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Other assets | 3 Months Ended
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Mar. 31, 2026
Other assets |
Other assets | 6. Other assets: ​ The components of other assets at March 31, 2026 and December 31, 2025 are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) | ​ ​ ​ | ​ | March 31, 2026 | ​ ​ ​ | ​ | December 31, 2025
Other real estate owned | ​ | $ | 1,682 | ​ | $ | 1,682
Mortgage servicing rights (1) | ​ |  | 1,264 | ​ |  | 1,211
Prepaid shares tax | ​ |  | 1,173 | ​ |  | 253
Equity investments without readily determinable fair value | ​ | ​ | 4,973 | ​ | ​ | 4,908
Prepaid pension | ​ |  | 7,177 | ​ |  | 7,096
Prepaid expenses | ​ | ​ | 8,434 | ​ | ​ | 7,813
Restricted equity securities (FHLB and ACBB) | ​ | ​ | 17,936 | ​ | ​ | 12,457
Investment in low-income housing limited partnerships | ​ |  | 25,428 | ​ |  | 15,454
Interest rate swaps(2) | ​ | ​ | 14,373 | ​ | ​ | 15,583
Other assets | ​ | ​ | 8,584 | ​ | ​ | 4,220
Total | ​ | $ | 91,024 | ​ | $ | 70,677
(1) | The Company originates one-to-four family residential mortgage loans for sale in the secondary market with servicing rights retained. Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage loans serviced for others were $176.4 million at March 31, 2026, and $174.3 million at December 31, 2025.
(2) | Interest rate swaps balance represents the fair value of the commercial loan back-to-back swaps.
Investments in limited partnerships ​ ​ The Company is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved low-income housing investment tax credit projects. These investments are accounted for using the proportional amortization method of accounting and are included in other assets in the consolidated balance sheets. The limited partnerships are considered to be variable interest entities (“VIEs”) as they generally do not have equity investors with voting rights or have equity investors that do not provide sufficient financial resources to support their activities. The VIEs have not been consolidated because the Company is not considered the primary beneficiary. All of the Company’s investments in limited partnerships are privately held, and their market values are not readily available. As of March 31, 2026, and December 31, 2025, the Company had $25.4 million and $15.5 million, respectively, invested in these partnerships. At March 31, 2026, the Company also recognized the unconditional unfunded equity commitments of $10.9 million within other liabilities on the consolidated balance sheets. There was no unfunded equity commitments recognized at December 31, 2025. The Company classifies the amortization of the investment as a component of income tax expense and proportionally amortizes the investment over the tax credit period. The amortization for the three months ended March 31, 2026 and 2025 was $0.8 million and $0.3 million, respectively. The tax benefits attributed to these partnerships include low-income housing tax credits, which are included in income tax expense, and are projected to total $2.5 million for 2026. For 2025, tax benefits totaled $2.2 million. ​ The following table presents the scheduled equity commitments to be paid to the limited partnerships over the next five years and in the aggregate thereafter as of March 31, 2026. ​
​ | ​ | ​ | ​
​ | ​ | ​ | ​
(Dollars in thousands) | ​ ​ ​ | 2026
2026 | ​ | $ | 10,358
2027 | ​ |  | 212
2028 | ​ |  | 23
2029 | ​ | ​ | 24
2030 | ​ |  | 22
2031 and thereafter | ​ | ​ | 225
Total | ​ | $ | 10,864
​

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