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Securities | 6 Months Ended
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Jun. 30, 2022
Securities [Abstract] |
Securities | Note 4. Securities The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity are summarized as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2022
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
Available-for-sale: | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
U.S. Treasury | ​ | $ | 238,546 | ​ | $ | — | ​ | $ | (13,525) | ​ | $ | 225,021
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 428 | ​ | ​ | — | ​ | ​ | (5) | ​ | ​ | 423
Municipal securities | ​ |  | 53,575 | ​ |  | 95 | ​ |  | (513) | ​ |  | 53,157
Other debt securities | ​ |  | 28,974 | ​ |  | — | ​ |  | (1,123) | ​ |  | 27,851
Mortgage-backed securities (GSEs) | ​ |  | 235,060 | ​ |  | 4 | ​ |  | (16,652) | ​ |  | 218,412
Total | ​ | $ | 556,583 | ​ | $ | 99 | ​ | $ | (31,818) | ​ | $ | 524,864
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2022
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
Held-to-maturity: | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
U.S. Treasury | ​ | $ | 150,413 | ​ | $ | — | ​ | $ | (3,694) | ​ | $ | 146,719
U.S. Government-sponsored enterprises (GSEs) | ​ |  | 51,135 | ​ |  | — | ​ |  | (6,120) | ​ |  | 45,015
Municipal securities | ​ |  | 54,166 | ​ |  | — | ​ |  | (7,684) | ​ |  | 46,482
Mortgage-backed securities (GSEs) | ​ |  | 32,649 | ​ |  | — | ​ |  | (3,187) | ​ |  | 29,462
Total | ​ | $ | 288,363 | ​ | $ | — | ​ | $ | (20,685) | ​ | $ | 267,678
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
Available-for-sale: | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
U.S. Treasury | ​ | $ | 138,212 | ​ | $ | 64 | ​ | $ | (518) | ​ | $ | 137,758
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 21,898 | ​ | ​ | 76 | ​ | ​ | (173) | ​ | ​ | 21,801
Municipal securities | ​ |  | 67,310 | ​ |  | 512 | ​ |  | (2) | ​ |  | 67,820
Other debt securities | ​ |  | 26,989 | ​ |  | 313 | ​ |  | (82) | ​ |  | 27,220
Mortgage-backed securities (GSEs) | ​ |  | 228,011 | ​ |  | 971 | ​ |  | (1,128) | ​ |  | 227,854
Total | ​ | $ | 482,420 | ​ | $ | 1,936 | ​ | $ | (1,903) | ​ | $ | 482,453
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
Held-to-maturity: | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
U.S. Government-sponsored enterprises (GSEs) | ​ | $ | 31,023 | ​ | $ | 20 | ​ | $ | (87) | ​ | $ | 30,956
Municipal securities | ​ |  | 45,946 | ​ |  | 63 | ​ |  | (19) | ​ |  | 45,990
Total | ​ | $ | 76,969 | ​ | $ | 83 | ​ | $ | (106) | ​ | $ | 76,946
​ At June 30, 2022 and December 31, 2021, securities with a carrying value totaling approximately $257.0 million and $201.2 million, respectively, were pledged to secure public funds and securities sold under agreements to repurchase. During the first quarter of 2022, the Company transferred $162.4 million of available-for-sale securities to the held-to-maturity category, reflecting the Company’s intent to hold those securities to maturity. Transfers of investment securities into the held-to-maturity category from the available-for-sale category are made at fair value at the date of transfer. The related $2.0 million of unrealized holding loss that was included in the transfer is retained in accumulated other comprehensive income, net of tax, and in the carrying value of the held-to-maturity securities. This amount will be amortized as an adjustment to interest income over the remaining life of the securities. This will offset the impact of amortization of the net premium created in the transfer. There were no gains or losses recognized as a result of this transfer. ​ The Company has entered-into-various fair value hedging transactions to mitigate the impact of changing interest rates on the fair values of available for sale securities. See Note 11 – Derivatives Financial Instruments for disclosure of the gains and losses recognized on derivative instruments and the cumulative fair value hedging adjustments to the carrying amount of the hedged securities. ​ The amortized cost and estimated fair value of securities at June 30, 2022 by contractual maturity for non-mortgage backed securities are shown below (in thousands). 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.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2022
