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Investment securities | 6 Months Ended
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Jun. 30, 2025
Investment securities |
Investment securities | 5. Investment securities: ​ The amortized cost and fair value of investment securities aggregated by investment category at June 30, 2025 and December 31, 2024 are summarized below. There was no allowance for credit losses (“ACL”) recorded for available for sale or held to maturity debt securities at June 30, 2025 and December 31, 2024. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025 | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
(Dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value |
Available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 150,570 | ​ | $ | ​ | ​ | $ | 5,389 | ​ | $ | 145,181 | ​
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ |  | 70,773 | ​ | ​ | 18 | ​ | ​ | 8,339 | ​ |  | 62,452 | ​
Tax-exempt | ​ |  | 79,052 | ​ |  | 21 | ​ | ​ | 10,821 | ​ |  | 68,252 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 10,161 | ​ |  | 53 | ​ | ​ | 12 | ​ |  | 10,202 | ​
U.S. government-sponsored enterprises | ​ |  | 151,827 | ​ |  | 262 | ​ |  | 17,361 | ​ |  | 134,728 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ |  | 1,919 | ​ |  | ​ | ​ |  | 39 | ​ |  | 1,880 | ​
Private collateralized mortgage obligations | ​ | ​ | 36,997 | ​ | ​ | 652 | ​ | ​ | 214 | ​ | ​ | 37,435 | ​
Asset backed securities | ​ | ​ | 20,172 | ​ | ​ | 23 | ​ | ​ | 305 | ​ | ​ | 19,890 | ​
Corporate debt securities | ​ | ​ | 24,525 | ​ | ​ | 581 | ​ | ​ | 665 | ​ | ​ | 24,441 | ​
Negotiable certificates of deposit | ​ | ​ | 713 | ​ | ​ | 7 | ​ | ​ | ​ | ​ | ​ | 720 | ​
Total available for sale | ​ | $ | 546,709 | ​ | $ | 1,617 | ​ | $ | 43,145 | ​ | $ | 505,181 | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | $ | 10,829 | ​ | $ | ​ | ​ | $ | 903 | ​ | $ | 9,926 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 13,069 | ​ |  | ​ | ​ | ​ | 2,152 | ​ |  | 10,917 | ​
U.S. government-sponsored enterprises | ​ |  | 51,239 | ​ |  | ​ | ​ | ​ | 7,829 | ​ |  | 43,410 | ​
Total held to maturity | ​ | $ | 75,137 | ​ | $ | ​ | ​ | $ | 10,884 | ​ | $ | 64,253 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2024 |
​ | ​ | ​ | ​ | ​ | Gross |  | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
(Dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value |
Available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 176,302 | ​ | $ | ​ | ​ | $ | 8,751 | ​ | $ | 167,551 | ​
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
State and municipals: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ |  | 79,341 | ​ |  | 39 | ​ | ​ | 10,481 | ​ |  | 68,899 | ​
Tax-exempt | ​ |  | 76,390 | ​ |  | 7 | ​ |  | 10,280 | ​ |  | 66,117 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 1,403 | ​ |  | 1 | ​ |  | 28 | ​ |  | 1,376 | ​
U.S. government-sponsored enterprises | ​ |  | 145,831 | ​ |  | 92 | ​ |  | 19,547 | ​ |  | 126,376 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | ​ | 1,927 | ​ | ​ | ​ | ​ | ​ | 71 | ​ | ​ | 1,856 | ​
Private collateralized mortgage obligations | ​ | ​ | 38,366 | ​ | ​ | 358 | ​ | ​ | 152 | ​ | ​ | 38,572 | ​
Asset backed securities | ​ | ​ | 23,586 | ​ | ​ | 66 | ​ | ​ | 400 | ​ | ​ | 23,252 | ​
Corporate debt securities | ​ | ​ | 31,442 | ​ | ​ | 894 | ​ | ​ | 715 | ​ | ​ | 31,621 | ​
Negotiable certificates of deposit | ​ | ​ | 700 | ​ | ​ | 9 | ​ | ​ | ​ | ​ | ​ | 709 | ​
Total available for sale | ​ | $ | 575,288 | ​ | $ | 1,466 | ​ | $ | 50,425 | ​ | $ | 526,329 | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | $ | 10,846 | ​ | $ | ​ | ​ | $ | 1,103 | ​ | $ | 9,743 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | 13,847 | ​ |  | ​ | ​ | ​ | 2,643 | ​ |  | 11,204 | ​
U.S. government-sponsored enterprises | ​ |  | 53,491 | ​ |  | ​ | ​ | ​ | 9,286 | ​ |  | 44,205 | ​
Total held to maturity | ​ | $ | 78,184 | ​ | $ | ​ | ​ | $ | 13,032 | ​ | $ | 65,152 | ​
