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Investment securities | 3 Months Ended
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Mar. 31, 2022
Investment securities |
Investment securities | 4. Investment securities: ​ The amortized cost and fair value of investment securities aggregated by investment category at March 31, 2022 and December 31, 2021 are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
March 31, 2022 |  | Cost |  | Gains |  | Losses |  | Value |
Available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 250,268 | ​ | $ | 28 | ​ | $ | 12,624 | ​ | $ | 237,672 | ​
U.S. government-sponsored enterprises | ​ | ​ | 28,174 | ​ | ​ | 31 | ​ | ​ | 184 | ​ | ​ | 28,021 | ​
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ |  | 69,027 | ​ | ​ | 106 | ​ | ​ | 6,021 | ​ |  | 63,112 | ​
Tax-exempt | ​ |  | 99,805 | ​ |  | 505 | ​ | ​ | 6,843 | ​ |  | 93,467 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 1,563 | ​ |  | 9 | ​ | ​ | 1 | ​ |  | 1,571 | ​
U.S. government-sponsored enterprises | ​ |  | 105,652 | ​ |  | 50 | ​ |  | 9,168 | ​ |  | 96,534 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ |  | 12,396 | ​ |  | 14 | ​ |  | 129 | ​ |  | 12,281 | ​
Corporate debt securities | ​ | ​ | 3,000 | ​ | ​ | ​ | ​ | ​ | 176 | ​ | ​ | 2,824 | ​
Total | ​ | $ | 569,885 | ​ | $ | 743 | ​ | $ | 35,146 | ​ | $ | 535,482 | ​
Held-to-maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | $ | 11,266 | ​ | $ | 30 | ​ | $ | 653 | ​ | $ | 10,643 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 18,511 | ​ |  | ​ | ​ | ​ | 1,315 | ​ |  | 17,196 | ​
U.S. government-sponsored enterprises | ​ |  | 66,052 | ​ |  | 1 | ​ | ​ | 4,612 | ​ |  | 61,441 | ​
Total | ​ | $ | 95,829 | ​ | $ | 31 | ​ | $ | 6,580 | ​ | $ | 89,280 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​ |
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
December 31, 2021 |  | Cost |  | Gains |  | Losses |  | Value |
Available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 193,849 | ​ | $ | 107 | ​ | $ | 2,382 | ​ | $ | 191,574 | ​
U.S. government-sponsored enterprises | ​ | ​ | 33,435 | ​ | ​ | 343 | ​ | ​ | ​ | ​ |  | 33,778 | ​
State and municipals: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ |  | 69,066 | ​ |  | 994 | ​ | ​ | 1,082 | ​ |  | 68,978 | ​
Tax-exempt | ​ |  | 96,412 | ​ |  | 2,452 | ​ |  | 614 | ​ |  | 98,250 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 1,790 | ​ |  | 53 | ​ |  | ​ | ​ |  | 1,843 | ​
U.S. government-sponsored enterprises | ​ |  | 109,018 | ​ |  | 939 | ​ |  | 2,925 | ​ |  | 107,032 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | ​ | 12,542 | ​ | ​ | 406 | ​ | ​ | ​ | ​ | ​ | 12,948 | ​
Corporate debt securities | ​ | ​ | 3,000 | ​ | ​ | ​ | ​ | ​ | 82 | ​ | ​ | 2,918 | ​
Total | ​ | $ | 519,112 | ​ | $ | 5,294 | ​ | $ | 7,085 | ​ | $ | 517,321 | ​
Held-to-maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | $ | 11,476 | ​ | $ | 126 | ​ | $ | 56 | ​ | $ | 11,546 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | 18,802 | ​ |  | ​ | ​ | ​ | 392 | ​ |  | 18,410 | ​
U.S. government-sponsored enterprises | ​ |  | 40,935 | ​ |  | 3 | ​ | ​ | 448 | ​ |  | 40,490 | ​
Total | ​ | $ | 71,213 | ​ | $ | 129 | ​ | $ | 896 | ​ | $ | 70,446 | ​
​ Restricted Investment In Stock ​ Restricted investment in stock includes Federal Home Loan Bank (“FHLB”) stock with a carrying cost of $3,413 and $4,003 at March 31, 2022 and December 31, 2021, respectively, and Atlantic Community Bankers Bank (“ACBB”) stock with a carrying cost of $42 at March 31, 2022 and December 31, 2021, respectively, which are included in other assets in the consolidated balance sheets. FHLB and ACBB stock was issued as a requirement to facilitate participation in borrowing and other banking services. The investment in FHLB stock may fluctuate, as it is based on the member bank’s use of FHLB’s services. ​ These restricted investments are carried at cost and evaluated for other-than-temporary impairment (“OTTI”) quarterly. As of March 31, 2022, there was no OTTI associated with these investments. ​ The maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available-for-sale at March 31, 2022, is summarized as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | Fair |
March 31, 2022 |  | Value |
Within one year | ​ | $ | 19,709 | ​
After one but within five years | ​ |  | 205,581 | ​
After five but within ten years | ​ |  | 95,545 | ​
After ten years | ​ |  | 101,618 | ​
​ | ​ |  | 422,453 | ​
Mortgage-backed and other amortizing securities | ​ |  | 113,029 | ​
Total | ​ | $ | 535,482 | ​
​ The maturity distribution of the amortized cost and fair value, of debt securities classified as held-to-maturity at March 31, 2022, is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Fair |
March 31, 2022 |  | Cost |  | Value |
After five but within ten years | ​ | $ | 8,098 | ​ | $ | 7,657 | ​
After ten years | ​ | ​ | 3,168 | ​ | ​ | 2,986 | ​
​ | ​ |  | 11,266 | ​ |  | 10,643 | ​
Mortgage-backed securities | ​ |  | 84,563 | ​ |  | 78,637 | ​
Total | ​ | $ | 95,829 | ​ | $ | 89,280 | ​
