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Securities | 3 Months Ended
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Mar. 31, 2023
Securities [Abstract] |
Securities | Note 4. Securities Available-for-sale securities (“AFS”), which include any security for which the Company has no immediate plan to sell but which may be sold in the future, are carried at fair value. Realized gains and losses, based on specifically identified amortized cost of the individual security, are included in other income. Unrealized gains and losses are recorded, net of related income tax effects, in accumulated other comprehensive income (loss). Premiums and discounts are amortized and accreted, respectively, to interest income using the constant effective yield method over the estimated life of the security. Prepayments are anticipated for mortgage-backed and Small Business Administration (“SBA”) securities. Premiums on callable securities are amortized to their earliest call date. ​ Held-to-maturity securities (“HTM”), which include any security for which the Company has both the positive intent and ability to hold until maturity, are carried at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized and accreted, respectively, to interest income using the constant effective yield method over the security’s estimated life. Prepayments are anticipated for mortgage-backed and SBA securities. Premiums on callable securities are amortized to their earliest call date. ​ ​ The amortized cost, gross unrealized gains and losses and fair value of securities AFS and HTM are summarized as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
Available-for-sale: | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
U.S. Treasury | ​ | $ | 241,002 | ​ | $ | — | ​ | $ | (14,496) | ​ | $ | 226,506
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 63,723 | ​ | ​ | 1,783 | ​ | ​ | (28) | ​ | ​ | 65,478
Municipal securities | ​ |  | 19,022 | ​ |  | 94 | ​ |  | (412) | ​ |  | 18,704
Other debt securities | ​ |  | 32,952 | ​ |  | — | ​ |  | (2,396) | ​ |  | 30,556
Mortgage-backed securities (GSEs) | ​ |  | 240,767 | ​ |  | 34 | ​ |  | (21,627) | ​ |  | 219,174
Total | ​ | $ | 597,466 | ​ | $ | 1,911 | ​ | $ | (38,959) | ​ | $ | 560,418
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
Held-to-maturity: | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
U.S. Treasury | ​ | $ | 150,243 | ​ | $ | — | ​ | $ | (4,178) | ​ | $ | 146,065
U.S. Government-sponsored enterprises (GSEs) | ​ |  | 50,240 | ​ |  | — | ​ |  | (6,983) | ​ |  | 43,257
Municipal securities | ​ |  | 53,455 | ​ |  | — | ​ |  | (6,657) | ​ |  | 46,798
Mortgage-backed securities (GSEs) | ​ |  | 30,838 | ​ |  | — | ​ |  | (3,786) | ​ |  | 27,052
Total | ​ | $ | 284,776 | ​ | $ | — | ​ | $ | (21,604) | ​ | $ | 263,172
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
Available-for-sale: | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
U.S. Treasury | ​ | $ | 241,506 | ​ | $ | — | ​ | $ | (17,853) | ​ | $ | 223,653
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 1,593 | ​ | ​ | — | ​ | ​ | (18) | ​ | ​ | 1,575
Municipal securities | ​ |  | 19,210 | ​ |  | 17 | ​ |  | (616) | ​ |  | 18,611
Other debt securities | ​ |  | 32,959 | ​ |  | — | ​ |  | (2,408) | ​ |  | 30,551
Mortgage-backed securities (GSEs) | ​ |  | 233,948 | ​ |  | 6 | ​ |  | (24,451) | ​ |  | 209,503
Total | ​ | $ | 529,216 | ​ | $ | 23 | ​ | $ | (45,346) | ​ | $ | 483,893
