XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.25.3

Investment Securities | 9 Months Ended
--- | ---
Sep. 30, 2025
Investment Securities |
Investment Securities | 3.Investment Securities Investment securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at September 30, 2025 and December 31, 2024 are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
September 30, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities | ​ | $ | 88,418 | ​ | $ | 486 | ​ | $ | 5,228 | ​ | $ | 83,676
Agency CMO | ​ |  | 96,313 | ​ |  | 833 | ​ |  | 140 | ​ |  | 97,006
Agency notes and bonds | ​ |  | 93,550 | ​ |  | 33 | ​ |  | 1,756 | ​ |  | 91,827
Treasury notes and bonds | ​ |  | 5,478 | ​ |  | — | ​ |  | 37 | ​ |  | 5,441
Municipal obligations | ​ |  | 155,460 | ​ |  | 837 | ​ |  | 12,620 | ​ |  | 143,677
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total securities available for sale | ​ | $ | 439,219 | ​ | $ | 2,189 | ​ | $ | 19,781 | ​ | $ | 421,627
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities held to maturity: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Other debt securities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Corporate notes | ​ | $ | 7,000 | ​ | $ | — | ​ | $ | 1,668 | ​ | $ | 5,332
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total securities held to maturity | ​ | $ | 7,000 | ​ | $ | — | ​ | $ | 1,668 | ​ | $ | 5,332
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2024 | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Securities available for sale: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Agency mortgage-backed securities | ​ | $ | 76,295 | ​ | $ | — | ​ | $ | 8,354 | ​ | $ | 67,941
Agency CMO | ​ |  | 47,821 | ​ |  | 197 | ​ |  | 500 | ​ |  | 47,518
Agency notes and bonds | ​ |  | 122,834 | ​ |  | 6 | ​ |  | 4,760 | ​ |  | 118,080
Treasury notes and bonds | ​ |  | 21,803 | ​ |  | — | ​ |  | 254 | ​ |  | 21,549
Municipal obligations | ​ |  | 150,182 | ​ |  | 171 | ​ |  | 16,198 | ​ |  | 134,155
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total securities available for sale | ​ | $ | 418,935 | ​ | $ | 374 | ​ | $ | 30,066 | ​ | $ | 389,243
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities held to maturity: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Other debt securities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Corporate notes | ​ | $ | 7,000 | ​ | $ | — | ​ | $ | 2,409 | ​ | $ | 4,591
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total securities held to maturity | ​ | $ | 7,000 | ​ | $ | — | ​ | $ | 2,409 | ​ | $ | 4,591
​ Agency notes and bonds, agency mortgage-backed securities and agency collateralized mortgage obligations (“CMO”) include securities issued by the Government National Mortgage Association (“GNMA”), a U.S. government agency, and the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal Farm Credit Bank (“FFCB”) and the Federal Home Loan Bank (“FHLB”), which are government-sponsored enterprises. Corporate notes classified as held to maturity include subordinated debt obligations issued by other bank holding companies (“BHC”). ​ (3 – continued) The amortized cost and fair value of debt securities as of September 30, 2025, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities and CMO may differ from contractual maturities because the mortgages underlying the obligations may be prepaid without penalty. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Securities Available for Sale | ​ | Securities Held to Maturity
​ | ​ | Amortized | ​ | Fair | ​ | Amortized | ​ | Fair
(In thousands) |  | Cost |  | Value |  | Cost |  | Value
​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Due in one year or less | ​ | $ | 78,907 | ​ | $ | 77,724 | ​ | $ | — | ​ | $ | —
Due after one year through five years | ​ |  | 39,065 | ​ |  | 37,498 | ​ |  | — | ​ |  | —
Due after five years through ten years | ​ |  | 72,513 | ​ |  | 66,444 | ​ |  | 2,000 | ​ |  | 1,600
Due after ten years | ​ |  | 64,003 | ​ |  | 59,279 | ​ |  | 5,000 | ​ |  | 3,732
​ | ​ |  | 254,488 | ​ |  | 240,945 | ​ |  | 7,000 | ​ |  | 5,332
Mortgage-backed securities and CMO | ​ |  | 184,731 | ​ |  | 180,682 | ​ |  | — | ​ |  | —
​ | ​ | $ | 439,219 | ​ | $ | 421,627 | ​ | $ | 7,000 | ​ | $ | 5,332
​ Information pertaining to investment securities with gross unrealized losses at September 30, 2025, aggregated by investment category and the length of time that individual investment securities have been in a continuous loss position, follows. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | ​ | ​ | ​ | Gross
​ | ​ | Investment | ​ | Fair | ​ | Unrealized
(Dollars in thousands) |  | Positions |  | Value |  | Losses
