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Securities | 9 Months Ended
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Sep. 30, 2025
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, 2025 and December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Fair Value
Securities Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury Securities | ​ | $ | 155,902 | ​ | $ | — | ​ | $ | (8,703) | ​ | $ | 147,199
Municipal Bonds | ​ | ​ | 247,471 | ​ | ​ | 6,614 | ​ | ​ | (13,538) | ​ | ​ | 240,547
Mortgage-Backed Securities | ​ |  | 267,171 | ​ |  | 2,877 | ​ |  | (10,899) | ​ |  | 259,149
Corporate Securities | ​ |  | 109,613 | ​ | ​ | 1,791 | ​ | ​ | (3,421) | ​ |  | 107,983
U.S Government Agency Securities | ​ |  | 9,803 | ​ | ​ | 73 | ​ | ​ | (41) | ​ | ​ | 9,835
Asset-Backed Securities | ​ | ​ | 61,687 | ​ | ​ | 92 | ​ | ​ | (19) | ​ | ​ | 61,760
Total Securities Available for Sale | ​ | $ | 851,647 | ​ | $ | 11,447 | ​ | $ | (36,621) | ​ | $ | 826,473
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ Securities with a carrying value of $264.9 million and $289.9 million were pledged to secure borrowing capacity at the Federal Reserve Discount Window as of September 30, 2025 and December 31, 2024, 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 September 30, 2025 and December 31, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 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, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury Securities | ​ | 2 | ​ | $ | — | ​ | $ | — | ​ | $ | 147,199 | ​ | $ | (8,703) | ​ | $ | 147,199 | ​ | $ | (8,703)
Municipal Bonds | ​ | 191 | ​ | ​ | 19,961 | ​ | ​ | (654) | ​ | ​ | 95,294 | ​ | ​ | (12,884) | ​ | ​ | 115,255 | ​ | ​ | (13,538)
Mortgage-Backed Securities | ​ | 113 | ​ | ​ | 10,653 | ​ | ​ | (47) | ​ | ​ | 115,179 | ​ | ​ | (10,852) | ​ |  | 125,832 | ​ |  | (10,899)
Corporate Securities | ​ | 51 | ​ | ​ | 5,366 | ​ | ​ | (49) | ​ | ​ | 47,728 | ​ | ​ | (3,372) | ​ |  | 53,094 | ​ |  | (3,421)
U.S Government Agency Securities | ​ | 31 | ​ | ​ | 1,279 | ​ | ​ | (5) | ​ | ​ | 2,470 | ​ | ​ | (36) | ​ |  | 3,749 | ​ |  | (41)
Asset-Backed Securities | ​ | 7 | ​ | ​ | 10,035 | ​ | ​ | (13) | ​ | ​ | 6,899 | ​ | ​ | (6) | ​ | ​ | 16,934 | ​ | ​ | (19)
Total Securities Available for Sale | ​ | 395 | ​ | $ | 47,294 | ​ | $ | (768) | ​ | $ | 414,769 | ​ | $ | (35,853) | ​ | $ | 462,063 | ​ | $ | (36,621)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 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)
​ At September 30, 2025, 395 debt securities had unrealized losses with aggregate depreciation of approximately 7.3% from the Company’s amortized cost basis. At December 31, 2024, 556 debt securities had unrealized losses with aggregate depreciation of approximately 8.4% 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, 2025 and December 31, 2024, 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 $7.0 million and $6.2 million at September 30, 2025 and December 31, 2024, 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 and mortgage-backed securities. See Note 7 – 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 the amortized cost and estimated fair value of debt securities by the earlier of expected call date or contractual maturity as of September 30, 2025. 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, 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
September 30, 2025 | ​ | ​ | ​ | ​ | ​ | ​
Due in One Year or Less | ​ | $ | 42,029 | ​ | $ | 42,814
Due After One Year Through Five Years | ​ |  | 130,801 | ​ |  | 134,703
Due After Five Years Through 10 Years | ​ |  | 152,428 | ​ |  | 142,107
Due After 10 Years | ​ |  | 187,728 | ​ |  | 176,105
Subtotal | ​ |  | 512,986 | ​ |  | 495,729
Mortgage-Backed Securities | ​ |  | 267,171 | ​ |  | 259,149
U.S Government Agency Securities | ​ |  | 9,803 | ​ |  | 9,835
Asset-Backed Securities | ​ | ​ | 61,687 | ​ | ​ | 61,760
Totals | ​ | $ | 851,647 | ​ | $ | 826,473
​ 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, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Proceeds From Sales of Securities | ​ | $ | 5,112 | ​ | $ | 50,779 | ​ | $ | 64,707 | ​ | $ | 101,612
Gross Gains on Sales | ​ |  | 59 | ​ |  | 488 | ​ |  | 543 | ​ |  | 1,594
Gross Losses on Sales | ​ |  | — | ​ |  | (516) | ​ |  | (9) | ​ |  | (1,209)
​

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