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Securities (Tables)
 12 Months Ended
Dec. 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 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
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 December 31, 2024 and 2023:

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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

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)
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 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.

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​

​

​

​

​

​

​

(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
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 years ended December 31, 2024, 2023, and 2022:

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​

​

​

​

​

​

​

​

​

​

​

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)

​