​ The Company did not sell any investment securities during the six months ended June 30, 2025 and 2024. ​ The following table summarizes the maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available for sale at June 30, 2025. Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized |  | Fair
(Dollars in thousands) |  | Cost |  | Value
Within one year | ​ | $ | 77,671 | ​ | $ | 76,485
After one but within five years | ​ |  | 113,620 | ​ |  | 107,609
After five but within ten years | ​ |  | 74,776 | ​ |  | 67,002
After ten years | ​ |  | 59,566 | ​ |  | 49,950
​ | ​ |  | 325,633 | ​ |  | 301,046
Mortgage-backed and other amortizing securities | ​ |  | 221,076 | ​ |  | 204,135
Total | ​ | $ | 546,709 | ​ | $ | 505,181
​ The maturity distribution of the amortized cost and fair value, of debt securities classified as held to maturity at June 30, 2025, is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Fair
(Dollars in thousands) |  | Cost |  | Value
After one but within five years | ​ | $ | 1,186 | ​ | $ | 1,096
After five but within ten years | ​ | ​ | 9,643 | ​ | ​ | 8,830
​ | ​ |  | 10,829 | ​ |  | 9,926
Mortgage-backed securities | ​ |  | 64,308 | ​ |  | 54,327
Total | ​ | $ | 75,137 | ​ | $ | 64,253
​ Securities with a carrying value of $410.2 million and $441.5 million at June 30, 2025 and December 31, 2024, 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 June 30, 2025, 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 June 30, 2025 and December 31, 2024, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025
​ | ​ | 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 | ​ | ​ | ​ | $ | ​ | ​ | $ | ​ | ​ | 32 | ​ | $ | 145,181 | ​ | $ | 5,389 | ​ | 32 | ​ | $ | 145,181 | ​ | $ | 5,389
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 64 | ​ | ​ | 57,734 | ​ | ​ | 8,339 | ​ | 64 | ​ | ​ | 57,734 | ​ | ​ | 8,339
Tax-exempt | ​ | 5 | ​ | ​ | 3,893 | ​ | ​ | 23 | ​ | 91 | ​ | ​ | 61,868 | ​ | ​ | 10,798 | ​ | 96 | ​ | ​ | 65,761 | ​ | ​ | 10,821
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | 1 | ​ | ​ | 6,349 | ​ | ​ | 11 | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 1 | ​ | 2 | ​ | ​ | 6,350 | ​ | ​ | 12
U.S. government-sponsored enterprises | ​ | 14 | ​ | ​ | 43,714 | ​ | ​ | 454 | ​ | 41 | ​ | ​ | 67,327 | ​ | ​ | 16,907 | ​ | 55 | ​ | ​ | 111,041 | ​ | ​ | 17,361
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | 1,880 | ​ | ​ | 39 | ​ | 1 | ​ | ​ | 1,880 | ​ | ​ | 39
Private collateralized mortgage obligations | ​ | 15 | ​ | ​ | 13,336 | ​ | ​ | 190 | ​ | 1 | ​ | ​ | 777 | ​ | ​ | 24 | ​ | 16 | ​ | ​ | 14,113 | ​ | ​ | 214
Asset-backed securities | ​ | 3 | ​ | ​ | 5,040 | ​ | ​ | 20 | ​ | 3 | ​ | ​ | 4,402 | ​ | ​ | 285 | ​ | 6 | ​ | ​ | 9,442 | ​ | ​ | 305
Corporate debt securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 9 | ​ | ​ | 7,951 | ​ | ​ | 665 | ​ | 9 | ​ | ​ | 7,951 | ​ | ​ | 665
Total | ​ | 38 | ​ | $ | 72,332 | ​ | $ | 698 | ​ | 243 | ​ | $ | 347,121 | ​ | $ | 42,447 | ​ | 281 | ​ | $ | 419,453 | ​ | $ | 43,145
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities Held to Maturity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | 3 | ​ | $ | 2,339 | ​ | $ | 26 | ​ | 13 | ​ | $ | 7,587 | ​ | $ | 877 | ​ | 16 | ​ | $ | 9,926 | ​ | $ | 903
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ | 10,917 | ​ | ​ | 2,152 | ​ | 4 | ​ | ​ | 10,917 | ​ | ​ | 2,152
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8 | ​ | ​ | 43,410 | ​ | ​ | 7,829 | ​ | 8 | ​ | ​ | 43,410 | ​ | ​ | 7,829
Total | ​ | 3 | ​ | $ | 2,339 | ​ | $ | 26 | ​ | 25 | ​ | $ | 61,914 | ​ | $ | 10,858 | ​ | 28 | ​ | $ | 64,253 | ​ | $ | 10,884
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 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 | ​ | ​ | ​ | $ | ​ | ​ | $ | ​ | ​ | 38 | ​ | $ | 167,551 | ​ | $ | 8,751 | ​ | 38 | ​ | $ | 167,551 | ​ | $ | 8,751
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ | 2 | ​ | ​ | 1,097 | ​ | ​ | 6 | ​ | 64 | ​ | ​ | 55,712 | ​ | ​ | 10,475 | ​ | 66 | ​ | ​ | 56,809 | ​ | ​ | 10,481
Tax-exempt | ​ | 6 | ​ | ​ | 1,874 | ​ | ​ | 41 | ​ | 91 | ​ | ​ | 62,329 | ​ | ​ | 10,239 | ​ | 97 | ​ | ​ | 64,203 | ​ | ​ | 10,280
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | 1 | ​ | ​ | 1,299 | ​ | ​ | 27 | ​ | 1 | ​ | ​ | 3 | ​ | ​ | 1 | ​ | 2 | ​ | ​ | 1,302 | ​ | ​ | 28
