
	December 31, 2025
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Available-for-sale:
U.S. Treasury	$	89,796	$	—	$	(4,252)	$	—	$	85,544
U.S. government agency	42,399		146		(1,123)		—		41,422
Municipal	152,144		188		(12,062)		—		140,270
Mortgage-backed:
Agency residential	364,567		3,605		(7,377)		—		360,795
Agency commercial	127,004		107		(7,174)		—		119,937

Corporate	65,957		621		(1,445)		—		65,133
Total available-for-sale	$	841,867	$	4,667	$	(33,433)	$	—	$	813,101

	December 31, 2025
(dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value		Allowance for Credit Losses

Held-to-maturity:
U.S. government agency	$	88,496	$	—	$	(4,850)	$	83,646	$	—
Municipal	28,214		353		(58)		28,509		—
Mortgage-backed:
Agency residential	75,536		23		(2,544)		73,015		—
Agency commercial	266,500		25		(24,896)		241,629		—
Total held-to-maturity	$	458,746	$	401	$	(32,348)	$	426,799	$	—


	December 31, 2024
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Available-for-sale:
U.S. Treasury	$	119,690	$	—	$	(8,545)	$	—	$	111,145
U.S. government agency	55,742		—		(2,544)		—		53,198
Municipal	150,163		—		(19,484)		—		130,679
Mortgage-backed:
Agency residential	241,342		253		(14,227)		—		227,368
Agency commercial	128,823		3		(12,145)		—		116,681
Corporate	61,732		156		(2,910)		—		58,978
Total available-for-sale	$	757,492	$	412	$	(59,855)	$	—	$	698,049

	December 31, 2024
(dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value		Allowance for Credit Losses

Held-to-maturity:
U.S. government agency	$	88,472	$	—	$	(8,819)	$	79,653	$	—
Municipal	35,862		48		(371)		35,539		—
Mortgage-backed:
Agency residential	85,643		—		(5,796)		79,847		—
Agency commercial	289,881		—		(39,734)		250,147		—
Total held-to-maturity	$	499,858	$	48	$	(54,720)	$	445,186	$	—

As of December 31, 2025 and 2024, the Bank had debt securities with a carrying value of $412.8 million and $468.8 million, respectively, which were pledged to secure public deposits, securities sold under agreements to repurchase, available borrowing capacity, and for other purposes required or permitted by law.

The amortized cost and fair value of debt securities by contractual maturity, as of December 31, 2025, are shown below. 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.


	Available-for-Sale				Held-to-Maturity
(dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due in 1 year or less	$	34,128	$	33,783	$	7,330	$	7,257
Due after 1 year through 5 years	173,366		163,765		52,682		51,407
Due after 5 years through 10 years	119,292		112,595		54,764		51,590
Due after 10 years	23,510		22,226		1,934		1,901

Mortgage-backed:
Agency residential	364,567		360,795		75,536		73,015
Agency commercial	127,004		119,937		266,500		241,629
Total	$	841,867	$	813,101	$	458,746	$	426,799

The following table presents gross unrealized losses and fair value of debt securities available-for-sale that do not have an associated allowance for credit losses as of December 31, 2025 and December 31, 2024, aggregated by category and length of time that individual debt securities have been in a continuous unrealized loss position:


	December 31, 2025
	Investments in a Continuous Unrealized Loss Position
	Less than 12 Months				12 Months or More				Total
(dollars in thousands)	Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value

Available-for-sale:
U.S. Treasury	$	—	$	—	$	(4,252)	$	85,544	$	(4,252)	$	85,544
U.S. government agency	(18)		2,956		(1,105)		30,744		(1,123)		33,700
Municipal	(35)		4,525		(12,027)		123,881		(12,062)		128,406
Mortgage-backed:
Agency residential	(231)		45,392		(7,146)		121,114		(7,377)		166,506
Agency commercial	(7)		4,442		(7,167)		95,580		(7,174)		100,022
Corporate	(57)		8,728		(1,388)		24,932		(1,445)		33,660
Total available-for-sale	$	(348)	$	66,043	$	(33,085)	$	481,795	$	(33,433)	$	547,838