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
Held-to-maturity: | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
U.S. Treasury | ​ | $ | 150,295 | ​ | $ | — | ​ | $ | (5,613) | ​ | $ | 144,682
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 50,539 | ​ | ​ | — | ​ | ​ | (8,037) | ​ | ​ | 42,502
Municipal securities | ​ |  | 53,694 | ​ |  | — | ​ |  | (7,550) | ​ |  | 46,144
Mortgage-backed securities (GSEs) | ​ |  | 31,421 | ​ |  | — | ​ |  | (4,136) | ​ |  | 27,285
Total | ​ | $ | 285,949 | ​ | $ | — | ​ | $ | (25,336) | ​ | $ | 260,613
​ At March 31, 2023 and December 31, 2022, securities with a carrying value totaling approximately $349.1 million and $304.8 million, respectively, were pledged to secure public funds and securities sold under agreements to repurchase. The amortized cost and estimated fair value of securities at March 31, 2023 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.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023
​ |  | Amortized |  | Fair
Available-for-sale: | ​ | Cost | ​ | Value
Due in one year or less | ​ | $ | 110,981 | ​ | $ | 108,256
Due from one year to five years | ​ |  | 111,416 | ​ |  | 103,219
Due from five years to ten years | ​ |  | 123,988 | ​ |  | 119,631
Due after ten years | ​ |  | 10,314 | ​ |  | 10,138
​ | ​ |  | 356,699 | ​ |  | 341,244
Mortgage-backed securities | ​ |  | 240,767 | ​ |  | 219,174
Total | ​ | $ | 597,466 | ​ | $ | 560,418
​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-maturity: | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | 99,946 | ​ | $ | 97,148
Due from one year to five years | ​ |  | 50,297 | ​ |  | 48,916
Due from five years to ten years | ​ |  | 37,828 | ​ |  | 33,309
Due after ten years | ​ |  | 65,867 | ​ |  | 56,747
​ | ​ |  | 253,938 | ​ |  | 236,120
Mortgage-backed securities | ​ |  | 30,838 | ​ |  | 27,052
Total | ​ | $ | 284,776 | ​ | $ | 263,172
​ The following tables present the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities AFS and HTM have been in a continuous unrealized loss position (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023
​ | ​ | 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 | ​ | $ | 3,955 | ​ | $ | (34) | ​ | 1 | ​ | $ | 222,553 | ​ | $ | (14,462) | ​ | 19 | ​ | $ | 226,508 | ​ | $ | (14,496) | ​ | 20
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 8,225 | ​ | ​ | (24) | ​ | 3 | ​ | ​ | 286 | ​ | ​ | (4) | ​ | 2 | ​ | ​ | 8,511 | ​ | ​ | (28) | ​ | 5
Municipal securities | ​ |  | 5,455 | ​ |  | (96) | ​ | 6 | ​ |  | 8,086 | ​ |  | (316) | ​ | 15 | ​ |  | 13,541 | ​ |  | (412) | ​ | 21
Other debt securities | ​ |  | 13,895 | ​ |  | (989) | ​ | 9 | ​ |  | 16,660 | ​ |  | (1,407) | ​ | 17 | ​ |  | 30,555 | ​ |  | (2,396) | ​ | 26
Mortgage-backed securities (GSEs) | ​ |  | 51,558 | ​ |  | (1,086) | ​ | 44 | ​ |  | 164,308 | ​ |  | (20,541) | ​ | 71 | ​ |  | 215,866 | ​ |  | (21,627) | ​ | 115
Total | ​ | $ | 83,088 | ​ | $ | (2,229) | ​ | 63 | ​ | $ | 411,893 | ​ | $ | (36,730) | ​ | 124 | ​ | $ | 494,981 | ​ | $ | (38,959) | ​ | 187
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023
​ | ​ | 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 | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 146,064 | ​ | $ | (4,178) | ​ | 4 | ​ | $ | 146,064 | ​ | $ | (4,178) | ​ | 4
U.S. Government-sponsored enterprises (GSEs) | ​ |  | — | ​ |  | — | ​ | — | ​ |  | 43,257 | ​ |  | (6,983) | ​ | 13 | ​ |  | 43,257 | ​ |  | (6,983) | ​ | 13
