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Investments | 6 Months Ended
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Jun. 30, 2025
Investments |
Investments | ​ ​ Note 4 – Investments The following tables show a comparison of amortized cost and fair values of investment securities at June 30, 2025 and December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Estimated Fair Value
June 30, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 3,865 | ​ | $ | 149 | ​ | $ | — | ​ | $ | — | ​ | $ | 4,014
U.S. government agencies | ​ | ​ | 7,000 | ​ | ​ | — | ​ | ​ | 771 | ​ | ​ | — | ​ | ​ | 6,229
Residential mortgage-backed agencies | ​ | ​ | 24,915 | ​ | ​ | 19 | ​ | ​ | 3,669 | ​ | ​ | — | ​ | ​ | 21,265
Commercial mortgage-backed agencies | ​ | ​ | 38,217 | ​ | ​ | — | ​ | ​ | 8,066 | ​ | ​ | — | ​ | ​ | 30,151
Collateralized mortgage obligations | ​ | ​ | 20,171 | ​ | ​ | 15 | ​ | ​ | 2,718 | ​ | ​ | — | ​ | ​ | 17,468
Obligations of states and political subdivisions | ​ | ​ | 8,557 | ​ | ​ | — | ​ | ​ | 254 | ​ | ​ | — | ​ | ​ | 8,303
Corporate bonds | ​ | ​ | 1,000 | ​ | ​ | ​ | ​ | ​ | 89 | ​ | ​ | — | ​ | ​ | 911
Collateralized debt obligations | ​ | ​ | 18,738 | ​ | ​ | — | ​ | ​ | 3,497 | ​ | ​ | — | ​ | ​ | 15,241
Total available for sale | ​ | $ | 122,463 | ​ | $ | 183 | ​ | $ | 19,064 | ​ | $ | — | ​ | $ | 103,582
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Estimated Fair Value |  | Allowance for Credit Losses
June 30, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 68,447 | ​ | $ | — | ​ | $ | 9,143 | ​ | $ | 59,304 | ​ | $ | —
Residential mortgage-backed agencies | ​ | ​ | 33,363 | ​ | ​ | 32 | ​ | ​ | 3,003 | ​ | ​ | 30,392 | ​ | ​ | —
Commercial mortgage-backed agencies | ​ | ​ | 21,042 | ​ | ​ | — | ​ | ​ | 5,394 | ​ | ​ | 15,648 | ​ | ​ | —
Collateralized mortgage obligations | ​ | ​ | 47,751 | ​ | ​ | — | ​ | ​ | 8,464 | ​ | ​ | 39,287 | ​ | ​ | —
Obligations of states and political subdivisions | ​ | ​ | 4,407 | ​ | ​ | 173 | ​ | ​ | 715 | ​ | ​ | 3,865 | ​ | ​ | 59
Total held to maturity | ​ | $ | 175,010 | ​ | $ | 205 | ​ | $ | 26,719 | ​ | $ | 148,496 | ​ | $ | 59
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​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Estimated Fair Value
December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 7,000 | ​ | $ | — | ​ | $ | 885 | ​ | $ | — | ​ | $ | 6,115
Residential mortgage-backed agencies | ​ | ​ | 24,621 | ​ | ​ | — | ​ | ​ | 4,425 | ​ | ​ | — | ​ | ​ | 20,196
Commercial mortgage-backed agencies | ​ | ​ | 37,205 | ​ | ​ | — | ​ | ​ | 8,571 | ​ | ​ | — | ​ | ​ | 28,634
Collateralized mortgage obligations | ​ | ​ | 21,069 | ​ | ​ | — | ​ | ​ | 3,343 | ​ | ​ | — | ​ | ​ | 17,726
Obligations of states and political subdivisions | ​ | ​ | 6,533 | ​ | ​ | — | ​ | ​ | 324 | ​ | ​ | — | ​ | ​ | 6,209
Corporate bonds | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 104 | ​ | ​ | — | ​ | ​ | 896
Collateralized debt obligations | ​ | ​ | 18,686 | ​ | ​ | — | ​ | ​ | 3,968 | ​ | ​ | — | ​ | ​ | 14,718
Total available for sale | ​ | $ | 116,114 | ​ | $ | — | ​ | $ | 21,620 | ​ | $ | — | ​ | $ | 94,494
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Estimated Fair Value |  | Allowance for Credit Losses
December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 68,301 | ​ | $ | — | ​ | $ | 11,192 | ​ | $ | 57,109 | ​ | $ | —
Residential mortgage-backed agencies | ​ | ​ | 32,171 | ​ | ​ | 1 | ​ | ​ | 3,561 | ​ | ​ | 28,611 | ​ | ​ | —
Commercial mortgage-backed agencies | ​ | ​ | 21,134 | ​ | ​ | — | ​ | ​ | 5,794 | ​ | ​ | 15,340 | ​ | ​ | —
Collateralized mortgage obligations | ​ | ​ | 49,439 | ​ | ​ | — | ​ | ​ | 9,724 | ​ | ​ | 39,715 | ​ | ​ | —
Obligations of states and political subdivisions | ​ | ​ | 4,511 | ​ | ​ | 177 | ​ | ​ | 703 | ​ | ​ | 3,985 | ​ | ​ | 59
Total held to maturity | ​ | $ | 175,556 | ​ | $ | 178 | ​ | $ | 30,974 | ​ | $ | 144,760 | ​ | $ | 59
