Alerus Financial (ALRS) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-39036
Entity Registrant Name	ALERUS FINANCIAL CORPORATION
Entity Incorporation, State	DE
Entity Tax Identification Number	45-0375407
Entity Address, Address Line One	401 Demers Avenue
Entity Address, City or Town	Grand Forks
Entity Address, State or Province	ND
Entity Address, Postal Zip Code	58201
City Area Code	701
Local Phone Number	795-3200
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	ALRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,288,575
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000903419
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 132,832	$ 242,311
Available-for-sale, at fair value	866,333	853,649
Held-to-maturity, at carrying value	340,150	352,061
Loans held for sale	21,864	46,490
Loans	1,818,042	1,758,020
Allowance for loan losses	(31,713)	(31,572)
Net loans	1,786,329	1,726,448
Land, premises and equipment, net	17,619	18,370
Operating lease right-of-use assets	3,360	3,727
Accrued interest receivable	8,516	8,537
Bank-owned life insurance	33,358	33,156
Goodwill	31,490	31,490
Other intangible assets	19,197	20,250
Servicing rights	1,771	1,880
Deferred income taxes, net	23,517	11,614
Other assets	49,863	42,708
Total assets	3,336,199	3,392,691
Deposits
Noninterest-bearing	831,558	938,840
Interest-bearing	2,060,709	1,981,711
Total deposits	2,892,267	2,920,551
Long-term debt	58,902	58,933
Operating lease liabilities	3,850	4,275
Accrued expenses and other liabilities	52,675	49,529
Total liabilities	3,007,694	3,033,288
Stockholders' equity
Preferred stock, $1 par value, 2,000,000 shares authorized: 0 issued and outstanding
Common stock, $1 par value, 30,000,000 shares authorized: 17,288,575 and 17,212,588 issued and outstanding	17,289	17,213
Additional paid-in capital	92,573	92,878
Retained earnings	260,967	253,567
Accumulated other comprehensive income (loss)	(42,324)	(4,255)
Total stockholders' equity	328,505	359,403
Total liabilities and stockholders' equity	$ 3,336,199	$ 3,392,691

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Preferred stock, par value	$ 1	$ 1
Preferred Stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	17,288,575	17,212,588
Common stock, shares outstanding	17,288,575	17,212,588

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest Income
Loans, including fees	$ 17,292	$ 20,567
Taxable	5,440	2,401
Exempt from federal income taxes	216	236
Other	116	117
Total interest income	23,064	23,321
Interest Expense
Deposits	829	995
Long-term debt	562	288
Total interest expense	1,391	1,283
Net interest income	21,673	22,038
Net interest income after provision for loan losses	21,673	22,038
Noninterest Income
Mortgage banking	4,931	17,132
Net gains (losses) on investment securities		114
Other	1,204	1,056
Total noninterest income	29,470	40,881
Noninterest Expense
Compensation	19,051	23,698
Employee taxes and benefits	6,162	5,813
Occupancy and equipment expense	2,051	2,231
Business services, software and technology expense	4,924	4,976
Intangible amortization expense	1,053	1,151
Professional fees and assessments	1,541	1,472
Marketing and business development	600	676
Supplies and postage	646	531
Travel	179	26
Mortgage and lending expenses	686	1,332
Other	1,178	1,136
Total noninterest expense	38,071	43,042
Income before income taxes	13,072	19,877
Income tax expense	2,888	4,662
Net income	$ 10,184	$ 15,215
Per Common Share Data
Basic earnings per common share	$ 0.58	$ 0.87
Diluted earnings per common share	0.57	0.86
Dividends declared per common share	$ 0.16	$ 0.15
Average common shares outstanding	17,244	17,145
Diluted average common shares outstanding	17,500	17,465
Retirement and Benefit Services
Noninterest Income
Revenue	$ 17,646	$ 17,255
Wealth Management
Noninterest Income
Revenue	5,326	4,986
Deposit Account
Noninterest Income
Revenue	$ 363	$ 338

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Consolidated Statements of Comprehensive Income
Net Income	$ 10,184	$ 15,215
Other Comprehensive Income (Loss), Net of Tax
Unrealized gains (losses) on available-for-sale securities	(46,708)	(18,036)
Accretion of (gains) losses on debt securities reclassified to held-to-maturity	(4,118)
Reclassification adjustment for losses (gains) realized in income		(114)
Total other comprehensive income (loss), before tax	(50,826)	(18,150)
Income tax expense (benefit) related to items of other comprehensive income	(12,757)	(4,556)
Other comprehensive income (loss), net of tax	(38,069)	(13,594)
Total comprehensive income (loss)	$ (27,885)	$ 1,621

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders Equity - USD ($) $ in Thousands	Common Stock	Additional Paid in Capital.	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Beginning balance at Dec. 31, 2020	$ 17,125	$ 90,237	$ 212,163	$ 10,638	$ 330,163
Net Income			15,215		15,215
Other comprehensive income (loss)				(13,594)	(13,594)
Common stock repurchased	(16)	(134)	(296)		(446)
Common stock dividends			(2,602)		(2,602)
Share-based compensation expense		498			498
Vesting of restricted stock	81	(81)
Ending balance at Mar. 31, 2021	17,190	90,520	224,480	(2,956)	329,234
Beginning balance at Dec. 31, 2021	17,213	92,878	253,567	(4,255)	359,403
Net Income			10,184		10,184
Other comprehensive income (loss)				(38,069)	(38,069)
Common stock repurchased	(20)	(587)			(607)
Common stock dividends			(2,784)		(2,784)
Share-based compensation expense		378			378
Vesting of restricted stock	96	(96)
Ending balance at Mar. 31, 2022	$ 17,289	$ 92,573	$ 260,967	$ (42,324)	$ 328,505

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net income	$ 10,184	$ 15,215
Adjustments to reconcile net income to net cash provided (used) by operating activities
Deferred income taxes	854	264
Depreciation and amortization	2,083	2,345
Amortization and accretion of premiums/discounts on investment securities	1,010	794
Amortization of operating lease right-of-use assets	(19)	(8)
Stock-based compensation	378	498
Increase in value of bank-owned life insurance	(202)	(193)
Realized loss (gain) on sale of fixed assets		(27)
Realized loss (gain) on derivative instruments	2	(713)
Realized loss (gain) on loans sold	(3,097)	(14,201)
Realized loss (gain) on sale of foreclosed assets	(8)	(23)
Realized loss (gain) on sale of investment securities		(114)
Realized loss (gain) on servicing rights	(51)	(165)
Net change in:
Loans held for sale	27,638	57,823
Accrued interest receivable	21	391
Other assets	(4,818)	(2,050)
Accrued expenses and other liabilities	872	(4,995)
Net cash provided (used) by operating activities	34,847	54,841
Investing Activities
Proceeds from sales or calls of investment securities available-for-sale		13,189
Proceeds from maturities of investment securities available-for-sale	31,665	27,307
Purchases of investment securities available-for-sale	(95,640)	(262,081)
Proceeds from sales or calls of investment securities held-to-maturity	515
Proceeds from maturities of investment securities held-to-maturity	10,851
Net (increase) decrease in loans	(59,910)	41,391
Purchases of premises and equipment	(130)	(277)
Proceeds from sales of foreclosed assets	57	101
Net cash provided (used) by investing activities	(112,592)	(180,370)
Financing Activities
Net increase (decrease) in deposits	(28,284)	145,580
Repayments of long-term debt	(59)	(49,748)
Proceeds from the issuance of subordinated debt		50,000
Cash dividends paid on common stock	(2,784)	(2,602)
Repurchase of common stock	(607)	(446)
Net cash provided (used) by financing activities	(31,734)	142,784
Net change in cash and cash equivalents	(109,479)	17,255
Cash and cash equivalents at beginning of period	242,311	172,962
Cash and cash equivalents at end of period	132,832	190,217
Cash paid for:
Interest	926	1,405
Income taxes	12	736
Non-cash information
Loan collateral transferred to foreclosed assets	29	154
Unrealized gain (loss) on investment securities available-for-sale	(33,951)	$ (13,594)
Accretion of unrealized (gain) loss on investment securities held-to-maturity	$ (4,118)

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Significant Accounting Policies
Significant Accounting Policies	NOTE 1 Significant Accounting Policies Organization Alerus Financial Corporation, or the Company, is a financial holding company organized under the laws of the state of Delaware. The Company and its subsidiaries operate as a diversified financial services company headquartered in Grand Forks, North Dakota. Through its subsidiary, Alerus Financial, National Association, or the Bank, the Company provides financial solutions to businesses and consumers through four distinct business lines—banking, retirement and benefit services, wealth management, and mortgage. Basis of Presentation The accompanying unaudited consolidated financial statements and notes thereto of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC, and conform to practices within the banking industry and include all of the information and disclosures required by generally accepted accounting principles in the United States of America, or GAAP, for interim financial reporting. The accompanying unaudited consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of financial results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results for the full year or any other period. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q. These interim unaudited financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto as of and for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 11, 2022. Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company’s principal operating subsidiary is the Bank. In the normal course of business, the Company may enter into a transaction with a variable interest entity, or VIE. VIE’s are legal entities whose investors lack the ability to make decisions about the entity’s activities, or whose equity investors do not have the right to receive the residual returns of the entity. The applicable accounting guidance requires the Company to perform ongoing quantitative and qualitative analysis to determine whether it must consolidate any VIE. The Company does not have any ownership interest in, or exert any control, over any VIE, and thus no VIE’s are included in the consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the valuation of investment securities, determination of the allowance for loan losses, valuation of reporting units for the purpose of testing goodwill and other intangible assets for impairment, valuation of deferred tax assets, and fair values of financial instruments. Reclassifications Certain items previously reported have been reclassified to conform to the current period’s reporting format. Such reclassifications did not affect net income or stockholders’ equity. Other Information As of March 31, 2022, the Coronavirus Disease, or COVID-19, pandemic was ongoing. During 2020, the COVID-19 pandemic created disruption in global supply chains, increased rates of unemployment and adversely impacted many industries, including industries related to the collateral underlying certain of our loans, and many of these effects are continuing. Beginning in 2021 and continuing into 2022, the U.S. economy, with certain setbacks, started reopening and wider distribution of vaccines encouraged greater economic activity. Nonetheless, the economic recovery could remain uneven, particularly given uncertainty with respect to the continued distribution and acceptance of the vaccines and their effectiveness with respect to new variants of the virus. Management believes the Company is taking appropriate actions to mitigate, to the extent possible, the negative impact. However, the full impact of COVID-19 is currently unknown and cannot be reasonably estimated as the events are continuing to unfold. Emerging Growth Company The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, and may take advantage of certain exemptions from various reporting requirements that are applicable to public companies that are not emerging growth companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. In addition, even if the Company complies with the greater obligations of public companies that are not emerging growth companies, the Company may avail itself of the reduced requirements applicable to emerging growth companies from time to time in the future, so long as the Company is an emerging growth company. The Company will continue to be an emerging growth company until the earliest to occur of: (1) the end of the fiscal year following the fifth anniversary of the date of the first sale of common equity securities under the Company’s Registration Statement on Form S-1, which was declared effective by the SEC on September 12, 2019; (2) the last day of the fiscal year in which the Company has $1.07 billion or more in annual revenues; (3) the date on which the Company is deemed to be a “large accelerated filer” under the Securities Exchange Act of 1934, as amended, or the “Exchange Act”; or (4) the date on which the Company has, during the previous three-year period, issued publicly or privately, more than $1.0 billion in non-convertible debt securities. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933 for complying with new or revised accounting standards. As an emerging growth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to take advantage of the benefits of this extended transition period.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
Recent Accounting Pronouncements
Recent Accounting Pronouncements	NOTE 2 Recent Accounting Pronouncements The following FASB Accounting Standards Updates, or ASUs, are divided into pronouncements which have been adopted by the Company since January 1, 2022, and those which are not yet effective and have been evaluated or are currently being evaluated by management as of March 31, 2022. Adopted Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), which simplifies accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for the areas of Topic 740 by clarifying and amending existing guidance. This guidance is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2020, for public business entities. For private companies and smaller reporting companies, this guidance is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2021. The Company adopted ASU 2019-12, as of January 2022. The new guidance did not have an impact on the Company’s consolidated financial statements. Pronouncements Not Yet Effective In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU requires a new impairment model known as the current expected credit loss, or CECL, which significantly changes the way impairment of financial instruments is recognized by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of financial instruments. The main provisions of ASU 2016-13 include (1) replacing the “incurred cost” approach under GAAP with an “expected loss” model for instruments measured at amortized cost, (2) requiring entities to record an allowance for credit losses related to available-for-sale debt securities rather than a direct write-down of the carrying amount of the investments, as is required by the other-than-temporary impairment model under current GAAP, and (3) a simplified accounting model for purchase credit-impaired debt securities and loans. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326). This update amends the effective date of ASU No. 2016-13 for certain entities, including private companies and smaller reporting companies, until fiscal years beginning after December 15, 2022, including interim periods within those fiscal periods. Early adoption is permitted. As an emerging growth company, the Company can take advantage of this delay and plans to adopt the standard with the amended effective date. The Company does not plan to early adopt this standard but continues to work on its implementation. The Company continues collecting and retaining loan and credit data and evaluating various loss estimation models. While we currently cannot reasonably estimate the impact of adopting this standard, we expect the impact will be influenced by the composition, characteristics, and quality of our loan portfolio, as well as the general economic conditions and forecasts as of the adoption date. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which affects a variety of topics in the Codification and applies to all reporting entities within the scope of the affected accounting guidance. The Company will consider these clarifications and improvements in determining the appropriate adoption of ASU 2019-04. In May 2019, the FASB issued ASU 2019-05, Targeted Transition Relief, to provide entities with an option to irrevocably elect the fair value option applied on an instrument-by-instrument basis for eligible instruments. In November 2019, the FASB Issued ASU 2019-10, which amends the effective date of this ASU for certain entities, including private companies and smaller reporting companies, until after December 15, 2022, including interim periods within those fiscal years. As an emerging growth company, the Company can take advantage of this delay and plans to adopt the standard with the amended effective date. This update is not expected to have a significant impact on the Company’s consolidated financial statements In March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments. This ASU represents changes to clarify or improve the Accounting Standards Codification, or ASC, related to seven topics. The amendments make the ASC easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. Issues 1, 2, 3, 4, and 5 are conforming amendments and for public business entities effective upon the issuance of the standard. Issues 6 and 7 are amendments that affect the guidance in ASU 2016-13. The Company will consider these clarifications and improvements in determining the appropriate adoption of ASU 2016-13. ​

