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Securities | 9 Months Ended
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Sep. 30, 2025
Securities |
Securities | Note 3 – Securities ​ The Company's available-for-sale securities are carried at fair value. For available-for-sale securities in an unrealized loss position, management will first evaluate whether there is intent to sell, or if it is more likely than not that the Company will be required to sell a security prior to anticipated recovery of its amortized cost basis. If either of these criteria are met, the Company will record a write-down of the security's amortized cost basis to fair value through income. For those available-for-sale securities which do not meet the intent or requirement to sell criteria, management will evaluate whether the decline in fair value is a result of credit-related matters or other factors. In performing this assessment, management considers the creditworthiness of the issuer including whether the security is guaranteed by the U.S. Federal Government or other government agency, the extent to which fair value is less than amortized cost, and changes in credit rating during the period, among other factors. ​ If this assessment indicates the existence of credit losses, the security will be written down to fair value, as determined by a discounted cash flow analysis, through an allowance for credit losses. To the extent the estimated cash flows do not support the amortized cost, the deficiency is considered to be due to credit loss and is recognized in earnings. ​ Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when the uncollectibility of a security is confirmed, or when either of the aforementioned criteria surrounding intent or requirement to sell have been met. ​ Securities have been classified on the consolidated balance sheets according to management’s intent. The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses at the dates indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Allowance for | ​ | ​ | ​
​ |  | Cost |  | Gain |  | Loss | ​ | Credit Losses |  | Fair Value
September 30, 2025 | ​ | (in thousands)
Available-for-Sale Debt Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 68,838 | ​ | $ | 338 | ​ | $ | (153) | ​ | $ | — | ​ | $ | 69,023
U.S. Government agencies | ​ | ​ | 11,149 | ​ | ​ | 52 | ​ | ​ | (1) | ​ | ​ | — | ​ | ​ | 11,200
Agency mortgage-backed securities | ​ | ​ | 45,043 | ​ | ​ | 124 | ​ | ​ | (1,320) | ​ | ​ | — | ​ | ​ | 43,847
Agency collateralized mortgage obligations | ​ | ​ | 10,833 | ​ | ​ | 224 | ​ | ​ | (107) | ​ | ​ | — | ​ | ​ | 10,950
Corporate bonds | ​ | ​ | 86,465 | ​ | ​ | 272 | ​ | ​ | (4,093) | ​ | ​ | — | ​ | ​ | 82,644
Municipal obligations | ​ | ​ | 6,595 | ​ | ​ | — | ​ | ​ | (107) | ​ | ​ | — | ​ | ​ | 6,488
SBA securities | ​ | ​ | 6,977 | ​ | ​ | — | ​ | ​ | (106) | ​ | ​ | — | ​ | ​ | 6,871
Total | ​ | $ | 235,900 | ​ | $ | 1,010 | ​ | $ | (5,887) | ​ | $ | — | ​ | $ | 231,023
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Allowance for | ​ | ​ | ​
​ |  | Cost |  | Gain |  | Loss | ​ | Credit Losses |  | Fair Value
December 31, 2024 | ​ | (in thousands)
Available-for-Sale Debt Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 69,469 | ​ | $ | 104 | ​ | $ | (489) | ​ | $ | — | ​ | $ | 69,084
U.S. Government agencies | ​ | ​ | 9,005 | ​ | ​ | 9 | ​ | ​ | (7) | ​ | ​ | — | ​ | ​ | 9,007
Agency mortgage-backed securities | ​ | ​ | 42,083 | ​ | ​ | — | ​ | ​ | (2,899) | ​ | ​ | — | ​ | ​ | 39,184
Agency collateralized mortgage obligations | ​ | ​ | 10,993 | ​ | ​ | 147 | ​ | ​ | (307) | ​ | ​ | — | ​ | ​ | 10,833
Corporate bonds | ​ | ​ | 90,219 | ​ | ​ | 163 | ​ | ​ | (6,337) | ​ | ​ | — | ​ | ​ | 84,045
Municipal obligations | ​ | ​ | 10,092 | ​ | ​ | — | ​ | ​ | (286) | ​ | ​ | — | ​ | ​ | 9,806
SBA securities | ​ | ​ | 6,298 | ​ | ​ | 2 | ​ | ​ | (54) | ​ | ​ | — | ​ | ​ | 6,246
Total | ​ | $ | 238,159 | ​ | $ | 425 | ​ | $ | (10,379) | ​ | $ | — | ​ | $ | 228,205
​ The Company did not record a provision for estimated credit losses on any available-for-sale securities for the three and nine months ended September 30, 2025 and 2024. Excluded from the table above is accrued interest on available-for-sale securities of $1.7 million and $1.6 million at September 30, 2025 and December 31, 2024, respectively, which is included within accrued interest receivable on the consolidated balance sheets. Additionally, the Company did not record any write-offs of accrued interest income on available-for-sale securities for the three and nine months ended September 30, 2025 and 2024. No securities held by the Company were delinquent on contractual payments at September 30, 2025 or December 31, 2024, nor were any securities placed on non-accrual status for the three and nine months ended September 30, 2025 and 2024. The following is a summary of actual maturities of certain available-for-sale securities as of September 30, 2025. The amortized cost and fair values are based on the contractual maturity dates. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty. Agency mortgage-backed securities and collateralized mortgage obligations are presented as separate lines as paydowns are expected to occur before contractual maturity dates. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Available-for-Sale
