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Securities | 3 Months Ended
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Mar. 31, 2026
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 March 31, 2026 and December 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2026
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(dollars in thousands) | ​ ​ ​ | Cost | ​ ​ ​ | Gains | ​ ​ ​ | Losses | ​ ​ ​ | Fair Value
Securities Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal Bonds | ​ | ​ | 208,513 | ​ | ​ | 1,339 | ​ | ​ | (13,191) | ​ | ​ | 196,661
Mortgage-Backed Securities | ​ |  | 238,500 | ​ |  | 2,312 | ​ |  | (10,492) | ​ |  | 230,320
Corporate Securities | ​ |  | 94,728 | ​ | ​ | 2,012 | ​ | ​ | (2,367) | ​ |  | 94,373
U.S. Government Agency Securities | ​ |  | 7,654 | ​ | ​ | 75 | ​ | ​ | (27) | ​ | ​ | 7,702
Asset-Backed Securities | ​ | ​ | 37,566 | ​ | ​ | 3 | ​ | ​ | (60) | ​ | ​ | 37,509
Total Securities Available for Sale | ​ | $ | 586,961 | ​ | $ | 5,741 | ​ | $ | (26,137) | ​ | $ | 566,565
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2025
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(dollars in thousands) | ​ ​ ​ | Cost | ​ ​ ​ | Gains | ​ ​ ​ | Losses | ​ ​ ​ | Fair Value
Securities Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury Securities | ​ | $ | 155,863 | ​ | $ | — | ​ | $ | (9,657) | ​ | $ | 146,206
Municipal Bonds | ​ | ​ | 242,995 | ​ | ​ | 8,686 | ​ | ​ | (12,513) | ​ | ​ | 239,168
Mortgage-Backed Securities | ​ |  | 252,291 | ​ |  | 3,442 | ​ |  | (10,061) | ​ |  | 245,672
Corporate Securities | ​ |  | 93,080 | ​ | ​ | 1,958 | ​ | ​ | (2,631) | ​ |  | 92,407
U.S. Government Agency Securities | ​ |  | 8,664 | ​ | ​ | 73 | ​ | ​ | (30) | ​ | ​ | 8,707
Asset-Backed Securities | ​ | ​ | 44,298 | ​ | ​ | 20 | ​ | ​ | (37) | ​ | ​ | 44,281
Total Securities Available for Sale | ​ | $ | 797,191 | ​ | $ | 14,179 | ​ | $ | (34,929) | ​ | $ | 776,441
​ Securities with a carrying value of $106.8 million and $254.3 million were pledged to secure borrowing capacity at the Federal Reserve Discount Window as of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 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, 2026 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal Bonds | ​ | 195 | ​ | $ | 47,577 | ​ | $ | (832) | ​ | $ | 89,280 | ​ | $ | (12,359) | ​ | $ | 136,857 | ​ | $ | (13,191)
Mortgage-Backed Securities | ​ | 109 | ​ | ​ | 12,054 | ​ | ​ | (35) | ​ | ​ | 106,909 | ​ | ​ | (10,457) | ​ |  | 118,963 | ​ |  | (10,492)
Corporate Securities | ​ | 39 | ​ | ​ | 9,378 | ​ | ​ | (57) | ​ | ​ | 35,054 | ​ | ​ | (2,310) | ​ |  | 44,432 | ​ |  | (2,367)
U.S. Government Agency Securities | ​ | 23 | ​ | ​ | 932 | ​ | ​ | (6) | ​ | ​ | 1,213 | ​ | ​ | (21) | ​ |  | 2,145 | ​ |  | (27)
Asset-Backed Securities | ​ | 10 | ​ | ​ | 11,553 | ​ | ​ | (14) | ​ | ​ | 12,907 | ​ | ​ | (46) | ​ | ​ | 24,460 | ​ | ​ | (60)
