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Investment securities | 9 Months Ended
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Sep. 30, 2022
Investment securities |
Investment securities | 4. Investment securities: ​ The amortized cost and fair value of investment securities aggregated by investment category at September 30, 2022 and December 31, 2021 are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
September 30, 2022 |  | Cost |  | Gains |  | Losses |  | Value |
Available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 247,812 | ​ | $ | ​ | ​ | $ | 23,476 | ​ | $ | 224,336 | ​
U.S. government-sponsored enterprises | ​ | ​ | 16,976 | ​ | ​ | ​ | ​ | ​ | 625 | ​ | ​ | 16,351 | ​
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ |  | 69,913 | ​ | ​ | 1 | ​ | ​ | 13,680 | ​ |  | 56,234 | ​
Tax-exempt | ​ |  | 100,078 | ​ |  | 1 | ​ | ​ | 15,493 | ​ |  | 84,586 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 1,130 | ​ |  | ​ | ​ | ​ | 39 | ​ |  | 1,091 | ​
U.S. government-sponsored enterprises | ​ |  | 100,020 | ​ |  | ​ | ​ |  | 20,312 | ​ |  | 79,708 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ |  | 12,243 | ​ |  | ​ | ​ |  | 564 | ​ |  | 11,679 | ​
Corporate debt securities | ​ | ​ | 4,000 | ​ | ​ | ​ | ​ | ​ | 395 | ​ | ​ | 3,605 | ​
Total | ​ | $ | 552,172 | ​ | $ | 2 | ​ | $ | 74,584 | ​ | $ | 477,590 | ​
Held-to-maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | $ | 11,247 | ​ | $ | ​ | ​ | $ | 1,286 | ​ | $ | 9,961 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 17,732 | ​ |  | ​ | ​ | ​ | 2,679 | ​ |  | 15,053 | ​
U.S. government-sponsored enterprises | ​ |  | 63,792 | ​ |  | ​ | ​ | ​ | 10,294 | ​ |  | 53,498 | ​
Total | ​ | $ | 92,771 | ​ | $ | ​ | ​ | $ | 14,259 | ​ | $ | 78,512 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | 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 $4.5 million and $4.0 million at September 30, 2022 and December 31, 2021, respectively, and Atlantic Community Bankers Bank (“ACBB”) stock with a carrying cost of $42 thousand at September 30, 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 September 30, 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 September 30, 2022, is summarized as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | Fair |
September 30, 2022 |  | Value |
Within one year | ​ | $ | 18,608 | ​
After one but within five years | ​ |  | 204,991 | ​
After five but within ten years | ​ |  | 74,710 | ​
After ten years | ​ |  | 84,516 | ​
​ | ​ |  | 382,825 | ​
Mortgage-backed and other amortizing securities | ​ |  | 94,765 | ​
Total | ​ | $ | 477,590 | ​
​ The maturity distribution of the amortized cost and fair value, of debt securities classified as held-to-maturity at September 30, 2022, is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Fair |
September 30, 2022 |  | Cost |  | Value |
After five but within ten years | ​ | $ | 8,294 | ​ | $ | 7,410 | ​
After ten years | ​ | ​ | 2,953 | ​ | ​ | 2,551 | ​
​ | ​ |  | 11,247 | ​ |  | 9,961 | ​
Mortgage-backed securities | ​ |  | 81,524 | ​ |  | 68,551 | ​
Total | ​ | $ | 92,771 | ​ | $ | 78,512 | ​
​ Securities with a carrying value of $165.1 million and $203.6 million at September 30, 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 September 30, 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, which 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 September 30, 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 Greater | ​ | ​ | ​ | Total | ​
​ | ​ | Number of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Number of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Number of | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | Securities in a | ​ | Fair | ​ | Unrealized | ​ | Securities in a | ​ | Fair | ​ | Unrealized | ​ | Securities in a | ​ | Fair | ​ | Unrealized | ​
September 30, 2022 |  | Loss Position |  | Value |  | Losses |  | Loss Position |  | Value |  | Losses |  | Loss Position |  | Value |  | Losses |
U.S. Treasury securities | ​ | 16 | ​ | $ | 83,156 | ​ | $ | 5,372 | ​ | 37 | ​ | $ | 141,180 | ​ | $ | 18,104 | ​ | 53 | ​ | $ | 224,336 | ​ | $ | 23,476 | ​
U.S. government-sponsored enterprises | ​ | 5 | ​ | ​ | 16,351 | ​ | ​ | 625 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5 | ​ | ​ | 16,351 | ​ | ​ | 625 | ​
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ | 32 | ​ | ​ | 27,779 | ​ | ​ | 4,951 | ​ | 34 | ​ | ​ | 26,547 | ​ | ​ | 8,729 | ​ | 66 | ​ | ​ | 54,326 | ​ | ​ | 13,680 | ​
Tax-exempt | ​ | 74 | ​ | ​ | 57,580 | ​ | ​ | 7,835 | ​ | 58 | ​ | ​ | 35,886 | ​ | ​ | 8,944 | ​ | 132 | ​ | ​ | 93,466 | ​ | ​ | 16,779 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | 6 | ​ | ​ | 1,098 | ​ | ​ | 39 | ​ | 3 | ​ | ​ | 15,046 | ​ | ​ | 2,679 | ​ | 9 | ​ | ​ | 16,144 | ​ | ​ | 2,718 | ​
U.S. government-sponsored enterprises | ​ | 26 | ​ | ​ | 54,953 | ​ | ​ | 9,141 | ​ | 16 | ​ | ​ | 78,254 | ​ | ​ | 21,465 | ​ | 42 | ​ | ​ | 133,207 | ​ |  | 30,606 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | 4 | ​ |  | 11,679 | ​ |  | 564 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4 | ​ |  | 11,679 | ​ |  | 564 | ​
Corporate debt securities | ​ | 1 | ​ | ​ | 947 | ​ | ​ | 53 | ​ | 5 | ​ | ​ | 2,658 | ​ | ​ | 342 | ​ | 6 | ​ | ​ | 3,605 | ​ | ​ | 395 | ​
Total | ​ | 164 | ​ | $ | 253,543 | ​ | $ | 28,580 | ​ | 153 | ​ | $ | 299,571 | ​ | $ | 60,263 | ​ | 317 | ​ | $ | 553,114 | ​ | $ | 88,843 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Less Than 12 Months | ​ | ​ | ​ | 12 Months or Greater | ​ | ​ | ​ | Total |
​ | ​ | Number of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Number of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Number of | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | Securities in a | ​ | Fair | ​ | Unrealized | ​ | Securities in a | ​ | Fair | ​ | Unrealized | ​ | Securities in a | ​ | Fair | ​ | Unrealized | ​
December 31, 2021 |  | Loss Position |  | Value |  | Losses |  | Loss Position |  | Value |  | Losses |  | Loss Position |  | Value |  | Losses |
U.S. Treasury securities | ​ | 42 | ​ | $ | 179,974 | ​ | $ | 2,382 | ​ |  | ​ | $ | ​ | ​ | $ | ​ | ​ | 42 | ​ | $ | 179,974 | ​ | $ | 2,382 | ​
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ | 27 | ​ | ​ | 26,827 | ​ | ​ | 718 | ​ | 8 | ​ | ​ | 8,008 | ​ | ​ | 364 | ​ | 35 | ​ | ​ | 34,835 | ​ | ​ | 1,082 | ​
Tax-exempt | ​ | 61 | ​ |  | 38,693 | ​ |  | 357 | ​ | 2 | ​ | ​ | 10,319 | ​ |  | 313 | ​ | 63 | ​ |  | 49,012 | ​ |  | 670 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | 3 | ​ | ​ | 18,398 | ​ |  | 392 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3 | ​ |  | 18,398 | ​ |  | 392 | ​
U.S. government-sponsored enterprises | ​ | 13 | ​ |  | 77,875 | ​ |  | 1,454 | ​ | 7 | ​ | ​ | 48,276 | ​ | ​ | 1,919 | ​ | 20 | ​ |  | 126,151 | ​ |  | 3,373 | ​
Corporate debt securities | ​ | 4 | ​ |  | 2,449 | ​ |  | 51 | ​ | 1 | ​ | ​ | 470 | ​ | ​ | 31 | ​ | 5 | ​ |  | 2,919 | ​ |  | 82 | ​
Total | ​ | 150 | ​ | $ | 344,216 | ​ | $ | 5,354 | ​ | 18 | ​ | $ | 67,073 | ​ | $ | 2,627 | ​ | 168 | ​ | $ | 411,289 | ​ | $ | 7,981 | ​
​ The unrealized losses on securities are primarily due to the changes in market interest rates subsequent to purchase. The Company did not consider these securities to have OTTI at September 30, 2022 or December 31, 2021 since the decline in market value was attributable to changes in interest rates and not to changes in credit quality. In addition, the Company does not intend to sell and does not believe that it is more likely than not that it will be required to sell these investments until there is a full recovery of the unrealized loss, which may be at maturity. As a result, no impairment loss was recognized during the nine months ended September 30, 2022 or for the year ended December 31, 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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