Investment securities classified as available for sale ("AFS") are carried at fair value in the consolidated balance sheets. The following tables present amortized cost, fair values, and gross unrealized gains and losses of investment securities AFS as of the dates stated.


	June 30, 2025
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale
Mortgage backed securities	$	211,685	$	97	$	(33,170	)	$	178,612
U.S. Treasury and agencies		79,082		—		(8,094	)		70,988
State and municipal		49,763		—		(6,396	)		43,367
Corporate bonds		37,425		43		(2,477	)		34,991
Total investment securities	$	377,955	$	140	$	(50,137	)	$	327,958


	December 31, 2024
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale
Mortgage backed securities	$	199,453	$	—	$	(35,015	)	$	164,438
U.S. Treasury and agencies		79,430		—		(9,975	)		69,455
State and municipal		50,233		—		(7,296	)		42,937
Corporate bonds		38,453		—		(3,248	)		35,205
Total investment securities	$	367,569	$	—	$	(55,534	)	$	312,035

As of June 30, 2025 and December 31, 2024, securities with a fair value of $177.0 million and $268.9 million, respectively, were pledged to secure the Bank’s borrowings facility with the Federal Home Loan Bank of Atlanta ("FHLB").

As of June 30, 2025 and December 31, 2024, securities with fair values of $0 and $16.3 million, respectively, were pledged to secure borrowing capacity with the Federal Reserve Bank of Richmond ("FRB") Discount Window, of which there were no outstanding advances as of either date.

The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the date stated. 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.


	June 30, 2025
(Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	3,146	$	3,079
Due after one year through five years		61,242		57,450
Due after five years through ten years		103,510		91,549
Due after ten years		210,057		175,880
Total	$	377,955	$	327,958

The following tables present fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates stated. The reference point for determining when securities are in an unrealized loss position is period-end; therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period. Excluded from the tables below were securities whose amortized cost equaled their fair value or were in an unrealized gain position as of the dates stated totaling $18.1 million and $1.1 million, as of June 30, 2025 and December 31, 2024, respectively.


			June 30, 2025
			Less than 12 Months					12 Months or Greater					Total
(Dollars in thousands)	Number of Securities		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Mortgage backed securities		88	$	17,874	$	(55	)	$	147,641	$	(33,115	)	$	165,515	$	(33,170	)
U.S. Treasury and agencies		29		—		—			70,987		(8,094	)		70,987		(8,094	)
State and municipal		67		1,286		(7	)		41,221		(6,389	)		42,507		(6,396	)
Corporate bonds		37		—		—			30,847		(2,477	)		30,847		(2,477	)
Total		221	$	19,160	$	(62	)	$	290,696	$	(50,075	)	$	309,856	$	(50,137	)


			December 31, 2024
			Less than 12 Months					12 Months or Greater					Total
(Dollars in thousands)	Number of Securities		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Mortgage backed securities		85	$	11,637	$	(107	)	$	152,802	$	(34,908	)	$	164,439	$	(35,015	)
U.S. Treasury and agencies		29		—		—			69,453		(9,975	)		69,453		(9,975	)
State and municipal		70		2,040		(42	)		40,531		(7,254	)		42,571		(7,296	)
Corporate bonds		42		3,803		(21	)		30,653		(3,227	)		34,456		(3,248	)
Total		226	$	17,480	$	(170	)	$	293,439	$	(55,364	)	$	310,919	$	(55,534	)

At June 30, 2025 and December 31, 2024, the majority of securities in an unrealized loss position were of investment grade; however, a portion of the portfolio does not have a third-party investment grade available (securities with fair values of $27.3 million and $29.3 million, respectively). These securities were primarily subordinated debt instruments issued by bank holding companies that are classified as corporate bonds in the tables above. The Company evaluated the issuers of these individually, observing that each issuer had strong capital ratios and profitability, thereby indicating limited exposure to asset quality or liquidity issues and resulted in no identifiable credit losses. Contractual cash flows for mortgage backed securities and U.S. Treasury and agencies are guaranteed and/or funded by the U.S. government and government agencies. State and municipal securities showed no indication that the contractual cash flows would not be received when due. The Company does not intend to sell, nor does it believe that it will be required to sell, any of its impaired securities prior to the recovery of the amortized cost. As of June 30, 2025 and December 31, 2024, there was no allowance for credit losses ("ACL") for the Company's securities AFS portfolio. Any impairment that has not been recorded through an ACL is recognized in accumulated other comprehensive income (loss).

Restricted equity investments consisted of stock in the FHLB (carrying value of $9.1 million and $9.4 million as of June 30, 2025 and December 31, 2024, respectively), FRB stock (carrying value of $9.3 million and $9.4 million at June 30, 2025 and December 31, 2024, respectively), and stock in the Company’s correspondent bank (carrying value of $0.5 million at both June 30, 2025 and December 31, 2024). Restricted equity investments are carried at cost.

The Company has various other equity investments, including an investment in a fintech company and limited partnerships, totaling $4.6 million and $4.8 million as of June 30, 2025 and December 31, 2024, respectively.

The Company also holds other investments, primarily in early-stage focused investment funds, which totaled $20.9 million and $19.4 million as of June 30, 2025 and December 31, 2024, respectively, and are reported in other investments on the consolidated balance sheets.