The amortized cost and fair value of AFS securities, with gross unrealized gains and losses, are as follows at:


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury	$	210,588	$	—	$	6,282	$	204,306
States and political subdivisions	72,933		4		4,617		68,320
Auction rate money market preferred	3,200		—		435		2,765
Mortgage-backed securities	26,093		—		1,436		24,657
Collateralized mortgage obligations	197,190		744		4,694		193,240
Corporate	8,150		—		878		7,272
Total	$	518,154	$	748	$	18,342	$	500,560


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury	$	230,807	$	—	$	10,236	$	220,571
States and political subdivisions	81,135		9		4,576		76,568
Auction rate money market preferred	3,200		—		156		3,044
Mortgage-backed securities	29,068		—		2,182		26,886
Collateralized mortgage obligations	163,156		—		8,482		154,674
Corporate	8,150		—		864		7,286
Total	$	515,516	$	9	$	26,496	$	489,029

The amortized cost and fair value of AFS securities by contractual maturity at June 30, 2025 are as follows:


	Maturing								Securities with Variable Monthly Payments or Noncontractual Maturities
	Due in One Year or Less		After One Year But Within Five Years		After Five Years But Within Ten Years		After Ten Years				Total
U.S. Treasury	$	110,318	$	100,270	$	—	$	—	$	—	$	210,588
States and political subdivisions	11,398		18,614		20,053		22,868		—		72,933
Auction rate money market preferred	—		—		—		—		3,200		3,200
Mortgage-backed securities	—		—		—		—		26,093		26,093
Collateralized mortgage obligations	—		—		—		—		197,190		197,190
Corporate	—		—		8,150		—		—		8,150
Total amortized cost	$	121,716	$	118,884	$	28,203	$	22,868	$	226,483	$	518,154
Fair value	$	118,985	$	115,038	$	25,551	$	20,324	$	220,662	$	500,560

As the auction rate money market preferred investments have continual call dates, they are not reported by a specific maturity group. Because of their variable monthly payments, mortgage-backed securities and collateralized mortgage obligations are not reported by a specific maturity group.

The information in the following tables pertains to AFS securities with gross unrealized losses at June 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position.


	June 30, 2025
	Less Than Twelve Months				Twelve Months or More
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Total Unrealized Losses
U.S. Treasury	$	—	$	—	$	6,282	$	204,306	$	6,282
States and political subdivisions	224		14,716		4,393		37,646		4,617
Auction rate money market preferred	—		—		435		2,765		435
Mortgage-backed securities	—		—		1,436		24,657		1,436
Collateralized mortgage obligations	21		5,843		4,673		136,395		4,694
Corporate	83		1,617		795		5,655		878
Total	$	328	$	22,176	$	18,014	$	411,424	$	18,342
Number of securities in an unrealized loss position:			73				195		268


	December 31, 2024
	Less Than Twelve Months				Twelve Months or More
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Total Unrealized Losses
U.S. Treasury	$	—	$	—	$	10,236	$	220,571	$	10,236
States and political subdivisions	486		23,553		4,090		36,796		4,576
Auction rate money market preferred	—		—		156		3,044		156
Mortgage-backed securities	—		—		2,182		26,886		2,182
Collateralized mortgage obligations	185		5,646		8,297		149,028		8,482
Corporate	—		—		864		7,286		864
Total	$	671	$	29,199	$	25,825	$	443,611	$	26,496
Number of securities in an unrealized loss position:			175				178		353

As of June 30, 2025, no ACL has been recognized on AFS securities in an unrealized loss position, as management does not believe any of the securities are impaired due to reasons of credit quality. This is based on our analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors related to our AFS securities and consideration of our historical credit loss experience and internal forecasts. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. Management does not currently intend to sell any of the securities classified as AFS in the table above, and believes it is more likely than not that we will not have to sell any such securities before a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their respective maturity date or repricing date, or if the market yields for such investments decline.