141
Mortgage-backed securities - agency	940,508		1,558		(94,868)		(142)		847,056
Mortgage-backed securities - non-agency	103,051		1,410		(3,449)		—		101,012
State and municipal securities	75,597		96		(6,632)		—		69,061
Corporate securities	85,602		42		(5,763)		—		79,881
Other securities(1)	90,372		158		(107)		—		90,423
Total available for sale securities	$	1,316,785	$	3,289	$	(112,358)	$	(142)	$	1,207,574

(1)The fair value of other securities includes student loan asset backed securities of $50.0 million and structured financial products of $40.4 million.

(2)Basis adjustments represent the amount of fair value hedging adjustments included in the carrying amount of fixed-rate investment securities designated in fair value hedging arrangements. See Note 8 - Derivative Instruments for additional information regarding these derivative financial instruments.


	December 31, 2023
(dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Investment securities available for sale
U.S. Treasury securities	$	1,097	$	—	$	—	$	1,097
U.S. government sponsored entities and U.S. agency securities	74,161		176		(1,765)		72,572
Mortgage-backed securities - agency	650,119		2,325		(77,944)		574,500
Mortgage-backed securities - non-agency	87,019		414		(3,904)		83,529
State and municipal securities	62,952		258		(5,750)		57,460
Corporate securities	109,598		41		(10,467)		99,172
Other securities(1)	27,646		3		(84)		27,565
Total available for sale securities	$	1,012,592	$	3,217	$	(99,914)	$	915,895

Investment securities with a carrying amount of $283.7 million and $320.5 million were pledged for public deposits at December 31, 2024 and 2023, respectively.

Excluding securities issued or backed by U.S. government or its sponsored entities and agencies, there were no investments in securities from one issuer that exceeded 10% of shareholders' equity as of December 31, 2024 and 2023.

The table below shows the amortized cost and fair value of the investment securities portfolio by contractual maturity for all securities other than mortgage-backed securities, at December 31, 2024. 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.


(dollars in thousands)	Amortized cost		Fair value
Investment securities available for sale
Within one year	$	4,210	$	4,188
After one year through five years	60,412		56,741
After five years through ten years	97,151		88,734
After ten years	111,453		109,843

Mortgage-backed securities	1,043,559		948,068
Total available for sale securities	$	1,316,785	$	1,207,574

Proceeds and gross realized gains and losses on sales of investment securities available for sale for the years ended December 31, 2024, 2023 and 2022 are summarized as follows:


	Years Ended December 31,
(dollars in thousands)		2024		2023		2022
Investment securities available for sale
Proceeds from sales		$	74,116	$	191,733	$	136,403
Gross realized gains on sales		420		338		829
Gross realized losses on sales		(650)		(9,710)		(1,059)

Unrealized losses and fair values for investment securities available for sale as of December 31, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized as follows:


	December 31, 2024
	Less than 12 Months				12 Months or more				Total
(dollars in thousands)	Fair value		Unrealized loss		Fair value		Unrealized loss		Fair value		Unrealized loss
Investment securities available for sale

U.S. government sponsored entities and U.S. agency securities	$	4,973	$	27	$	8,488	$	1,512	$	13,461	$	1,539
Mortgage-backed securities - agency	300,427		9,735		385,332		85,133		685,759		94,868
Mortgage-backed securities - non-agency	12,433		33		24,153		3,416		36,586		3,449
State and municipal securities	21,209		365		43,131		6,267		64,340		6,632
Corporate securities	23,833		1,910		52,271		3,853		76,104		5,763
Other securities	25,202		106		2,130		1		27,332		107
Total available for sale securities	$	388,077	$	12,176	$	515,505	$	100,182	$	903,582	$	112,358


	December 31, 2023
	Less than 12 Months				12 Months or more				Total
(dollars in thousands)	Fair value		Unrealized loss		Fair value		Unrealized loss		Fair value		Unrealized loss
Investment securities available for sale

U.S. government sponsored entities and U.S. agency securities	$	42,826	$	87	$	8,323	$	1,678	$	51,149	$	1,765
Mortgage-backed securities - agency	130,106		7,386		348,476		70,558		478,582		77,944
Mortgage-backed securities - non-agency	8,852		353		19,418		3,551		28,270		3,904
State and municipal securities	51,497		5,750		—		—		51,497		5,750
Corporate securities	4,688		53		84,662		10,414		89,350		10,467
Other securities	14,763		84		—		—		14,763		84
Total available for sale securities	$	252,732	$	13,713	$	460,879	$	86,201	$	713,611	$	99,914

At December 31, 2024, 295 investment securities available for sale had unrealized losses with aggregate depreciation of 10.82% from their amortized cost basis. For all of the above investment securities, the unrealized losses were generally due to changes in interest rates and other market conditions, and unrealized losses were considered to be temporary as the fair value is expected to recover as the securities approach their respective maturity dates and principal is paid back in full. The Company does not intend to sell and it is likely that the Company will not be required to sell the securities prior to their anticipated recovery.