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v3.23.3

Securities | 9 Months Ended
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Sep. 30, 2023
Securities |
Securities | Note 3: Securities The following tables present the amortized cost and estimated fair value of securities with gross unrealized gains and losses at September 30, 2023 and December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Fair Value
Securities Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury Securities | ​ | $ | 2,883 | ​ | $ | — | ​ | $ | (19) | ​ | $ | 2,864
Municipal Bonds | ​ | ​ | 148,725 | ​ |  | — | ​ |  | (26,228) | ​ | ​ | 122,497
Mortgage-Backed Securities | ​ |  | 233,920 | ​ |  | 137 | ​ |  | (23,682) | ​ |  | 210,375
Corporate Securities | ​ |  | 134,369 | ​ | ​ | 268 | ​ | ​ | (12,920) | ​ |  | 121,717
SBA Securities | ​ |  | 19,779 | ​ | ​ | 312 | ​ | ​ | (125) | ​ | ​ | 19,966
Asset-Backed Securities | ​ | ​ | 75,616 | ​ | ​ | 388 | ​ | ​ | (347) | ​ | ​ | 75,657
Total Securities Available for Sale | ​ | $ | 615,292 | ​ | $ | 1,105 | ​ | $ | (63,321) | ​ | $ | 553,076
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Fair Value
Securities Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury Securities | ​ | $ | 2,621 | ​ | $ | — | ​ | $ | (41) | ​ | $ | 2,580
Municipal Bonds | ​ | ​ | 156,506 | ​ | ​ | 62 | ​ | ​ | (25,214) | ​ | ​ | 131,354
Mortgage-Backed Securities | ​ |  | 252,919 | ​ |  | 2,465 | ​ |  | (17,600) | ​ |  | 237,784
Corporate Securities | ​ |  | 116,871 | ​ | ​ | 45 | ​ | ​ | (7,089) | ​ |  | 109,827
SBA Securities | ​ |  | 20,957 | ​ | ​ | 79 | ​ | ​ | (159) | ​ |  | 20,877
Asset-Backed Securities | ​ | ​ | 46,623 | ​ | ​ | 188 | ​ | ​ | (620) | ​ | ​ | 46,191
Total Securities Available for Sale | ​ | $ | 596,497 | ​ | $ | 2,839 | ​ | $ | (50,723) | ​ | $ | 548,613
​ Securities with a carrying value of $164.3 million at September 30, 2023 were pledged to secure borrowing capacity. The securities portfolio was unencumbered at December 31, 2022. The following tables present the fair value and gross unrealized losses of securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2023 and December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Less Than 12 Months | ​ | 12 Months or Greater | ​ | Total
​ | ​ | Number of | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized
(dollars in thousands, except number of holdings) |  | Holdings |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury Securities | ​ | 5 | ​ | $ | 886 | ​ | $ | (5) | ​ | $ | 880 | ​ | $ | (14) | ​ | $ | 1,766 | ​ | $ | (19)
Municipal Bonds | ​ | 218 | ​ | ​ | 8,358 | ​ | ​ | (232) | ​ | ​ | 114,139 | ​ | ​ | (25,996) | ​ | ​ | 122,497 | ​ | ​ | (26,228)
Mortgage-Backed Securities | ​ | 140 | ​ | ​ | 68,938 | ​ | ​ | (2,205) | ​ | ​ | 135,408 | ​ | ​ | (21,477) | ​ |  | 204,346 | ​ |  | (23,682)
Corporate Securities | ​ | 109 | ​ | ​ | 18,899 | ​ | ​ | (1,024) | ​ | ​ | 94,731 | ​ | ​ | (11,896) | ​ |  | 113,630 | ​ |  | (12,920)
SBA Securities | ​ | 47 | ​ | ​ | 2,319 | ​ | ​ | (6) | ​ | ​ | 6,811 | ​ | ​ | (119) | ​ |  | 9,130 | ​ |  | (125)
Asset-Backed Securities | ​ | 16 | ​ | ​ | 17,215 | ​ | ​ | (130) | ​ | ​ | 14,173 | ​ | ​ | (217) | ​ | ​ | 31,388 | ​ | ​ | (347)
Total Securities Available for Sale | ​ | 535 | ​ | $ | 116,615 | ​ | $ | (3,602) | ​ | $ | 366,142 | ​ | $ | (59,719) | ​ | $ | 482,757 | ​ | $ | (63,321)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Less Than 12 Months | ​ | 12 Months or Greater | ​ | Total
​ | ​ | Number of | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized
(dollars in thousands, except number of holdings) |  | Holdings |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury Securities | ​ | 6 | ​ | $ | 2,330 | ​ | $ | (41) | ​ | $ | — | ​ | $ | — | ​ | $ | 2,330 | ​ | $ | (41)
Municipal Bonds | ​ | 225 | ​ | ​ | 59,912 | ​ | ​ | (5,321) | ​ | ​ | 69,424 | ​ | ​ | (19,893) | ​ | ​ | 129,336 | ​ | ​ | (25,214)
Mortgage-Backed Securities | ​ | 130 | ​ | ​ | 123,224 | ​ | ​ | (5,427) | ​ | ​ | 62,882 | ​ | ​ | (12,173) | ​ |  | 186,106 | ​ |  | (17,600)
Corporate Securities | ​ | 100 | ​ | ​ | 88,486 | ​ | ​ | (5,121) | ​ | ​ | 17,054 | ​ | ​ | (1,968) | ​ |  | 105,540 | ​ |  | (7,089)
SBA Securities | ​ | 49 | ​ | ​ | 2,498 | ​ | ​ | (6) | ​ | ​ | 9,750 | ​ | ​ | (153) | ​ |  | 12,248 | ​ |  | (159)
Asset-Backed Securities | ​ | 20 | ​ | ​ | 21,919 | ​ | ​ | (396) | ​ | ​ | 6,186 | ​ | ​ | (224) | ​ | ​ | 28,105 | ​ | ​ | (620)
