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Securities | 9 Months Ended
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Sep. 30, 2025
Securities [Abstract] |
Securities | Note 3. 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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
Available-for-sale: | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
U.S. Treasury | ​ | $ | 31,823 | ​ | $ | — | ​ | $ | (2,231) | ​ | $ | 29,592
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 19,446 | ​ | ​ | 88 | ​ | ​ | (130) | ​ | ​ | 19,404
Municipal securities | ​ |  | 34,403 | ​ |  | 316 | ​ |  | (489) | ​ |  | 34,230
Other debt securities | ​ |  | 25,938 | ​ |  | 214 | ​ |  | (1,221) | ​ |  | 24,931
Mortgage-backed securities (GSEs) | ​ |  | 413,054 | ​ |  | 2,973 | ​ |  | (13,089) | ​ |  | 402,938
Total | ​ | $ | 524,664 | ​ | $ | 3,591 | ​ | $ | (17,160) | ​ | $ | 511,095
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
Held-to-maturity: | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
U.S. Government-sponsored enterprises (GSEs) | ​ | $ | 47,181 | ​ | $ | — | ​ | $ | (5,243) | ​ | $ | 41,938
Municipal securities | ​ |  | 50,866 | ​ |  | — | ​ |  | (5,575) | ​ |  | 45,291
Mortgage-backed securities (GSEs) | ​ |  | 25,317 | ​ |  | — | ​ |  | (2,795) | ​ |  | 22,522
Total | ​ | $ | 123,364 | ​ | $ | — | ​ | $ | (13,613) | ​ | $ | 109,751
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ At September 30, 2025 and December 31, 2024, securities with a carrying value totaling approximately $404.6 million and $432.6 million, respectively, were pledged to secure public funds and securities sold under agreements to repurchase. On investments for the three and nine months ended September 30, 2025, the Company recorded gross realized gains of $210 thousand and gross realized losses of $3.9 million, respectively. For the three and nine months ended September 30, 2024, there were no realized gross gains or gross losses recorded, respectively. The amortized cost and estimated fair value of securities at September 30, 2025, 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.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025
​ |  | Amortized |  | Fair
Available-for-sale: | ​ | Cost | ​ | Value
Due in one year or less | ​ | $ | 565 | ​ | $ | 565
Due from one year to five years | ​ |  | 42,394 | ​ |  | 40,137
Due from five years to ten years | ​ |  | 44,204 | ​ |  | 43,102
Due after ten years | ​ |  | 24,447 | ​ |  | 24,353
​ | ​ |  | 111,610 | ​ |  | 108,157
Mortgage-backed securities | ​ |  | 413,054 | ​ |  | 402,938
Total | ​ | $ | 524,664 | ​ | $ | 511,095
​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-maturity: | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | — | ​ | $ | —
Due from one year to five years | ​ |  | 7,793 | ​ |  | 7,280
Due from five years to ten years | ​ |  | 54,371 | ​ |  | 48,334
Due after ten years | ​ |  | 35,883 | ​ |  | 31,615
​ | ​ |  | 98,047 | ​ |  | 87,229
Mortgage-backed securities | ​ |  | 25,317 | ​ |  | 22,522
Total | ​ | $ | 123,364 | ​ | $ | 109,751
​ 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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025
​ | ​ | 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 | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 29,592 | ​ | $ | (2,231) | ​ | 4 | ​ | $ | 29,592 | ​ | $ | (2,231) | ​ | 4
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 6,665 | ​ | ​ | (22) | ​ | 3 | ​ | ​ | 6,116 | ​ | ​ | (108) | ​ | 5 | ​ | ​ | 12,781 | ​ | ​ | (130) | ​ | 8
Municipal securities | ​ |  | 7,345 | ​ |  | (286) | ​ | 3 | ​ |  | 9,654 | ​ |  | (203) | ​ | 13 | ​ |  | 16,999 | ​ |  | (489) | ​ | 16
Other debt securities | ​ |  | 2,481 | ​ |  | (10) | ​ | 2 | ​ |  | 13,789 | ​ |  | (1,211) | ​ | 12 | ​ |  | 16,270 | ​ |  | (1,221) | ​ | 14
Mortgage-backed securities (GSEs) | ​ |  | 99,010 | ​ |  | (705) | ​ | 35 | ​ |  | 137,777 | ​ |  | (12,384) | ​ | 69 | ​ |  | 236,787 | ​ |  | (13,089) | ​ | 104
Total | ​ | $ | 115,501 | ​ | $ | (1,023) | ​ | 43 | ​ | $ | 196,928 | ​ | $ | (16,137) | ​ | 103 | ​ | $ | 312,429 | ​ | $ | (17,160) | ​ | 146
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025
​ | ​ | 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) | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 41,938 | ​ | $ | (5,243) | ​ | 13 | ​ | $ | 41,938 | ​ | $ | (5,243) | ​ | 13
Municipal securities | ​ |  | 3,483 | ​ |  | (289) | ​ | 4 | ​ |  | 41,808 | ​ |  | (5,286) | ​ | 33 | ​ |  | 45,291 | ​ |  | (5,575) | ​ | 37
Mortgage-backed securities (GSEs) | ​ |  | — | ​ |  | — | ​ | — | ​ |  | 22,522 | ​ |  | (2,795) | ​ | 5 | ​ |  | 22,522 | ​ |  | (2,795) | ​ | 5
Total | ​ | $ | 3,483 | ​ | $ | (289) | ​ | 4 | ​ | $ | 106,268 | ​ | $ | (13,324) | ​ | 51 | ​ | $ | 109,751 | ​ | $ | (13,613) | ​ | 55
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ 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 September 30, 2025, and it is not likely that they 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 available-for-sale securities at September 30, 2025, 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 available-for-sale securities at September 30, 2025. 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 primarily 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 September 30, 2025, continue to perform as scheduled and we do not believe an allowance 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 September 30, 2025, all debt securities classified as held-to-maturity, with a published rating, were rated A+ or higher by the ratings agencies. Updated credit ratings are obtained as they become available from the ratings agencies. Allowance for Credit Losses (“ACL”) There were no past due or nonaccrual AFS or HTM securities at September 30, 2025, or December 31, 2024. Accrued interest receivable is excluded from the estimate of credit losses 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 and nine months ended September 30, 2025, and 2024, respectively, 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 September 30, 2025, 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):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2025 |  | 2024
Federal Reserve Bank stock | ​ | $ | 9,618 |  | $ | 9,045
Federal Home Loan Bank stock | ​ |  | 4,920 |  | ​ | 5,345
First National Bankers Bank stock | ​ |  | 350 |  | ​ | 350
Total | ​ | $ | 14,888 | ​ | $ | 14,740
​

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