	December 31, 2024
	Investments in a Continuous Unrealized Loss Position
	Less than 12 Months				12 Months or More				Total
(dollars in thousands)	Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value

Available-for-sale:
U.S. Treasury	$	—	$	—	$	(8,545)	$	111,145	$	(8,545)	$	111,145
U.S. government agency	(141)		7,594		(2,403)		45,604		(2,544)		53,198
Municipal	(8)		2,634		(19,476)		127,776		(19,484)		130,410
Mortgage-backed:
Agency residential	(2,041)		81,055		(12,186)		129,178		(14,227)		210,233
Agency commercial	(125)		3,327		(12,020)		112,118		(12,145)		115,445
Corporate	(4)		1,996		(2,906)		43,064		(2,910)		45,060
Total available-for-sale	$	(2,319)	$	96,606	$	(57,536)	$	568,885	$	(59,855)	$	665,491

As of December 31, 2025, there were 539 debt securities in an unrealized loss position for a period of twelve months or more, and 27 debt securities in an unrealized loss position for a period of less than twelve months.

U.S. Treasury, U.S. government agency, and agency mortgage-backed securities are considered to have no risk of credit loss as they are either explicitly or implicitly guaranteed by the U.S. government. The changes in fair value in these portfolios are considered to be primarily driven by changes in market interest rates and other non-credit risks, such as prepayment and liquidity risks.

Municipal securities include general obligation bonds which have a very low historical default rate due to issuers generally having taxing authority to service the debt and represent approximately 75% of the total fair value of our municipal securities portfolio as of December 31, 2025. The remainder of the municipal securities are also of high credit quality with ratings of Aa2/AA or better. The Company evaluates credit risk through monitoring credit ratings and reviews of available financial data. The changes in fair value in municipal securities were considered to be primarily driven by changes in market interest rates and other non-credit risks, such as call and liquidity risks. The estimated allowance for credit losses for the municipal debt securities held-to-maturity was deemed insignificant.

Corporate securities include investment grade corporate and bank subordinated debt securities. The Company evaluates credit risk through monitoring credit ratings, reviews of available issuer financial data, and sector trends. The changes in fair value in corporate securities were considered to be primarily driven by changes in market interest rates and other non-credit risks, such as call and liquidity risks.

As of December 31, 2025, the Company did not intend to sell the debt securities that are in an unrealized loss position, and it was more likely than not that the Company would recover the amortized cost prior to being required to sell the debt securities.

Equity securities with readily determinable fair values are measured at fair value with changes in fair value recognized in unrealized gains (losses) on equity securities on the consolidated statements of income. The Company has elected to measure equity securities with no readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes for identical or similar securities of the same issuer.


	December 31, 2025
(dollars in thousands)	Readily Determinable Fair Value		No Readily Determinable Fair Value

Initial cost	$	3,124	$	2,981
Cumulative net unrealized gains (losses)	198		(369)
Carrying value	$	3,322	$	2,612


	December 31, 2024
(dollars in thousands)	Readily Determinable Fair Value		No Readily Determinable Fair Value

Initial cost	$	3,124	$	2,998
Cumulative net unrealized gains (losses)	191		(369)
Carrying value	$	3,315	$	2,629

As of December 31, 2025 and December 31, 2024, the cumulative net unrealized losses on equity securities with no readily determinable fair value reflect impairments of $0.2 million and downward adjustments based on observable price changes of an identical investment of $0.2 million. There have been no upward adjustments based on observable price changes to equity securities with no readily determinable fair value.


	Year Ended December 31,
(dollars in thousands)		2025		2024		2023

Readily determinable fair value		$	7	$	(25)	$	330
No readily determinable fair value		—		(34)		(170)
Unrealized gains (losses) on equity securities		$	7	$	(59)	$	160