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Investment securities | 9 Months Ended
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Sep. 30, 2024
Investment securities |
Investment securities | 5. Investment securities: ​ The amortized cost and fair value of investment securities aggregated by investment category at September 30, 2024 and December 31, 2023 are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2024 | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
(Dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value |
Available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 189,190 | ​ | $ | ​ | ​ | $ | 8,375 | ​ | $ | 180,815 | ​
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ |  | 85,468 | ​ | ​ | 109 | ​ | ​ | 8,186 | ​ |  | 77,391 | ​
Tax-exempt | ​ |  | 76,570 | ​ |  | 67 | ​ | ​ | 8,467 | ​ |  | 68,170 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 1,451 | ​ |  | 30 | ​ | ​ | ​ | ​ |  | 1,481 | ​
U.S. government-sponsored enterprises | ​ |  | 144,244 | ​ |  | 1,362 | ​ |  | 15,536 | ​ |  | 130,070 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ |  | 4,608 | ​ |  | ​ | ​ |  | 60 | ​ |  | 4,548 | ​
Private collateralized mortgage obligations | ​ | ​ | 42,624 | ​ | ​ | 635 | ​ | ​ | 12 | ​ | ​ | 43,247 | ​
Asset backed securities | ​ | ​ | 24,115 | ​ | ​ | 44 | ​ | ​ | 314 | ​ | ​ | 23,845 | ​
Corporate debt securities | ​ | ​ | 32,307 | ​ | ​ | 622 | ​ | ​ | 717 | ​ | ​ | 32,212 | ​
Negotiable certificates of deposit | ​ | ​ | 693 | ​ | ​ | 14 | ​ | ​ | ​ | ​ | ​ | 707 | ​
Total available for sale | ​ | $ | 601,270 | ​ | $ | 2,883 | ​ | $ | 41,667 | ​ | $ | 562,486 | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | $ | 11,175 | ​ | $ | ​ | ​ | $ | 835 | ​ | $ | 10,340 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 14,151 | ​ |  | ​ | ​ | ​ | 2,298 | ​ |  | 11,853 | ​
U.S. government-sponsored enterprises | ​ |  | 54,535 | ​ |  | ​ | ​ | ​ | 7,694 | ​ |  | 46,841 | ​
Total held to maturity | ​ | $ | 79,861 | ​ | $ | ​ | ​ | $ | 10,827 | ​ | $ | 69,034 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023 |
​ | ​ | ​ | ​ | ​ | Gross |  | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
(Dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value |
Available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 197,920 | ​ | $ | ​ | ​ | $ | 13,863 | ​ | $ | 184,057 | ​
U.S. government-sponsored enterprises | ​ | ​ | 2,539 | ​ | ​ | ​ | ​ | ​ | 387 | ​ |  | 2,152 | ​
State and municipals: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ |  | 67,831 | ​ |  | ​ | ​ | ​ | 10,731 | ​ |  | 57,100 | ​
Tax-exempt | ​ |  | 75,742 | ​ |  | ​ | ​ |  | 8,618 | ​ |  | 67,124 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 758 | ​ |  | ​ | ​ |  | 34 | ​ |  | 724 | ​
U.S. government-sponsored enterprises | ​ |  | 89,935 | ​ |  | ​ | ​ |  | 17,264 | ​ |  | 72,671 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | ​ | 11,729 | ​ | ​ | ​ | ​ | ​ | 360 | ​ | ​ | 11,369 | ​
Corporate debt securities | ​ | ​ | 4,000 | ​ | ​ | ​ | ​ | ​ | 270 | ​ | ​ | 3,730 | ​
Total available for sale | ​ | $ | 450,454 | ​ | $ | ​ | ​ | $ | 51,527 | ​ | $ | 398,927 | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | $ | 11,201 | ​ | $ | 1 | ​ | $ | 660 | ​ | $ | 10,542 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | 15,400 | ​ |  | ​ | ​ | ​ | 2,653 | ​ |  | 12,747 | ​
U.S. government-sponsored enterprises | ​ |  | 58,250 | ​ |  | ​ | ​ | ​ | 9,841 | ​ |  | 48,409 | ​
Total held to maturity | ​ | $ | 84,851 | ​ | $ | 1 | ​ | $ | 13,154 | ​ | $ | 71,698 | ​