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2022
Investment Securities
Investment Securities	NOTE 3 Investment Securities The following tables present amortized cost, gross unrealized gain and losses, and fair value of the available-for-sale investment securities and the amortized cost, net unrealized gains, carrying value, gross unrealized gains and losses and fair value of for held-to-maturity as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair (dollars in thousands) Cost ​ Gains ​ Losses Value Available-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury and agencies ​ $ 4,107 ​ $ 60 ​ $ — ​ $ 4,167 Mortgage backed securities ​ ​ ​ ​ ​ ​ ​ Residential agency ​ 765,363 ​ 229 ​ (54,471) ​ 711,121 Commercial ​ 85,123 ​ 185 ​ (2,576) ​ 82,732 Asset backed securities ​ 41 ​ 1 ​ — ​ 42 Corporate bonds ​ 69,033 ​ 531 ​ (1,293) ​ 68,271 Total available-for-sale investment securities ​ ​ 923,667 ​ ​ 1,006 ​ ​ (58,340) ​ ​ 866,333 Held-to-maturity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of state and political agencies ​ ​ 141,373 ​ 1 ​ (7,594) ​ 133,780 Mortgage backed securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential agency ​ ​ 198,777 ​ — ​ (14,731) ​ 184,046 Total held-to-maturity investment securities ​ ​ 340,150 ​ ​ 1 ​ ​ (22,325) ​ ​ 317,826 Total investment securities ​ $ 1,263,817 ​ $ 1,007 ​ $ (80,665) ​ $ 1,184,159 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair (dollars in thousands) Cost ​ Gains ​ Losses Value Available-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury and agencies ​ $ 5,028 ​ $ 75 ​ $ — ​ $ 5,103 Mortgage backed securities ​ ​ ​ ​ ​ ​ Residential agency ​ 717,781 ​ 1,213 ​ (11,837) ​ 707,157 Commercial ​ 88,362 ​ 2,674 ​ (123) ​ 90,913 Asset backed securities ​ 52 ​ ​ 2 ​ — ​ 54 Corporate bonds ​ 49,035 ​ 1,398 ​ (11) ​ 50,422 Total available-for-sale investment securities ​ ​ 860,258 ​ ​ 5,362 ​ ​ (11,971) ​ ​ 853,649 Held-to-maturity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of state and political agencies ​ ​ 144,543 ​ ​ 1,110 ​ ​ (349) ​ ​ 145,304 Mortgage backed securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential agency ​ ​ 207,518 ​ ​ — ​ ​ (3,145) ​ ​ 204,373 Total held-to-maturity investment securities ​ ​ 352,061 ​ ​ 1,110 ​ ​ (3,494) ​ ​ 349,677 Total investment securities ​ $ 1,212,319 ​ $ 6,472 ​ $ (15,465) ​ $ 1,203,326 ​ Gross unrealized losses on investment securities and the fair value of the related securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2022 and December 31, 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Less than 12 Months ​ Over 12 Months ​ Total ​ ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair (dollars in thousands) Losses Value Losses Value Losses Value Available-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury and agencies ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Mortgage backed securities ​ ​ ​ ​ ​ ​ Residential agency ​ (30,707) ​ 462,087 ​ (23,764) ​ 219,167 ​ (54,471) ​ 681,254 Commercial ​ (2,576) ​ 70,176 ​ — ​ — ​ (2,576) ​ 70,176 Asset backed securities ​ — ​ — ​ — ​ 2 ​ — ​ 2 Corporate bonds ​ (1,293) ​ 38,240 ​ — ​ — ​ (1,293) ​ 38,240 Total available-for-sale investment securities ​ ​ (34,576) ​ ​ 570,503 ​ ​ (23,764) ​ ​ 219,169 ​ ​ (58,340) ​ ​ 789,672 Held-to-maturity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of state and political agencies ​ ​ (7,594) ​ ​ 131,278 ​ ​ — ​ ​ — ​ ​ (7,594) ​ ​ 131,278 Mortgage backed securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential agency ​ ​ (14,731) ​ ​ 184,046 ​ ​ — ​ ​ — ​ ​ (14,731) ​ ​ 184,046 Total held-to-maturity investment securities ​ ​ (22,325) ​ ​ 315,324 ​ ​ — ​ ​ — ​ ​ (22,325) ​ ​ 315,324 Total investment securities ​ $ (56,901) ​ $ 885,827 ​ $ (23,764) ​ $ 219,169 ​ $ (80,665) ​ $ 1,104,996 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Less than 12 Months ​ Over 12 Months ​ Total ​ ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair (dollars in thousands) Losses Value Losses Value Losses Value Available-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury and agencies ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Mortgage backed securities ​ ​ ​ ​ ​ ​ Residential agency ​ (10,156) ​ 554,811 ​ (1,681) ​ 55,082 ​ (11,837) ​ 609,893 Commercial ​ (123) ​ 17,470 ​ — ​ — ​ (123) ​ 17,470 Asset backed securities ​ — ​ — ​ — ​ 2 ​ — ​ 2 Corporate bonds ​ (11) ​ 5,989 ​ — ​ — ​ (11) ​ 5,989 Total available-for-sale investment securities ​ ​ (10,290) ​ ​ 578,270 ​ ​ (1,681) ​ ​ 55,084 ​ ​ (11,971) ​ ​ 633,354 Held-to-maturity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of state and political agencies ​ ​ (349) ​ ​ 53,210 ​ ​ — ​ ​ — ​ ​ (349) ​ ​ 53,210 Mortgage backed securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential agency ​ ​ (3,145) ​ ​ 204,373 ​ ​ — ​ ​ — ​ ​ (3,145) ​ ​ 204,373 Total held-to-maturity investment securities ​ ​ (3,494) ​ ​ 257,583 ​ ​ — ​ ​ — ​ ​ (3,494) ​ ​ 257,583 Total investment securities ​ $ (13,784) ​ $ 835,853 ​ $ (1,681) ​ $ 55,084 ​ $ (15,465) ​ $ 890,937 ​ For all of the above investment securities, the unrealized losses were generally due to changes in interest rates, and unrealized losses were considered to be temporary as the fair value is expected to recover as the securities approach their maturity dates. The Company expects that it could see a continued increase in unrealized losses if the Federal Reserve continues to raise interest rates. The Company evaluates securities for other-than-temporary impairment, or OTTI, on a quarterly basis, at a minimum, and more frequently when economic or market concerns warrant such evaluation. In estimating OTTI losses, consideration is given to the severity and duration of the impairment; the financial condition and near-term prospects of the issuer, which for debt securities, considers external credit ratings and recent downgrades; and the intent and ability of the Company to hold the security for a period of time sufficient for a recovery in value. For the three months ended March 31, 2022 and 2021, the Company did not recognize OTTI losses on its investment securities. The following table presents amortized cost and fair value of available-for-sale and carrying value and fair value of held-to-maturity investment securities as of March 31, 2022, by contractual maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-to-maturity ​ Available-for-sale ​ ​ Carrying ​ Fair ​ Amortized ​ Fair (dollars in thousands) Value ​ Value ​ Cost Value Due within one year or less ​ $ 7,452 ​ $ 7,423 ​ $ 1 ​ $ 1 Due after one year through five years ​ 35,474 ​ 33,923 ​ 8,456 ​ 8,316 Due after five years through ten years ​ 73,557 ​ 69,032 ​ 100,021 ​ 98,740 Due after 10 years ​ 223,667 ​ 207,448 ​ 815,189 ​ 759,276 Total investment securities ​ $ 340,150 ​ $ 317,826 ​ $ 923,667 ​ $ 866,333 ​ 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. Investment securities with a total carrying value of $270.0 million and $192.8 million were pledged as of March 31, 2022 and December 31, 2021, respectively, to secure public deposits and for other purposes required or permitted by law. Proceeds from the sale or call of available-for-sale investment securities, for the three months ended March 31, 2022 and 2021, are displayed in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (dollars in thousands) 2022 2021 Proceeds ​ $ — ​ $ 13,189 Realized gains ​ — ​ 114 Realized losses ​ — ​ — ​ Proceeds from the call of held-to-maturity investment securities, for the three months ended March 31, 2022 and 2021, are displayed in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (dollars in thousands) 2022 2021 Proceeds ​ $ 515 ​ $ — Realized gains ​ — ​ — Realized losses ​ — ​ — ​ As of March 31, 2022 and December 31, 2021, the carrying value of the Company’s Federal Reserve stock and Federal Home Loan Bank of Des Moines, or FHLB, stock was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2022 2021 Federal Reserve ​ $ 2,675 ​ $ 2,675 FHLB ​ 4,246 ​ 3,806 ​ These securities can only be redeemed or sold at their par value and only to the respective issuing institution or to another member institution. The Company records these non-marketable equity securities as a component of other assets and periodically evaluates these securities for impairment. Management considers these non-marketable equity securities to be long-term investments. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. Visa Class B Restricted Shares In 2008, the Company received Visa Class B restricted shares as part of Visa’s initial public offering. These shares are transferable only under limited circumstances until they can be converted into the publicly traded Class A common shares. This conversion will not occur until the settlement of certain litigation which will be indemnified by Visa members, including the Company. Visa funded an escrow account from its initial public offering to settle these litigation claims. Should this escrow account be insufficient to cover these litigation claims, Visa is entitled to fund additional amounts to the escrow account by reducing each member bank’s Class B conversion ratio to unrestricted Class A shares. As of March 31, 2022, the conversion ratio was 1.6181. Based on the existing transfer restriction and the uncertainty of the outcome of the Visa litigation mentioned above, the 6,924 Class B shares (11,204 Class A equivalents) that the Company owned as of March 31, 2022 and December 31, 2021, were carried at a zero cost basis.

Loans and Allowance for Loan Lo

Loans and Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2022
Loans and Allowance for Loan Losses
Loans and Allowance for Loan Losses	NOTE 4 Loans and Allowance for Loan Losses The following table presents total loans outstanding, by portfolio segment, as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (dollars in thousands) 2022 2021 Commercial ​ ​ ​ ​ ​ ​ Commercial and industrial (1) ​ $ 467,449 ​ $ 436,761 Real estate construction ​ 41,604 ​ 40,619 Commercial real estate ​ 602,158 ​ 598,893 Total commercial ​ 1,111,211 ​ 1,076,273 Consumer ​ ​ Residential real estate first mortgage ​ 522,489 ​ 510,716 Residential real estate junior lien ​ 130,604 ​ 125,668 Other revolving and installment ​ 53,738 ​ 45,363 Total consumer ​ 706,831 ​ 681,747 Total loans ​ $ 1,818,042 ​ $ 1,758,020 (1) Included Paycheck Protection Program, or PPP, loans of $13.1 million at March 31, 2022 and $33.6 million at December 31, 2021. ​ Total loans included net deferred loan fees and costs of $444 thousand and $231 thousand at March 31, 2022 and December 31, 2021, respectively. Deferred loan fees on PPP loans were $333 thousand at March 31, 2022 and $881 thousand at December 31, 2021. Management monitors the credit quality of its loan portfolio on an ongoing basis. Measurements of delinquency and past due status are based on the contractual terms of each loan. Past due loans are reviewed regularly to identify loans for nonaccrual status. Loan modifications made in accordance with the Interagency Statement on Loan Modifications and Reporting for Financial Institutions, as issued on April 7, 2020, are included as accruing current. The following tables present a past due aging analysis of total loans outstanding, by portfolio segment, as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ 90 Days ​ ​ ​ ​ ​ ​ ​ ​ Accruing ​ 30 - 89 Days ​ or More ​ ​ ​ ​ Total (dollars in thousands) Current Past Due Past Due Nonaccrual Loans Commercial ​ ​ ​ ​ ​ Commercial and industrial ​ $ 465,678 ​ $ 218 ​ $ 146 ​ $ 1,407 ​ $ 467,449 Real estate construction ​ 41,604 ​ — ​ — ​ — ​ 41,604 Commercial real estate ​ 601,087 ​ 442 ​ — ​ 629 ​ 602,158 Total commercial ​ 1,108,369 ​ 660 ​ 146 ​ 2,036 ​ 1,111,211 Consumer ​ ​ ​ ​ ​ Residential real estate first mortgage ​ 520,043 ​ 687 ​ — ​ 1,759 ​ 522,489 Residential real estate junior lien ​ 129,934 ​ 445 ​ — ​ 225 ​ 130,604 Other revolving and installment ​ 53,518 ​ 171 ​ — ​ 49 ​ 53,738 Total consumer ​ 703,495 ​ 1,303 ​ — ​ 2,033 ​ 706,831 Total loans ​ $ 1,811,864 ​ $ 1,963 ​ $ 146 ​ $ 4,069 ​ $ 1,818,042 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ 90 Days ​ ​ ​ ​ ​ ​ ​ ​ Accruing ​ 30 - 89 Days ​ or More ​ ​ ​ ​ Total (dollars in thousands) Current Past Due Past Due Nonaccrual Loans Commercial ​ ​ ​ ​ ​ Commercial and industrial ​ $ 435,135 ​ $ 168 ​ $ 121 ​ $ 1,337 ​ $ 436,761 Real estate construction ​ 40,619 ​ — ​ — ​ — ​ 40,619 Commercial real estate ​ 598,264 ​ — ​ — ​ 629 ​ 598,893 Total commercial ​ 1,074,018 ​ 168 ​ 121 ​ 1,966 ​ 1,076,273 Consumer ​ ​ ​ ​ ​ Residential real estate first mortgage ​ 508,925 ​ 1,770 ​ — ​ 21 ​ 510,716 Residential real estate junior lien ​ 125,412 ​ 167 ​ — ​ 89 ​ 125,668 Other revolving and installment ​ 45,242 ​ 121 ​ — ​ — ​ 45,363 Total consumer ​ 679,579 ​ 2,058 ​ — ​ 110 ​ 681,747 Total loans ​ $ 1,753,597 ​ $ 2,226 ​ $ 121 ​ $ 2,076 ​ $ 1,758,020 ​ Interest income foregone on nonaccrual loans approximated $36 thousand and $80 thousand for the three months ended March 31, 2022 and 2021, respectively. The Company’s consumer loan portfolio is primarily comprised of secured loans that are evaluated at origination on a centralized basis against standardized underwriting criteria. The Company generally does not risk rate consumer loans unless a default event such as bankruptcy or extended nonperformance takes place. Credit quality for the consumer loan portfolio is measured by delinquency rates, nonaccrual amounts and actual losses incurred. The Company assigns a risk rating to all commercial loans, except pools of homogeneous loans, and periodically performs detailed internal and external reviews of risk rated loans over a certain threshold to identify credit risks and to assess the overall collectability of the portfolio. These risk ratings are also subject to examination by the Company’s regulators. During the internal reviews, management monitors and analyzes the financial condition of borrowers and guarantors, trends in the industries in which the borrowers operate and the estimated fair values of collateral securing the loans. These credit quality indicators are used to assign a risk rating to each individual loan. The Company’s ratings are aligned to pass and criticized categories. The criticized category includes special mention, substandard, and doubtful risk ratings. The risk ratings are defined as follows: Pass: Special Mention: Substandard: Doubtful: Loss: The tables below present total loans outstanding, by loan portfolio segment, and risk category as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ Criticized ​ ​ ​ ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) Pass Mention Substandard Doubtful Total Commercial ​ ​ ​ ​ ​ Commercial and industrial ​ $ 463,278 ​ $ — ​ $ 4,171 ​ $ — ​ $ 467,449 Real estate construction ​ 41,604 ​ — ​ — ​ — ​ 41,604 Commercial real estate ​ 592,748 ​ — ​ 9,410 ​ — ​ 602,158 Total commercial ​ ​ 1,097,630 ​ ​ — ​ ​ 13,581 ​ ​ — ​ ​ 1,111,211 Consumer ​ ​ ​ ​ ​ Residential real estate first mortgage ​ 520,438 ​ — ​ 2,051 ​ — ​ 522,489 Residential real estate junior lien ​ 129,830 ​ — ​ 774 ​ — ​ 130,604 Other revolving and installment ​ 53,689 ​ — ​ 49 ​ — ​ 53,738 Total consumer ​ 703,957 ​ — ​ 2,874 ​ — ​ 706,831 Total loans ​ $ 1,801,587 ​ $ — ​ $ 16,455 ​ $ — ​ $ 1,818,042 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Criticized ​ ​ ​ ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) Pass Mention Substandard Doubtful Total Commercial ​ ​ ​ ​ ​ Commercial and industrial ​ $ 430,235 ​ $ 480 ​ $ 6,046 ​ $ — ​ $ 436,761 Real estate construction ​ 40,619 ​ — ​ — ​ — ​ 40,619 Commercial real estate ​ 585,291 ​ — ​ 13,602 ​ — ​ 598,893 Total commercial ​ ​ 1,056,145 ​ ​ 480 ​ ​ 19,648 ​ ​ — ​ ​ 1,076,273 Consumer ​ ​ ​ ​ ​ Residential real estate first mortgage ​ 510,375 ​ — ​ 341 ​ — ​ 510,716 Residential real estate junior lien ​ 124,898 ​ — ​ 770 ​ — ​ 125,668 Other revolving and installment ​ 45,363 ​ — ​ — ​ — ​ 45,363 Total consumer ​ 680,636 ​ — ​ 1,111 ​ — ​ 681,747 Total loans ​ $ 1,736,781 ​ $ 480 ​ $ 20,759 ​ $ — ​ $ 1,758,020 ​ The adequacy of the allowance for loan losses is assessed at the end of each quarter. The allowance for loan losses includes a specific component related to loans that are individually evaluated for impairment and a general component related to loans that are segregated into homogeneous pools and collectively evaluated for impairment. The factors applied to these pools are an estimate of probable incurred losses based on management’s evaluation of historical net losses from loans with similar characteristics, which are adjusted by management to reflect current events, trends, and conditions. The adjustments include consideration of the following: changes in lending policies and procedures, economic conditions, nature and volume of the portfolio, experience of lending management, volume and severity of past due loans, quality of the loan review system, value of underlying collateral for collateral dependent loans, concentrations, and other external factors. The following tables present, by loan portfolio segment, a summary of the changes in the allowance for loan losses for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ ​ Beginning ​ Provision for ​ Loan ​ Loan ​ Ending (dollars in thousands) Balance Loan Losses Charge-offs Recoveries Balance Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ $ 8,925 ​ $ 771 ​ $ (27) ​ $ 126 ​ $ 9,795 Real estate construction ​ ​ 783 ​ ​ 27 ​ ​ — ​ ​ — ​ ​ 810 Commercial real estate ​ ​ 12,376 ​ ​ (441) ​ ​ — ​ ​ 11 ​ ​ 11,946 Total commercial ​ ​ 22,084 ​ ​ 357 ​ ​ (27) ​ ​ 137 ​ ​ 22,551 Consumer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate first mortgage ​ ​ 6,532 ​ ​ 129 ​ ​ — ​ ​ — ​ ​ 6,661 Residential real estate junior lien ​ ​ 1,295 ​ ​ 92 ​ ​ — ​ ​ 13 ​ ​ 1,400 Other revolving and installment ​ ​ 481 ​ ​ 145 ​ ​ (18) ​ ​ 36 ​ ​ 644 Total consumer ​ ​ 8,308 ​ ​ 366 ​ ​ (18) ​ ​ 49 ​ ​ 8,705 Unallocated ​ ​ 1,180 ​ ​ (723) ​ ​ — ​ ​ — ​ ​ 457 Total ​ $ 31,572 ​ $ — ​ $ (45) ​ $ 186 ​ $ 31,713 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ ​ Beginning ​ Provision for ​ Loan ​ Loan ​ Ending (dollars in thousands) Balance Loan Losses Charge-offs Recoveries Balance Commercial ​ ​ ​ ​ ​ Commercial and industrial ​ $ 10,205 ​ $ 316 ​ $ (204) ​ $ 170 ​ $ 10,487 Real estate construction ​ 658 ​ (60) ​ — ​ — ​ 598 Commercial real estate ​ 14,105 ​ 277 ​ (536) ​ 3 ​ 13,849 Total commercial ​ 24,968 ​ 533 ​ (740) ​ 173 ​ 24,934 Consumer ​ ​ ​ ​ ​ ​ Residential real estate first mortgage ​ 5,774 ​ 273 ​ — ​ — ​ 6,047 Residential real estate junior lien ​ 1,373 ​ (168) ​ — ​ 83 ​ 1,288 Other revolving and installment ​ 753 ​ (83) ​ (44) ​ 40 ​ 666 Total consumer ​ 7,900 ​ 22 ​ (44) ​ 123 ​ 8,001 Unallocated ​ 1,378 ​ (555) ​ — ​ — ​ 823 Total ​ $ 34,246 ​ $ — ​ $ (784) ​ $ 296 ​ $ 33,758 ​ The following tables present the recorded investment in loans and related allowance for loan losses, by loan portfolio segment, disaggregated on the basis of the Company’s impairment methodology, as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Recorded Investment ​ Allowance for Loan Losses ​ ​ Individually ​ Collectively ​ ​ ​ ​ Individually ​ Collectively ​ ​ ​ (dollars in thousands) Evaluated Evaluated Total Evaluated Evaluated Total Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ $ 1,584 ​ $ 465,865 ​ $ 467,449 ​ $ 339 ​ $ 9,456 ​ $ 9,795 Real estate construction ​ — ​ 41,604 ​ 41,604 ​ ​ — ​ ​ 810 ​ ​ 810 Commercial real estate ​ 806 ​ 601,352 ​ 602,158 ​ ​ 4 ​ ​ 11,942 ​ ​ 11,946 Total commercial ​ 2,390 ​ 1,108,821 ​ 1,111,211 ​ ​ 343 ​ ​ 22,208 ​ ​ 22,551 Consumer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate first mortgage ​ 1,759 ​ 520,730 ​ 522,489 ​ ​ — ​ ​ 6,661 ​ ​ 6,661 Residential real estate junior lien ​ 226 ​ 130,378 ​ 130,604 ​ ​ — ​ ​ 1,400 ​ ​ 1,400 Other revolving and installment ​ 49 ​ 53,689 ​ 53,738 ​ ​ 18 ​ ​ 626 ​ ​ 644 Total consumer ​ 2,034 ​ 704,797 ​ 706,831 ​ ​ 18 ​ ​ 8,687 ​ ​ 8,705 Unallocated ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 457 Total loans ​ $ 4,424 ​ $ 1,813,618 ​ $ 1,818,042 ​ $ 361 ​ $ 30,895 ​ $ 31,713 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Recorded Investment ​ Allowance for Loan Losses ​ ​ Individually ​ Collectively ​ ​ ​ ​ Individually ​ Collectively ​ ​ ​ (dollars in thousands) Evaluated Evaluated Total Evaluated Evaluated Total Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ $ 1,831 ​ $ 434,930 ​ $ 436,761 ​ $ 278 ​ $ 8,647 ​ $ 8,925 Real estate construction ​ — ​ 40,619 ​ 40,619 ​ ​ — ​ ​ 783 ​ ​ 783 Commercial real estate ​ 809 ​ 598,084 ​ 598,893 ​ ​ 5 ​ ​ 12,371 ​ ​ 12,376 Total commercial ​ 2,640 ​ 1,073,633 ​ 1,076,273 ​ ​ 283 ​ ​ 21,801 ​ ​ 22,084 Consumer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate first mortgage ​ 21 ​ 510,695 ​ 510,716 ​ ​ — ​ ​ 6,532 ​ ​ 6,532 Residential real estate junior lien ​ 91 ​ ​ 125,577 ​ 125,668 ​ ​ — ​ ​ 1,295 ​ ​ 1,295 Other revolving and installment ​ — ​ 45,363 ​ 45,363 ​ ​ — ​ ​ 481 ​ ​ 481 Total consumer ​ 112 ​ 681,635 ​ 681,747 ​ ​ — ​ ​ 8,308 ​ ​ 8,308 Unallocated ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,180 Total loans ​ $ 2,752 ​ $ 1,755,268 ​ $ 1,758,020 ​ $ 283 ​ $ 30,109 ​ $ 31,572 ​ The tables below summarize key information on impaired loans. These impaired loans may have estimated losses which are included in the allowance for loan losses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 ​ ​ Recorded ​ Unpaid ​ Related Recorded ​ Unpaid ​ Related (dollars in thousands) Investment Principal Allowance Investment Principal Allowance Impaired loans with a valuation allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ $ 508 ​ $ 532 ​ $ 339 ​ $ 445 ​ $ 464 ​ $ 278 Commercial real estate ​ 177 ​ 199 ​ 4 ​ 180 ​ 203 ​ 5 Residential real estate junior lien ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — Other revolving and installment ​ 40 ​ 40 ​ 18 ​ ​ — ​ — ​ — Total impaired loans with a valuation allowance ​ ​ 725 ​ ​ 771 ​ ​ 361 ​ ​ 625 ​ ​ 667 ​ ​ 283 Impaired loans without a valuation allowance ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 1,076 ​ ​ 1,188 ​ ​ — ​ ​ 1,386 ​ ​ 1,575 ​ ​ — Commercial real estate ​ 629 ​ ​ 684 ​ — ​ ​ 629 ​ 684 ​ — Residential real estate first mortgage ​ 1,759 ​ 1,759 ​ — ​ ​ 21 ​ 24 ​ — Residential real estate junior lien ​ 226 ​ 256 ​ — ​ ​ 91 ​ 120 ​ — Other revolving and installment ​ 9 ​ 9 ​ — ​ ​ — ​ — ​ — Total impaired loans without a valuation allowance ​ ​ 3,699 ​ ​ 3,896 ​ ​ — ​ ​ 2,127 ​ ​ 2,403 ​ ​ — Total impaired loans ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 1,584 ​ ​ 1,720 ​ ​ 339 ​ ​ 1,831 ​ ​ 2,039 ​ ​ 278 Commercial real estate ​ 806 ​ 883 ​ 4 ​ 809 ​ 887 ​ 5 Residential real estate first mortgage ​ ​ 1,759 ​ ​ 1,759 ​ ​ — ​ ​ 21 ​ ​ 24 ​ ​ — Residential real estate junior lien ​ 226 ​ 256 ​ — ​ 91 ​ 120 ​ — Other revolving and installment ​ 49 ​ 49 ​ 18 ​ — ​ — ​ — Total impaired loans ​ $ 4,424 ​ $ 4,667 ​ $ 361 ​ $ 2,752 ​ $ 3,070 ​ $ 283 ​ The table below presents the average recorded investment in impaired loans and interest income for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 ​ 2021 ​ ​ Average ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Recorded ​ Interest ​ Recorded ​ Interest (dollars in thousands) Investment Income Investment Income Impaired loans with a valuation allowance ​ ​ ​ ​ Commercial and industrial ​ $ 528 ​ $ 3 ​ $ 1,816 ​ $ 13 Commercial real estate ​ 180 ​ 2 ​ 2,793 ​ 138 Residential real estate junior lien ​ — ​ — ​ 33 ​ — Other revolving and installment ​ 41 ​ — ​ 38 ​ — Total impaired loans with a valuation allowance ​ ​ 749 ​ ​ 5 ​ ​ 4,680 ​ ​ 151 Impaired loans without a valuation allowance ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 1,126 ​ ​ — ​ ​ 1,258 ​ ​ 22 Commercial real estate ​ 642 ​ — ​ 2,158 ​ — Residential real estate first mortgage ​ 1,759 ​ — ​ 435 ​ — Residential real estate junior lien ​ 230 ​ — ​ 176 ​ ​ — Other revolving and installment ​ 9 ​ — ​ — ​ — Total impaired loans without a valuation allowance ​ ​ 3,766 ​ ​ — ​ ​ 4,027 ​ ​ 22 Total impaired loans ​ ​ ​ ​ Commercial and industrial ​ ​ 1,654 ​ ​ 3 ​ ​ 3,074 ​ ​ 35 Commercial real estate ​ 822 ​ 2 ​ 4,951 ​ 138 Residential real estate first mortgage ​ 1,759 ​ — ​ 435 ​ — Residential real estate junior lien ​ 230 ​ — ​ 209 ​ — Other revolving and installment ​ 50 ​ — ​ 38 ​ — Total impaired loans ​ $ 4,515 ​ $ 5 ​ $ 8,707 ​ $ 173 ​ Loans with a carrying value of $1.3 billion as of March 31, 2022 and $1.2 billion as of December 31, 2021, were pledged to secure public deposits, and for other purposes required or permitted by law. Under certain circumstances, the Company will provide borrowers relief through loan restructurings. A restructuring of debt constitutes a TDR if the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. TDR concessions can include a reduction of interest rates, an extension of maturity dates, forgiveness of principal or interest due, or acceptance of other assets in full or partial satisfaction of the debt. During the first quarter of 2022, there were no loans modified as a TDR. During the first quarter of 2021, there were no loans modified as a TDR. The Company does not have material commitments to lend additional funds to borrowers with loans whose terms have been modified in TDRs or whose loans are on nonaccrual

