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Securities | 12 Months Ended
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Dec. 31, 2024
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 and fair value of securities AFS and HTM at December 31, 2024 and 2023 are summarized as follow (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
Available-for-sale: | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
U.S. Treasury | ​ | $ | 83,330 | ​ | $ | — | ​ | $ | (7,104) | ​ | $ | 76,226
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 38,917 | ​ | ​ | 453 | ​ | ​ | (182) | ​ | ​ | 39,188
Municipal securities | ​ |  | 18,277 | ​ |  | — | ​ |  | (587) | ​ |  | 17,690
Other debt securities | ​ |  | 41,321 | ​ |  | 252 | ​ |  | (2,138) | ​ |  | 39,435
Mortgage-backed securities (GSEs) | ​ |  | 330,839 | ​ |  | 515 | ​ |  | (21,565) | ​ |  | 309,789
Total | ​ | $ | 512,684 | ​ | $ | 1,220 | ​ | $ | (31,576) | ​ | $ | 482,328
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
Held-to-maturity: | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
U.S. Government-sponsored enterprises (GSEs) | ​ | $ | 48,112 | ​ | $ | — | ​ | $ | (7,335) | ​ | $ | 40,777
Municipal securities | ​ |  | 51,652 | ​ |  | — | ​ |  | (7,037) | ​ |  | 44,615
Mortgage-backed securities (GSEs) | ​ |  | 26,895 | ​ |  | — | ​ |  | (4,207) | ​ |  | 22,688
Total | ​ | $ | 126,659 | ​ | $ | — | ​ | $ | (18,579) | ​ | $ | 108,080
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
Available-for-sale: | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
U.S. Treasury | ​ | $ | 84,307 | ​ | $ | — | ​ | $ | (8,274) | ​ | $ | 76,033
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 46,983 | ​ | ​ | 1,256 | ​ | ​ | (146) | ​ | ​ | 48,093
Municipal securities | ​ |  | 18,616 | ​ |  | 135 | ​ |  | (475) | ​ |  | 18,276
Other debt securities | ​ |  | 36,863 | ​ |  | 93 | ​ |  | (3,887) | ​ |  | 33,069
Mortgage-backed securities (GSEs) | ​ |  | 254,288 | ​ |  | 588 | ​ |  | (21,937) | ​ |  | 232,939
Total | ​ | $ | 441,057 | ​ | $ | 2,072 | ​ | $ | (34,719) | ​ | $ | 408,410
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
Held-to-maturity: | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
U.S. Treasury | ​ | $ | 150,066 | ​ | $ | — | ​ | $ | (1,482) | ​ | $ | 148,584
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 49,336 | ​ | ​ | — | ​ | ​ | (7,143) | ​ | ​ | 42,193
Municipal securities | ​ |  | 52,680 | ​ |  | — | ​ |  | (6,178) | ​ |  | 46,502
Mortgage-backed securities (GSEs) | ​ |  | 29,154 | ​ |  | — | ​ |  | (3,895) | ​ |  | 25,259
Total | ​ | $ | 281,236 | ​ | $ | — | ​ | $ | (18,698) | ​ | $ | 262,538
​ At December 31, 2024 and 2023, securities with a carrying value totaling approximately $432.6 million and $358.3 million, respectively, were pledged to secure public funds and securities sold under agreements to repurchase. For the years ended December 31, 2024, 2023 and 2022, the Company recorded gross realized gains of $64 thousand, $0, and $155 thousand, and gross realized losses of $0, $6.8 million, and $11 thousand, respectively. ​ 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 18 – 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 market value of securities by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ |  | Amortized |  | Fair
Available-for-sale: | ​ | Cost | ​ | Value
Due in one year or less | ​ | $ | 1,479 | ​ | $ | 1,430
Due from one year to five years | ​ |  | 94,077 | ​ |  | 86,779
Due from five years to ten years | ​ |  | 77,077 | ​ |  | 75,403
Due after ten years | ​ |  | 9,212 | ​ |  | 8,927
