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Securities (Tables)
 9 Months Ended
Sep. 30, 2023
Securities  
Summary of the amortized cost and estimated fair value of securities with gross unrealized gains and losses

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
Summary of 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

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:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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)
Schedule of contractual maturities of debt

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
Summary of the proceeds from sales of securities available for sale, as well as gross gains and losses

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)

​