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Investment securities | 6 Months Ended
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Jun. 30, 2026
Investment securities |
Investment securities | 4. Investment securities: ​ The amortized cost and fair value of investment securities aggregated by investment category at June 30, 2026 and December 31, 2025 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, 2026 and December 31, 2025. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2026 | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
(Dollars in thousands) | ​ ​ ​ | Cost | ​ ​ ​ | Gains | ​ ​ ​ | Losses | ​ ​ ​ | Value |
Available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 19,123 | ​ | $ | ​ | ​ | $ | 1,120 | ​ | $ | 18,003 | ​
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ |  | 64,588 | ​ | ​ | 13 | ​ | ​ | 7,348 | ​ |  | 57,253 | ​
Tax-exempt | ​ |  | 149,271 | ​ |  | 1,038 | ​ | ​ | 7,480 | ​ |  | 142,829 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 20,476 | ​ |  | ​ | ​ | ​ | 456 | ​ |  | 20,020 | ​
U.S. government-sponsored enterprises | ​ |  | 153,258 | ​ |  | 149 | ​ |  | 15,460 | ​ |  | 137,947 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ |  | 1,679 | ​ |  | ​ | ​ |  | 21 | ​ |  | 1,658 | ​
Private collateralized mortgage obligations | ​ | ​ | 48,018 | ​ | ​ | 512 | ​ | ​ | 484 | ​ | ​ | 48,046 | ​
Asset backed securities | ​ | ​ | 14,862 | ​ | ​ | 34 | ​ | ​ | 306 | ​ | ​ | 14,590 | ​
Corporate debt securities | ​ | ​ | 16,734 | ​ | ​ | 475 | ​ | ​ | 153 | ​ | ​ | 17,056 | ​
Negotiable certificates of deposit | ​ | ​ | 741 | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 742 | ​
Total available for sale | ​ | $ | 488,750 | ​ | $ | 2,222 | ​ | $ | 32,828 | ​ | $ | 458,144 | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | $ | 10,794 | ​ | $ | 1 | ​ | $ | 587 | ​ | $ | 10,208 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 11,593 | ​ |  | ​ | ​ | ​ | 2,011 | ​ |  | 9,582 | ​
U.S. government-sponsored enterprises | ​ |  | 46,336 | ​ |  | ​ | ​ | ​ | 6,815 | ​ |  | 39,521 | ​
Total held to maturity | ​ | $ | 68,723 | ​ | $ | 1 | ​ | $ | 9,413 | ​ | $ | 59,311 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | December 31, 2025 |
​ | ​ | ​ | ​ | ​ | Gross | ​ ​ ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
(Dollars in thousands) | ​ ​ ​ | Cost | ​ ​ ​ | Gains | ​ ​ ​ | Losses | ​ ​ ​ | Value |
Available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 32,125 | ​ | $ | ​ | ​ | $ | 1,127 | ​ | $ | 30,998 | ​
State and municipals: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ |  | 68,618 | ​ |  | 22 | ​ | ​ | 7,018 | ​ |  | 61,622 | ​
Tax-exempt | ​ |  | 132,586 | ​ |  | 429 | ​ |  | 7,898 | ​ |  | 125,117 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 42,801 | ​ |  | 145 | ​ |  | 247 | ​ |  | 42,699 | ​
U.S. government-sponsored enterprises | ​ |  | 174,223 | ​ |  | 962 | ​ |  | 15,105 | ​ |  | 160,080 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | ​ | 1,789 | ​ | ​ | ​ | ​ | ​ | 19 | ​ | ​ | 1,770 | ​
Private collateralized mortgage obligations | ​ | ​ | 48,007 | ​ | ​ | 766 | ​ | ​ | 289 | ​ | ​ | 48,484 | ​
Asset backed securities | ​ | ​ | 16,544 | ​ | ​ | 23 | ​ | ​ | 300 | ​ | ​ | 16,267 | ​
Corporate debt securities | ​ | ​ | 24,287 | ​ | ​ | 829 | ​ | ​ | 322 | ​ | ​ | 24,794 | ​
Negotiable certificates of deposit | ​ | ​ | 727 | ​ | ​ | 5 | ​ | ​ | ​ | ​ | ​ | 732 | ​
Total available for sale | ​ | $ | 541,707 | ​ | $ | 3,181 | ​ | $ | 32,325 | ​ | $ | 512,563 | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | $ | 10,812 | ​ | $ | 4 | ​ | $ | 620 | ​ | $ | 10,196 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | 12,291 | ​ |  | ​ | ​ | ​ | 1,977 | ​ |  | 10,314 | ​
U.S. government-sponsored enterprises | ​ |  | 48,944 | ​ |  | ​ | ​ | ​ | 6,656 | ​ |  | 42,288 | ​
Total held to maturity | ​ | $ | 72,047 | ​ | $ | 4 | ​ | $ | 9,253 | ​ | $ | 62,798 | ​