​ The Corporation utilizes FASB Accounting Standards Codification (“ASC”) Topic 326 to evaluate its available-for-sale (“AFS”) and held-to-maturity (“HTM”) debt security portfolio for expected credit losses. ​ For any AFS debt security in an unrealized loss position, the Corporation first assesses whether it intends to sell, or it is more likely than not that the Corporation will be required to sell, the security before recovery to its amortized cost basis. If either criterion regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Corporation evaluates whether any decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses (“ACL”) is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through the ACL is recorded in other comprehensive income (“OCI”). The Corporation adopted ASC Topic 326 using the prospective transition approach for debt securities for which other than temporary impairment (“OTTI”) had been recognized prior to January 1, 2023, such as AFS collateralized debt obligations. As a result, the amortized cost basis for such debt securities remained the same before and after the effective date of ASC Topic 326. The effective interest rate on these debt securities was not changed. Amounts of OTTI that were recorded prior to January 1, 2023 are being accreted into income over the remaining life of the assets. The ACL on HTM securities is a contra-asset valuation account, calculated in accordance with ASC Topic 326. Management measures expected credit losses on HTM debt securities on a collective basis by major security type. Management has elected to not measure an ACL for accrued interest on securities. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the HTM portfolio into the following major security types: (i) securities issued or guaranteed by U.S. government agencies (including U.S. treasuries, agency bonds, and U.S. guaranteed residential mortgage-backed securities, commercial mortgage-backed securities, and collateralized mortgage obligations); (ii) rated municipal securities; and (iii) unrated municipal securities. With regard to securities issued by U.S. government agencies and corporations, it is expected that the securities will not settle at prices that are less than the amortized cost bases of the securities, as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. government. Accordingly, no ACL has been recorded on these securities. With regard to securities issued by states and political subdivisions, management considers (x) issuer bond ratings, (y) historical loss rates for given bond ratings, and (z) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities. Non-rated securities are evaluated internally based on financial performance and expected future cash flows. ​ ​ ​ ​ As of both June 30, 2025 and December 31, 2024, the Corporation recorded ACL of approximately $59,000 related to one municipal bond in its HTM security portfolio. ​ The following tables show the Corporation’s investment securities with gross unrealized and unrecognized losses and fair values at June 30, 2025 and December 31, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more
(in thousands) |  | Fair Value |  | Unrealized Losses |  | Number of Investments |  | Fair Value |  | Unrealized Losses |  | Number of Investments
June 30, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 6,229 | ​ | $ | 771 | ​ | 2
Residential mortgage-backed agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 17,919 | ​ | ​ | 3,669 | ​ | 3
Commercial mortgage-backed agencies | ​ | ​ | 3,099 | ​ | ​ | 115 | ​ | 2 | ​ | ​ | 27,052 | ​ | ​ | 7,951 | ​ | 8
Collateralized mortgage obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 14,663 | ​ | ​ | 2,718 | ​ | 9
Obligations of states and political subdivisions | ​ | ​ | 3,978 | ​ | ​ | 36 | ​ | 4 | ​ | ​ | 4,075 | ​ | ​ | 218 | ​ | 4
Corporate bonds | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 911 | ​ | ​ | 89 | ​ | 1
Collateralized debt obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 15,241 | ​ | ​ | 3,497 | ​ | 9
Total available for sale | ​ | $ | 7,077 | ​ | $ | 151 | ​ | 6 | ​ | $ | 86,090 | ​ | $ | 18,913 | ​ | 36
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more
(in thousands) |  | Fair Value |  | Unrecognized Losses |  | Number of Investments |  | Fair Value |  | Unrecognized Losses |  | Number of Investments
June 30, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 59,304 | ​ | ​ | 9,143 | ​ | 9
Residential mortgage-backed agencies | ​ | ​ | 6,859 | ​ | ​ | 64 | ​ | 6 | ​ | ​ | 19,875 | ​ | ​ | 2,939 | ​ | 35
Commercial mortgage-backed agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 15,648 | ​ | ​ | 5,394 | ​ | 2
Collateralized mortgage obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 39,287 | ​ | ​ | 8,464 | ​ | 8