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets	NOTE 5 Goodwill and Other Intangible Assets The following table summarizes the carrying amount of goodwill, by segment, as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2022 2021 Banking ​ $ 20,131 ​ $ 20,131 Retirement and benefit services ​ ​ 11,359 ​ ​ 11,359 Total goodwill ​ $ 31,490 ​ $ 31,490 ​ Goodwill is evaluated for impairment on an annual basis, at a minimum, and more frequently when the economic environment warrants. The Company determined that there was no goodwill impairment as of March 31, 2022. The gross carrying amount and accumulated amortization for each type of identifiable intangible asset are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 (dollars in thousands) Gross Carrying Amount Accumulated Amortization Total Gross Carrying Amount Accumulated Amortization Total Identifiable customer intangibles ​ $ 42,057 ​ $ (22,860) ​ $ 19,197 ​ $ 42,057 ​ $ (21,807) ​ $ 20,250 Total intangible assets ​ $ 42,057 ​ $ (22,860) ​ $ 19,197 ​ $ 42,057 ​ $ (21,807) ​ $ 20,250 ​ Amortization of intangible assets was $1.1 million and $1.2 million for the three months ended March 31, 2022, and 2021, respectively.

Loan Servicing

Loan Servicing	3 Months Ended
	Mar. 31, 2022
Loan Servicing
Loan Servicing	NOTE 6 Loan Servicing Loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of loans serviced for others totaled $325.0 million and $345.8 million as of March 31, 2022 and December 31, 2021, respectively. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors and collection and foreclosure processing. Loan servicing income is recorded on an accrual basis and includes servicing fees from investors and certain charges collected from borrowers, such as late payment fees, and is net of fair value adjustments to capitalized mortgage servicing rights. The following table summarizes the Company’s activity related to servicing rights for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (dollars in thousands) 2022 2021 Balance, beginning of period ​ $ 1,880 ​ $ 1,987 Additions ​ 4 ​ 49 Amortization ​ (159) ​ (200) (Impairment)/Recovery ​ 46 ​ 116 Balance, end of period ​ $ 1,771 ​ $ 1,952 ​ The following is a summary of key data and assumptions used in the valuation of servicing rights as of March 31, 2022 and December 31, 2021. Increases or decreases in any one of these assumptions would result in lower or higher fair value measurements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (dollars in thousands) ​ 2022 ​ 2021 ​ Fair value of servicing rights ​ $ 1,771 ​ $ 1,880 ​ Weighted-average remaining term, years ​ 20.7 ​ 20.3 ​ Prepayment speeds ​ 8.8 % 14.2 % Discount rate ​ 10.0 % 9.5 % ​

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases
Leases	NOTE 7 Leases Substantially all of the leases in which the Company is the lessee are comprised of real estate property for offices and office equipment rentals with terms extending through 2027. Portions of certain properties are subleased for terms extending through 2024. Substantially all of the Company’s leases are classified as operating leases. The Company has one existing finance lease for the Company’s headquarters building with a lease term through October 31, 2022. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated financial statements. The following table presents the classification of the Company’s right-of-use, or ROU, assets and lease liabilities on the consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (dollars in thousands) ​ 2022 2021 Lease Right-of-Use Assets ​ Classification ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets Operating lease right-of-use assets ​ $ 3,360 ​ $ 3,727 Finance lease right-of-use assets Land, premises and equipment, net ​ 58 ​ 87 Total lease right-of-use assets ​ ​ ​ $ 3,418 ​ $ 3,814 Lease Liabilities ​ ​ ​ Operating lease liabilities Operating lease liabilities ​ $ 3,850 ​ $ 4,275 Finance lease liabilities Long-term debt ​ 143 ​ 203 Total lease liabilities ​ ​ ​ $ 3,993 ​ $ 4,478 ​ The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For the Company’s only finance lease, the Company utilized its incremental borrowing rate at lease inception. ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 ​ Weighted-average remaining lease term, years ​ ​ ​ ​ ​ Operating leases 3.3 ​ 3.4 ​ Finance leases 0.5 ​ 0.8 ​ Weighted-average discount rate ​ ​ ​ Operating leases 2.3 % 2.5 % Finance leases 7.8 % 7.8 % ​ As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Variable lease cost also includes payments for usage or maintenance of those capitalized equipment operating leases. The following table presents lease costs and other lease information for the three months ending March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (dollars in thousands) 2022 ​ 2021 Lease costs ​ ​ ​ ​ Operating lease cost ​ $ 411 ​ $ 496 Variable lease cost ​ 213 ​ 233 Short-term lease cost ​ 45 ​ 37 Finance lease cost ​ ​ Interest on lease liabilities ​ 4 ​ 8 Amortization of right-of-use assets ​ 29 ​ 29 Sublease income ​ (57) ​ (60) Net lease cost ​ $ 645 ​ $ 743 Other information ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities operating cash flows from operating leases ​ $ 392 ​ $ 487 Right-of-use assets obtained in exchange for new operating lease liabilities ​ $ — ​ $ — ​ Future minimum payments for finance and operating leases with initial or remaining terms of one year or more as of March 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating (dollars in thousands) Leases Leases Twelve months ended ​ ​ ​ ​ ​ ​ March 31, 2023 ​ $ 146 ​ $ 1,597 March 31, 2024 ​ — ​ 1,439 March 31, 2025 ​ — ​ 676 March 31, 2026 ​ — ​ 389 March 31, 2027 ​ — ​ 250 Thereafter ​ — ​ 238 Total future minimum lease payments ​ $ 146 ​ $ 4,589 Amounts representing interest ​ (3) ​ (739) Total operating lease liabilities ​ $ 143 ​ $ 3,850 ​

Deposits

Deposits	3 Months Ended
	Mar. 31, 2022
Deposits.
Deposits	NOTE 8 Deposits The components of deposits in the consolidated balance sheets as of March 31, 2022 and December 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2022 2021 Noninterest-bearing ​ $ 831,558 ​ $ 938,840 Interest-bearing ​ ​ Interest-bearing demand ​ 760,321 ​ 714,669 Savings accounts ​ 99,299 ​ 96,825 Money market savings ​ 976,905 ​ 937,305 Time deposits ​ 224,184 ​ 232,912 Total interest-bearing ​ 2,060,709 ​ 1,981,711 Total deposits ​ $ 2,892,267 ​ $ 2,920,551 ​

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2022
Long-Term Debt.
Long-Term Debt	NOTE 9 Long-Term Debt Long-term debt as of March 31, 2022 and December 31, 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period End ​ ​ ​ ​ ​ ​ Face ​ Carrying ​ ​ ​ Interest ​ Maturity ​ ​ (dollars in thousands) Value Value Interest Rate Rate Date Call Date Subordinated notes payable ​ $ 50,000 ​ $ 50,000 ​ Fixed ​ 3.50 % 3/30/2031 ​ 3/31/2026 Junior subordinated debenture (Trust I) ​ ​ 4,124 ​ ​ 3,503 Three-month LIBOR + 3.10% ​ 4.07 % 6/26/2033 6/26/2008 Junior subordinated debenture (Trust II) ​ 6,186 ​ 5,256 Three-month LIBOR + 1.80% ​ 2.63 % 9/15/2036 9/15/2011 Finance lease liability ​ 2,700 ​ 143 Fixed 7.81 % 10/31/2022 N/A Total long-term debt ​ $ 63,010 ​ $ 58,902 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period End ​ ​ ​ ​ ​ ​ Face ​ Carrying ​ ​ ​ Interest ​ Maturity ​ ​ (dollars in thousands) Value Value Interest Rate Rate Date Call Date Subordinated notes payable ​ $ 50,000 ​ $ 50,000 Fixed 3.50 % 12/30/2025 12/30/2020 Junior subordinated debenture (Trust I) ​ 4,124 ​ 3,492 Three-month LIBOR + 3.10% ​ 3.32 % 6/26/2033 6/26/2008 Junior subordinated debenture (Trust II) ​ 6,186 ​ 5,238 Three-month LIBOR + 1.80% ​ 2.00 % 9/15/2036 9/15/2011 Finance lease liability ​ 2,700 ​ 203 Fixed 7.81 % 10/31/2022 N/A Total long-term debt ​ $ 63,010 ​ $ 58,933 ​

Financial Instruments with Off-

Financial Instruments with Off-Balance Sheet Risk	3 Months Ended
	Mar. 31, 2022
Financial Instruments with Off-Balance Sheet Risk
Financial Instruments with Off-Balance Sheet Risk	NOTE 10 Financial Instruments with Off-Balance Sheet Risk In the normal course of business, the Bank has outstanding commitment and contingent liabilities, such as commitments to extend credit and standby letters of credit, which are not included in the accompanying consolidated financial statements. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual or notional amount of those instruments. The Bank uses the same credit policies in making such commitments as it does for instruments that are included in the statements of financial condition. A summary of the contractual amounts of the Company’s exposure to off-balance sheet risk as of March 31, 2022 and December 31, 2021, respectively, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2022 2021 Commitments to extend credit ​ $ 650,087 ​ $ 668,115 Standby letters of credit ​ 10,591 ​ 10,529 Total ​ $ 660,678 ​ $ 678,644 ​ Commitments to extend credit are agreements to lend to a client as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each client’s creditworthiness on a case by case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Collateral held varies but may include accounts receivable, inventory, property and equipment, and income producing commercial properties. The Company was not required to perform on any financial guarantees and did not incur any losses on its commitments during the past two years. The Company utilizes standby letters of credit issued by either the FHLB or the Bank of North Dakota to secure public unit deposits. The Company had a $150 thousand letter of credit with the FHLB as of March 31, 2022 and December 31, 2021. With the Bank of North Dakota, the Company had no letters of credit outstanding as of March 31, 2022 and December 31, 2021. Bank of North Dakota potential letters of credit were collateralized by loans pledged to the Bank of North Dakota in the amount of $227.9 million and $229.7 million as of March 31, 2022 and December 31, 2021, respectively.