Total Securities Available for Sale | ​ | 530 | ​ | $ | 298,369 | ​ | $ | (16,312) | ​ | $ | 165,296 | ​ | $ | (34,411) | ​ | $ | 463,665 | ​ | $ | (50,723)
​ Beginning January 1, 2023, the Company evaluates all securities quarterly to determine if any securities in a loss position require an allowance for credit losses on securities in accordance with ASC 326 - Measurement of Credit Losses on Financial Instruments. ​ ​ At September 30, 2023, 535 debt securities had unrealized losses with aggregate depreciation of approximately 11.6% from the Company’s amortized cost basis. These unrealized losses have not been recognized into income because management does not intend to sell these securities, and it is not more likely than not it will be required to sell the securities before recovery of its amortized cost basis. Furthermore, the unrealized losses are due to changes in interest rates and other market conditions and were not reflective of credit events. To make this determination, consideration is given to such factors as the credit rating of the issuer, level of credit enhancement, changes in credit ratings, market conditions such as current interest rates, any adverse conditions specific to the security, and delinquency status on contractual payments. As of September 30, 2023, there was no allowance for credit losses carried on the Company’s securities portfolio. ​ Accrued interest receivable on securities, which is recorded within accrued interest on the balance sheet, totaled $4.3 million at September 30, 2023 and is excluded from the estimate of credit losses. ​ At December 31, 2022, 530 debt securities had unrealized losses with aggregate depreciation of approximately 9.9% from the Company’s amortized cost basis. For periods prior to the adoption of ASC 326, management conducted a quarterly review and evaluation of its securities for other than temporary impairment. In analyzing whether unrealized losses on debt securities were other than temporary, management considered the length of time and the extent to which the fair value was less than amortized cost, whether the securities are issued by a government body or agency, whether a rating agency has downgraded the securities, industry analysts’ reports, the financial condition and performance of the issuer, the quality of any underlying assets or credit enhancements, and the Company’s intent and ability to hold the security for a period of time sufficient to allow for a recovery in fair value. No declines were deemed to be other than temporary as of December 31, 2022. ​ The following table presents a summary of amortized cost and estimated fair value of debt securities by the lesser of expected call date or contractual maturity as of September 30, 2023. Call date is used when a call of the debt security is expected, as determined by the Company when the security has a market value above its amortized cost. Contractual maturities will differ from expected maturities for mortgage-backed, SBA securities and asset-backed securities because borrowers may have the right to call or prepay obligations without penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | Amortized Cost |  | Fair Value
September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​
Due in One Year or Less | ​ | $ | 9,779 | ​ | $ | 9,833
Due After One Year Through Five Years | ​ |  | 44,811 | ​ |  | 42,665
Due After Five Years Through 10 Years | ​ |  | 179,590 | ​ |  | 155,444
Due After 10 Years | ​ |  | 51,797 | ​ |  | 39,136
Subtotal | ​ |  | 285,977 | ​ |  | 247,078
Mortgage-Backed Securities | ​ |  | 233,920 | ​ |  | 210,375
SBA Securities | ​ |  | 19,779 | ​ |  | 19,966
Asset-Backed Securities | ​ | ​ | 75,616 | ​ | ​ | 75,657
Totals | ​ | $ | 615,292 | ​ | $ | 553,076
​ The following table presents a summary of the proceeds from sales of securities available for sale, as well as gross gains and losses, for the three and nine months ended September 30, 2023 and September 30, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(dollars in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Proceeds From Sales of Securities | ​ | $ | — | ​ | $ | — | ​ | $ | 26,976 | ​ | $ | 25,066
Gross Gains on Sales | ​ |  | — | ​ |  | — | ​ |  | 247 | ​ |  | 234
Gross Losses on Sales | ​ |  | — | ​ |  | — | ​ |  | (253) | ​ |  | (182)
​

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