Obligations of states and political subdivisions | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 2,153 | ​ | ​ | 715 | ​ | 1
Total held to maturity | ​ | $ | 6,859 | ​ | $ | 64 | ​ | 6 | ​ | $ | 136,267 | ​ | $ | 26,655 | ​ | 55
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​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more
(in thousands) |  | Fair Value |  | Unrealized Losses |  | Number of Investments |  | Fair Value |  | Unrealized Losses |  | Number of Investments
December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 6,115 | ​ | $ | 885 | ​ | 2
Residential mortgage-backed agencies | ​ | ​ | 1,974 | ​ | ​ | 18 | ​ | 1 | ​ | ​ | 18,222 | ​ | ​ | 4,407 | ​ | 3
Commercial mortgage-backed agencies | ​ | ​ | 1,688 | ​ | ​ | 59 | ​ | 1 | ​ | ​ | 26,946 | ​ | ​ | 8,512 | ​ | 8
Collateralized mortgage obligations | ​ | ​ | 2,892 | ​ | ​ | 50 | ​ | 1 | ​ | ​ | 14,834 | ​ | ​ | 3,293 | ​ | 9
Obligations of states and political subdivisions | ​ | ​ | 1,224 | ​ | ​ | 18 | ​ | 2 | ​ | ​ | 3,742 | ​ | ​ | 306 | ​ | 3
Corporate Bonds | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 896 | ​ | ​ | 104 | ​ | 1
Collateralized debt obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 14,718 | ​ | ​ | 3,968 | ​ | 9
Total available for sale | ​ | $ | 7,778 | ​ | $ | 145 | ​ | 5 | ​ | $ | 85,473 | ​ | $ | 21,475 | ​ | 35
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more
(in thousands) |  | Fair Value |  | Unrecognized Losses |  | Number of Investments |  | Fair Value |  | Unrecognized Losses |  | Number of Investments
December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 57,109 | ​ | $ | 11,192 | ​ | 9
Residential mortgage-backed agencies | ​ | ​ | 8,291 | ​ | ​ | 132 | ​ | 5 | ​ | ​ | 20,243 | ​ | ​ | 3,429 | ​ | 35
Commercial mortgage-backed agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 15,340 | ​ | ​ | 5,794 | ​ | 2
Collateralized mortgage obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 39,715 | ​ | ​ | 9,724 | ​ | 8
Obligations of states and political subdivisions | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 2,179 | ​ | ​ | 703 | ​ | 1
Total held to maturity | ​ | $ | 8,291 | ​ | $ | 132 | ​ | 5 | ​ | $ | 134,586 | ​ | $ | 30,842 | ​ | 55
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ ​ ​ ​ The amortized cost and estimated fair value of securities by contractual maturities at June 30, 2025 are shown in the following table. Expected maturities for mortgage-backed securities and collateralized mortgage obligations will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ​
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​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025
(in thousands) |  | Amortized Cost |  | Fair Value
Contractual Maturity | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​
Due after one year through five years | ​ | $ | 5,250 | ​ | $ | 5,126
Due after five years through ten years | ​ | ​ | 5,398 | ​ | ​ | 5,229
Due after ten years | ​ | ​ | 28,512 | ​ | ​ | 24,343
​ | ​ | ​ | 39,160 | ​ | ​ | 34,698
Residential mortgage-backed agencies | ​ | ​ | 24,915 | ​ | ​ | 21,265
Commercial mortgage-backed agencies | ​ | ​ | 38,217 | ​ | ​ | 30,151
Collateralized mortgage obligations | ​ | ​ | 20,171 | ​ | ​ | 17,468
Total available for sale | ​ | $ | 122,463 | ​ | $ | 103,582
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​
Due after one year through five years | ​ | $ | 17,050 | ​ | $ | 16,432
Due after five years through ten years | ​ | ​ | 36,003 | ​ | ​ | 31,550
Due after ten years | ​ | ​ | 19,801 | ​ | ​ | 15,187
​ | ​ | ​ | 72,854 | ​ | ​ | 63,169
Residential mortgage-backed agencies | ​ | ​ | 33,363 | ​ | ​ | 30,392
Commercial mortgage-backed agencies | ​ | ​ | 21,042 | ​ | ​ | 15,648
Collateralized mortgage obligations | ​ | ​ | 47,751 | ​ | ​ | 39,287
Total held to maturity | ​ | $ | 175,010 | ​ | $ | 148,496
​ ​ ​ At June 30, 2025 and December 31, 2024, AFS investment securities with an aggregate fair value of $85.2 million and $71.6 million, respectively, and HTM investment securities with an aggregate book value of $166.6 million and $161.2 million, respectively, were pledged as permitted or required to secure public deposits, for securities sold under agreements to repurchase as required or permitted by law and as collateral for borrowing capacity.

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