Investment securities available for sale are carried on the Company's consolidated balance sheets at fair value. The following table presents amortized cost, fair values, and gross unrealized gains and losses of investment securities AFS as of the dates stated.


	December 31, 2025
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale
Mortgage backed securities	$	212,436	$	314	$	(27,663	)	$	185,087
U.S. Treasury and agencies		78,828		—		(6,290	)		72,538
State and municipal		49,212		2		(4,730	)		44,484
Corporate bonds		32,702		102		(1,985	)		30,819
Total investment securities	$	373,178	$	418	$	(40,668	)	$	332,928


	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 December 31, 2025 and December 31, 2024, securities with fair values of $174.3 million and $268.9 million, respectively, were pledged to secure the Bank’s borrowing facility with the FHLB.

As of December 31, 2025 and December 31, 2024, securities with fair values of $0 and $16.3 million, respectively, were pledged to secure borrowing capacity through the Federal Reserve Bank of Richmond ("FRB") Discount Window.

The decline in pledged securities as of December 31, 2025 from December 31, 2024 with both FHLB and FRB reflects the release of securities held as collateral.

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 $42.4 million and $1.1 million, as of December 31, 2025 and 2024, respectively.


			December 31, 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		80	$	5,889	$	(16	)	$	145,498	$	(27,647	)	$	151,387	$	(27,663	)
U.S. Treasury and agencies		29		—		—			72,538		(6,290	)		72,538		(6,290	)
State and municipal		57		679		(2	)		39,908		(4,728	)		40,587		(4,730	)
Corporate bonds		31		1,743		(159	)		24,249		(1,826	)		25,992		(1,985	)
Total		197	$	8,311	$	(177	)	$	282,193	$	(40,491	)	$	290,504	$	(40,668	)


			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 December 31, 2025 and 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 of $23.5 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 evaluates the issuers of these individually on a quarterly basis, observing that each issuer had strong capital ratios and profitability, thereby indicating limited exposure to asset quality or liquidity issues and resulting 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 December 31, 2025 and 2024, there was no ACL for the Company's securities AFS portfolio, as the unrealized losses as of both dates were deemed to not be credit-related. Any unrealized loss not attributable to credit losses is recognized in accumulated other comprehensive income (loss).

Restricted equity investments consisted of stock in the FHLB (carrying basis of $9.1 million and $9.4 million at December 31, 2025 and 2024, respectively), FRB stock (carrying basis of $9.4 million at both December 31, 2025 and 2024), respectively, and stock in the Company’s correspondent bank (carrying basis of $0.5 million at both December 31, 2025 and 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 $4.9 million and $4.8 million as of December 31, 2025 and 2024, respectively. In the second quarter of 2024, the Company identified potential impairment triggers related to one of its investments in a fintech company, resulting in an $8.5 million impairment charge that was recorded in fair value adjustments of other equity investments in the consolidated statement of operations for the year ended December 31, 2024. The Company did not identify any potential impairment triggers during the year ended December 31, 2025.

The Company also holds other investments, primarily in early-stage focused investment funds, which totaled $20.8 million and $19.4 million as of December 31, 2025 and 2024, respectively, and are reported in other investments on the consolidated balance sheets.