​ Securities with a carrying value of $186,388 and $203,580 at March 31, 2022 and December 31, 2021, respectively, were pledged to secure public deposits and certain other deposits as required or permitted by law. ​ Securities and short-term investment activities are conducted with a diverse group of government entities, corporations and state and local municipalities. The counterparty’s creditworthiness and type of collateral is evaluated on a case-by-case basis. At March 31, 2022 and December 31, 2021, there were no significant concentrations of credit risk from any one issuer, with the exception of U.S. government agencies and sponsored enterprises, that exceeded 10.0 percent of stockholders’ equity. ​ The fair value and gross unrealized losses of investment securities with unrealized losses for which an OTTI has not been recognized at March 31, 2022 and December 31, 2021, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than 12 Months | ​ | 12 Months or More | ​ | Total |
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized |
March 31, 2022 |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses |
U.S. Treasury securities |  | $ | 230,144 |  | $ | 12,624 |  | ​ | ​ |  | ​ | ​ |  | $ | 230,144 |  | $ | 12,624 | ​
U.S. government-sponsored enterprises | ​ | ​ | 13,918 | ​ | ​ | 184 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 13,918 | ​ | ​ | 184 | ​
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ | ​ | 47,356 | ​ | ​ | 4,074 | ​ | $ | 11,711 | ​ | $ | 1,947 | ​ | ​ | 59,067 | ​ | ​ | 6,021 | ​
Tax-exempt | ​ | ​ | 59,847 | ​ | ​ | 5,420 | ​ | ​ | 13,125 | ​ | ​ | 2,076 | ​ | ​ | 72,972 | ​ | ​ | 7,496 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | 17,193 | ​ | ​ | 1,316 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 17,193 | ​ | ​ | 1,316 | ​
U.S. government-sponsored enterprises | ​ | ​ | 91,894 | ​ | ​ | 6,551 | ​ | ​ | 58,780 | ​ | ​ | 7,229 | ​ | ​ | 150,674 | ​ |  | 13,780 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ |  | 10,042 | ​ |  | 129 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 10,042 | ​ |  | 129 | ​
Corporate debt securities | ​ | ​ | 2,356 | ​ | ​ | 144 | ​ | ​ | 468 | ​ | ​ | 32 | ​ | ​ | 2,824 | ​ | ​ | 176 | ​
Total | ​ | $ | 472,750 | ​ | $ | 30,442 | ​ | $ | 84,084 | ​ | $ | 11,284 | ​ | $ | 556,834 | ​ | $ | 41,726 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than 12 Months | ​ | 12 Months or More | ​ | Total |
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized |
December 31, 2021 |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses |
U.S. Treasury securities |  | $ | 179,974 |  | $ | 2,382 |  | ​ | ​ |  | ​ | ​ |  | $ | 179,974 |  | $ | 2,382 | ​
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ | ​ | 26,827 | ​ | ​ | 718 | ​ | $ | 8,008 | ​ | $ | 364 | ​ | ​ | 34,835 | ​ | ​ | 1,082 | ​
Tax-exempt | ​ |  | 38,693 | ​ |  | 357 | ​ | ​ | 10,319 | ​ |  | 313 | ​ |  | 49,012 | ​ |  | 670 | ​
Residential mortgage-backed securities: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | 18,398 | ​ |  | 392 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 18,398 | ​ |  | 392 | ​
U.S. government-sponsored enterprises | ​ |  | 77,875 | ​ |  | 1,454 | ​ | ​ | 48,276 | ​ | ​ | 1,919 | ​ |  | 126,151 | ​ |  | 3,373 | ​
Corporate debt securities | ​ |  | 2,449 | ​ |  | 51 | ​ | ​ | 470 | ​ | ​ | 31 | ​ |  | 2,919 | ​ |  | 82 | ​
Total | ​ | $ | 344,216 | ​ | $ | 5,354 | ​ | $ | 67,073 | ​ | $ | 2,627 | ​ | $ | 411,289 | ​ | $ | 7,981 | ​
​ The Company had 50 U.S. Treasury securities, 3 U.S. government-sponsored enterprises securities, 45 mortgage-backed securities, 97 tax-exempt municipals, 62 taxable municipals and 5 corporate bonds that were in unrealized loss positions at March 31, 2022. Of these securities, one corporate bond, 23 tax-exempt municipals, 10 mortgage-backed securities and 14 taxable municipals were in a continuous unrealized loss position for twelve months or more. Management does not consider the unrealized losses on the debt securities, as a result of significantly higher market interest rates, to be OTTI based on historical evidence that indicates the cost of these securities is recoverable within a reasonable period of time in relation to normal cyclical changes in the market rates of interest. Moreover, because there has been no known material change in the credit quality of the issuers or other events or circumstances that may cause a significant adverse impact on the fair value of these securities, and management does not intend to sell these securities and it is unlikely that the Company will be required to sell these securities before recovery of their amortized cost basis, which may be maturity, the Company does not consider the unrealized losses to be OTTI at March 31, 2022. There was no OTTI recognized for the three months ended March 31, 2022 and 2021.

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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 http://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 http://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 http://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 http://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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