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Investment securities | 9 Months Ended
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Sep. 30, 2025
Investment securities |
Investment securities | 5. Investment securities: ​ The amortized cost and fair value of investment securities aggregated by investment category at September 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 September 30, 2025 and December 31, 2024. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025 | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
(Dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value |
Available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 132,694 | ​ | $ | ​ | ​ | $ | 4,187 | ​ | $ | 128,507 | ​
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ |  | 68,636 | ​ | ​ | 25 | ​ | ​ | 7,463 | ​ |  | 61,198 | ​
Tax-exempt | ​ |  | 92,000 | ​ |  | 318 | ​ | ​ | 8,532 | ​ |  | 83,786 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 9,962 | ​ |  | 147 | ​ | ​ | 5 | ​ |  | 10,104 | ​
U.S. government-sponsored enterprises | ​ |  | 174,749 | ​ |  | 751 | ​ |  | 15,804 | ​ |  | 159,696 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ |  | 1,915 | ​ |  | ​ | ​ |  | 27 | ​ |  | 1,888 | ​
Private collateralized mortgage obligations | ​ | ​ | 44,907 | ​ | ​ | 780 | ​ | ​ | 262 | ​ | ​ | 45,425 | ​
Asset backed securities | ​ | ​ | 19,535 | ​ | ​ | 46 | ​ | ​ | 298 | ​ | ​ | 19,283 | ​
Corporate debt securities | ​ | ​ | 23,515 | ​ | ​ | 829 | ​ | ​ | 437 | ​ | ​ | 23,907 | ​
Negotiable certificates of deposit | ​ | ​ | 720 | ​ | ​ | 7 | ​ | ​ | ​ | ​ | ​ | 727 | ​
Total available for sale | ​ | $ | 568,633 | ​ | $ | 2,903 | ​ | $ | 37,015 | ​ | $ | 534,521 | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | $ | 10,821 | ​ | $ | 4 | ​ | $ | 655 | ​ | $ | 10,170 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 12,639 | ​ |  | ​ | ​ | ​ | 2,088 | ​ |  | 10,551 | ​
U.S. government-sponsored enterprises | ​ |  | 49,826 | ​ |  | ​ | ​ | ​ | 7,002 | ​ |  | 42,824 | ​
Total held to maturity | ​ | $ | 73,286 | ​ | $ | 4 | ​ | $ | 9,745 | ​ | $ | 63,545 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 three and nine months ended September 30, 2025. 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 on the sale. ​ 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 September 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 | ​ | $ | 67,777 | ​ | $ | 67,008
After one but within five years | ​ |  | 109,367 | ​ |  | 104,142
After five but within ten years | ​ |  | 68,813 | ​ |  | 62,794
After ten years | ​ |  | 71,608 | ​ |  | 64,181
​ | ​ |  | 317,565 | ​ |  | 298,125
Mortgage-backed and other amortizing securities | ​ |  | 251,068 | ​ |  | 236,396
Total | ​ | $ | 568,633 | ​ | $ | 534,521
​ The maturity distribution of the amortized cost and fair value, of debt securities classified as held to maturity at September 30, 2025, is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Fair
(Dollars in thousands) |  | Cost |  | Value
After one but within five years | ​ | $ | 3,212 | ​ | $ | 2,939
After five but within ten years | ​ | ​ | 7,609 | ​ | ​ | 7,231
​ | ​ |  | 10,821 | ​ |  | 10,170
Mortgage-backed securities | ​ |  | 62,465 | ​ |  | 53,375
Total | ​ | $ | 73,286 | ​ | $ | 63,545
​ Securities with a carrying value of $437.7 million and $441.5 million at September 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 September 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 September 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 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 | ​ | $ | 128,507 | ​ | $ | 4,187 | ​ | 32 | ​ | $ | 128,507 | ​ | $ | 4,187
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 64 | ​ | ​ | 58,578 | ​ | ​ | 7,463 | ​ | 64 | ​ | ​ | 58,578 | ​ | ​ | 7,463
Tax-exempt | ​ | 1 | ​ | ​ | 255 | ​ | ​ | 1 | ​ | 89 | ​ | ​ | 63,370 | ​ | ​ | 8,531 | ​ | 90 | ​ | ​ | 63,625 | ​ | ​ | 8,532