​ The Company did not sell any investments from its legacy securities portfolio during the three and nine months ended September 30, 2024. Immediately after the consummation of the FNCB merger, the Company sold a significant portion of the available for sale investments acquired from FNCB and used the proceeds of $241.3 million to repay short-term borrowings and build on-balance sheet liquidity; there were no gains or losses realized on the sale. During the nine-month period ended September 30, 2023, investment securities, including U.S. Treasury bonds and mortgage-backed securities, with a par value of $65.6 million were sold at a net gain of $81 thousand. The proceeds were used to pay-down higher cost short-term borrowings. ​ 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, 2024, is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized |  | Fair
(Dollars in thousands) |  | Cost |  | Value
Within one year | ​ | $ | 74,667 | ​ | $ | 73,596
After one but within five years | ​ |  | 163,400 | ​ |  | 154,865
After five but within ten years | ​ |  | 77,493 | ​ |  | 71,741
After ten years | ​ |  | 68,668 | ​ |  | 59,093
​ | ​ |  | 384,228 | ​ |  | 359,295
Mortgage-backed and other amortizing securities | ​ |  | 217,042 | ​ |  | 203,191
Total | ​ | $ | 601,270 | ​ | $ | 562,486
​ The maturity distribution of the amortized cost and fair value, of debt securities classified as held to maturity at September 30, 2024, is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Fair
(Dollars in thousands) |  | Cost |  | Value
After one but within five years | ​ | $ | 1,191 | ​ | $ | 1,096
After five but within ten years | ​ | ​ | 9,984 | ​ | ​ | 9,244
​ | ​ |  | 11,175 | ​ |  | 10,340
Mortgage-backed securities | ​ |  | 68,686 | ​ |  | 58,694
Total | ​ | $ | 79,861 | ​ | $ | 69,034
​ Securities with a carrying value of $368.6 million and $322.4 million at September 30, 2024 and December 31, 2023, respectively, were pledged to secure public deposits and certain other deposits as required or permitted by law and pledged to the Discount Window at the Federal Reserve ​ 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, 2024, 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 at September 30, 2024 and December 31, 2023, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2024
​ | ​ | Less than Twelve Months | ​ | Twelve Months or Longer | ​ | Total
​ | ​ | Total # in a loss | ​ | ​ | ​ | ​ | Unrealized | ​ | Total # in a loss | ​ | ​ | ​ | ​ | Unrealized | ​ | Total # in a loss | ​ | ​ | ​ | ​ | Unrealized
(Dollars in thousands) | ​ | Position | ​ | ​ | Fair Value | ​ | Losses | ​ | Position | ​ | ​ | Fair Value | ​ | Losses | ​ | Position | ​ | ​ | Fair Value | ​ | Losses
Securities Available for Sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 41 | ​ | $ | 180,815 | ​ | $ | 8,375 | ​ | 41 | ​ | $ | 180,815 | ​ | $ | 8,375
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 64 | ​ | ​ | 58,033 | ​ | ​ | 8,186 | ​ | 64 | ​ | ​ | 58,033 | ​ | ​ | 8,186
Tax-exempt | ​ | 1 | ​ | ​ | 680 | ​ | ​ | ​ | ​ | 91 | ​ | ​ | 64,293 | ​ | ​ | 8,467 | ​ | 92 | ​ | ​ | 64,973 | ​ | ​ | 8,467
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | 6 | ​ | ​ | 0 | ​ | 1 | ​ | ​ | 6 | ​ | ​ | 0
U.S. government-sponsored enterprises | ​ | 1 | ​ | ​ | 3,601 | ​ | ​ | 41 | ​ | 31 | ​ | ​ | 73,997 | ​ | ​ | 15,495 | ​ | 32 | ​ | ​ | 77,598 | ​ | ​ | 15,536
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | 4,548 | ​ | ​ | 60 | ​ | 2 | ​ | ​ | 4,548 | ​ | ​ | 60
Private collateralized mortgage obligations | ​ | 9 | ​ | ​ | 7,699 | ​ | ​ | 12 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 9 | ​ | ​ | 7,699 | ​ | ​ | 12