Share-Based Compensation Plan

Share-Based Compensation Plan	3 Months Ended
	Mar. 31, 2022
Share-Based Compensation Plan
Share-Based Compensation Plan	NOTE 11 Share-Based Compensation Before May 6, 2016, the Company granted equity awards pursuant to the Alerus Financial Corporation 2009 Stock Plan. The awards were in the form of restricted stock or restricted stock units and represent an element of employee compensation. The Related compensation expense for the awards is based on the fair value of Alerus Financial Corporation common stock at the time of grant. The value of awards that are expected to vest is amortized as an expense over the applicable vesting periods. The ability to grant awards under this plan has expired. On May 6, 2019, the Company’s stockholders approved the Alerus Financial Corporation 2019 Equity Incentive Plan. This plan gives the compensation committee the ability to grant a wide variety of equity awards, including stock options, stock appreciation rights, restricted stock, restricted stock units and cash incentive awards in such forms and amounts as it deems appropriate to accomplish the goals of the plan. Any shares subject to an award that is cancelled, forfeited, or expires prior to exercise or realization, either in full or in part, shall again become available for issuance under the plan. However, shares subject to an award shall not again be made available for issuance or delivery under the plan if such shares are (a) tendered in payment of the exercise price of a stock option, (b) delivered to, or withheld by, the Company to satisfy any tax withholding obligation, or (c) covered by a stock-settled stock appreciation right or other awards and were not issued upon the settlement of the award. Shares vest, become exercisable and contain such other terms and conditions as determined by the compensation committee and set forth in individual agreements with the participant receiving the award. The plan authorizes the issuance of up to 1,100,000 shares of common stock. As of March 31, 2022, 948,428 shares of common stock are still available for issuance under the plan. The compensation expense relating to awards under these plans was $378 thousand and $498 thousand for the three months ended March 31, 2022 and 2021, respectively. The following table presents the activity in the stock plans for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Weighted- ​ ​ ​ Weighted- ​ ​ ​ Average Grant ​ ​ ​ Average Grant ​ Awards Date Fair Value Awards Date Fair Value Restricted Stock and Restricted Stock Unit Awards ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of period 260,850 $ 21.04 ​ 325,030 $ 19.48 Granted 70,850 ​ 28.39 ​ 59,374 ​ 26.36 Vested (96,618) ​ 18.66 ​ (81,092) ​ 20.72 Forfeited or cancelled (2,209) ​ 22.75 ​ — ​ — Outstanding at end of period ​ 232,873 ​ $ 23.33 ​ 303,312 ​ $ 20.49 ​ As of March 31, 2022, there was $3.1 million of unrecognized compensation expense related to non-vested awards granted under the plans. The expense is expected to be recognized over a weighted-average period of 2.9 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Taxes
Income Taxes	NOTE 12 Income Taxes The components of income tax expense (benefit) for the three months ended March 31, 2022 and 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ 2022 ​ ​ 2021 ​ ​ ​ ​ Percent of ​ ​ Percent of (dollars in thousands) ​ Amount ​ Pretax Income ​ Amount ​ Pretax Income Taxes at statutory federal income tax rate ​ $ 2,745 21.0 % ​ $ 4,174 21.0 % Tax effect of: ​ ​ ​ ​ Tax exempt income ​ (117) (0.9) % ​ (153) (0.8) % State income taxes, net of federal benefits ​ 579 4.4 ​ ​ 854 4.3 ​ Nondeductible items and other ​ ​ (319) ​ (2.4) ​ ​ ​ (213) ​ (1.1) ​ Applicable income taxes ​ $ 2,888 22.1 % ​ $ 4,662 23.4 % ​ It is the opinion of management that the Company has no significant uncertain tax positions that would be subject to change upon examination.

Tax Credit Investments

Tax Credit Investments	3 Months Ended
	Mar. 31, 2022
Tax Credit Investments.
Tax Credit Investments	NOTE 13 Tax Credit Investments The Company invests in qualified affordable housing projects for the purpose of community reinvestment and obtaining tax credits. The Company’s tax credit investments are limited to existing lending relationships with well-known developers and projects within the Company’s market area. The following table presents a summary of the Company’s investments in qualified affordable housing project tax credit investments as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 (dollars in thousands) ​ ​ Investment ​ Unfunded Commitment ​ Investment ​ Unfunded Commitment Investment ​ Accounting Method ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Low income housing tax credit Proportional amortization ​ $ 12,906 $ 11,686 $ 7,906 $ 6,999 Total ​ ​ $ 12,906 $ 11,686 $ 7,906 $ 6,999 ​

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
Segment Reporting
Segment Reporting	NOTE 14 Segment Reporting The Company determines reportable segments based on the services offered, the significance of the services offered, the significance of those services to the Company’s financial statements, and management’s regular review of the operating results of those services. The Company operates through four operating segments: Banking, Retirement and Benefit Services, Wealth Management, and Mortgage. The financial information presented for each segment includes net interest income, provision for loan losses, direct noninterest income, and direct noninterest expense, before indirect allocations. Corporate Administration includes the indirect overhead and is set forth in the table below. The segment net income before taxes represents direct revenue and expense before indirect allocations and income taxes. The following table presents key metrics related to the Company’s segments for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ ​ ​ ​ ​ Retirement and ​ Wealth ​ ​ ​ ​ Corporate ​ ​ ​ (dollars in thousands) Banking Benefit Services Management Mortgage Administration Consolidated Net interest income ​ $ 21,525 ​ $ — ​ $ — ​ $ 709 ​ $ (561) ​ $ 21,673 Provision for loan losses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Noninterest income ​ ​ 1,538 ​ ​ 17,646 ​ ​ 5,326 ​ ​ 4,931 ​ ​ 29 ​ ​ 29,470 Noninterest expense ​ ​ 12,694 ​ 8,432 ​ 1,838 ​ 5,020 ​ ​ 10,087 ​ ​ 38,071 Net income before taxes ​ $ 10,369 ​ $ 9,214 ​ $ 3,488 ​ $ 620 ​ $ (10,619) ​ $ 13,072 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ ​ ​ ​ ​ Retirement and ​ Wealth ​ ​ ​ ​ Corporate ​ ​ ​ (dollars in thousands) Banking Benefit Services Management Mortgage Administration Consolidated Net interest income ​ $ 21,880 ​ $ — ​ $ — ​ $ 446 ​ $ (288) ​ $ 22,038 Provision for loan losses ​ — ​ — ​ — ​ — ​ — ​ — Noninterest income ​ 1,522 ​ 17,255 ​ 4,986 ​ 17,132 ​ (14) ​ 40,881 Noninterest expense ​ 11,084 ​ 10,112 ​ 2,335 ​ 10,853 ​ 8,658 ​ 43,042 Net income before taxes ​ $ 12,318 ​ $ 7,143 ​ $ 2,651 ​ $ 6,725 ​ $ (8,960) ​ $ 19,877 ​ Banking The Banking division offers a complete line of loan, deposit, cash management, and treasury services through fourteen offices in North Dakota, Minnesota, and Arizona. These products and services are supported through web and mobile based applications. The majority of the Company’s assets and liabilities are in the Banking segment’s balance sheet. Retirement and Benefit Services Retirement and Benefit Services provides the following services nationally: recordkeeping and administration services to qualified retirement plans; ESOP trustee, recordkeeping, and administration; investment fiduciary services to retirement plans; health savings accounts, flex spending accounts, COBRA recordkeeping and administration services, and payroll to employers; and payroll and HRIS services for employers. In addition, the division operates within each of the banking markets, as well as in Lansing, Michigan and Littleton, Colorado. Wealth Management The Wealth Management division provides advisory and planning services, investment management, and trust and fiduciary services to clients across the Company’s footprint. Mortgage The Mortgage division offers first and second mortgage loans through a centralized mortgage unit in Minneapolis, Minnesota, as well as through the Banking office locations.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share
Earnings Per Share	NOTE 15 Earnings Per Share The calculation of basic and diluted earnings per share using the two-class method for the three months ending March 31, 2022 and 2021 are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (dollars and shares in thousands, except per share data) 2022 2021 ​ Net income ​ $ 10,184 ​ $ 15,215 ​ Dividends and undistributed earnings allocated to participating securities ​ ​ 125 ​ ​ 254 ​ Net income available to common shareholders ​ $ 10,059 ​ $ 14,961 ​ Weighted-average common shares outstanding for basic earnings per share ​ ​ 17,244 ​ 17,145 ​ Dilutive effect of stock-based awards ​ 256 ​ 320 ​ Weighted-average common shares outstanding for diluted earnings per share ​ ​ 17,500 ​ ​ 17,465 ​ Earnings per common share: ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share ​ $ 0.58 ​ $ 0.87 ​ Diluted earnings per common share ​ $ 0.57 ​ $ 0.86 ​ ​

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments
Derivative Instruments	NOTE 16 Derivative Instruments The Company enters into interest rate swaps to facilitate client transactions and meet their financing needs. Upon entering into these instruments to meet client needs, the Company enters into offsetting positions with U.S. financial institutions in order to minimize risk to the Company. These swaps are derivatives but are not designated as hedging instruments. The Company did not have any derivatives designated as hedging instruments as of March 31, 2022 and December 31, 2021. The following table presents the amounts recorded in the Company’s consolidated balance sheets, for derivatives not designated as hedging instruments, as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ Fair ​ Notional ​ Fair ​ Notional (dollars in thousands) ​ Value Amount Value Amount Asset Derivatives Consolidated Balance Sheet Location ​ ​ ​ ​ Interest rate swaps Other assets ​ $ 3,642 ​ $ 44,480 ​ $ 1,366 ​ $ 44,826 Interest rate lock commitments Other assets ​ ​ 882 ​ ​ 53,070 ​ ​ 1,507 ​ ​ 52,316 Forward loan sales commitments Other assets ​ — ​ — ​ 490 ​ 13,418 TBA mortgage backed securities Other assets ​ 1,230 ​ 80,466 ​ 34 ​ 97,000 Total asset derivatives ​ $ 5,754 ​ $ 178,016 ​ $ 3,397 ​ $ 207,560 Liability Derivatives ​ ​ ​ ​ Interest rate swaps Accrued expenses and other liabilities ​ $ 3,644 ​ $ 44,480 ​ $ 1,368 ​ $ 44,826 TBA mortgage backed securities Accrued expenses and other liabilities ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total liability derivatives ​ $ 3,644 ​ $ 44,480 ​ $ 1,368 ​ $ 44,826 ​ The gain (loss) recognized on derivative instruments for the three months ended March 31, 2022 and 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ Consolidated Statements ​ March 31, ​ March 31, (dollars in thousands) of Income Location 2022 2021 Interest rate swaps Other noninterest income ​ $ — ​ $ 2 Interest rate lock commitments Mortgage banking ​ ​ (710) ​ ​ (6,245) Forward loan sales commitments Mortgage banking ​ ​ (490) ​ ​ (1,635) TBA mortgage backed securities Mortgage banking ​ 2,503 ​ 8,961 Total gain/(loss) from derivative instruments ​ ​ $ 1,303 ​ $ 1,083 ​ ​ The Company has third party agreements that require a minimum dollar transfer amount upon a margin call. This requirement is dependent on certain specified credit measures. The amount of collateral posted with third parties at March 31, 2022 and December 31, 2021 was $19 thousand and $19 thousand, respectively. The amount of collateral posted with third parties was deemed to be sufficient as of those dates to collateralize both the fair market value change as well as any additional amounts that may be required as a result of a change in the specified credit measures.

Regulatory Matters

Regulatory Matters	3 Months Ended
	Mar. 31, 2022
Regulatory Matters
Regulatory Matters	NOTE 17 Regulatory Matters The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of common equity tier 1, tier 1, and total capital (as defined in the regulations) to risk weighted assets (as defined) and of tier 1 capital (as defined) to average assets (as defined). Management believes at March 31, 2022 and December 31, 2021, each of the Company and the Bank had met all of the capital adequacy requirements to which it was subject. The following table presents the Company’s and the Bank’s actual capital amounts and ratios as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum to be ​ ​ ​ ​ ​ ​ ​ ​ ​ Requirements ​ ​ Well Capitalized ​ ​ ​ ​ ​ ​ ​ ​ for Capital ​ ​ Under Prompt ​ ​ Actual ​ Adequacy Purposes ​ Corrective Action (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk weighted assets ​ ​ ​ ​ Consolidated ​ $ 322,985 14.27 % $ 101,863 4.50 % $ N/A N/A ​ Bank ​ 305,828 13.52 % 101,817 4.50 % 147,070 6.50 % Tier 1 capital to risk weighted assets ​ ​ . ​ Consolidated ​ 331,743 14.66 % 135,817 6.00 % N/A N/A ​ Bank ​ 305,828 13.52 % 135,757 6.00 % 181,009 8.00 % Total capital to risk weighted assets ​ ​ Consolidated ​ 410,081 18.12 % 181,090 8.00 % N/A N/A ​ Bank ​ 334,153 14.77 % 181,009 8.00 % 226,261 10.00 % Tier 1 capital to average assets ​ ​ Consolidated ​ 331,743 10.30 % 128,837 4.00 % N/A N/A ​ Bank ​ 305,828 9.50 % 128,768 4.00 % 160,960 5.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum to be ​ ​ ​ ​ ​ ​ ​ ​ ​ Requirements ​ ​ Well Capitalized ​ ​ ​ ​ ​ ​ ​ ​ for Capital ​ ​ Under Prompt ​ ​ Actual ​ Adequacy Purposes ​ Corrective Action (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk weighted assets ​ ​ ​ ​ Consolidated ​ $ 314,628 14.65 % $ 96,647 4.50 % $ N/A N/A ​ Bank ​ 297,453 13.87 % 96,538 4.50 % 139,444 6.50 % Tier 1 capital to risk weighted assets ​ ​ . ​ Consolidated ​ 323,358 15.06 % 128,862 6.00 % N/A N/A ​ Bank ​ 297,453 13.87 % 128,718 6.00 % 171,624 8.00 % Total capital to risk weighted assets ​ ​ Consolidated ​ 400,263 18.64 % 171,816 8.00 % N/A N/A ​ Bank ​ 324,328 15.12 % 171,624 8.00 % 214,530 10.00 % Tier 1 capital to average assets ​ ​ Consolidated ​ 323,358 9.79 % 132,112 4.00 % N/A N/A ​ Bank ​ 297,453 9.01 % 132,039 4.00 % 165,049 5.00 % ​ The Bank is subject to certain restrictions on the amount of dividends that it may pay without prior regulatory approval. The Company and the Bank are subject to the rules of the Basel III regulatory capital framework and related Dodd-Frank Wall Street Reform and Consumer Protection Act rules. The rules included the implementation of a 2.5 percent capital conservation buffer that is added to the minimum requirements for capital adequacy purposes. A banking organization with a conservation buffer of less than the required amount will be subject to the limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers. As of March 31, 2022, the ratios for the Company and the Bank were sufficient to meet the conservation buffer. In addition, the Company must adhere to various U.S. Department of Housing and Urban Development, or HUD, regulatory guidelines including required minimum capital and liquidity to maintain their Federal Housing Administration approval status. Failure to comply with the HUD guidelines could result in withdrawal of this certification. As of March 31, 2022, and December 31, 2021, the Company was in compliance with the aforementioned guidelines.