​ The Company did not sell any investments from its securities portfolio during the quarter ended June 30, 2026. During the first quarter of 2026, the Company completed a partial repositioning of its investment security portfolio. The Company sold a portion of its available-for-sale residential mortgage-backed securities with an amortized cost of $31.9 million. Proceeds received on the securities sold totaled $32.4 million. The Company realized gross gains of $510 thousand, which is included in noninterest income in the consolidated statements of income and comprehensive income for the six months ended June 30, 2026. There were no gross losses realized upon the sales. ​ There were no available-for-sale securities sold during the three months and six months ended June 30, 2025. ​ The following table summarizes the maturity distribution of the amortized cost and fair value, which is the net carrying amount, of the debt securities classified as available for sale at June 30, 2026. 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 | ​ | $ | 3,135 | ​ | $ | 3,131
After one but within five years | ​ |  | 63,816 | ​ |  | 60,773
After five but within ten years | ​ |  | 61,730 | ​ |  | 54,916
After ten years | ​ |  | 121,776 | ​ |  | 117,063
​ | ​ |  | 250,457 | ​ |  | 235,883
Mortgage-backed and other amortizing securities | ​ |  | 238,293 | ​ |  | 222,261
Total | ​ | $ | 488,750 | ​ | $ | 458,144
​ The maturity distribution of the amortized cost and fair value of debt securities classified as held to maturity at June 30, 2026, is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Fair
(Dollars in thousands) | ​ ​ ​ | Cost | ​ ​ ​ | Value
After one but within five years | ​ | $ | 6,186 | ​ | $ | 5,852
After five but within ten years | ​ | ​ | 4,608 | ​ | ​ | 4,356
​ | ​ |  | 10,794 | ​ |  | 10,208
Mortgage-backed securities | ​ |  | 57,929 | ​ |  | 49,103
Total | ​ | $ | 68,723 | ​ | $ | 59,311
​ Securities with a carrying value of $372.3 million and $381.8 million at June 30, 2026 and December 31, 2025, 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, 2026, 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, 2026 and December 31, 2025, 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, 2026
​ | ​ | 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 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5 | ​ | $ | 18,003 | ​ | $ | 1,120 | ​ | 5 | ​ | $ | 18,003 | ​ | $ | 1,120
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 61 | ​ | ​ | 55,979 | ​ | ​ | 7,348 | ​ | 61 | ​ | ​ | 55,979 | ​ | ​ | 7,348
Tax-exempt | ​ | 30 | ​ | $ | 26,044 | ​ | $ | 352 | ​ | 82 | ​ | ​ | 59,346 | ​ | ​ | 7,128 | ​ | 112 | ​ | ​ | 85,390 | ​ | ​ | 7,480
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | 5 | ​ | ​ | 20,020 | ​ | ​ | 456 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5 | ​ | ​ | 20,020 | ​ | ​ | 456
U.S. government-sponsored enterprises | ​ | 28 | ​ | ​ | 57,863 | ​ | ​ | 528 | ​ | 28 | ​ | ​ | 60,672 | ​ | ​ | 14,932 | ​ | 56 | ​ | ​ | 118,535 | ​ | ​ | 15,460
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | 1,658 | ​ | ​ | 21 | ​ | 1 | ​ | ​ | 1,658 | ​ | ​ | 21
Private collateralized mortgage obligations | ​ | 20 | ​ | ​ | 23,581 | ​ | ​ | 167 | ​ | 9 | ​ | ​ | 8,966 | ​ | ​ | 317 | ​ | 29 | ​ | ​ | 32,547 | ​ | ​ | 484
Asset-backed securities | ​ | 3 | ​ | ​ | 4,704 | ​ | ​ | 18 | ​ | 2 | ​ | ​ | 1,813 | ​ | ​ | 288 | ​ | 5 | ​ | ​ | 6,517 | ​ | ​ | 306
Corporate debt securities | ​ | 2 | ​ | ​ | 1,738 | ​ | ​ | 13 | ​ | 2 | ​ | ​ | 2,190 | ​ | ​ | 140 | ​ | 4 | ​ | ​ | 3,928 | ​ | ​ | 153
Total | ​ | 88 | ​ | $ | 133,950 | ​ | $ | 1,534 | ​ | 190 | ​ | $ | 208,627 | ​ | $ | 31,294 | ​ | 278 | ​ | $ | 342,577 | ​ | $ | 32,828
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities Held to Maturity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | 2 | ​ | $ | 1,467 | ​ | $ | 9 | ​ | 10 | ​ | $ | 6,166 | ​ | $ | 578 | ​ | 12 | ​ | $ | 7,633 | ​ | $ | 587
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | 9,582 | ​ | ​ | 2,011 | ​ | 3 | ​ | ​ | 9,582 | ​ | ​ | 2,011
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8 | ​ | ​ | 39,521 | ​ | ​ | 6,815 | ​ | 8 | ​ | ​ | 39,521 | ​ | ​ | 6,815
Total | ​ | 2 | ​ | $ | 1,467 | ​ | $ | 9 | ​ | 21 | ​ | $ | 55,269 | ​ | $ | 9,404 | ​ | 23 | ​ | $ | 56,736 | ​ | $ | 9,413
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 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 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8 | ​ | $ | 30,998 | ​ | $ | 1,127 | ​ | 8 | ​ | $ | 30,998 | ​ | $ | 1,127
