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v3.25.1

Securities | 3 Months Ended
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Mar. 31, 2025
Securities |
Securities | Note 2: Securities The amortized cost and fair values, together with gross unrealized gains and losses of securities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Gross |  | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
​ |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value
Available-for-sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2025: |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
U.S. government agencies | ​ | $ | 12,500 | ​ | $ | — | ​ | $ | (160) | ​ | $ | 12,340
Subordinated notes | ​ |  | 26,928 | ​ | ​ | — | ​ | ​ | (2,500) | ​ | ​ | 24,428
State and municipal obligations | ​ | ​ | 205,627 | ​ | ​ | 34 | ​ | ​ | (12,586) | ​ | ​ | 193,075
Total debt securities | ​ | $ | 245,055 | ​ | $ | 34 | ​ | $ | (15,246) | ​ | $ | 229,843
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Gross |  | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
​ |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value
​ | ​ | (In thousands)
Available-for-sale Securities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
December 31, 2024: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. government agencies | ​ | $ | 12,500 | ​ | $ | — | ​ | $ | (246) | ​ | $ | 12,254
Subordinated notes | ​ | ​ | 26,942 | ​ | ​ | — | ​ | ​ | (2,824) | ​ | ​ | 24,118
State and municipal obligations | ​ | ​ | 213,319 | ​ | ​ | 335 | ​ | ​ | (9,395) | ​ | ​ | 204,259
Total debt securities | ​ | $ | 252,761 | ​ | $ | 335 | ​ | $ | (12,465) | ​ | $ | 240,631
​ There was no allowance for credit losses at March 31, 2025 or December 31, 2024. The amortized cost and fair value of available-for-sale securities at March 31, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Fair
​ |  | Cost |  | Value
​ | ​ | (In thousands)
Under one year | ​ | $ | 4,235 | ​ | $ | 4,194
One to five years | ​ |  | 14,500 | ​ | ​ | 14,376
Five to ten years | ​ |  | 27,037 | ​ | ​ | 24,329
Over ten years | ​ |  | 199,283 | ​ | ​ | 186,944
Totals | ​ | $ | 245,055 | ​ | $ | 229,843
​ The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $118.7 million and $121.4 million at March 31, 2025 and December 31, 2024, respectively. Certain investments in debt securities are reported in the consolidated financial statements at an amount less than their historical cost. The total fair value of these investments at March 31, 2025 was $221.7 million, which represented 96% of the Company’s available-for-sale investment portfolio. The total fair value of these investments at December 31, 2024 was $208.8 million, which represented less than 87% of the Company’s available-for-sale. Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary and are a result of an increase in longer term interest rates. The following tables show the Company’s available for sale securities and the related gross unrealized losses and fair value,for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2025 and December 31. 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025
​ | ​ | Less than 12 Months | ​ | 12 Months or More | ​ | Total
Description of | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized
Securities |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
​ |  | (In thousands)
U.S. Government agencies | ​ | $ | — | ​ | $ | — | ​ | $ | 12,340 | ​ | $ | (160) | ​ | $ | 12,340 | ​ | $ | (160)
Subordinated notes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 24,428 | ​ | ​ | (2,500) | ​ | ​ | 24,428 | ​ | ​ | (2,500)
State and municipal obligations | ​ | ​ | 133,752 | ​ | ​ | (4,706) | ​ | ​ | 51,152 | ​ | ​ | (7,880) | ​ | ​ | 184,904 | ​ | ​ | (12,586)
Total temporarily impaired securities | ​ | $ | 133,752 | ​ | $ | (4,706) | ​ | $ | 87,920 | ​ | $ | (10,540) | ​ | $ | 221,672 | ​ | $ | (15,246)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | Less than 12 Months | ​ | 12 Months or More | ​ | Total
Description of | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | Unrealized
Securities |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
​ |  | (In thousands)
US government agencies | ​ | $ | — | ​ | $ | — | ​ | $ | 12,254 | ​ | $ | (246) | ​ | $ | 12,254 | ​ | $ | (246)
Subordinated notes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 24,118 | ​ | ​ | (2,824) | ​ | ​ | 24,118 | ​ | ​ | (2,824)
State and municipal obligations | ​ | ​ | 127,876 | ​ | ​ | (2,478) | ​ | ​ | 44,535 | ​ | ​ | (6,917) | ​ | ​ | 172,411 | ​ | ​ | (9,395)
Total temporarily impaired securities | ​ | $ | 127,876 | ​ | $ | (2,478) | ​ | $ | 80,907 | ​ | $ | (9,987) | ​ | $ | 208,783 | ​ | $ | (12,465)
​ The unrealized losses on the Company’s 196 investments in available for sale securities were caused primarily by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to require an allowance for credit losses to be recognized as of March 31, 2025 or December 31, 2024. The Company recorded a gain on the sale of available - for - sale securities of approximately $143,000 for the three months ended March 31, 2025. The Company sold $140,000 in securities for a loss of $2,000 and sold $7,593,000 million in securities for a gain of $145,000. The Company wanted to rebalance a portion of its security portfolio during the first quarter of 2025. The Company recorded a loss on the sale of available-for-sale securities of approximately $194,000 for the three months ended March 31, 2024. The Company sold $20.3 million in securities for a loss of $228,000 and sold $5.0 million in securities for a gain of $34,000.

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