Stock Repurchase Program

Stock Repurchase Program	3 Months Ended
	Mar. 31, 2022
Stock Repurchase Program
Stock Repurchase Program	NOTE 18 Stock Repurchase Program On February 18, 2021, the Board of Directors of the Company approved a stock repurchase program, or the Program, which authorizes the Company to repurchase up to 770,000 shares of its common stock subject to certain limitations and conditions. The Program was effective immediately and will continue for a period of 36 months. The Program does not obligate the Company to repurchase any shares of its common stock and there is no assurance that the Company will do so. For the three months ended March 31, 2022, there were no shares repurchased under the Program. The Company also repurchases shares to pay withholding taxes on the vesting of restricted stock awards and units.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	3 Months Ended
	Mar. 31, 2022
Fair Value of Assets and Liabilities
Fair Value of Assets and Liabilities	NOTE 19 Fair Value of Assets and Liabilities The Company categorizes its assets and liabilities measured at estimated fair value into a three level hierarchy based on the priority of the inputs to the valuation technique used to determine estimated fair value. The estimated fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used in the determination of the estimated fair value measurement fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the estimated fair value measurement. Assets and liabilities valued at estimated fair value are categorized based on the following inputs to the valuation techniques as follows: Level 1— Level 2— Level 3— Professional standards allow entities the irrevocable option to elect to measure certain financial instruments and other items at estimated fair value for the initial and subsequent measurement on an instrument-by-instrument basis. The Company adopted the policy to value certain financial instruments at estimated fair value. The Company has not elected to measure any existing financial instruments at estimated fair value; however, it may elect to measure newly acquired financial instruments at estimated fair value in the future. Recurring Basis The Company uses estimated fair value measurements to record estimated fair value adjustments to certain assets and liabilities and to determine estimated fair value disclosures. The following tables present the balances of the assets and liabilities measured at estimated fair value on a recurring basis as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total Available-for-sale ​ ​ ​ ​ U.S. treasury and government agencies ​ $ — ​ $ 4,167 ​ $ — ​ $ 4,167 Mortgage backed securities ​ ​ ​ ​ Residential agency ​ — ​ 711,121 ​ — ​ 711,121 Commercial ​ — ​ 82,732 ​ — ​ 82,732 Asset backed securities ​ — ​ 42 ​ — ​ 42 Corporate bonds ​ — ​ 68,271 ​ — ​ 68,271 Total available-for-sale investment securities ​ $ — ​ $ 866,333 ​ $ — ​ $ 866,333 Other assets ​ ​ ​ ​ Derivatives ​ $ — ​ $ 5,754 ​ $ — ​ $ 5,754 Other liabilities ​ ​ ​ ​ Derivatives ​ $ — ​ $ 3,644 ​ $ — ​ $ 3,644 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (dollars in thousands) Level 1 Level 2 Level 3 Total Available-for-sale ​ ​ ​ ​ U.S. treasury and government agencies ​ $ — ​ $ 5,103 ​ $ — ​ $ 5,103 Mortgage backed securities ​ ​ ​ ​ Residential agency ​ — ​ 707,157 ​ — ​ 707,157 Commercial ​ — ​ 90,913 ​ — ​ 90,913 Asset backed securities ​ — ​ 54 ​ — ​ 54 Corporate bonds ​ — ​ 50,422 ​ — ​ 50,422 Total available-for-sale investment securities ​ $ — ​ $ 853,649 ​ $ — ​ $ 853,649 Other assets ​ ​ ​ ​ Derivatives ​ $ — ​ $ 3,397 ​ $ — ​ $ 3,397 Other liabilities ​ ​ ​ ​ Derivatives ​ $ — ​ $ 1,368 ​ $ — ​ $ 1,368 ​ The following is a description of the valuation methodologies used for instruments measured at estimated fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy. Investment Securities, Available-for-Sale Generally, debt securities are valued using pricing for similar securities, recently executed transactions, and other pricing models utilizing observable inputs and therefore are classified as Level 2. Derivatives All of the Company’s derivatives are traded in over-the-counter markets where quoted market prices are not readily available. For these derivatives, estimated fair value is measured using internally developed models that use primarily market observable inputs, such as yield curves and option volatilities, and accordingly, classify as Level 2. Examples of Level 2 derivatives are basic interest rate swaps and forward contracts. Nonrecurring Basis Certain assets are measured at estimated fair value on a nonrecurring basis. These assets are not measured at estimated fair value on an ongoing basis; however, they are subject to estimated fair value adjustments in certain circumstances, such as when there is evidence of impairment or a change in the amount of previously recognized impairment. Net impairment related to nonrecurring estimated fair value measurements of certain assets as of March 31, 2022 and December 31, 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 (dollars in thousands) Level 2 Level 3 Total Impairment Loans held for sale ​ $ 21,864 ​ $ — ​ $ 21,864 ​ $ — Impaired loans ​ — ​ 4,063 ​ 4,063 ​ 361 Foreclosed assets ​ — ​ 865 ​ 865 ​ — Servicing rights ​ — ​ 1,771 ​ 1,771 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (dollars in thousands) Level 2 Level 3 Total Impairment Loans held for sale ​ $ 46,490 ​ $ — ​ $ 46,490 ​ $ — Impaired loans ​ — ​ 2,469 ​ 2,469 ​ 283 Foreclosed assets ​ — ​ 885 ​ 885 ​ — Servicing rights ​ — ​ 1,880 ​ 1,880 ​ — ​ Loans Held for Sale Loans originated and held for sale are carried at the lower of cost or estimated fair value. The Company obtains quotes or bids on these loans directly from purchasing financial institutions. Typically, these quotes include a premium on the sale and thus these quotes indicate estimated fair value of the held for sale loans is greater than cost. Impairment losses for loans held for sale that are carried at the lower of cost or estimated fair value, represent additional net write-downs during the period to record these loans at the lower of cost or estimated fair value, subsequent to their initial classification as loans held for sale. The valuation techniques and significant unobservable inputs used to measure Level 3 estimated fair values as of March 31, 2022, and December 31, 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Asset Type Valuation Technique Unobservable Input Fair Value Range Average Impaired loans Appraisal value Property specific adjustment $ 4,063 N/A ​ N/A Foreclosed assets Appraisal value Property specific adjustment 865 N/A N/A Servicing rights Discounted cash flows Prepayment speed assumptions 1,771 126-174 147 ​ Discount rate 10.0 % 10.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Asset Type Valuation Technique Unobservable Input Fair Value Range Average Impaired loans Appraisal value Property specific adjustment $ 2,469 N/A N/A ​ Foreclosed assets Appraisal value Property specific adjustment 885 N/A N/A ​ Servicing rights Discounted cash flows Prepayment speed assumptions 1,880 161-327 237 ​ ​ Discount rate 9.5 % 9.5 % ​ Disclosure of estimated fair value information about financial instruments, for which it is practicable to estimate that value, is required whether or not recognized in the consolidated balance sheets. In cases in which quoted market prices are not available, estimated fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimate of future cash flows. In that regard, the derived estimated fair value estimates cannot be substantiated by comparison to independent markets and, in many cases could not be realized in immediate settlement of the instruments. Certain financial instruments, with an estimated fair value that is not practicable to estimate and all non-financial instruments, are excluded from the disclosure requirements. Accordingly, the aggregate estimated fair value amounts presented do not necessarily represent the underlying value of the Company. The following disclosures represent financial instruments in which the ending balances, as of March 31, 2022 and December 31, 2021, were not carried at estimated fair value in their entirety on the consolidated balance sheets. Cash and Cash Equivalents and Accrued Interest The carrying amounts reported in the consolidated balance sheets approximate those assets’ and liabilities’ estimated fair values. Investment Securities, Held-to-Maturity The fair values of debt securities held-to-maturity are based on quoted market prices for the same or similar securities, recently executed transactions and pricing models. Loans For variable-rate loans that reprice frequently and with no significant change in credit risk, estimated fair values are based on carrying values. The estimated fair values of other loans are estimated using discounted cash flow analysis, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Bank-Owned Life Insurance Bank-owned life insurance is carried at the amount due upon surrender of the policy, which is also the estimated fair value. This amount was provided by the insurance companies based on the terms of the underlying insurance contract. Deposits The estimated fair values of demand deposits are, by definition, equal to the amount payable on demand at the consolidated balance sheet date. The estimated fair values of fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies current incremental interest rates being offered on certificates of deposit to a schedule of aggregated expected monthly maturities of the outstanding certificates of deposit. Short-Term Borrowings and Long-Term Debt For variable-rate borrowings that reprice frequently, estimated fair values are based on carrying values. The estimated fair value of fixed-rate borrowings are estimated using discounted cash flow analysis, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. Off-Balance Sheet Credit-Related Commitments Off-balance sheet credit related commitments are generally of short-term nature. The contract amount of such commitments approximates their estimated fair value since the commitments are comprised primarily of unfunded loan commitments which are generally priced at market at the time of funding. The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments at the dates indicated are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Carrying ​ Estimated Fair Value (dollars in thousands) Amount Level 1 Level 2 Level 3 Total Financial Assets ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 132,832 ​ $ 132,832 ​ $ — ​ $ — ​ $ 132,832 Investment securities held-to-maturity ​ ​ 340,150 ​ ​ — ​ ​ 317,826 ​ ​ — ​ ​ 317,826 Loans, net ​ 1,786,329 ​ — ​ — ​ 1,800,339 ​ 1,800,339 Accrued interest receivable ​ 8,516 ​ 8,516 ​ — ​ — ​ 8,516 Bank-owned life insurance ​ 33,358 ​ — ​ 33,358 ​ — ​ 33,358 Financial Liabilities ​ ​ ​ ​ ​ Noninterest-bearing deposits ​ $ 831,558 ​ $ — ​ $ 831,558 ​ $ — ​ $ 831,558 Interest-bearing deposits ​ 1,836,525 ​ — ​ 1,836,525 ​ — ​ 1,836,525 Time deposits ​ 224,184 ​ — ​ — ​ 223,127 ​ 223,127 Long-term debt ​ 58,902 ​ — ​ 61,651 ​ — ​ 61,651 Accrued interest payable ​ 2,139 ​ 2,139 ​ — ​ — ​ 2,139 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Carrying ​ Estimated Fair Value (dollars in thousands) Amount Level 1 Level 2 Level 3 Total Financial Assets ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 242,311 ​ $ 242,311 ​ $ — ​ $ — ​ $ 242,311 Investment securities held-to-maturity ​ ​ 352,061 ​ ​ — ​ ​ 349,677 ​ ​ — ​ ​ 349,677 Loans, net ​ 1,726,448 ​ — ​ — ​ 1,760,784 ​ 1,760,784 Accrued interest receivable ​ 8,537 ​ 8,537 ​ — ​ — ​ 8,537 Bank-owned life insurance ​ 33,156 ​ — ​ 33,156 ​ — ​ 33,156 Financial Liabilities ​ ​ ​ ​ ​ Noninterest-bearing deposits ​ $ 938,840 ​ $ — ​ $ 938,840 ​ $ — ​ $ 938,840 Interest-bearing deposits ​ 1,748,799 ​ — ​ 1,748,799 ​ — ​ 1,748,799 Time deposits ​ 232,912 ​ — ​ — ​ 232,970 ​ 232,970 Long-term debt ​ 58,933 ​ — ​ 57,772 ​ — ​ 57,772 Accrued interest payable ​ 1,674 ​ 1,674 ​ — ​ — ​ 1,674 ​

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Significant Accounting Policies
Organization	Organization Alerus Financial Corporation, or the Company, is a financial holding company organized under the laws of the state of Delaware. The Company and its subsidiaries operate as a diversified financial services company headquartered in Grand Forks, North Dakota. Through its subsidiary, Alerus Financial, National Association, or the Bank, the Company provides financial solutions to businesses and consumers through four distinct business lines—banking, retirement and benefit services, wealth management, and mortgage.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements and notes thereto of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC, and conform to practices within the banking industry and include all of the information and disclosures required by generally accepted accounting principles in the United States of America, or GAAP, for interim financial reporting. The accompanying unaudited consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of financial results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results for the full year or any other period. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q. These interim unaudited financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto as of and for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 11, 2022.
Principles of Consolidation	Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company’s principal operating subsidiary is the Bank. In the normal course of business, the Company may enter into a transaction with a variable interest entity, or VIE. VIE’s are legal entities whose investors lack the ability to make decisions about the entity’s activities, or whose equity investors do not have the right to receive the residual returns of the entity. The applicable accounting guidance requires the Company to perform ongoing quantitative and qualitative analysis to determine whether it must consolidate any VIE. The Company does not have any ownership interest in, or exert any control, over any VIE, and thus no VIE’s are included in the consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the valuation of investment securities, determination of the allowance for loan losses, valuation of reporting units for the purpose of testing goodwill and other intangible assets for impairment, valuation of deferred tax assets, and fair values of financial instruments.
Reclassifications	Reclassifications Certain items previously reported have been reclassified to conform to the current period’s reporting format. Such reclassifications did not affect net income or stockholders’ equity.
Other Information	Other Information As of March 31, 2022, the Coronavirus Disease, or COVID-19, pandemic was ongoing. During 2020, the COVID-19 pandemic created disruption in global supply chains, increased rates of unemployment and adversely impacted many industries, including industries related to the collateral underlying certain of our loans, and many of these effects are continuing. Beginning in 2021 and continuing into 2022, the U.S. economy, with certain setbacks, started reopening and wider distribution of vaccines encouraged greater economic activity. Nonetheless, the economic recovery could remain uneven, particularly given uncertainty with respect to the continued distribution and acceptance of the vaccines and their effectiveness with respect to new variants of the virus. Management believes the Company is taking appropriate actions to mitigate, to the extent possible, the negative impact. However, the full impact of COVID-19 is currently unknown and cannot be reasonably estimated as the events are continuing to unfold.
Emerging Growth Company	Emerging Growth Company The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, and may take advantage of certain exemptions from various reporting requirements that are applicable to public companies that are not emerging growth companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. In addition, even if the Company complies with the greater obligations of public companies that are not emerging growth companies, the Company may avail itself of the reduced requirements applicable to emerging growth companies from time to time in the future, so long as the Company is an emerging growth company. The Company will continue to be an emerging growth company until the earliest to occur of: (1) the end of the fiscal year following the fifth anniversary of the date of the first sale of common equity securities under the Company’s Registration Statement on Form S-1, which was declared effective by the SEC on September 12, 2019; (2) the last day of the fiscal year in which the Company has $1.07 billion or more in annual revenues; (3) the date on which the Company is deemed to be a “large accelerated filer” under the Securities Exchange Act of 1934, as amended, or the “Exchange Act”; or (4) the date on which the Company has, during the previous three-year period, issued publicly or privately, more than $1.0 billion in non-convertible debt securities. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933 for complying with new or revised accounting standards. As an emerging growth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to take advantage of the benefits of this extended transition period.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Investment Securities
Schedule of amortized cost of investment securities to estimated fair values	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair (dollars in thousands) Cost ​ Gains ​ Losses Value Available-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury and agencies ​ $ 4,107 ​ $ 60 ​ $ — ​ $ 4,167 Mortgage backed securities ​ ​ ​ ​ ​ ​ ​ Residential agency ​ 765,363 ​ 229 ​ (54,471) ​ 711,121 Commercial ​ 85,123 ​ 185 ​ (2,576) ​ 82,732 Asset backed securities ​ 41 ​ 1 ​ — ​ 42 Corporate bonds ​ 69,033 ​ 531 ​ (1,293) ​ 68,271 Total available-for-sale investment securities ​ ​ 923,667 ​ ​ 1,006 ​ ​ (58,340) ​ ​ 866,333 Held-to-maturity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of state and political agencies ​ ​ 141,373 ​ 1 ​ (7,594) ​ 133,780 Mortgage backed securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential agency ​ ​ 198,777 ​ — ​ (14,731) ​ 184,046 Total held-to-maturity investment securities ​ ​ 340,150 ​ ​ 1 ​ ​ (22,325) ​ ​ 317,826 Total investment securities ​ $ 1,263,817 ​ $ 1,007 ​ $ (80,665) ​ $ 1,184,159 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair (dollars in thousands) Cost ​ Gains ​ Losses Value Available-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury and agencies ​ $ 5,028 ​ $ 75 ​ $ — ​ $ 5,103 Mortgage backed securities ​ ​ ​ ​ ​ ​ Residential agency ​ 717,781 ​ 1,213 ​ (11,837) ​ 707,157 Commercial ​ 88,362 ​ 2,674 ​ (123) ​ 90,913 Asset backed securities ​ 52 ​ ​ 2 ​ — ​ 54 Corporate bonds ​ 49,035 ​ 1,398 ​ (11) ​ 50,422 Total available-for-sale investment securities ​ ​ 860,258 ​ ​ 5,362 ​ ​ (11,971) ​ ​ 853,649 Held-to-maturity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of state and political agencies ​ ​ 144,543 ​ ​ 1,110 ​ ​ (349) ​ ​ 145,304 Mortgage backed securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential agency ​ ​ 207,518 ​ ​ — ​ ​ (3,145) ​ ​ 204,373 Total held-to-maturity investment securities ​ ​ 352,061 ​ ​ 1,110 ​ ​ (3,494) ​ ​ 349,677 Total investment securities ​ $ 1,212,319 ​ $ 6,472 ​ $ (15,465) ​ $ 1,203,326
Schedule of investment securities with gross unrealized losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Less than 12 Months ​ Over 12 Months ​ Total ​ ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair (dollars in thousands) Losses Value Losses Value Losses Value Available-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury and agencies ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Mortgage backed securities ​ ​ ​ ​ ​ ​ Residential agency ​ (30,707) ​ 462,087 ​ (23,764) ​ 219,167 ​ (54,471) ​ 681,254 Commercial ​ (2,576) ​ 70,176 ​ — ​ — ​ (2,576) ​ 70,176 Asset backed securities ​ — ​ — ​ — ​ 2 ​ — ​ 2 Corporate bonds ​ (1,293) ​ 38,240 ​ — ​ — ​ (1,293) ​ 38,240 Total available-for-sale investment securities ​ ​ (34,576) ​ ​ 570,503 ​ ​ (23,764) ​ ​ 219,169 ​ ​ (58,340) ​ ​ 789,672 Held-to-maturity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of state and political agencies ​ ​ (7,594) ​ ​ 131,278 ​ ​ — ​ ​ — ​ ​ (7,594) ​ ​ 131,278 Mortgage backed securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential agency ​ ​ (14,731) ​ ​ 184,046 ​ ​ — ​ ​ — ​ ​ (14,731) ​ ​ 184,046 Total held-to-maturity investment securities ​ ​ (22,325) ​ ​ 315,324 ​ ​ — ​ ​ — ​ ​ (22,325) ​ ​ 315,324 Total investment securities ​ $ (56,901) ​ $ 885,827 ​ $ (23,764) ​ $ 219,169 ​ $ (80,665) ​ $ 1,104,996 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Less than 12 Months ​ Over 12 Months ​ Total ​ ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair (dollars in thousands) Losses Value Losses Value Losses Value Available-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury and agencies ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Mortgage backed securities ​ ​ ​ ​ ​ ​ Residential agency ​ (10,156) ​ 554,811 ​ (1,681) ​ 55,082 ​ (11,837) ​ 609,893 Commercial ​ (123) ​ 17,470 ​ — ​ — ​ (123) ​ 17,470 Asset backed securities ​ — ​ — ​ — ​ 2 ​ — ​ 2 Corporate bonds ​ (11) ​ 5,989 ​ — ​ — ​ (11) ​ 5,989 Total available-for-sale investment securities ​ ​ (10,290) ​ ​ 578,270 ​ ​ (1,681) ​ ​ 55,084 ​ ​ (11,971) ​ ​ 633,354 Held-to-maturity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of state and political agencies ​ ​ (349) ​ ​ 53,210 ​ ​ — ​ ​ — ​ ​ (349) ​ ​ 53,210 Mortgage backed securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential agency ​ ​ (3,145) ​ ​ 204,373 ​ ​ — ​ ​ — ​ ​ (3,145) ​ ​ 204,373 Total held-to-maturity investment securities ​ ​ (3,494) ​ ​ 257,583 ​ ​ — ​ ​ — ​ ​ (3,494) ​ ​ 257,583 Total investment securities ​ $ (13,784) ​ $ 835,853 ​ $ (1,681) ​ $ 55,084 ​ $ (15,465) ​ $ 890,937
Schedule of contractual maturity of amortized cost and estimated fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-to-maturity ​ Available-for-sale ​ ​ Carrying ​ Fair ​ Amortized ​ Fair (dollars in thousands) Value ​ Value ​ Cost Value Due within one year or less ​ $ 7,452 ​ $ 7,423 ​ $ 1 ​ $ 1 Due after one year through five years ​ 35,474 ​ 33,923 ​ 8,456 ​ 8,316 Due after five years through ten years ​ 73,557 ​ 69,032 ​ 100,021 ​ 98,740 Due after 10 years ​ 223,667 ​ 207,448 ​ 815,189 ​ 759,276 Total investment securities ​ $ 340,150 ​ $ 317,826 ​ $ 923,667 ​ $ 866,333
Schedule of proceeds from the sale of available for sale securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (dollars in thousands) 2022 2021 Proceeds ​ $ — ​ $ 13,189 Realized gains ​ — ​ 114 Realized losses ​ — ​ —
Schedule of proceeds from the call of held-to-maturity investment securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (dollars in thousands) 2022 2021 Proceeds ​ $ 515 ​ $ — Realized gains ​ — ​ — Realized losses ​ — ​ — ​
Schedule of federal home loan bank	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2022 2021 Federal Reserve ​ $ 2,675 ​ $ 2,675 FHLB ​ 4,246 ​ 3,806