Total Securities Available for Sale | ​ | 376 | ​ | $ | 81,494 | ​ | $ | (944) | ​ | $ | 245,363 | ​ | $ | (25,193) | ​ | $ | 326,857 | ​ | $ | (26,137)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 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, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury Securities | ​ | 2 | ​ | $ | — | ​ | $ | — | ​ | $ | 146,206 | ​ | $ | (9,657) | ​ | $ | 146,206 | ​ | $ | (9,657)
Municipal Bonds | ​ | 185 | ​ | ​ | 22,430 | ​ | ​ | (354) | ​ | ​ | 94,839 | ​ | ​ | (12,159) | ​ | ​ | 117,269 | ​ | ​ | (12,513)
Mortgage-Backed Securities | ​ | 108 | ​ | ​ | 4,701 | ​ | ​ | (14) | ​ | ​ | 110,265 | ​ | ​ | (10,047) | ​ |  | 114,966 | ​ |  | (10,061)
Corporate Securities | ​ | 45 | ​ | ​ | 10,341 | ​ | ​ | (68) | ​ | ​ | 39,318 | ​ | ​ | (2,563) | ​ |  | 49,659 | ​ |  | (2,631)
U.S. Government Agency Securities | ​ | 25 | ​ | ​ | 800 | ​ | ​ | (3) | ​ | ​ | 1,884 | ​ | ​ | (27) | ​ |  | 2,684 | ​ |  | (30)
Asset-Backed Securities | ​ | 7 | ​ | ​ | 13,024 | ​ | ​ | (31) | ​ | ​ | 6,150 | ​ | ​ | (6) | ​ | ​ | 19,174 | ​ | ​ | (37)
Total Securities Available for Sale | ​ | 372 | ​ | $ | 51,296 | ​ | $ | (470) | ​ | $ | 398,662 | ​ | $ | (34,459) | ​ | $ | 449,958 | ​ | $ | (34,929)
​ At March 31, 2026 and December 31, 2025, 376 and 372 debt securities had unrealized losses with aggregate depreciation of approximately 7.4% and 7.2%, respectively, from the Company’s amortized cost. 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 March 31, 2026 and December 31, 2025, 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 $3.3 million and $6.2 million at March 31, 2026 and December 31, 2025, respectively, and was excluded from the estimate of credit losses. ​ The Company has entered into fair value hedging transactions to mitigate the impact of changing interest rates on the fair value of securities within the portfolio. See Note 6 – Derivative Instruments and Hedging Activities for additional information. ​ There was a $7.3 million net realized gain as a result of sales from the securities portfolio for the three months ended March 31, 2026, which included a net gain of $10.4 million recorded on the termination of fair value hedges on treasury and municipal 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 March 31, 2026. 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
March 31, 2026 | ​ | ​ | ​ | ​ | ​ | ​
Due in One Year or Less | ​ | $ | 33,020 | ​ | $ | 34,580
Due After One Year Through Five Years | ​ |  | 98,995 | ​ |  | 99,180
Due After Five Years Through 10 Years | ​ |  | 123,609 | ​ |  | 112,034
Due After 10 Years | ​ |  | 47,617 | ​ |  | 45,240
Subtotal | ​ |  | 303,241 | ​ |  | 291,034
Mortgage-Backed Securities | ​ |  | 238,500 | ​ |  | 230,320
U.S. Government Agency Securities | ​ |  | 7,654 | ​ |  | 7,702
Asset-Backed Securities | ​ | ​ | 37,566 | ​ | ​ | 37,509
Totals | ​ | $ | 586,961 | ​ | $ | 566,565
​ 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, 2026 and 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31,
(dollars in thousands) | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Proceeds From Sales of Securities | ​ | $ | 208,501 | ​ | $ | 1,092
Gross Gains on Sales | ​ |  | 6,190 | ​ |  | 4
Gross Losses on Sales | ​ |  | (9,342) | ​ |  | (3)
​

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