Securities available for sale: |  |  |  | ​ |  |  | ​ |
Continuous loss position less than twelve months: |  |  |  | ​ |  |  | ​ |
Agency mortgage-backed securities |  | — | ​ | $ | — | ​ | $ | —
Agency CMO |  | — | ​ |  | — | ​ |  | —
Agency notes and bonds |  | — | ​ |  | — | ​ |  | —
Municipal obligations |  | 9 | ​ |  | 3,846 | ​ |  | 71
Total less than twelve months |  | 9 | ​ |  | 3,846 | ​ |  | 71
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Continuous loss position more than twelve months: |  | ​ | ​ |  | ​ | ​ |  | ​
Agency mortgage-backed securities |  | 92 | ​ |  | 53,836 | ​ |  | 5,228
Agency CMO |  | 21 | ​ |  | 7,195 | ​ |  | 140
Agency notes and bonds |  | 34 | ​ |  | 88,194 | ​ |  | 1,756
Treasury notes and bonds |  | 3 | ​ |  | 5,441 | ​ |  | 37
Municipal obligations |  | 177 | ​ |  | 98,417 | ​ |  | 12,549
Total more than twelve months |  | 327 | ​ |  | 253,083 | ​ |  | 19,710
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total securities available for sale |  | 336 | ​ | $ | 256,929 | ​ | $ | 19,781
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities held to maturity: |  | ​ | ​ |  | ​ | ​ |  | ​
Continuous loss position more than twelve months: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate notes |  | 4 | ​ | $ | 5,332 | ​ | $ | 1,668
Total more than twelve months |  | 4 | ​ |  | 5,332 | ​ |  | 1,668
Total securities held to maturity |  | 4 | ​ | $ | 5,332 | ​ | $ | 1,668
​ (3 – continued) Information pertaining to investment securities with gross unrealized losses at December 31, 2024, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | ​ | ​ | ​ | Gross
​ | ​ | Investment | ​ | Fair | ​ | Unrealized
(Dollars in thousands) |  | Positions |  | Value |  | Losses
Securities available for sale: |  |  |  | ​ |  |  | ​ |
Continuous loss position less than twelve months: |  |  |  | ​ |  |  | ​ |
Agency mortgage-backed securities |  | 7 |  | $ | 8,008 |  | $ | 93
Agency CMO |  | 11 |  | ​ | 19,211 |  | ​ | 215
Agency notes and bonds |  | 7 |  | ​ | 4,830 |  | ​ | 57
Municipal obligations |  | 39 |  | ​ | 18,880 |  | ​ | 334
Total less than twelve months |  | 64 |  | ​ | 50,929 |  | ​ | 699
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Continuous loss position more than twelve months: |  | ​ |  | ​ | ​ |  | ​ | ​
Agency mortgage-backed securities |  | 93 |  | ​ | 59,933 |  | ​ | 8,261
Agency CMO |  | 22 |  | ​ | 7,271 |  | ​ | 285
Agency notes and bonds |  | 45 |  | ​ | 112,046 |  | ​ | 4,703
Treasury notes and bonds |  | 8 |  | ​ | 21,549 |  | ​ | 254
Municipal obligations |  | 196 |  | ​ | 103,201 |  | ​ | 15,864
Total more than twelve months |  | 364 |  | ​ | 304,000 |  | ​ | 29,367
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total securities available for sale |  | 428 | ​ | $ | 354,929 | ​ | $ | 30,066
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities held to maturity: |  | ​ | ​ |  | ​ | ​ |  | ​
Continuous loss position less than twelve months: |  | ​ | ​ |  | ​ | ​ |  | ​
Corporate notes |  | 4 | ​ | $ | 4,591 | ​ | $ | 2,409
Total less than twelve months |  | 4 | ​ |  | 4,591 | ​ |  | 2,409
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total securities held to maturity |  | 4 | ​ | $ | 4,591 | ​ | $ | 2,409
​ The Company has not identified any specific available for sale securities in a loss position that it intends to sell in the near term and does not believe that it will be required to sell any such securities. The Company reviews its securities on a quarterly basis to assess declines in fair value for credit losses. Consideration is given to such factors as the credit rating of the borrower, market conditions such as current interest rates, any adverse conditions specific to the security, and delinquency status on contractual payments. At September 30, 2025, management concluded that in all instances, securities with fair values less than carrying value were due to fluctuations in interest rates and other factors; thus, no credit loss provision was required. ​ In addition, management assesses held to maturity securities for credit losses on a quarterly basis. The assessment includes review of performance metrics, identification of delinquency and evaluation of market factors. In July 2024, a BHC whose subordinated debt the Company holds and is classified as held to maturity, having an amortized cost balance of $2.0 million, announced the suspension of its quarterly dividend. Beginning with this announcement, management began performing additional research regarding the financial stability and strength of the BHC and underlying bank quarterly. In September 2025, the BHC resumed paying a quarterly dividend. Based on all analysis, management concludes the decline