Loans and Allowance for Loan _2

Loans and Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2022
Loans and Allowance for Loan Losses
Schedule of total loans outstanding by portfolio segment	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (dollars in thousands) 2022 2021 Commercial ​ ​ ​ ​ ​ ​ Commercial and industrial (1) ​ $ 467,449 ​ $ 436,761 Real estate construction ​ 41,604 ​ 40,619 Commercial real estate ​ 602,158 ​ 598,893 Total commercial ​ 1,111,211 ​ 1,076,273 Consumer ​ ​ Residential real estate first mortgage ​ 522,489 ​ 510,716 Residential real estate junior lien ​ 130,604 ​ 125,668 Other revolving and installment ​ 53,738 ​ 45,363 Total consumer ​ 706,831 ​ 681,747 Total loans ​ $ 1,818,042 ​ $ 1,758,020 (1) Included Paycheck Protection Program, or PPP, loans of $13.1 million at March 31, 2022 and $33.6 million at December 31, 2021.
Schedule of past due aging analysis of the loan portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ 90 Days ​ ​ ​ ​ ​ ​ ​ ​ Accruing ​ 30 - 89 Days ​ or More ​ ​ ​ ​ Total (dollars in thousands) Current Past Due Past Due Nonaccrual Loans Commercial ​ ​ ​ ​ ​ Commercial and industrial ​ $ 465,678 ​ $ 218 ​ $ 146 ​ $ 1,407 ​ $ 467,449 Real estate construction ​ 41,604 ​ — ​ — ​ — ​ 41,604 Commercial real estate ​ 601,087 ​ 442 ​ — ​ 629 ​ 602,158 Total commercial ​ 1,108,369 ​ 660 ​ 146 ​ 2,036 ​ 1,111,211 Consumer ​ ​ ​ ​ ​ Residential real estate first mortgage ​ 520,043 ​ 687 ​ — ​ 1,759 ​ 522,489 Residential real estate junior lien ​ 129,934 ​ 445 ​ — ​ 225 ​ 130,604 Other revolving and installment ​ 53,518 ​ 171 ​ — ​ 49 ​ 53,738 Total consumer ​ 703,495 ​ 1,303 ​ — ​ 2,033 ​ 706,831 Total loans ​ $ 1,811,864 ​ $ 1,963 ​ $ 146 ​ $ 4,069 ​ $ 1,818,042 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ 90 Days ​ ​ ​ ​ ​ ​ ​ ​ Accruing ​ 30 - 89 Days ​ or More ​ ​ ​ ​ Total (dollars in thousands) Current Past Due Past Due Nonaccrual Loans Commercial ​ ​ ​ ​ ​ Commercial and industrial ​ $ 435,135 ​ $ 168 ​ $ 121 ​ $ 1,337 ​ $ 436,761 Real estate construction ​ 40,619 ​ — ​ — ​ — ​ 40,619 Commercial real estate ​ 598,264 ​ — ​ — ​ 629 ​ 598,893 Total commercial ​ 1,074,018 ​ 168 ​ 121 ​ 1,966 ​ 1,076,273 Consumer ​ ​ ​ ​ ​ Residential real estate first mortgage ​ 508,925 ​ 1,770 ​ — ​ 21 ​ 510,716 Residential real estate junior lien ​ 125,412 ​ 167 ​ — ​ 89 ​ 125,668 Other revolving and installment ​ 45,242 ​ 121 ​ — ​ — ​ 45,363 Total consumer ​ 679,579 ​ 2,058 ​ — ​ 110 ​ 681,747 Total loans ​ $ 1,753,597 ​ $ 2,226 ​ $ 121 ​ $ 2,076 ​ $ 1,758,020
Schedule of loans outstanding, by portfolio segment and risk category	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ Criticized ​ ​ ​ ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) Pass Mention Substandard Doubtful Total Commercial ​ ​ ​ ​ ​ Commercial and industrial ​ $ 463,278 ​ $ — ​ $ 4,171 ​ $ — ​ $ 467,449 Real estate construction ​ 41,604 ​ — ​ — ​ — ​ 41,604 Commercial real estate ​ 592,748 ​ — ​ 9,410 ​ — ​ 602,158 Total commercial ​ ​ 1,097,630 ​ ​ — ​ ​ 13,581 ​ ​ — ​ ​ 1,111,211 Consumer ​ ​ ​ ​ ​ Residential real estate first mortgage ​ 520,438 ​ — ​ 2,051 ​ — ​ 522,489 Residential real estate junior lien ​ 129,830 ​ — ​ 774 ​ — ​ 130,604 Other revolving and installment ​ 53,689 ​ — ​ 49 ​ — ​ 53,738 Total consumer ​ 703,957 ​ — ​ 2,874 ​ — ​ 706,831 Total loans ​ $ 1,801,587 ​ $ — ​ $ 16,455 ​ $ — ​ $ 1,818,042 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Criticized ​ ​ ​ ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) Pass Mention Substandard Doubtful Total Commercial ​ ​ ​ ​ ​ Commercial and industrial ​ $ 430,235 ​ $ 480 ​ $ 6,046 ​ $ — ​ $ 436,761 Real estate construction ​ 40,619 ​ — ​ — ​ — ​ 40,619 Commercial real estate ​ 585,291 ​ — ​ 13,602 ​ — ​ 598,893 Total commercial ​ ​ 1,056,145 ​ ​ 480 ​ ​ 19,648 ​ ​ — ​ ​ 1,076,273 Consumer ​ ​ ​ ​ ​ Residential real estate first mortgage ​ 510,375 ​ — ​ 341 ​ — ​ 510,716 Residential real estate junior lien ​ 124,898 ​ — ​ 770 ​ — ​ 125,668 Other revolving and installment ​ 45,363 ​ — ​ — ​ — ​ 45,363 Total consumer ​ 680,636 ​ — ​ 1,111 ​ — ​ 681,747 Total loans ​ $ 1,736,781 ​ $ 480 ​ $ 20,759 ​ $ — ​ $ 1,758,020 ​
Summary of changes in allowances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ ​ Beginning ​ Provision for ​ Loan ​ Loan ​ Ending (dollars in thousands) Balance Loan Losses Charge-offs Recoveries Balance Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ $ 8,925 ​ $ 771 ​ $ (27) ​ $ 126 ​ $ 9,795 Real estate construction ​ ​ 783 ​ ​ 27 ​ ​ — ​ ​ — ​ ​ 810 Commercial real estate ​ ​ 12,376 ​ ​ (441) ​ ​ — ​ ​ 11 ​ ​ 11,946 Total commercial ​ ​ 22,084 ​ ​ 357 ​ ​ (27) ​ ​ 137 ​ ​ 22,551 Consumer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate first mortgage ​ ​ 6,532 ​ ​ 129 ​ ​ — ​ ​ — ​ ​ 6,661 Residential real estate junior lien ​ ​ 1,295 ​ ​ 92 ​ ​ — ​ ​ 13 ​ ​ 1,400 Other revolving and installment ​ ​ 481 ​ ​ 145 ​ ​ (18) ​ ​ 36 ​ ​ 644 Total consumer ​ ​ 8,308 ​ ​ 366 ​ ​ (18) ​ ​ 49 ​ ​ 8,705 Unallocated ​ ​ 1,180 ​ ​ (723) ​ ​ — ​ ​ — ​ ​ 457 Total ​ $ 31,572 ​ $ — ​ $ (45) ​ $ 186 ​ $ 31,713 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ ​ Beginning ​ Provision for ​ Loan ​ Loan ​ Ending (dollars in thousands) Balance Loan Losses Charge-offs Recoveries Balance Commercial ​ ​ ​ ​ ​ Commercial and industrial ​ $ 10,205 ​ $ 316 ​ $ (204) ​ $ 170 ​ $ 10,487 Real estate construction ​ 658 ​ (60) ​ — ​ — ​ 598 Commercial real estate ​ 14,105 ​ 277 ​ (536) ​ 3 ​ 13,849 Total commercial ​ 24,968 ​ 533 ​ (740) ​ 173 ​ 24,934 Consumer ​ ​ ​ ​ ​ ​ Residential real estate first mortgage ​ 5,774 ​ 273 ​ — ​ — ​ 6,047 Residential real estate junior lien ​ 1,373 ​ (168) ​ — ​ 83 ​ 1,288 Other revolving and installment ​ 753 ​ (83) ​ (44) ​ 40 ​ 666 Total consumer ​ 7,900 ​ 22 ​ (44) ​ 123 ​ 8,001 Unallocated ​ 1,378 ​ (555) ​ — ​ — ​ 823 Total ​ $ 34,246 ​ $ — ​ $ (784) ​ $ 296 ​ $ 33,758 ​
Schedule of loans distributed by portfolio segment and impairment methodology	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Recorded Investment ​ Allowance for Loan Losses ​ ​ Individually ​ Collectively ​ ​ ​ ​ Individually ​ Collectively ​ ​ ​ (dollars in thousands) Evaluated Evaluated Total Evaluated Evaluated Total Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ $ 1,584 ​ $ 465,865 ​ $ 467,449 ​ $ 339 ​ $ 9,456 ​ $ 9,795 Real estate construction ​ — ​ 41,604 ​ 41,604 ​ ​ — ​ ​ 810 ​ ​ 810 Commercial real estate ​ 806 ​ 601,352 ​ 602,158 ​ ​ 4 ​ ​ 11,942 ​ ​ 11,946 Total commercial ​ 2,390 ​ 1,108,821 ​ 1,111,211 ​ ​ 343 ​ ​ 22,208 ​ ​ 22,551 Consumer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate first mortgage ​ 1,759 ​ 520,730 ​ 522,489 ​ ​ — ​ ​ 6,661 ​ ​ 6,661 Residential real estate junior lien ​ 226 ​ 130,378 ​ 130,604 ​ ​ — ​ ​ 1,400 ​ ​ 1,400 Other revolving and installment ​ 49 ​ 53,689 ​ 53,738 ​ ​ 18 ​ ​ 626 ​ ​ 644 Total consumer ​ 2,034 ​ 704,797 ​ 706,831 ​ ​ 18 ​ ​ 8,687 ​ ​ 8,705 Unallocated ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 457 Total loans ​ $ 4,424 ​ $ 1,813,618 ​ $ 1,818,042 ​ $ 361 ​ $ 30,895 ​ $ 31,713 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Recorded Investment ​ Allowance for Loan Losses ​ ​ Individually ​ Collectively ​ ​ ​ ​ Individually ​ Collectively ​ ​ ​ (dollars in thousands) Evaluated Evaluated Total Evaluated Evaluated Total Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ $ 1,831 ​ $ 434,930 ​ $ 436,761 ​ $ 278 ​ $ 8,647 ​ $ 8,925 Real estate construction ​ — ​ 40,619 ​ 40,619 ​ ​ — ​ ​ 783 ​ ​ 783 Commercial real estate ​ 809 ​ 598,084 ​ 598,893 ​ ​ 5 ​ ​ 12,371 ​ ​ 12,376 Total commercial ​ 2,640 ​ 1,073,633 ​ 1,076,273 ​ ​ 283 ​ ​ 21,801 ​ ​ 22,084 Consumer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate first mortgage ​ 21 ​ 510,695 ​ 510,716 ​ ​ — ​ ​ 6,532 ​ ​ 6,532 Residential real estate junior lien ​ 91 ​ ​ 125,577 ​ 125,668 ​ ​ — ​ ​ 1,295 ​ ​ 1,295 Other revolving and installment ​ — ​ 45,363 ​ 45,363 ​ ​ — ​ ​ 481 ​ ​ 481 Total consumer ​ 112 ​ 681,635 ​ 681,747 ​ ​ — ​ ​ 8,308 ​ ​ 8,308 Unallocated ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,180 Total loans ​ $ 2,752 ​ $ 1,755,268 ​ $ 1,758,020 ​ $ 283 ​ $ 30,109 ​ $ 31,572
Schedule of impaired loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 ​ ​ Recorded ​ Unpaid ​ Related Recorded ​ Unpaid ​ Related (dollars in thousands) Investment Principal Allowance Investment Principal Allowance Impaired loans with a valuation allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ $ 508 ​ $ 532 ​ $ 339 ​ $ 445 ​ $ 464 ​ $ 278 Commercial real estate ​ 177 ​ 199 ​ 4 ​ 180 ​ 203 ​ 5 Residential real estate junior lien ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — Other revolving and installment ​ 40 ​ 40 ​ 18 ​ ​ — ​ — ​ — Total impaired loans with a valuation allowance ​ ​ 725 ​ ​ 771 ​ ​ 361 ​ ​ 625 ​ ​ 667 ​ ​ 283 Impaired loans without a valuation allowance ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 1,076 ​ ​ 1,188 ​ ​ — ​ ​ 1,386 ​ ​ 1,575 ​ ​ — Commercial real estate ​ 629 ​ ​ 684 ​ — ​ ​ 629 ​ 684 ​ — Residential real estate first mortgage ​ 1,759 ​ 1,759 ​ — ​ ​ 21 ​ 24 ​ — Residential real estate junior lien ​ 226 ​ 256 ​ — ​ ​ 91 ​ 120 ​ — Other revolving and installment ​ 9 ​ 9 ​ — ​ ​ — ​ — ​ — Total impaired loans without a valuation allowance ​ ​ 3,699 ​ ​ 3,896 ​ ​ — ​ ​ 2,127 ​ ​ 2,403 ​ ​ — Total impaired loans ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 1,584 ​ ​ 1,720 ​ ​ 339 ​ ​ 1,831 ​ ​ 2,039 ​ ​ 278 Commercial real estate ​ 806 ​ 883 ​ 4 ​ 809 ​ 887 ​ 5 Residential real estate first mortgage ​ ​ 1,759 ​ ​ 1,759 ​ ​ — ​ ​ 21 ​ ​ 24 ​ ​ — Residential real estate junior lien ​ 226 ​ 256 ​ — ​ 91 ​ 120 ​ — Other revolving and installment ​ 49 ​ 49 ​ 18 ​ — ​ — ​ — Total impaired loans ​ $ 4,424 ​ $ 4,667 ​ $ 361 ​ $ 2,752 ​ $ 3,070 ​ $ 283 ​ The table below presents the average recorded investment in impaired loans and interest income for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 ​ 2021 ​ ​ Average ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Recorded ​ Interest ​ Recorded ​ Interest (dollars in thousands) Investment Income Investment Income Impaired loans with a valuation allowance ​ ​ ​ ​ Commercial and industrial ​ $ 528 ​ $ 3 ​ $ 1,816 ​ $ 13 Commercial real estate ​ 180 ​ 2 ​ 2,793 ​ 138 Residential real estate junior lien ​ — ​ — ​ 33 ​ — Other revolving and installment ​ 41 ​ — ​ 38 ​ — Total impaired loans with a valuation allowance ​ ​ 749 ​ ​ 5 ​ ​ 4,680 ​ ​ 151 Impaired loans without a valuation allowance ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 1,126 ​ ​ — ​ ​ 1,258 ​ ​ 22 Commercial real estate ​ 642 ​ — ​ 2,158 ​ — Residential real estate first mortgage ​ 1,759 ​ — ​ 435 ​ — Residential real estate junior lien ​ 230 ​ — ​ 176 ​ ​ — Other revolving and installment ​ 9 ​ — ​ — ​ — Total impaired loans without a valuation allowance ​ ​ 3,766 ​ ​ — ​ ​ 4,027 ​ ​ 22 Total impaired loans ​ ​ ​ ​ Commercial and industrial ​ ​ 1,654 ​ ​ 3 ​ ​ 3,074 ​ ​ 35 Commercial real estate ​ 822 ​ 2 ​ 4,951 ​ 138 Residential real estate first mortgage ​ 1,759 ​ — ​ 435 ​ — Residential real estate junior lien ​ 230 ​ — ​ 209 ​ — Other revolving and installment ​ 50 ​ — ​ 38 ​ — Total impaired loans ​ $ 4,515 ​ $ 5 ​ $ 8,707 ​ $ 173

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Other Intangible Assets
Schedule of goodwill by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2022 2021 Banking ​ $ 20,131 ​ $ 20,131 Retirement and benefit services ​ ​ 11,359 ​ ​ 11,359 Total goodwill ​ $ 31,490 ​ $ 31,490
Schedule of identifiable intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 (dollars in thousands) Gross Carrying Amount Accumulated Amortization Total Gross Carrying Amount Accumulated Amortization Total Identifiable customer intangibles ​ $ 42,057 ​ $ (22,860) ​ $ 19,197 ​ $ 42,057 ​ $ (21,807) ​ $ 20,250 Total intangible assets ​ $ 42,057 ​ $ (22,860) ​ $ 19,197 ​ $ 42,057 ​ $ (21,807) ​ $ 20,250

Loan Servicing (Tables)

Loan Servicing (Tables)	3 Months Ended
	Mar. 31, 2022
Loan Servicing
Summary of activity related to loan servicing	​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (dollars in thousands) 2022 2021 Balance, beginning of period ​ $ 1,880 ​ $ 1,987 Additions ​ 4 ​ 49 Amortization ​ (159) ​ (200) (Impairment)/Recovery ​ 46 ​ 116 Balance, end of period ​ $ 1,771 ​ $ 1,952
Summary of key economic assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (dollars in thousands) ​ 2022 ​ 2021 ​ Fair value of servicing rights ​ $ 1,771 ​ $ 1,880 ​ Weighted-average remaining term, years ​ 20.7 ​ 20.3 ​ Prepayment speeds ​ 8.8 % 14.2 % Discount rate ​ 10.0 % 9.5 %

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases
Schedule of right-of-use assets and lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (dollars in thousands) ​ 2022 2021 Lease Right-of-Use Assets ​ Classification ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets Operating lease right-of-use assets ​ $ 3,360 ​ $ 3,727 Finance lease right-of-use assets Land, premises and equipment, net ​ 58 ​ 87 Total lease right-of-use assets ​ ​ ​ $ 3,418 ​ $ 3,814 Lease Liabilities ​ ​ ​ Operating lease liabilities Operating lease liabilities ​ $ 3,850 ​ $ 4,275 Finance lease liabilities Long-term debt ​ 143 ​ 203 Total lease liabilities ​ ​ ​ $ 3,993 ​ $ 4,478
Schedule of weighted average remaining lease term and average discount rate	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 ​ Weighted-average remaining lease term, years ​ ​ ​ ​ ​ Operating leases 3.3 ​ 3.4 ​ Finance leases 0.5 ​ 0.8 ​ Weighted-average discount rate ​ ​ ​ Operating leases 2.3 % 2.5 % Finance leases 7.8 % 7.8 %
Schedule of lease costs and other lease information	​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (dollars in thousands) 2022 ​ 2021 Lease costs ​ ​ ​ ​ Operating lease cost ​ $ 411 ​ $ 496 Variable lease cost ​ 213 ​ 233 Short-term lease cost ​ 45 ​ 37 Finance lease cost ​ ​ Interest on lease liabilities ​ 4 ​ 8 Amortization of right-of-use assets ​ 29 ​ 29 Sublease income ​ (57) ​ (60) Net lease cost ​ $ 645 ​ $ 743 Other information ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities operating cash flows from operating leases ​ $ 392 ​ $ 487 Right-of-use assets obtained in exchange for new operating lease liabilities ​ $ — ​ $ —
Schedule of future minimum payments for finance leases	Future minimum payments for finance and operating leases with initial or remaining terms of one year or more as of March 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating (dollars in thousands) Leases Leases Twelve months ended ​ ​ ​ ​ ​ ​ March 31, 2023 ​ $ 146 ​ $ 1,597 March 31, 2024 ​ — ​ 1,439 March 31, 2025 ​ — ​ 676 March 31, 2026 ​ — ​ 389 March 31, 2027 ​ — ​ 250 Thereafter ​ — ​ 238 Total future minimum lease payments ​ $ 146 ​ $ 4,589 Amounts representing interest ​ (3) ​ (739) Total operating lease liabilities ​ $ 143 ​ $ 3,850
Schedule of future minimum payments for operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating (dollars in thousands) Leases Leases Twelve months ended ​ ​ ​ ​ ​ ​ March 31, 2023 ​ $ 146 ​ $ 1,597 March 31, 2024 ​ — ​ 1,439 March 31, 2025 ​ — ​ 676 March 31, 2026 ​ — ​ 389 March 31, 2027 ​ — ​ 250 Thereafter ​ — ​ 238 Total future minimum lease payments ​ $ 146 ​ $ 4,589 Amounts representing interest ​ (3) ​ (739) Total operating lease liabilities ​ $ 143 ​ $ 3,850

Deposits (Tables)

Deposits (Tables)	3 Months Ended
	Mar. 31, 2022
Deposits.
Schedule of components of deposits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2022 2021 Noninterest-bearing ​ $ 831,558 ​ $ 938,840 Interest-bearing ​ ​ Interest-bearing demand ​ 760,321 ​ 714,669 Savings accounts ​ 99,299 ​ 96,825 Money market savings ​ 976,905 ​ 937,305 Time deposits ​ 224,184 ​ 232,912 Total interest-bearing ​ 2,060,709 ​ 1,981,711 Total deposits ​ $ 2,892,267 ​ $ 2,920,551

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Long-Term Debt.
Schedule of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period End ​ ​ ​ ​ ​ ​ Face ​ Carrying ​ ​ ​ Interest ​ Maturity ​ ​ (dollars in thousands) Value Value Interest Rate Rate Date Call Date Subordinated notes payable ​ $ 50,000 ​ $ 50,000 ​ Fixed ​ 3.50 % 3/30/2031 ​ 3/31/2026 Junior subordinated debenture (Trust I) ​ ​ 4,124 ​ ​ 3,503 Three-month LIBOR + 3.10% ​ 4.07 % 6/26/2033 6/26/2008 Junior subordinated debenture (Trust II) ​ 6,186 ​ 5,256 Three-month LIBOR + 1.80% ​ 2.63 % 9/15/2036 9/15/2011 Finance lease liability ​ 2,700 ​ 143 Fixed 7.81 % 10/31/2022 N/A Total long-term debt ​ $ 63,010 ​ $ 58,902 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period End ​ ​ ​ ​ ​ ​ Face ​ Carrying ​ ​ ​ Interest ​ Maturity ​ ​ (dollars in thousands) Value Value Interest Rate Rate Date Call Date Subordinated notes payable ​ $ 50,000 ​ $ 50,000 Fixed 3.50 % 12/30/2025 12/30/2020 Junior subordinated debenture (Trust I) ​ 4,124 ​ 3,492 Three-month LIBOR + 3.10% ​ 3.32 % 6/26/2033 6/26/2008 Junior subordinated debenture (Trust II) ​ 6,186 ​ 5,238 Three-month LIBOR + 1.80% ​ 2.00 % 9/15/2036 9/15/2011 Finance lease liability ​ 2,700 ​ 203 Fixed 7.81 % 10/31/2022 N/A Total long-term debt ​ $ 63,010 ​ $ 58,933

Financial Instruments with Of_2

Financial Instruments with Off-Balance Sheet Risk (Tables)	3 Months Ended
	Mar. 31, 2022
Financial Instruments with Off-Balance Sheet Risk
Schedule of financial instruments whose contract amount represents credit risk	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2022 2021 Commitments to extend credit ​ $ 650,087 ​ $ 668,115 Standby letters of credit ​ 10,591 ​ 10,529 Total ​ $ 660,678 ​ $ 678,644

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	3 Months Ended
	Mar. 31, 2022
Share-Based Compensation Plan
Schedule of stock plan activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Weighted- ​ ​ ​ Weighted- ​ ​ ​ Average Grant ​ ​ ​ Average Grant ​ Awards Date Fair Value Awards Date Fair Value Restricted Stock and Restricted Stock Unit Awards ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of period 260,850 $ 21.04 ​ 325,030 $ 19.48 Granted 70,850 ​ 28.39 ​ 59,374 ​ 26.36 Vested (96,618) ​ 18.66 ​ (81,092) ​ 20.72 Forfeited or cancelled (2,209) ​ 22.75 ​ — ​ — Outstanding at end of period ​ 232,873 ​ $ 23.33 ​ 303,312 ​ $ 20.49

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Income Taxes
Schedule of effective income tax rate reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ 2022 ​ ​ 2021 ​ ​ ​ ​ Percent of ​ ​ Percent of (dollars in thousands) ​ Amount ​ Pretax Income ​ Amount ​ Pretax Income Taxes at statutory federal income tax rate ​ $ 2,745 21.0 % ​ $ 4,174 21.0 % Tax effect of: ​ ​ ​ ​ Tax exempt income ​ (117) (0.9) % ​ (153) (0.8) % State income taxes, net of federal benefits ​ 579 4.4 ​ ​ 854 4.3 ​ Nondeductible items and other ​ ​ (319) ​ (2.4) ​ ​ ​ (213) ​ (1.1) ​ Applicable income taxes ​ $ 2,888 22.1 % ​ $ 4,662 23.4 % ​

Tax Credit Investments (Tables)

Tax Credit Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Tax Credit Investments.
Schedule of tax credit investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 (dollars in thousands) ​ ​ Investment ​ Unfunded Commitment ​ Investment ​ Unfunded Commitment Investment ​ Accounting Method ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Low income housing tax credit Proportional amortization ​ $ 12,906 $ 11,686 $ 7,906 $ 6,999 Total ​ ​ $ 12,906 $ 11,686 $ 7,906 $ 6,999

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting
Schedule of key metrics related to segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ ​ ​ ​ ​ Retirement and ​ Wealth ​ ​ ​ ​ Corporate ​ ​ ​ (dollars in thousands) Banking Benefit Services Management Mortgage Administration Consolidated Net interest income ​ $ 21,525 ​ $ — ​ $ — ​ $ 709 ​ $ (561) ​ $ 21,673 Provision for loan losses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Noninterest income ​ ​ 1,538 ​ ​ 17,646 ​ ​ 5,326 ​ ​ 4,931 ​ ​ 29 ​ ​ 29,470 Noninterest expense ​ ​ 12,694 ​ 8,432 ​ 1,838 ​ 5,020 ​ ​ 10,087 ​ ​ 38,071 Net income before taxes ​ $ 10,369 ​ $ 9,214 ​ $ 3,488 ​ $ 620 ​ $ (10,619) ​ $ 13,072 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ ​ ​ ​ ​ Retirement and ​ Wealth ​ ​ ​ ​ Corporate ​ ​ ​ (dollars in thousands) Banking Benefit Services Management Mortgage Administration Consolidated Net interest income ​ $ 21,880 ​ $ — ​ $ — ​ $ 446 ​ $ (288) ​ $ 22,038 Provision for loan losses ​ — ​ — ​ — ​ — ​ — ​ — Noninterest income ​ 1,522 ​ 17,255 ​ 4,986 ​ 17,132 ​ (14) ​ 40,881 Noninterest expense ​ 11,084 ​ 10,112 ​ 2,335 ​ 10,853 ​ 8,658 ​ 43,042 Net income before taxes ​ $ 12,318 ​ $ 7,143 ​ $ 2,651 ​ $ 6,725 ​ $ (8,960) ​ $ 19,877

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share
Schedule of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (dollars and shares in thousands, except per share data) 2022 2021 ​ Net income ​ $ 10,184 ​ $ 15,215 ​ Dividends and undistributed earnings allocated to participating securities ​ ​ 125 ​ ​ 254 ​ Net income available to common shareholders ​ $ 10,059 ​ $ 14,961 ​ Weighted-average common shares outstanding for basic earnings per share ​ ​ 17,244 ​ 17,145 ​ Dilutive effect of stock-based awards ​ 256 ​ 320 ​ Weighted-average common shares outstanding for diluted earnings per share ​ ​ 17,500 ​ ​ 17,465 ​ Earnings per common share: ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share ​ $ 0.58 ​ $ 0.87 ​ Diluted earnings per common share ​ $ 0.57 ​ $ 0.86 ​

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments
Schedule of amounts recorded in the Company's consolidated balance sheets for derivatives not designated as hedging instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ Fair ​ Notional ​ Fair ​ Notional (dollars in thousands) ​ Value Amount Value Amount Asset Derivatives Consolidated Balance Sheet Location ​ ​ ​ ​ Interest rate swaps Other assets ​ $ 3,642 ​ $ 44,480 ​ $ 1,366 ​ $ 44,826 Interest rate lock commitments Other assets ​ ​ 882 ​ ​ 53,070 ​ ​ 1,507 ​ ​ 52,316 Forward loan sales commitments Other assets ​ — ​ — ​ 490 ​ 13,418 TBA mortgage backed securities Other assets ​ 1,230 ​ 80,466 ​ 34 ​ 97,000 Total asset derivatives ​ $ 5,754 ​ $ 178,016 ​ $ 3,397 ​ $ 207,560 Liability Derivatives ​ ​ ​ ​ Interest rate swaps Accrued expenses and other liabilities ​ $ 3,644 ​ $ 44,480 ​ $ 1,368 ​ $ 44,826 TBA mortgage backed securities Accrued expenses and other liabilities ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total liability derivatives ​ $ 3,644 ​ $ 44,480 ​ $ 1,368 ​ $ 44,826
Schedule of gain (loss) recognized on derivatives instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ Consolidated Statements ​ March 31, ​ March 31, (dollars in thousands) of Income Location 2022 2021 Interest rate swaps Other noninterest income ​ $ — ​ $ 2 Interest rate lock commitments Mortgage banking ​ ​ (710) ​ ​ (6,245) Forward loan sales commitments Mortgage banking ​ ​ (490) ​ ​ (1,635) TBA mortgage backed securities Mortgage banking ​ 2,503 ​ 8,961 Total gain/(loss) from derivative instruments ​ ​ $ 1,303 ​ $ 1,083

Regulatory Matters (Tables)

Regulatory Matters (Tables)	3 Months Ended
	Mar. 31, 2022
Regulatory Matters
Schedule of Bank's actual capital amounts and ratios	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum to be ​ ​ ​ ​ ​ ​ ​ ​ ​ Requirements ​ ​ Well Capitalized ​ ​ ​ ​ ​ ​ ​ ​ for Capital ​ ​ Under Prompt ​ ​ Actual ​ Adequacy Purposes ​ Corrective Action (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk weighted assets ​ ​ ​ ​ Consolidated ​ $ 322,985 14.27 % $ 101,863 4.50 % $ N/A N/A ​ Bank ​ 305,828 13.52 % 101,817 4.50 % 147,070 6.50 % Tier 1 capital to risk weighted assets ​ ​ . ​ Consolidated ​ 331,743 14.66 % 135,817 6.00 % N/A N/A ​ Bank ​ 305,828 13.52 % 135,757 6.00 % 181,009 8.00 % Total capital to risk weighted assets ​ ​ Consolidated ​ 410,081 18.12 % 181,090 8.00 % N/A N/A ​ Bank ​ 334,153 14.77 % 181,009 8.00 % 226,261 10.00 % Tier 1 capital to average assets ​ ​ Consolidated ​ 331,743 10.30 % 128,837 4.00 % N/A N/A ​ Bank ​ 305,828 9.50 % 128,768 4.00 % 160,960 5.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum to be ​ ​ ​ ​ ​ ​ ​ ​ ​ Requirements ​ ​ Well Capitalized ​ ​ ​ ​ ​ ​ ​ ​ for Capital ​ ​ Under Prompt ​ ​ Actual ​ Adequacy Purposes ​ Corrective Action (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk weighted assets ​ ​ ​ ​ Consolidated ​ $ 314,628 14.65 % $ 96,647 4.50 % $ N/A N/A ​ Bank ​ 297,453 13.87 % 96,538 4.50 % 139,444 6.50 % Tier 1 capital to risk weighted assets ​ ​ . ​ Consolidated ​ 323,358 15.06 % 128,862 6.00 % N/A N/A ​ Bank ​ 297,453 13.87 % 128,718 6.00 % 171,624 8.00 % Total capital to risk weighted assets ​ ​ Consolidated ​ 400,263 18.64 % 171,816 8.00 % N/A N/A ​ Bank ​ 324,328 15.12 % 171,624 8.00 % 214,530 10.00 % Tier 1 capital to average assets ​ ​ Consolidated ​ 323,358 9.79 % 132,112 4.00 % N/A N/A ​ Bank ​ 297,453 9.01 % 132,039 4.00 % 165,049 5.00 %

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value of Assets and Liabilities
Summary of balances of the assets and liabilities measured at estimated fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total Available-for-sale ​ ​ ​ ​ U.S. treasury and government agencies ​ $ — ​ $ 4,167 ​ $ — ​ $ 4,167 Mortgage backed securities ​ ​ ​ ​ Residential agency ​ — ​ 711,121 ​ — ​ 711,121 Commercial ​ — ​ 82,732 ​ — ​ 82,732 Asset backed securities ​ — ​ 42 ​ — ​ 42 Corporate bonds ​ — ​ 68,271 ​ — ​ 68,271 Total available-for-sale investment securities ​ $ — ​ $ 866,333 ​ $ — ​ $ 866,333 Other assets ​ ​ ​ ​ Derivatives ​ $ — ​ $ 5,754 ​ $ — ​ $ 5,754 Other liabilities ​ ​ ​ ​ Derivatives ​ $ — ​ $ 3,644 ​ $ — ​ $ 3,644 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (dollars in thousands) Level 1 Level 2 Level 3 Total Available-for-sale ​ ​ ​ ​ U.S. treasury and government agencies ​ $ — ​ $ 5,103 ​ $ — ​ $ 5,103 Mortgage backed securities ​ ​ ​ ​ Residential agency ​ — ​ 707,157 ​ — ​ 707,157 Commercial ​ — ​ 90,913 ​ — ​ 90,913 Asset backed securities ​ — ​ 54 ​ — ​ 54 Corporate bonds ​ — ​ 50,422 ​ — ​ 50,422 Total available-for-sale investment securities ​ $ — ​ $ 853,649 ​ $ — ​ $ 853,649 Other assets ​ ​ ​ ​ Derivatives ​ $ — ​ $ 3,397 ​ $ — ​ $ 3,397 Other liabilities ​ ​ ​ ​ Derivatives ​ $ — ​ $ 1,368 ​ $ — ​ $ 1,368
Schedule of net impairment losses related to nonrecurring estimated fair value measurements of certain assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 (dollars in thousands) Level 2 Level 3 Total Impairment Loans held for sale ​ $ 21,864 ​ $ — ​ $ 21,864 ​ $ — Impaired loans ​ — ​ 4,063 ​ 4,063 ​ 361 Foreclosed assets ​ — ​ 865 ​ 865 ​ — Servicing rights ​ — ​ 1,771 ​ 1,771 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (dollars in thousands) Level 2 Level 3 Total Impairment Loans held for sale ​ $ 46,490 ​ $ — ​ $ 46,490 ​ $ — Impaired loans ​ — ​ 2,469 ​ 2,469 ​ 283 Foreclosed assets ​ — ​ 885 ​ 885 ​ — Servicing rights ​ — ​ 1,880 ​ 1,880 ​ —
Schedule of valuation techniques and significant unobservable inputs used to measure Level 3 estimated fair values	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Asset Type Valuation Technique Unobservable Input Fair Value Range Average Impaired loans Appraisal value Property specific adjustment $ 4,063 N/A ​ N/A Foreclosed assets Appraisal value Property specific adjustment 865 N/A N/A Servicing rights Discounted cash flows Prepayment speed assumptions 1,771 126-174 147 ​ Discount rate 10.0 % 10.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Asset Type Valuation Technique Unobservable Input Fair Value Range Average Impaired loans Appraisal value Property specific adjustment $ 2,469 N/A N/A ​ Foreclosed assets Appraisal value Property specific adjustment 885 N/A N/A ​ Servicing rights Discounted cash flows Prepayment speed assumptions 1,880 161-327 237 ​ ​ Discount rate 9.5 % 9.5 % ​
Summary of estimated fair values and related carrying or notional amounts, of the Company's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Carrying ​ Estimated Fair Value (dollars in thousands) Amount Level 1 Level 2 Level 3 Total Financial Assets ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 132,832 ​ $ 132,832 ​ $ — ​ $ — ​ $ 132,832 Investment securities held-to-maturity ​ ​ 340,150 ​ ​ — ​ ​ 317,826 ​ ​ — ​ ​ 317,826 Loans, net ​ 1,786,329 ​ — ​ — ​ 1,800,339 ​ 1,800,339 Accrued interest receivable ​ 8,516 ​ 8,516 ​ — ​ — ​ 8,516 Bank-owned life insurance ​ 33,358 ​ — ​ 33,358 ​ — ​ 33,358 Financial Liabilities ​ ​ ​ ​ ​ Noninterest-bearing deposits ​ $ 831,558 ​ $ — ​ $ 831,558 ​ $ — ​ $ 831,558 Interest-bearing deposits ​ 1,836,525 ​ — ​ 1,836,525 ​ — ​ 1,836,525 Time deposits ​ 224,184 ​ — ​ — ​ 223,127 ​ 223,127 Long-term debt ​ 58,902 ​ — ​ 61,651 ​ — ​ 61,651 Accrued interest payable ​ 2,139 ​ 2,139 ​ — ​ — ​ 2,139 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Carrying ​ Estimated Fair Value (dollars in thousands) Amount Level 1 Level 2 Level 3 Total Financial Assets ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 242,311 ​ $ 242,311 ​ $ — ​ $ — ​ $ 242,311 Investment securities held-to-maturity ​ ​ 352,061 ​ ​ — ​ ​ 349,677 ​ ​ — ​ ​ 349,677 Loans, net ​ 1,726,448 ​ — ​ — ​ 1,760,784 ​ 1,760,784 Accrued interest receivable ​ 8,537 ​ 8,537 ​ — ​ — ​ 8,537 Bank-owned life insurance ​ 33,156 ​ — ​ 33,156 ​ — ​ 33,156 Financial Liabilities ​ ​ ​ ​ ​ Noninterest-bearing deposits ​ $ 938,840 ​ $ — ​ $ 938,840 ​ $ — ​ $ 938,840 Interest-bearing deposits ​ 1,748,799 ​ — ​ 1,748,799 ​ — ​ 1,748,799 Time deposits ​ 232,912 ​ — ​ — ​ 232,970 ​ 232,970 Long-term debt ​ 58,933 ​ — ​ 57,772 ​ — ​ 57,772 Accrued interest payable ​ 1,674 ​ 1,674 ​ — ​ — ​ 1,674