​ |  | Amortized |  | Fair
Available-for-sale: | ​ | Cost | ​ | Value
Due in one year or less | ​ | $ | 346 | ​ | $ | 345
Due from one year to five years | ​ |  | 177,974 | ​ |  | 170,268
Due from five years to ten years | ​ |  | 99,298 | ​ |  | 92,108
Due after ten years | ​ |  | 43,905 | ​ |  | 43,731
​ | ​ |  | 321,523 | ​ |  | 306,452
Mortgage-backed securities | ​ |  | 235,060 | ​ |  | 218,412
Total | ​ | $ | 556,583 | ​ | $ | 524,864
​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-maturity: | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | — | ​ | $ | —
Due from one year to five years | ​ |  | 150,413 | ​ |  | 146,719
Due from five years to ten years | ​ |  | 30,283 | ​ |  | 27,432
Due after ten years | ​ |  | 75,018 | ​ |  | 64,065
​ | ​ |  | 255,714 | ​ |  | 238,216
Mortgage-backed securities | ​ |  | 32,649 | ​ |  | 29,462
Total | ​ | $ | 288,363 | ​ | $ | 267,678
​ The following tables present the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities available-for-sale and held-to-maturity have been in a continuous unrealized loss position (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2022
​ | ​ | Less than 12 Months | ​ | 12 Months or Greater | ​ | Total
​ |  | ​ | ​ |  | Gross | ​ | Number |  | ​ | ​ |  | Gross | ​ | Number |  | ​ | ​ |  | Gross | ​ | Number
​ | ​ | Fair | ​ | Unrealized | ​ | of | ​ | Fair | ​ | Unrealized | ​ | of | ​ | Fair | ​ | Unrealized | ​ | of
Available-for-sale: | ​ | Value | ​ | Losses | ​ | Securities | ​ | Value | ​ | Losses | ​ | Securities | ​ | Value | ​ | Losses | ​ | Securities
U.S. Treasury | ​ | $ | 225,022 | ​ | $ | (13,525) | ​ | 19 | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 225,022 | ​ | $ | (13,525) | ​ | 19
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 423 | ​ | ​ | (5) | ​ | 2 | ​ | ​ | 423 | ​ | ​ | (5) | ​ | 2
Municipal securities | ​ |  | 39,081 | ​ |  | (513) | ​ | 32 | ​ |  | — | ​ |  | — | ​ | — | ​ |  | 39,081 | ​ |  | (513) | ​ | 32
Other debt securities | ​ |  | 26,402 | ​ |  | (1,073) | ​ | 23 | ​ |  | 1,450 | ​ |  | (50) | ​ | 1 | ​ |  | 27,852 | ​ |  | (1,123) | ​ | 24
Mortgage-backed securities (GSEs) | ​ |  | 210,200 | ​ |  | (16,427) | ​ | 96 | ​ |  | 7,459 | ​ |  | (225) | ​ | 6 | ​ |  | 217,659 | ​ |  | (16,652) | ​ | 102
Total | ​ | $ | 500,705 | ​ | $ | (31,538) | ​ | 170 | ​ | $ | 9,332 | ​ | $ | (280) | ​ | 9 | ​ | $ | 510,037 | ​ | $ | (31,818) | ​ | 179
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2022
​ | ​ | Less than 12 Months | ​ | 12 Months or Greater | ​ | Total
​ |  | ​ | ​ |  | Gross | ​ | Number |  | ​ | ​ |  | Gross | ​ | Number |  | ​ | ​ |  | Gross | ​ | Number
​ | ​ | Fair | ​ | Unrealized | ​ | of | ​ | Fair | ​ | Unrealized | ​ | of | ​ | Fair | ​ | Unrealized | ​ | of
Held-to-maturity: | ​ | Value | ​ | Losses | ​ | Securities | ​ | Value | ​ | Losses | ​ | Securities | ​ | Value | ​ | Losses | ​ | Securities
U.S. Treasury | ​ | $ | 146,919 | ​ | $ | (3,694) | ​ | 4 | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 146,919 | ​ | $ | (3,694) | ​ | 4
U.S. Government-sponsored enterprises (GSEs) | ​ |  | 22,393 | ​ |  | (2,777) | ​ | 6 | ​ |  | 22,622 | ​ |  | (3,343) | ​ | 7 | ​ |  | 45,015 | ​ |  | (6,120) | ​ | 13
Municipal securities | ​ |  | 46,482 | ​ |  | (7,684) | ​ | 35 | ​ |  | — | ​ |  | — | ​ | — | ​ |  | 46,482 | ​ |  | (7,684) | ​ | 35
Mortgage-backed securities (GSEs) | ​ |  | 29,462 | ​ |  | (3,187) | ​ | 5 | ​ |  | — | ​ |  | — | ​ | — | ​ |  | 29,462 | ​ |  | (3,187) | ​ | 5
Total | ​ | $ | 245,256 | ​ | $ | (17,342) | ​ | 50 | ​ | $ | 22,622 | ​ | $ | (3,343) | ​ | 7 | ​ | $ | 267,878 | ​ | $ | (20,685) | ​ | 57
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | Less than 12 Months | ​ | 12 Months or Greater | ​ | Total
​ |  | ​ | ​ |  | Gross | ​ | Number |  | ​ | ​ |  | Gross | ​ | Number |  | ​ | ​ |  | Gross | ​ | Number
​ | ​ | Fair | ​ | Unrealized | ​ | of | ​ | Fair | ​ | Unrealized | ​ | of | ​ | Fair | ​ | Unrealized | ​ | of
Available-for-sale: | ​ | Value | ​ | Losses | ​ | Securities | ​ | Value | ​ | Losses | ​ | Securities | ​ | Value | ​ | Losses | ​ | Securities
U.S. Treasury | ​ | $ | 99,959 | ​ | $ | (518) | ​ | 11 | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 99,959 | ​ | $ | (518) | ​ | 11
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 14,156 | ​ | ​ | (168) | ​ | 2 | ​ | ​ | 579 | ​ | ​ | (5) | ​ | 2 | ​ | ​ | 14,735 | ​ | ​ | (173) | ​ | 4
Municipal securities | ​ |  | 2,519 | ​ |  | (2) | ​ | 1 | ​ |  | — | ​ |  | — | ​ | — | ​ |  | 2,519 | ​ |  | (2) | ​ | 1
Other debt securities | ​ |  | 5,983 | ​ |  | (82) | ​ | 6 | ​ |  | — | ​ |  | — | ​ | — | ​ |  | 5,983 | ​ |  | (82) | ​ | 6
Mortgage-backed securities (GSEs) | ​ |  | 159,725 | ​ |  | (1,002) | ​ | 31 | ​ |  | 8,233 | ​ |  | (126) | ​ | 6 | ​ |  | 167,958 | ​ |  | (1,128) | ​ | 37
Total | ​ | $ | 282,342 | ​ | $ | (1,772) | ​ | 51 | ​ | $ | 8,812 | ​ | $ | (131) | ​ | 8 | ​ | $ | 291,154 | ​ | $ | (1,903) | ​ | 59
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | Less than 12 Months | ​ | 12 Months or Greater | ​ | Total
​ |  | ​ | ​ |  | Gross | ​ | Number |  | ​ | ​ |  | Gross | ​ | Number |  | ​ | ​ |  | Gross | ​ | Number
​ | ​ | Fair | ​ | Unrealized | ​ | of | ​ | Fair | ​ | Unrealized | ​ | of | ​ | Fair | ​ | Unrealized | ​ | of
Held-to-maturity: | ​ | Value | ​ | Losses | ​ | Securities | ​ | Value | ​ | Losses | ​ | Securities | ​ | Value | ​ | Losses | ​ | Securities
U.S. Government-sponsored enterprises (GSEs) | ​ | $ | 21,901 | ​ | $ | (87) | ​ | 8 | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 21,901 | ​ | $ | (87) | ​ | 8
Municipal securities | ​ |  | 4,173 | ​ |  | (19) | ​ | 6 | ​ |  | — | ​ |  | — | ​ | — | ​ |  | 4,173 | ​ |  | (19) | ​ | 6
Total | ​ | $ | 26,074 | ​ | $ | (106) | ​ | 14 | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 26,074 | ​ | $ | (106) | ​ | 14
​ The Company reviews the securities portfolio on a quarterly basis to monitor its exposure to other-than-temporary impairment. A determination as to whether a security’s decline in fair value is other-than-temporary takes into consideration numerous factors and the relative significance of any single factor can vary by security. Some factors the Company may consider in the other-than-temporary impairment analysis include the length of time and extent to which the security has been in an unrealized loss position, changes in security ratings, financial condition and near-term prospects of the issuer, as well as security and industry specific economic conditions. Based on this evaluation, the Company concluded that any unrealized losses at June 30, 2022, represented a temporary impairment, as these unrealized losses are primarily attributable to changes in interest rates and current market conditions, and not credit deterioration of the issuers. As of June 30, 2022, the Company does not intend, or be required, to sell any of the securities, and expects to recover the entire amortized cost of all of the securities. Other Investments: Our other investments consist of restricted non-marketable equity securities that have no readily determinable market value. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of June 30, 2022, the Company determined that there was no impairment on its other investment securities. The following is the amortized cost and carrying value of other investments (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2022 |  | 2021
Federal Reserve Bank stock | ​ | $ | 9,768 |  | $ | 9,693
Federal Home Loan Bank stock | ​ |  | 6,451 |  | ​ | 6,451
First National Bankers Bank stock | ​ |  | 350 |  | ​ | 350
Total | ​ | $ | 16,569 | ​ | $ | 16,494
​

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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