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | 1,369 | ​ | ​ | 5 | ​ | 1 | ​ | ​ | 1,369 | ​ | ​ | 5
U.S. government-sponsored enterprises | ​ | 14 | ​ | ​ | 31,779 | ​ | ​ | 155 | ​ | 33 | ​ | ​ | 70,758 | ​ | ​ | 15,649 | ​ | 47 | ​ | ​ | 102,537 | ​ | ​ | 15,804
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | 1,888 | ​ | ​ | 27 | ​ | 1 | ​ | ​ | 1,888 | ​ | ​ | 27
Private collateralized mortgage obligations | ​ | 5 | ​ | ​ | 10,174 | ​ | ​ | 71 | ​ | 10 | ​ | ​ | 7,734 | ​ | ​ | 191 | ​ | 15 | ​ | ​ | 17,908 | ​ | ​ | 262
Asset-backed securities | ​ | 1 | ​ | ​ | 2,296 | ​ | ​ | 13 | ​ | 2 | ​ | ​ | 1,892 | ​ | ​ | 285 | ​ | 3 | ​ | ​ | 4,188 | ​ | ​ | 298
Corporate debt securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 9 | ​ | ​ | 8,195 | ​ | ​ | 437 | ​ | 9 | ​ | ​ | 8,195 | ​ | ​ | 437
Total | ​ | 21 | ​ | $ | 44,504 | ​ | $ | 240 | ​ | 241 | ​ | $ | 342,291 | ​ | $ | 36,775 | ​ | 262 | ​ | $ | 386,795 | ​ | $ | 37,015
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities Held to Maturity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | ​ | ​ | $ | ​ | ​ | $ | ​ | ​ | 11 | ​ | $ | 6,615 | ​ | $ | 655 | ​ | 11 | ​ | $ | 6,615 | ​ | $ | 655
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ | 10,551 | ​ | ​ | 2,088 | ​ | 4 | ​ | ​ | 10,551 | ​ | ​ | 2,088
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8 | ​ | ​ | 42,824 | ​ | ​ | 7,002 | ​ | 8 | ​ | ​ | 42,824 | ​ | ​ | 7,002
Total | ​ | ​ | ​ | $ | ​ | ​ | $ | ​ | ​ | 23 | ​ | $ | 59,990 | ​ | $ | 9,745 | ​ | 23 | ​ | $ | 59,990 | ​ | $ | 9,745
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 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 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 basis, 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 September 30, 2025 or December 31, 2024. ​ Equity Securities Included in equity securities with readily determinable fair values at September 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 nine months ended September 30, 2025, and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the three months ended | ​ | ​ | For the nine months ended
​ | ​ | ​ | September 30, | ​ | ​ | September 30,
(Dollars in thousands) | ​ | ​ | 2025 | ​ | ​ | 2024 | ​ | ​ | 2025 | ​ | ​ | 2024
Net (losses) gains recognized on equity securities | ​ | $ | (21) | ​ | $ | 175 | ​ | $ | 43 | ​ | $ | 155
Less: net gains realized on equity securities sold | ​ | ​ | ​ | ​ | ​ | 54 | ​ | ​ | ​ | ​ | ​ | 54
Unrealized (losses) gains on equity securities | ​ | $ | (21) | ​ | $ | 121 | ​ | $ | 43 | ​ | $ | 101
​ ​ Equity Securities without Readily Determinable Fair Values ​ The Company’s holdings of equity securities without readily determinable fair values primarily includes restricted equity securities of the Federal Home Loan Bank (“FHLB”) of Pittsburgh and Atlantic Community Bankers Bank. Also included in equity securities without readily determinable fair values are an investment in fixed-rate, non-cumulative perpetual preferred stock of a privately held bank holding company, equity interests in two FinTech companies and an equity interest in an insurance company. The Company evaluates equity securities without readily determinable fair values for impairment quarterly, or more frequently should events or circumstances indicate that their respective carrying values may not be recoverable. Based on its evaluations, the Company determined that there was no impairment related to its investments in equity securities without readily determinable fair values at September 30, 2025 and December 31, 2024. Equity securities without readily determinable fair values, which are included in other assets in the Consolidated Balance Sheets were $5.4 million at September 30, 2025 and $5.1 million at December 31, 2024. ​

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