​ | ​ |  | 181,845 | ​ |  | 172,539
Mortgage-backed securities | ​ |  | 330,839 | ​ |  | 309,789
Total | ​ | $ | 512,684 | ​ | $ | 482,328
​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-maturity: | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | — | ​ | $ | —
Due from one year to five years | ​ |  | 731 | ​ |  | 687
Due from five years to ten years | ​ |  | 50,594 | ​ |  | 43,465
Due after ten years | ​ |  | 48,439 | ​ |  | 41,240
​ | ​ |  | 99,764 | ​ |  | 85,392
Mortgage-backed securities | ​ |  | 26,895 | ​ |  | 22,688
Total | ​ | $ | 126,659 | ​ | $ | 108,080
​ ​ 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 securities held-to-maturity have been in a continuous unrealized loss position, as of December 31, 2024 and 2023 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | 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 | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 76,226 | ​ | $ | (7,104) | ​ | 9 | ​ | $ | 76,226 | ​ | $ | (7,104) | ​ | 9
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 9,069 | ​ | ​ | (80) | ​ | 4 | ​ | ​ | 4,813 | ​ | ​ | (102) | ​ | 4 | ​ | ​ | 13,882 | ​ | ​ | (182) | ​ | 8
Municipal securities | ​ |  | 5,579 | ​ |  | (59) | ​ | 8 | ​ |  | 11,322 | ​ |  | (528) | ​ | 17 | ​ |  | 16,901 | ​ |  | (587) | ​ | 25
Other debt securities | ​ |  | 4,425 | ​ |  | (36) | ​ | 3 | ​ |  | 28,294 | ​ |  | (2,102) | ​ | 24 | ​ |  | 32,719 | ​ |  | (2,138) | ​ | 27
Mortgage-backed securities (GSEs) | ​ |  | 80,111 | ​ |  | (939) | ​ | 39 | ​ |  | 160,129 | ​ |  | (20,626) | ​ | 83 | ​ |  | 240,240 | ​ |  | (21,565) | ​ | 122
Total | ​ | $ | 99,184 | ​ | $ | (1,114) | ​ | 54 | ​ | $ | 280,784 | ​ | $ | (30,462) | ​ | 137 | ​ | $ | 379,968 | ​ | $ | (31,576) | ​ | 191
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | 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) | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 40,777 | ​ | $ | (7,335) | ​ | 13 | ​ | $ | 40,777 | ​ | $ | (7,335) | ​ | 13
Municipal securities | ​ |  | — | ​ |  | — | ​ | — | ​ |  | 44,615 | ​ |  | (7,037) | ​ | 35 | ​ |  | 44,615 | ​ |  | (7,037) | ​ | 35
Mortgage-backed securities (GSEs) | ​ |  | — | ​ |  | — | ​ | — | ​ |  | 22,688 | ​ |  | (4,207) | ​ | 5 | ​ |  | 22,688 | ​ |  | (4,207) | ​ | 5
Total | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 108,080 | ​ | $ | (18,579) | ​ | 53 | ​ | $ | 108,080 | ​ | $ | (18,579) | ​ | 53
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 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 | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 76,033 | ​ | $ | (8,274) | ​ | 9 | ​ | $ | 76,033 | ​ | $ | (8,274) | ​ | 9
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 9,743 | ​ | ​ | (137) | ​ | 3 | ​ | ​ | 1,482 | ​ | ​ | (9) | ​ | 3 | ​ | ​ | 11,225 | ​ | ​ | (146) | ​ | 6
Municipal securities | ​ |  | 2,786 | ​ |  | (2) | ​ | 2 | ​ |  | 9,849 | ​ |  | (473) | ​ | 17 | ​ |  | 12,635 | ​ |  | (475) | ​ | 19
Other debt securities | ​ |  | 2,986 | ​ |  | (17) | ​ | 2 | ​ |  | 29,057 | ​ |  | (3,870) | ​ | 26 | ​ |  | 32,043 | ​ |  | (3,887) | ​ | 28
Mortgage-backed securities (GSEs) | ​ |  | 16,401 | ​ |  | (229) | ​ | 8 | ​ |  | 176,351 | ​ |  | (21,708) | ​ | 88 | ​ |  | 192,752 | ​ |  | (21,937) | ​ | 96
Total | ​ | $ | 31,916 | ​ | $ | (385) | ​ | 15 | ​ | $ | 292,772 | ​ | $ | (34,334) | ​ | 143 | ​ | $ | 324,688 | ​ | $ | (34,719) | ​ | 158
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 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 | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 148,584 | ​ | $ | (1,482) | ​ | 4 | ​ | $ | 148,584 | ​ | $ | (1,482) | ​ | 4