Municipal securities | ​ |  | 250 | ​ |  | (20) | ​ | 1 | ​ |  | 46,549 | ​ |  | (6,637) | ​ | 34 | ​ |  | 46,799 | ​ |  | (6,657) | ​ | 35
Mortgage-backed securities (GSEs) | ​ |  | — | ​ |  | — | ​ | — | ​ |  | 27,052 | ​ |  | (3,786) | ​ | 5 | ​ |  | 27,052 | ​ |  | (3,786) | ​ | 5
Total | ​ | $ | 250 | ​ | $ | (20) | ​ | 1 | ​ | $ | 262,922 | ​ | $ | (21,584) | ​ | 56 | ​ | $ | 263,172 | ​ | $ | (21,604) | ​ | 57
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 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 | ​ | $ | 134,414 | ​ | $ | (7,610) | ​ | 9 | ​ | $ | 89,239 | ​ | $ | (10,243) | ​ | 11 | ​ | $ | 223,653 | ​ | $ | (17,853) | ​ | 20
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 1,266 | ​ | ​ | (14) | ​ | 1 | ​ | ​ | 309 | ​ | ​ | (4) | ​ | 2 | ​ | ​ | 1,575 | ​ | ​ | (18) | ​ | 3
Municipal securities | ​ |  | 13,146 | ​ |  | (616) | ​ | 20 | ​ |  | — | ​ |  | — | ​ | — | ​ |  | 13,146 | ​ |  | (616) | ​ | 20
Other debt securities | ​ |  | 25,044 | ​ |  | (1,866) | ​ | 20 | ​ |  | 5,506 | ​ |  | (542) | ​ | 6 | ​ |  | 30,550 | ​ |  | (2,408) | ​ | 26
Mortgage-backed securities (GSEs) | ​ |  | 111,598 | ​ |  | (8,968) | ​ | 86 | ​ |  | 96,285 | ​ |  | (15,483) | ​ | 28 | ​ |  | 207,883 | ​ |  | (24,451) | ​ | 114
Total | ​ | $ | 285,468 | ​ | $ | (19,074) | ​ | 136 | ​ | $ | 191,339 | ​ | $ | (26,272) | ​ | 47 | ​ | $ | 476,807 | ​ | $ | (45,346) | ​ | 183
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 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 | ​ | $ | 144,683 | ​ | $ | (5,613) | ​ | 4 | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 144,683 | ​ | $ | (5,613) | ​ | 4
U.S. Government-sponsored enterprises (GSEs) | ​ | $ | 13,048 | ​ | $ | (2,503) | ​ | 3 | ​ | $ | 29,451 | ​ | $ | (5,534) | ​ | 10 | ​ | $ | 42,499 | ​ | $ | (8,037) | ​ | 13
Municipal securities | ​ |  | 40,770 | ​ |  | (6,387) | ​ | 28 | ​ |  | 5,375 | ​ |  | (1,163) | ​ | 7 | ​ |  | 46,145 | ​ |  | (7,550) | ​ | 35
Mortgage-backed securities (GSEs) | ​ |  | — | ​ |  | — | ​ | — | ​ |  | 27,285 | ​ |  | (4,136) | ​ | 5 | ​ |  | 27,285 | ​ |  | (4,136) | ​ | 5
Total | ​ | $ | 198,501 | ​ | $ | (14,503) | ​ | 35 | ​ | $ | 62,111 | ​ | $ | (10,833) | ​ | 22 | ​ | $ | 260,612 | ​ | $ | (25,336) | ​ | 57
​ 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 March 31, 2023, 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 March 31, 2023, the Company does not intend, and will not be required, to sell any of the securities, and expects to recover the entire amortized cost of all of the securities. Allowance for Credit Losses The Company adopted ASU 2016-13 on January 1, 2023, and based on the analysis of the underlying risk characteristics of its AFS and HTM portfolios, including credit ratings and other qualitative factors, there was no provision for credit losses related to AFS or HTM securities recorded during the three months ended March 31, 2023, because ACL was deemed immaterial. 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 March 31, 2023, 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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2023 |  | 2022
Federal Reserve Bank stock | ​ | $ | 9,792 |  | $ | 9,783
Federal Home Loan Bank stock | ​ |  | 3,917 |  | ​ | 5,397
First National Bankers Bank stock | ​ |  | 350 |  | ​ | 350
Total | ​ | $ | 14,059 | ​ | $ | 15,530
​

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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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