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Securities (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

​

​

(dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Fair Value

Securities Available for Sale:

​

​

​

​

​

​

​

​

​

​

​

​

Municipal Bonds

​

$

151,221

​

$

28

​

$

(19,158)

​

$

132,091

Mortgage-Backed Securities

​

 

260,079

​

 

1,544

​

​

(17,407)

​

 

244,216

Corporate Securities

​

 

142,851

​

​

348

​

​

(10,247)

​

 

132,952

SBA Securities

​

 

16,864

​

​

252

​

​

(91)

​

​

17,025

Asset-Backed Securities

​

​

106,637

​

​

519

​

​

(158)

​

​

106,998

Total Securities Available for Sale

​

$

677,652

​

$

2,691

​

$

(47,061)

​

$

633,282

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

​

​

(dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Fair Value

Securities Available for Sale:

​

​

​

​

​

​

​

​

​

​

​

​

Municipal Bonds

​

$

151,512

​

$

47

​

$

(19,035)

​

$

132,524

Mortgage-Backed Securities

​

 

249,455

​

 

2,261

​

 

(16,401)

​

 

235,315

Corporate Securities

​

 

142,098

​

​

386

​

​

(11,879)

​

 

130,605

SBA Securities

​

 

18,497

​

​

279

​

​

(102)

​

 

18,674

Asset-Backed Securities

​

​

87,054

​

​

357

​

​

(425)

​

​

86,986

Total Securities Available for Sale

​

$

648,616

​

$

3,330

​

$

(47,842)

​

$

604,104
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 March 31, 2024 and December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

March 31, 2024

​

​

​

​

​

​

​

​

Municipal Bonds

​

215

​

$

7,862

​

$

(44)

​

$

122,437

​

$

(19,114)

​

$

130,299

​

$

(19,158)

Mortgage-Backed Securities

​

129

​

​

42,583

​

​

(665)

​

​

124,205

​

​

(16,742)

​

 

166,788

​

 

(17,407)

Corporate Securities

​

113

​

​

16,148

​

​

(290)

​

​

105,583

​

​

(9,957)

​

 

121,731

​

 

(10,247)

SBA Securities

​

45

​

​

1,973

​

​

(5)

​

​

6,296

​

​

(86)

​

 

8,269

​

 

(91)

Asset-Backed Securities

​

17

​

​

24,404

​

​

(67)

​

​

16,595

​

​

(91)

​

​

40,999

​

​

(158)

Total Securities Available for Sale

​

519

​

$

92,970

​

$

(1,071)

​

$

375,116

​

$

(45,990)

​

$

468,086

​

$

(47,061)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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, 2023

​

​

​

​

​

​

​

​

Municipal Bonds

​

212

​

$

4,052

​

$

(17)

​

$

120,527

​

$

(19,018)

​

$

124,579

​

$

(19,035)

Mortgage-Backed Securities

​

128

​

​

35,719

​

​

(310)

​

​

135,829

​

​

(16,091)

​

 

171,548

​

 

(16,401)

Corporate Securities

​

110

​

​

14,528

​

​

(756)

​

​

101,311

​

​

(11,123)

​

 

115,839

​

 

(11,879)

SBA Securities

​

47

​

​

1,731

​

​

(3)

​

​

7,072

​

​

(99)

​

 

8,803

​

 

(102)

Asset-Backed Securities

​

24

​

​

39,011

​

​

(234)

​

​

13,805

​

​

(191)

​

​

52,816

​

​

(425)

Total Securities Available for Sale

​

521

​

$

95,041

​

$

(1,320)

​

$

378,544

​

$

(46,522)

​

$

473,585

​

$

(47,842)
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 March 31, 2024. 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

March 31, 2024

​

​

​

​

​

​

Due in One Year or Less

​

$

16,679

​

$

16,643

Due After One Year Through Five Years

​

 

48,627

​

 

46,923

Due After Five Years Through 10 Years

​

 

192,786

​

 

172,941

Due After 10 Years

​

 

35,980

​

 

28,536

Subtotal

​

 

294,072

​

 

265,043

Mortgage-Backed Securities

​

 

260,079

​

 

244,216

SBA Securities

​

 

16,864

​

 

17,025

Asset-Backed Securities

​

​

106,637

​

​

106,998

Totals

​

$

677,652

​

$

633,282
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 months ended March 31, 2024 and March 31, 2023:

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

March 31, 

(dollars in thousands)

    

2024

    

2023

Proceeds From Sales of Securities

​

$

12,784

​

$

19,959

Gross Gains on Sales

​

 

786

​

 

197

Gross Losses on Sales

​

 

(693)

​

 

(253)

​