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 42,194 | ​ | ​ | (7,143) | ​ | 13 | ​ | ​ | 42,194 | ​ | ​ | (7,143) | ​ | 13
Municipal securities | ​ |  | — | ​ |  | — | ​ | — | ​ |  | 46,500 | ​ |  | (6,178) | ​ | 35 | ​ |  | 46,500 | ​ |  | (6,178) | ​ | 35
Mortgage-backed securities (GSEs) | ​ |  | — | ​ |  | — | ​ | — | ​ |  | 25,258 | ​ |  | (3,895) | ​ | 5 | ​ |  | 25,258 | ​ |  | (3,895) | ​ | 5
Total | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 262,536 | ​ | $ | (18,698) | ​ | 57 | ​ | $ | 262,536 | ​ | $ | (18,698) | ​ | 57
​ For any securities classified as AFS that are in an unrealized loss position at the balance sheet date, the Company assesses whether it intends to sell the security, or more likely than not will be required to sell the security before recovery of its amortized cost basis which would require a write-down to fair value through net income. Because the Company currently does not intend to sell those AFS securities that have an unrealized loss at December 31, 2024, and it is not likely that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be maturity, the Company has determined that no write-down is necessary. In addition, the Company evaluates whether any portion of the decline in fair value of AFS securities is the result of credit deterioration, which would require the recognition of an allowance for credit losses. The unrealized losses associated with AFS securities at December 31, 2024, are driven by changes in interest rates and are not due to the credit quality of the securities, and accordingly, no allowance for credit losses is considered necessary related to AFS securities at December 31, 2024. Management evaluates the financial performance of the issuers on a quarterly basis to determine if it is probable that the issuers can make all contractual principal and interest payments. ​ The unrealized losses in the Company’s HTM portfolio were caused by changes in the interest rate environment. The Company has a zero-loss expectation for its U.S. treasury securities in addition to U.S. Government-sponsored enterprises (GSEs) and mortgage-backed securities (GSEs), and accordingly, no allowance for credit losses is estimated for these securities. The HTM state and municipal securities are general obligation bonds which have a very low historical default rate due to issuers generally having unlimited taxing authority to service the debt. All debt securities in an unrealized loss position as of December 31, 2024, continue to perform as scheduled and we do not believe there is a credit loss or a provision for credit losses is necessary. ​ The Company utilizes bond credit ratings assigned by third party ratings agencies to monitor the credit quality of debt securities held-to-maturity. At December 31, 2024, all debt securities classified as held-to-maturity were rated AA- or higher by the ratings agencies. Updated credit ratings are obtained as they become available from the ratings agencies. ​ 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 year ended December 31, 2024, and 2023, because the 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 December 31, 2024, 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):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ |  | 2024 |  | 2023
Federal Reserve Bank stock | ​ | $ | 9,045 |  | $ | 9,526
Federal Home Loan Bank stock | ​ |  | 5,345 |  | ​ | 3,786
First National Bankers Bank stock | ​ |  | 350 |  | ​ | 350
Total | ​ | $ | 14,740 | ​ | $ | 13,662
​

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