Asset-backed securities | ​ | 3 | ​ | ​ | 2,818 | ​ | ​ | 11 | ​ | 1 | ​ | ​ | 2,024 | ​ | ​ | 303 | ​ | 4 | ​ | ​ | 4,842 | ​ | ​ | 314
Corporate debt securities | ​ | 6 | ​ | ​ | 6,034 | ​ | ​ | 315 | ​ | 6 | ​ | ​ | 3,599 | ​ | ​ | 402 | ​ | 12 | ​ | ​ | 9,633 | ​ | ​ | 717
Total | ​ | 20 | ​ | $ | 20,832 | ​ | $ | 379 | ​ | 237 | ​ | $ | 387,315 | ​ | $ | 41,288 | ​ | 257 | ​ | $ | 408,147 | ​ | $ | 41,667
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities Held to Maturity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt | ​ | 4 | ​ | $ | 1,182 | ​ | $ | 7 | ​ | 12 | ​ | $ | 7,453 | ​ | $ | 828 | ​ | 16 | ​ | $ | 8,635 | ​ | $ | 835
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ | 11,853 | ​ | ​ | 2,298 | ​ | 4 | ​ | ​ | 11,853 | ​ | ​ | 2,298
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8 | ​ | ​ | 46,841 | ​ | ​ | 7,694 | ​ | 8 | ​ | ​ | 46,841 | ​ | ​ | 7,694
Total | ​ | 4 | ​ | $ | 1,182 | ​ | $ | 7 | ​ | 24 | ​ | $ | 66,147 | ​ | $ | 10,820 | ​ | 28 | ​ | $ | 67,329 | ​ | $ | 10,827
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | Less than Twelve Months | ​ | Twelve Months or Longer | ​ | Total
​ | ​ | Total # in a loss | ​ | ​ | ​ | ​ | ​ | Unrealized | ​ | Total # in a loss | ​ | ​ | ​ | ​ | ​ | Unrealized | ​ | Total # in a loss | ​ | ​ | ​ | ​ | ​ | Unrealized
(Dollars in thousands) | ​ | Position | ​ | ​ | Fair Value | ​ | ​ | Losses | ​ | Position | ​ | ​ | Fair Value | ​ | ​ | Losses | ​ | Position | ​ | ​ | Fair Value | ​ | ​ | Losses
Securities Available for Sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 43 | ​ | $ | 184,057 | ​ | $ | 13,863 | ​ | 43 | ​ | $ | 184,057 | ​ | $ | 13,863
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | 2,152 | ​ | ​ | 387 | ​ | 2 | ​ | ​ | 2,152 | ​ | ​ | 387
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ | 1 | ​ | $ | 995 | ​ | $ | 6 | ​ | 65 | ​ | ​ | 56,105 | ​ | ​ | 10,725 | ​ | 66 | ​ | ​ | 57,100 | ​ | ​ | 10,731
Tax-exempt | ​ | 2 | ​ | ​ | 575 | ​ | ​ | 5 | ​ | 93 | ​ | ​ | 66,393 | ​ | ​ | 8,613 | ​ | 95 | ​ | ​ | 66,968 | ​ | ​ | 8,618
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | 724 | ​ | ​ | 34 | ​ | 3 | ​ | ​ | 724 | ​ | ​ | 34
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 32 | ​ | ​ | 72,671 | ​ | ​ | 17,264 | ​ | 32 | ​ | ​ | 72,671 | ​ | ​ | 17,264
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ | 11,369 | ​ | ​ | 360 | ​ | 4 | ​ | ​ | 11,369 | ​ | ​ | 360
Corporate debt securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 6 | ​ | ​ | 3,730 | ​ | ​ | 270 | ​ | 6 | ​ | ​ | 3,730 | ​ | ​ | 270
Total | ​ | 3 | ​ | $ | 1,570 | ​ | $ | 11 | ​ | 248 | ​ | $ | 397,201 | ​ | $ | 51,516 | ​ | 251 | ​ | $ | 398,771 | ​ | $ | 51,527
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities Held to Maturity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt | ​ | 2 | ​ | $ | 1,438 | ​ | $ | 36 | ​ | 10 | ​ | $ | 6,209 | ​ | $ | 624 | ​ | 12 | ​ | $ | 7,647 | ​ | $ | 660
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0
U.S. government agencies | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ | 12,747 | ​ | ​ | 2,653 | ​ | 4 | ​ | ​ | 12,747 | ​ | ​ | 2,653
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8 | ​ | ​ | 48,409 | ​ | ​ | 9,841 | ​ | 8 | ​ | ​ | 48,409 | ​ | ​ | 9,841
Total | ​ | 2 | ​ | $ | 1,438 | ​ | $ | 36 | ​ | 22 | ​ | $ | 67,365 | ​ | $ | 13,118 | ​ | 24 | ​ | $ | 68,803 | ​ | $ | 13,154