in fair value of all securities classified as held to maturity was due to changes in interest rates and other market factors. ​ At September 30, 2025, the municipal obligations and U.S. government agency debt securities, including Treasury notes and bonds, agency notes and bonds, mortgage-backed securities and CMOs classified as available for sale and in a loss position had depreciated approximately 7.2% from the amortized cost basis. All of the U.S. government agency securities and municipal obligations are issued by U.S. government agencies, government-sponsored enterprises and municipal governments, or are secured by first mortgage loans and municipal project revenues. At September 30, 2025, the corporate notes classified as held to maturity in a loss position had depreciated approximately 23.8% from the amortized cost basis. These unrealized losses related principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As the Company has the intent and ability to hold the debt securities until maturity, or the foreseeable future if classified as available for sale, no credit loss is deemed to exist. (3 – continued) As of September 30, 2025 and December 31, 2024, the Company estimated expected credit losses to be immaterial based on the composition of the held to maturity securities portfolio. While management does not anticipate any credit losses at September 30, 2025, additional deterioration in market and economic conditions may have an adverse impact on credit quality in the future. During the three months ended September 30, 2025, the Company recognized gross gains of $21,000 and gross losses of $60,000 on sales of available for sale securities. There were no sales of available for sale securities during the three months ended September 30, 2024. During the nine months ended September 30, 2025, the Company recognized gross gains of $53,000 and gross losses of $147,000 on sales of available for sale securities. During the nine months ended September 30, 2024, the Company recognized gross gains of $133,000 and gross losses of $101,000 on sales of available for sale securities. At September 30, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, with an aggregate book value greater than 10% of stockholders’ equity. Accrued interest receivable on available for sale debt securities totaled $2.2 million and $2.1 million at September 30, 2025 and December 31, 2024, respectively, and was reported in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses. Accrued interest receivable on held to maturity debt securities totaled $18,000 at both September 30, 2025 and December 31, 2024, and was reported in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses. Equity Securities In September 2018, the Company acquired 90,000 shares of common stock in another BHC, representing approximately 5% of the outstanding common stock of the entity, for a total investment of $1.9 million. During the three months ended September 30, 2025, the Company recognized an unrealized gain of $150,000. During the three months ended September 30, 2024, the Company recognized an unrealized loss of $196,000. During the nine months ended September 30, 2025, the Company recognized an unrealized gain of $127,000. During the nine months ended September 30, 2024, the Company recognized an unrealized loss of $270,000. At September 30, 2025 and December 31, 2024, the equity investment had a fair value of $1.0 million and $887,000, respectively, and is included in other assets on the consolidated balance sheets. In October 2021, the Company entered into an agreement to invest in a bank technology fund through a limited partnership and the Company entered into an agreement to participate in a second, related fund in June 2025. At September 30, 2025 and December 31, 2024, the Company’s investment in the limited partnerships was $927,000 and $965,000, respectively, and is reflected in other assets on the consolidated balance sheets. The unfunded commitment related to the limited partnership investments at September 30, 2025 and December 31, 2024 was $320,000 and $380,000, respectively, and is reflected in other liabilities on the consolidated balance sheets. The Company expects to fulfill the commitment as capital calls are made through 2026. The investments are accounted for as equity securities without a readily determinable fair value, and have been recorded at cost, less any impairment, and adjustments resulting from observable price changes. There were no impairments or adjustments on equity securities without readily determinable fair values during the three and nine months ended September 30, 2025 or 2024.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration