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Securities | 12 Months Ended
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Dec. 31, 2024
Securities |
Securities | Note 5: Securities The following tables present the amortized cost and estimated fair value of securities with gross unrealized gains and losses at December 31, 2024 and 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Fair Value
Securities Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury Securities | ​ | $ | 179,835 | ​ | $ | 3 | ​ | $ | (12,090) | ​ | $ | 167,748
Municipal Bonds | ​ | ​ | 139,891 | ​ | ​ | 23 | ​ | ​ | (17,649) | ​ | ​ | 122,265
Mortgage-Backed Securities | ​ |  | 259,833 | ​ |  | 882 | ​ |  | (15,825) | ​ |  | 244,890
Corporate Securities | ​ |  | 139,161 | ​ | ​ | 1,041 | ​ | ​ | (6,016) | ​ | ​ | 134,186
U.S Government Agency Securities | ​ |  | 22,053 | ​ | ​ | 85 | ​ | ​ | (56) | ​ | ​ | 22,082
Asset-Backed Securities | ​ | ​ | 76,891 | ​ | ​ | 211 | ​ | ​ | (26) | ​ | ​ | 77,076
Total Securities Available for Sale | ​ | $ | 817,664 | ​ | $ | 2,245 | ​ | $ | (51,662) | ​ | $ | 768,247
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ Securities with a carrying value of $289.9 million and $170.7 million were pledged to secure public fund deposits and borrowing capacity at the Federal Reserve Discount Window as of December 31, 2024 and December 31, 2023, respectively. 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 December 31, 2024 and 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
December 31, 2024
U.S. Treasury Securities | ​ | 14 | ​ | $ | 157,091 | ​ | $ | (12,090) | ​ | $ | — | ​ | $ | — | ​ | $ | 157,091 | ​ | $ | (12,090)
Municipal Bonds | ​ | 236 | ​ | ​ | 21,329 | ​ | ​ | (120) | ​ | ​ | 95,774 | ​ | ​ | (17,529) | ​ | ​ | 117,103 | ​ | ​ | (17,649)
Mortgage-Backed Securities | ​ | 168 | ​ | ​ | 47,636 | ​ | ​ | (391) | ​ | ​ | 118,824 | ​ | ​ | (15,434) | ​ |  | 166,460 | ​ |  | (15,825)
Corporate Securities | ​ | 93 | ​ | ​ | 6,860 | ​ | ​ | (75) | ​ | ​ | 91,666 | ​ | ​ | (5,941) | ​ |  | 98,526 | ​ |  | (6,016)
U.S Government Agency Securities | ​ | 38 | ​ | ​ | 5,878 | ​ | ​ | (5) | ​ | ​ | 4,071 | ​ | ​ | (51) | ​ |  | 9,949 | ​ |  | (56)
Asset-Backed Securities | ​ | 7 | ​ | ​ | 5,735 | ​ | ​ | (5) | ​ | ​ | 10,161 | ​ | ​ | (21) | ​ | ​ | 15,896 | ​ | ​ | (26)
Total Securities Available for Sale | ​ | 556 | ​ | $ | 244,529 | ​ | $ | (12,686) | ​ | $ | 320,496 | ​ | $ | (38,976) | ​ | $ | 565,025 | ​ | $ | (51,662)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 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)
​ 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 December 31, 2024 and 2023, 556 and 521 debt securities had unrealized losses with aggregate depreciation of approximately 8.4% and 9.2%, respectively, 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 December 31, 2024 and 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 $6.2 million and $4.9 million at December 31, 2024 and 2023, respectively, and was excluded from the estimate of credit losses. ​ The Company has entered into a fair value hedging transaction to mitigate the impact of changing interest rates on the fair value of U.S. treasury securities. See Note 11 – Derivative Instruments and Hedging Activities for disclosure of the gains and losses recognized on derivative instruments and the cumulative fair value hedging adjustments to the carrying amount of the hedged securities. ​ 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 December 31, 2024. Call date is used when a call of the debt security is expected, 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, U.S. government agency 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
December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​
Due in One Year or Less | ​ | $ | 41,153 | ​ | $ | 41,645
Due After One Year Through Five Years | ​ |  | 83,174 | ​ |  | 81,633
Due After Five Years Through 10 Years | ​ |  | 157,405 | ​ |  | 140,245
Due After 10 Years | ​ |  | 177,155 | ​ |  | 160,676
Subtotal | ​ |  | 458,887 | ​ |  | 424,199
Mortgage-Backed Securities | ​ |  | 259,833 | ​ |  | 244,890
U.S Government Agency Securities | ​ |  | 22,053 | ​ |  | 22,082
Asset-Backed Securities | ​ | ​ | 76,891 | ​ | ​ | 77,076
Totals | ​ | $ | 817,664 | ​ | $ | 768,247
​ 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 years ended December 31, 2024, 2023, and 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(dollars in thousands) |  | 2024 |  | 2023 |  | 2022
Proceeds From Sales of Securities | ​ | $ | 101,612 | ​ | $ | 28,756 | ​ | $ | 64,439
Gross Gains on Sales | ​ |  | 1,594 | ​ |  | 247 | ​ |  | 612
Gross Losses on Sales | ​ |  | (1,209) | ​ |  | (280) | ​ |  | (530)
​

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