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ Management considered whether a credit loss existed related to the investments in an unrealized loss position by determining (i) whether the decline in fair value is attributable to adverse conditions specifically related to the financial condition of the security issuer or specific conditions in an industry or geographic area; (ii) whether the credit rating of the issuer of the security has been downgraded; (iii) whether dividend or interest payments have been reduced or have not been made and (iv) an adverse change in the remaining expected cash flows from the security such that the Company will not recover the amortized cost of the security. If the decline is judged to be due to factors related to credit, the credit loss should be recorded as an allowance for credit losses (“ACL”) with an offsetting entry to net income. The portion of the loss related to non-credit factors are recorded in OCI. ​ Based on management’s assessment of the factors identified above, it is determined the fair value of all the identified investments being less than the amortized costs is primarily caused by the rapid increase in market rates and not credit quality. All interest payments have been received as scheduled, substantially all debt securities are rated above investment grade and no material downgrades announced. Because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider the unrealized loss to be credit related, thus no allowance for credit loss expense was recorded at September 30, 2024 or December 31, 2023. ​ Equity Securities Included in equity securities with readily determinable fair values at September 30, 2024 were investments in the common or preferred stock of publicly traded bank holding companies and an investment in a mutual fund comprised of 1-4 family residential mortgage-backed securities collateralized by properties within the Company’s market area. Equity securities with readily determinable fair values are reported at fair value with net unrealized gains and losses recognized in the consolidated statements of income (loss) and comprehensive income (loss). ​ ​ ​ ​ The following table presents unrealized and realized gains and losses recognized in net income on equity securities for the three and nine months ended September 30, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the three months ended | ​ | ​ | For the nine months ended
(Dollars in thousands) | ​ | ​ | September 30, 2024 | ​ | ​ | September 30, 2023 | ​ | ​ | September 30, 2024 | ​ | ​ | September 30, 2023
Net gains (losses) recognized on equity securities | ​ | $ | 175 | ​ | ​ | ​ | ​ | $ | 155 | ​ | $ | (17)
Less: net gains realized on equity securities sold | ​ | ​ | 54 | ​ | ​ | ​ | ​ | ​ | 54 | ​ | ​ | ​
Unrealized gains (losses) on equity securities | ​ | $ | 121 | ​ | ​ | ​ | ​ | $ | 101 | ​ | $ | (17)
​ ​ Equity Securities without Readily Determinable Fair Values ​ At September 30, 2024 and December 31, 2023, equity securities without readily determinable fair values consisted primarily of Federal Home Loan Bank (“FHLB”) of Pittsburgh stock totaling $7.7 million and $5.2 million, respectively. At September 30, 2024, equity securities without readily determinable fair values also included a $500 thousand investment in a fixed-rate, non-cumulative perpetual preferred stock of a privately-held bank holding company acquired through the merger with FNCB. The preferred stock, which is not traded on any established market, pays quarterly dividends at an annual rate of 8.25%. Equity securities without readily determinable fair values are evaluated for impairment whenever events or circumstances suggest that their carrying value may not be recoverable are included in other assets in the Consolidated Balance Sheets. ​

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