​ | ​ | Amortized Cost | ​ | Fair Value
​ |  | (in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​
Within one year |  | $ | 44,634 |  | $ | 44,293
Over one year to five years | ​ |  | 81,471 | ​ |  | 81,245
Over five years to ten years | ​ |  | 49,235 | ​ |  | 46,025
Over ten years | ​ | ​ | 4,684 | ​ | ​ | 4,663
​ | ​ |  | 180,024 | ​ |  | 176,226
Agency mortgage-backed securities | ​ |  | 45,043 | ​ |  | 43,847
Agency collateralized mortgage obligations | ​ |  | 10,833 | ​ |  | 10,950
​ | ​ | $ | 235,900 | ​ | $ | 231,023
​ ​ When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. There were no sales of available-for-sale securities during the three and nine months ended September 30, 2025. During the three and nine months ended September 30, 2024, the Company sold $29.3 million of AFS securities and recognized gross realized losses of $1.9 million and gross realized gains of $30,000. ​ There were no available-for-sale securities pledged to secure borrowings as of September 30, 2025 and December 31, 2024. ​ 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Less than 12 Months | ​ | 12 Months or More | ​ | Total
​ | ​ | ​ | ​ | (Dollars in thousands)
​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair
September 30, 2025 |  | Number of Securities |  | Losses |  | Value |  | Losses |  | Value |  | Losses |  | Value
U. S. Treasuries | ​ | 7 | ​ | $ | (5) | ​ | $ | 6,417 | ​ | $ | (148) | ​ | $ | 6,848 | ​ | $ | (153) | ​ | $ | 13,265
U.S. Government Agencies | ​ | 2 | ​ | ​ | (1) | ​ | ​ | 2,500 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | 2,500
Agency mortgage-backed securities | ​ | 14 | ​ | ​ | (236) | ​ | ​ | 9,468 | ​ | ​ | (1,084) | ​ | ​ | 24,542 | ​ | ​ | (1,320) | ​ | ​ | 34,010
Agency collateralized mortgage obligations | ​ | 3 | ​ | ​ | (1) | ​ | ​ | 49 | ​ | ​ | (106) | ​ | ​ | 7,657 | ​ | ​ | (107) | ​ | ​ | 7,706
Corporate bonds | ​ | 28 | ​ | ​ | (596) | ​ | ​ | 11,375 | ​ | ​ | (3,497) | ​ | ​ | 63,555 | ​ | ​ | (4,093) | ​ | ​ | 74,930
Municipal obligations | ​ | 6 | ​ | ​ | (6) | ​ | ​ | 1,434 | ​ | ​ | (101) | ​ | ​ | 5,054 | ​ | ​ | (107) | ​ | ​ | 6,488
SBA securities | ​ | 5 | ​ | ​ | (106) | ​ | ​ | 6,871 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (106) | ​ | ​ | 6,871
Total | ​ | 65 | ​ | $ | (951) | ​ | $ | 38,114 | ​ | $ | (4,936) | ​ | $ | 107,656 | ​ | $ | (5,887) | ​ | $ | 145,770
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Less than 12 Months | ​ | 12 Months or More | ​ | Total
​ | ​ | ​ | ​ | (Dollars in thousands)
​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair
December 31, 2024 |  | Number of Securities |  | Losses |  | Value |  | Losses |  | Value |  | Losses |  | Value
U.S. Treasury securities | ​ | 18 | ​ | $ | (152) | ​ | $ | 35,388 | ​ | $ | (337) | ​ | $ | 6,646 | ​ | $ | (489) | ​ | $ | 42,034
U.S. Government Agencies | ​ | 2 | ​ | ​ | (7) | ​ | ​ | 4,999 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (7) | ​ | ​ | 4,999
Agency mortgage-backed securities | ​ | 17 | ​ | ​ | (1,196) | ​ | ​ | 30,229 | ​ | ​ | (1,703) | ​ | ​ | 8,955 | ​ | ​ | (2,899) | ​ | ​ | 39,184
Agency collateralized mortgage obligations | ​ | 3 | ​ | ​ | (304) | ​ | ​ | 8,265 | ​ | ​ | (3) | ​ | ​ | 113 | ​ | ​ | (307) | ​ | ​ | 8,378
Corporate bonds | ​ | 29 | ​ | ​ | (1,250) | ​ | ​ | 8,748 | ​ | ​ | (5,087) | ​ | ​ | 69,134 | ​ | ​ | (6,337) | ​ | ​ | 77,882
Municipal obligations | ​ | 6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (286) | ​ | ​ | 7,306 | ​ | ​ | (286) | ​ | ​ | 7,306
SBA securities | ​ | 3 | ​ | ​ | (54) | ​ | ​ | 4,722 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (54) | ​ | ​ | 4,722
Total | ​ | 78 | ​ | $ | (2,963) | ​ | $ | 92,351 | ​ | $ | (7,416) | ​ | $ | 92,154 | ​ | $ | (10,379) | ​ | $ | 184,505
​ Management evaluates securities for expected credit losses at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. ​ Included in corporate bonds are investments in senior and subordinated debt of banks and bank holding companies, some of which do not have investment ratings. ​ At September 30, 2025, available-for-sale debt securities had unrealized losses with aggregate depreciation of 3.9% from the Company’s amortized cost basis. These unrealized losses relate to changes in market interest rates since acquiring the securities. As management has the intent and ability to hold available-for-sale debt securities until maturity or cost recovery, no allowance for credit losses on securities is deemed necessary as of September 30, 2025 and December 31, 2024.

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