U.S. government-sponsored enterprises | ​ | 29 | ​ | ​ | 40,886 | ​ | ​ | 622 | ​ | 31 | ​ | ​ | 68,732 | ​ | ​ | 18,925 | ​ | 60 | ​ | ​ | 109,618 | ​ | ​ | 19,547
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | 1,856 | ​ | ​ | 71 | ​ | 1 | ​ | ​ | 1,856 | ​ | ​ | 71
Private collateralized mortgage obligations | ​ | 15 | ​ | ​ | 12,854 | ​ | ​ | 152 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 15 | ​ | ​ | 12,854 | ​ | ​ | 152
Asset-backed securities | ​ | 2 | ​ | ​ | 2,659 | ​ | ​ | 11 | ​ | 1 | ​ | ​ | 1,939 | ​ | ​ | 389 | ​ | 3 | ​ | ​ | 4,598 | ​ | ​ | 400
Corporate debt securities | ​ | 5 | ​ | ​ | 6,083 | ​ | ​ | 316 | ​ | 6 | ​ | ​ | 3,601 | ​ | ​ | 399 | ​ | 11 | ​ | ​ | 9,684 | ​ | ​ | 715
Total | ​ | 60 | ​ | $ | 66,752 | ​ | $ | 1,175 | ​ | 233 | ​ | $ | 361,723 | ​ | $ | 49,250 | ​ | 293 | ​ | $ | 428,475 | ​ | $ | 50,425
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities Held to Maturity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | 4 | ​ | $ | 2,508 | ​ | $ | 66 | ​ | 12 | ​ | $ | 7,235 | ​ | $ | 1,037 | ​ | 16 | ​ | $ | 9,743 | ​ | $ | 1,103
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ | 11,204 | ​ | ​ | 2,643 | ​ | 4 | ​ | ​ | 11,204 | ​ | ​ | 2,643
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8 | ​ | ​ | 44,205 | ​ | ​ | 9,286 | ​ | 8 | ​ | ​ | 44,205 | ​ | ​ | 9,286
Total | ​ | 4 | ​ | $ | 2,508 | ​ | $ | 66 | ​ | 24 | ​ | $ | 62,644 | ​ | $ | 12,966 | ​ | 28 | ​ | $ | 65,152 | ​ | $ | 13,032
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ Management considered whether a credit loss existed related to 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 determined to be due to factors related to credit, the credit loss should be recorded as an 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 was primarily caused by changes in market interest rates and spreads and not credit quality of the issuers. All interest payments have been received as scheduled, substantially all debt securities are rated above investment grade and no material downgrades were 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 unrealized losses related to investments to be credit related, thus no allowance for credit losses for these investments was recorded at June 30, 2025 or December 31, 2024. ​ Equity Securities Included in equity securities with readily determinable fair values at June 30, 2025, 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 and comprehensive income. ​ The following table presents unrealized and realized gains and losses recognized in net income on equity securities for the three and six months ended June 30, 2025, and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the three months ended | ​ | ​ | For the six months ended
(Dollars in thousands) | ​ | ​ | June 30,2025 | ​ | ​ | June 30,2024 | ​ | ​ | June 30,2025 | ​ | ​ | June 30,2024
Net (losses) gains recognized on equity securities | ​ | $ | (7) | ​ | $ | (12) | ​ | $ | 64 | ​ | $ | (20)
Less: net gains realized on equity securities sold | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized (losses) gains on equity securities | ​ | $ | (7) | ​ | $ | (12) | ​ | $ | 64 | ​ | $ | (20)
​ ​ Equity Securities without Readily Determinable Fair Values ​ At June 30, 2025, and December 31, 2024, equity securities without readily determinable fair values consisted primarily of Federal Home Loan Bank (“FHLB “) of Pittsburgh stock totaling $11.7 million and $10.2 million, respectively. At June 30, 2025, and December 31, 2024, equity securities without readily determinable fair values also included $4.4 million and $4.3 million, respectively in financial technology investments and non-cumulative perpetual preferred stock of a privately-held bank holding company acquired through the merger with FNCB and $0.8 million investment in an insurance agency. 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. There was no credit loss to equity securities without readily determinable values recognized for the six months ended June 30, 2025 and June 30, 2024. ​

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