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 64 | ​ | ​ | 59,002 | ​ | ​ | 7,018 | ​ | 64 | ​ | ​ | 59,002 | ​ | ​ | 7,018
Tax-exempt | ​ | 37 | ​ | $ | 35,137 | ​ | $ | 519 | ​ | 87 | ​ | ​ | 63,245 | ​ | ​ | 7,379 | ​ | 124 | ​ | ​ | 98,382 | ​ | ​ | 7,898
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | 6 | ​ | ​ | 28,689 | ​ | ​ | 247 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 6 | ​ | ​ | 28,689 | ​ | ​ | 247
U.S. government-sponsored enterprises | ​ | 3 | ​ | ​ | 8,989 | ​ | ​ | 60 | ​ | 34 | ​ | ​ | 71,288 | ​ | ​ | 15,045 | ​ | 37 | ​ | ​ | 80,277 | ​ | ​ | 15,105
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | 1,770 | ​ | ​ | 19 | ​ | 1 | ​ | ​ | 1,770 | ​ | ​ | 19
Private collateralized mortgage obligations | ​ | 8 | ​ | ​ | 14,534 | ​ | ​ | 96 | ​ | 11 | ​ | ​ | 8,000 | ​ | ​ | 193 | ​ | 19 | ​ | ​ | 22,534 | ​ | ​ | 289
Asset-backed securities | ​ | 3 | ​ | ​ | 4,884 | ​ | ​ | 12 | ​ | 2 | ​ | ​ | 1,888 | ​ | ​ | 288 | ​ | 5 | ​ | ​ | 6,772 | ​ | ​ | 300
Corporate debt securities | ​ | 2 | ​ | ​ | 1,491 | ​ | ​ | 9 | ​ | 8 | ​ | ​ | 7,451 | ​ | ​ | 313 | ​ | 10 | ​ | ​ | 8,942 | ​ | ​ | 322
Total | ​ | 59 | ​ | $ | 93,724 | ​ | $ | 943 | ​ | 215 | ​ | $ | 243,642 | ​ | $ | 31,382 | ​ | 274 | ​ | $ | 337,366 | ​ | $ | 32,325
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities held to maturity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 11 | ​ | $ | 6,641 | ​ | $ | 620 | ​ | 11 | ​ | $ | 6,641 | ​ | $ | 620
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | 10,314 | ​ | ​ | 1,977 | ​ | 3 | ​ | ​ | 10,314 | ​ | ​ | 1,977
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8 | ​ | ​ | 42,288 | ​ | ​ | 6,656 | ​ | 8 | ​ | ​ | 42,288 | ​ | ​ | 6,656
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 22 | ​ | $ | 59,243 | ​ | $ | 9,253 | ​ | 22 | ​ | $ | 59,243 | ​ | $ | 9,253
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ 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 AOCL. ​ Based on an assessment of the factors identified above, management determined the fair value of all the identified investments being less than the amortized costs is primarily caused by the changes 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 have been 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 at maturity, the Company does not consider the unrealized loss to be credit related, thus no allowance for credit loss expense was recorded at June 30, 2026 or December 31, 2025. ​ Equity Securities Included in equity securities with readily determinable fair values at June 30, 2026, were investments in the common 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, 2026, and 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the three months ended | ​ | ​ | For the six months ended
​ | ​ | ​ | June 30, | ​ | ​ | June 30,
(Dollars in thousands) | ​ | ​ | 2026 | ​ | ​ | 2025 | ​ | ​ | 2026 | ​ | ​ | 2025
Net gains (losses) recognized on equity securities | ​ | $ | 33 | ​ | $ | (7) | ​ | $ | 489 | ​ | $ | 64
Less: net gains realized on equity securities sold | ​ | ​ | 104 | ​ | ​ | ​ | ​ | ​ | 104 | ​ | ​ | ​
Unrealized (losses) gains on equity securities | ​ | $ | (71) | ​ | $ | (7) | ​ | $ | 385 | ​ | $ | 64
​ ​ Equity Securities without Readily Determinable Fair Values ​ At June 30, 2026 and December 31, 2025, equity securities without readily determinable fair values consisted primarily of Federal Home Loan Bank (“FHLB”) of Pittsburgh stock totaling $14.3 million and $12.4 million, respectively. Equity securities without readily determinable fair values also included an equity interest in a FinTech company, an investment in a FinTech fund and an equity interest in an insurance agency. Equity securities without readily determinable fair values are included in other assets in the consolidated balance sheets. 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 the evaluations, management concluded that the equity securities without readily determinable fair values were not impaired at June 30, 2026 and December 31, 2025. There were no adjustments for impairment related to these securities during the three and six months ended June 30, 2026.

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