
	March 31, 2025
(dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Investment securities available for sale
U.S. Treasury securities	$	1,000	$	—	$	—	$	1,000
U.S. government sponsored entities and U.S. agency securities	26,350		34		(1,284)		25,100
Mortgage-backed securities - agency (1)	1,088,322		2,102		(84,085)		1,006,339
Mortgage-backed securities - non-agency	96,787		1,428		(3,027)		95,188
Asset-backed student loans	47,675		38		(312)		47,401
State and municipal securities	75,176		246		(6,311)		69,111
Collateralized loan obligations	39,155		86		(29)		39,212
Corporate securities	85,555		191		(4,896)		80,850
Total available for sale securities	$	1,460,020	$	4,125	$	(99,944)	$	1,364,201

(1)The amount of fair value hedging adjustment included in the amortized cost amount of the hedged investment securities available-for-sale as of March 31, 2025 was $(1.6 million). See Note 7 - Derivative Instruments for additional information regarding these derivative financial instruments.


	December 31, 2024
(dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		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 (1)	938,513		3,411		(94,868)		847,056
Mortgage-backed securities - non-agency	103,051		1,410		(3,449)		101,012
Asset-backed student loans	50,007		66		(100)		49,973
State and municipal securities	75,597		96		(6,632)		69,061
Collateralized loan obligations	40,365		92		(7)		40,450
Corporate securities	85,602		42		(5,763)		79,881
Total available for sale securities	$	1,314,790	$	5,142	$	(112,358)	$	1,207,574

(1)The amount of fair value hedging adjustment included in the amortized cost amount of the hedged investment securities available-for-sale as of December 31, 2024 was $1.9 million. See Note 7 - Derivative Instruments for additional information regarding these derivative financial instruments.

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 March 31, 2025 and December 31, 2024.

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 March 31, 2025. 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	$	5,686	$	5,635
After one year through five years	60,338		57,238
After five years through ten years	105,919		98,427
After ten years	102,968		101,374

Mortgage-backed securities	1,185,109		1,101,527
Total available for sale securities	$	1,460,020	$	1,364,201

Unrealized losses and fair values for investment securities available for sale as of March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized as follows:


	March 31, 2025
	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	$	4,993	$	7	$	8,723	$	1,277	$	13,716	$	1,284
Mortgage-backed securities - agency	219,370		5,332		408,080		78,753		627,450		84,085
Mortgage-backed securities - non-agency	4,749		10		23,876		3,017		28,625		3,027
Asset-backed student loans	14,455		200		15,004		112		29,459		312
State and municipal securities	5,492		124		42,978		6,187		48,470		6,311
Collateralized loan obligations	8,701		9		3,275		20		11,976		29
Corporate securities	—		—		74,923		4,896		74,923		4,896
Total available for sale securities	$	257,760	$	5,682	$	576,859	$	94,262	$	834,619	$	99,944


	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
Asset-backed student loans	17,734		99		2,130		1		19,864		100
State and municipal securities	21,209		365		43,131		6,267		64,340		6,632
Collateralized loan obligations	7,468		7		—		—		7,468		7
Corporate securities	23,833		1,910		52,271		3,853		76,104		5,763
Total available for sale securities	$	388,077	$	12,176	$	515,505	$	100,182	$	903,582	$	112,358

At March 31, 2025, 263 investment securities available for sale had unrealized losses with aggregate depreciation of 10.68% 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.