Significant Accounting Polici_3

Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2022segment
Significant Accounting Policies
Number of operating segments	4

Investment Securities (Details)

Investment Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investment securities available-for-sale
Amortized Cost	$ 923,667	$ 860,258
Unrealized Gains	1,006	5,362
Unrealized Losses	(58,340)	(11,971)
Fair Value	866,333	853,649
Amortized Cost	340,150	352,061
Unrealized Gains	1	1,110
Unrealized Losses	(22,325)	(3,494)
Fair Value	317,826	349,677
Amortized Cost	1,263,817	1,212,319
Unrealized Gains	1,007	6,472
Unrealized Losses	(80,665)	(15,465)
Fair Value	1,184,159	1,203,326
U. S. Treasury and agencies
Investment securities available-for-sale
Amortized Cost	4,107	5,028
Unrealized Gains	60	75
Fair Value	4,167	5,103
Obligations of state and political agencies.
Investment securities available-for-sale
Amortized Cost	141,373	144,543
Unrealized Gains	1	1,110
Unrealized Losses	(7,594)	(349)
Fair Value	133,780	145,304
Mortgage backed securities - Residential agency
Investment securities available-for-sale
Amortized Cost	765,363	717,781
Unrealized Gains	229	1,213
Unrealized Losses	(54,471)	(11,837)
Fair Value	711,121	707,157
Amortized Cost	198,777	207,518
Unrealized Losses	(14,731)	(3,145)
Fair Value	184,046	204,373
Mortgage backed securities - Commercial
Investment securities available-for-sale
Amortized Cost	85,123	88,362
Unrealized Gains	185	2,674
Unrealized Losses	(2,576)	(123)
Fair Value	82,732	90,913
Asset backed securities
Investment securities available-for-sale
Amortized Cost	41	52
Unrealized Gains	1	2
Fair Value	42	54
Corporate bonds
Investment securities available-for-sale
Amortized Cost	69,033	49,035
Unrealized Gains	531	1,398
Unrealized Losses	(1,293)	(11)
Fair Value	$ 68,271	$ 50,422

Investment Securities - Gross u

Investment Securities - Gross unrealized losses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investment securities available-for-sale
Unrealized losses less than 12 months	$ (34,576)	$ (10,290)
Fair value less than 12 months	570,503	578,270
Unrealized losses over 12 months	(23,764)	(1,681)
Fair value over 12 months	219,169	55,084
Total Unrealized losses	(58,340)	(11,971)
Total Fair value	789,672	633,354
Held-to-maturity investment securities
Unrealized losses less than 12 months	(22,325)	(3,494)
Fair value less than 12 months	315,324	257,583
Total Unrealized losses	(22,325)	(3,494)
Total Fair value	315,324	257,583
Unrealized losses less than 12 months	(56,901)	(13,784)
Fair value less than 12 months	885,827	835,853
Unrealized losses over 12 months	(23,764)	(1,681)
Fair value over 12 months	219,169	55,084
Total Unrealized losses	(80,665)	(15,465)
Total Fair value	1,104,996	890,937
Obligations of state and political agencies.
Held-to-maturity investment securities
Unrealized losses less than 12 months	(7,594)	(349)
Fair value less than 12 months	131,278	53,210
Total Unrealized losses	(7,594)	(349)
Total Fair value	131,278	53,210
Mortgage backed securities - Residential agency
Investment securities available-for-sale
Unrealized losses less than 12 months	(30,707)	(10,156)
Fair value less than 12 months	462,087	554,811
Unrealized losses over 12 months	(23,764)	(1,681)
Fair value over 12 months	219,167	55,082
Total Unrealized losses	(54,471)	(11,837)
Total Fair value	681,254	609,893
Held-to-maturity investment securities
Unrealized losses less than 12 months	(14,731)	(3,145)
Fair value less than 12 months	184,046	204,373
Unrealized losses over 12 months	(14,731)
Total Unrealized losses		(3,145)
Total Fair value	184,046	204,373
Mortgage backed securities - Commercial
Investment securities available-for-sale
Unrealized losses less than 12 months	(2,576)	(123)
Fair value less than 12 months	70,176	17,470
Total Unrealized losses	(2,576)	(123)
Total Fair value	70,176	17,470
Asset backed securities
Investment securities available-for-sale
Fair value over 12 months	2	2
Total Fair value	2	2
Corporate bonds
Investment securities available-for-sale
Unrealized losses less than 12 months	(1,293)	(11)
Fair value less than 12 months	38,240	5,989
Total Unrealized losses	(1,293)	(11)
Total Fair value	$ 38,240	$ 5,989

Investment Securities - Amortiz

Investment Securities - Amortized cost and estimated fair value (Details) $ in Thousands	Mar. 31, 2022USD ($)
Carrying Value
Due within one year or less	$ 7,452
Due after one year through five years	35,474
Due after five years through ten years	73,557
Due after 10 years	223,667
Total investment securities	340,150
Estimated Fair Value
Due within one year or less	7,423
Due after one year through five years	33,923
Due after five years through ten years	69,032
Due after 10 years	207,448
Total investment securities	317,826
Amortized Cost
Due within one year or less	1
Due after one year through five years	8,456
Due after five years through ten years	100,021
Due after 10 years	815,189
Total investment securities available-for-sale	923,667
Fair Value
Due within one year or less	1
Due after one year through five years	8,316
Due after five years through ten years	98,740
Due after 10 years	759,276
Total investment securities available-for-sale	$ 866,333

Investment Securities - Pledged

Investment Securities - Pledged (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investment Securities
Investment securities with carrying value	$ 270	$ 192.8

Investment Securities - Proceed

Investment Securities - Proceeds from sale of available for sale securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Investment Securities
Proceeds	$ 13,189
Realized gains	$ 114

Investment Securities - Proce_2

Investment Securities - Proceeds from the call of held-to-maturity investment securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Investment Securities
Proceeds from calls of investment securities held-to-maturity	$ 515

Investment Securities - Carryin

Investment Securities - Carrying value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investment Securities
Federal Reserve	$ 2,675	$ 2,675
FHLB	$ 4,246	$ 3,806

Investment Securities - Visa Cl

Investment Securities - Visa Class B Restricted Shares (Details) - Visa $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)shares	Dec. 31, 2021USD ($)shares
Common Class A
Securities
Investment shares owned, if converted	11,204	11,204
Common Class B
Securities
Conversion ratio	1.6181
Investment shares owned	6,924	6,924
Cost basis | $	$ 0	$ 0

Loans and Allowance for Loan _3

Loans and Allowance for Loan Losses - Loans outstanding by portfolio segment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Loans and Allowance for Loan Losses
Total loans	$ 1,818,042	$ 1,758,020
Deferred loan fees and costs	444	231
PPP Loans
Loans and Allowance for Loan Losses
Deferred loan fees and costs	333	881
Commercial
Loans and Allowance for Loan Losses
Total loans	1,111,211	1,076,273
Consumer
Loans and Allowance for Loan Losses
Total loans	706,831	681,747
Commercial and industrial | PPP Loans
Loans and Allowance for Loan Losses
Total loans	13,100	33,600
Commercial and industrial | Commercial
Loans and Allowance for Loan Losses
Total loans	467,449	436,761
Real estate construction | Commercial
Loans and Allowance for Loan Losses
Total loans	41,604	40,619
Residential | Consumer | Real estate first mortgage
Loans and Allowance for Loan Losses
Total loans	522,489	510,716
Residential | Consumer | Real estate junior lien
Loans and Allowance for Loan Losses
Total loans	130,604	125,668
Commercial real estate | Commercial
Loans and Allowance for Loan Losses
Total loans	602,158	598,893
Other revolving and installment | Consumer
Loans and Allowance for Loan Losses
Total loans	$ 53,738	$ 45,363

Loans and Allowance for Loan _4

Loans and Allowance for Loan Losses - Past due aging analysis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Past due aging analysis of loans
Nonaccrual	$ 4,069		$ 2,076
Loans and Leases Receivable, Gross, Total	1,818,042		1,758,020
Interest income foregone on nonaccrual loans	36	$ 80
30 - 89 Days Past Due
Past due aging analysis of loans
Loans	1,963		2,226
90 Days or More Past Due
Past due aging analysis of loans
Loans	146		121
Current
Past due aging analysis of loans
Loans	1,811,864		1,753,597
Commercial
Past due aging analysis of loans
Nonaccrual	2,036		1,966
Loans and Leases Receivable, Gross, Total	1,111,211		1,076,273
Commercial | 30 - 89 Days Past Due
Past due aging analysis of loans
Loans	660		168
Commercial | 90 Days or More Past Due
Past due aging analysis of loans
Loans	146		121
Commercial | Current
Past due aging analysis of loans
Loans	1,108,369		1,074,018
Commercial | Commercial and industrial
Past due aging analysis of loans
Nonaccrual	1,407		1,337
Loans and Leases Receivable, Gross, Total	467,449		436,761
Commercial | Commercial and industrial | 30 - 89 Days Past Due
Past due aging analysis of loans
Loans	218		168
Commercial | Commercial and industrial | 90 Days or More Past Due
Past due aging analysis of loans
Loans	146		121
Commercial | Commercial and industrial | Current
Past due aging analysis of loans
Loans	465,678		435,135
Commercial | Real estate construction
Past due aging analysis of loans
Loans and Leases Receivable, Gross, Total	41,604		40,619
Commercial | Real estate construction | Current
Past due aging analysis of loans
Loans	41,604		40,619
Commercial | Commercial real estate
Past due aging analysis of loans
Nonaccrual	629		629
Loans and Leases Receivable, Gross, Total	602,158		598,893
Commercial | Commercial real estate | 30 - 89 Days Past Due
Past due aging analysis of loans
Loans	442
Commercial | Commercial real estate | Current
Past due aging analysis of loans
Loans	601,087		598,264
Consumer
Past due aging analysis of loans
Nonaccrual	2,033		110
Loans and Leases Receivable, Gross, Total	706,831		681,747
Consumer | 30 - 89 Days Past Due
Past due aging analysis of loans
Loans	1,303		2,058
Consumer | Current
Past due aging analysis of loans
Loans	703,495		679,579
Consumer | Residential | Real estate first mortgage
Past due aging analysis of loans
Nonaccrual	1,759		21
Loans and Leases Receivable, Gross, Total	522,489		510,716
Consumer | Residential | Real estate first mortgage | 30 - 89 Days Past Due
Past due aging analysis of loans
Loans	687		1,770
Consumer | Residential | Real estate first mortgage | Current
Past due aging analysis of loans
Loans	520,043		508,925
Consumer | Residential | Real estate junior lien
Past due aging analysis of loans
Nonaccrual	225		89
Loans and Leases Receivable, Gross, Total	130,604		125,668
Consumer | Residential | Real estate junior lien | 30 - 89 Days Past Due
Past due aging analysis of loans
Loans	445		167
Consumer | Residential | Real estate junior lien | Current
Past due aging analysis of loans
Loans	129,934		125,412
Consumer | Other revolving and installment
Past due aging analysis of loans
Nonaccrual	49
Loans and Leases Receivable, Gross, Total	53,738		45,363
Consumer | Other revolving and installment | 30 - 89 Days Past Due
Past due aging analysis of loans
Loans	171		121
Consumer | Other revolving and installment | Current
Past due aging analysis of loans
Loans	$ 53,518		$ 45,242

Loans and Allowance for Loan _5

Loans and Allowance for Loan Losses - Loans by risk category (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Loans outstanding by loan portfolio segment and risk category
Loans	$ 1,818,042	$ 1,758,020
Pass
Loans outstanding by loan portfolio segment and risk category
Loans	1,801,587	1,736,781
Special Mention
Loans outstanding by loan portfolio segment and risk category
Loans		480
Substandard
Loans outstanding by loan portfolio segment and risk category
Loans	16,455	20,759
Commercial
Loans outstanding by loan portfolio segment and risk category
Loans	1,111,211	1,076,273
Commercial | Pass
Loans outstanding by loan portfolio segment and risk category
Loans	1,097,630	1,056,145
Commercial | Special Mention
Loans outstanding by loan portfolio segment and risk category
Loans		480
Commercial | Substandard
Loans outstanding by loan portfolio segment and risk category
Loans	13,581	19,648
Commercial | Commercial and industrial
Loans outstanding by loan portfolio segment and risk category
Loans	467,449	436,761
Commercial | Commercial and industrial | Pass
Loans outstanding by loan portfolio segment and risk category
Loans	463,278	430,235
Commercial | Commercial and industrial | Special Mention
Loans outstanding by loan portfolio segment and risk category
Loans		480
Commercial | Commercial and industrial | Substandard
Loans outstanding by loan portfolio segment and risk category
Loans	4,171	6,046
Commercial | Real estate construction
Loans outstanding by loan portfolio segment and risk category
Loans	41,604	40,619
Commercial | Real estate construction | Pass
Loans outstanding by loan portfolio segment and risk category
Loans	41,604	40,619
Commercial | Commercial real estate
Loans outstanding by loan portfolio segment and risk category
Loans	602,158	598,893
Commercial | Commercial real estate | Pass
Loans outstanding by loan portfolio segment and risk category
Loans	592,748	585,291
Commercial | Commercial real estate | Substandard
Loans outstanding by loan portfolio segment and risk category
Loans	9,410	13,602
Consumer
Loans outstanding by loan portfolio segment and risk category
Loans	706,831	681,747
Consumer | Pass
Loans outstanding by loan portfolio segment and risk category
Loans	703,957	680,636
Consumer | Substandard
Loans outstanding by loan portfolio segment and risk category
Loans	2,874	1,111
Consumer | Residential | Real estate first mortgage
Loans outstanding by loan portfolio segment and risk category
Loans	522,489	510,716
Consumer | Residential | Real estate first mortgage | Pass
Loans outstanding by loan portfolio segment and risk category
Loans	520,438	510,375
Consumer | Residential | Real estate first mortgage | Substandard
Loans outstanding by loan portfolio segment and risk category
Loans	2,051	341
Consumer | Residential | Real estate junior lien
Loans outstanding by loan portfolio segment and risk category
Loans	130,604	125,668
Consumer | Residential | Real estate junior lien | Pass
Loans outstanding by loan portfolio segment and risk category
Loans	129,830	124,898
Consumer | Residential | Real estate junior lien | Substandard
Loans outstanding by loan portfolio segment and risk category
Loans	774	770
Consumer | Other revolving and installment
Loans outstanding by loan portfolio segment and risk category
Loans	53,738	45,363
Consumer | Other revolving and installment | Pass
Loans outstanding by loan portfolio segment and risk category
Loans	53,689	$ 45,363
Consumer | Other revolving and installment | Substandard
Loans outstanding by loan portfolio segment and risk category
Loans	$ 49

Loans and Allowance for Loan _6

Loans and Allowance for Loan Losses - Changes in allowance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in the allowance
Beginning Balance	$ 31,572	$ 34,246
Loan charge-offs	(45)	(784)
Loan recoveries	186	296
Ending Balance	31,713	33,758
Unallocated
Changes in the allowance
Beginning Balance	1,180	1,378
Provision for loan losses	(723)	(555)
Ending Balance	457	823
Commercial
Changes in the allowance
Beginning Balance	22,084	24,968
Provision for loan losses	357	533
Loan charge-offs	(27)	(740)
Loan recoveries	137	173
Ending Balance	22,551	24,934
Commercial | Commercial and industrial
Changes in the allowance
Beginning Balance	8,925	10,205
Provision for loan losses	771	316
Loan charge-offs	(27)	(204)
Loan recoveries	126	170
Ending Balance	9,795	10,487
Commercial | Real estate construction
Changes in the allowance
Beginning Balance	783	658
Provision for loan losses	27	(60)
Ending Balance	810	598
Commercial | Commercial real estate
Changes in the allowance
Beginning Balance	12,376	14,105
Provision for loan losses	(441)	277
Loan charge-offs		(536)
Loan recoveries	11	3
Ending Balance	11,946	13,849
Consumer
Changes in the allowance
Beginning Balance	8,308	7,900
Provision for loan losses	366	22
Loan charge-offs	(18)	(44)
Loan recoveries	49	123
Ending Balance	8,705	8,001
Consumer | Residential | Real estate first mortgage
Changes in the allowance
Beginning Balance	6,532	5,774
Provision for loan losses	129	273
Ending Balance	6,661	6,047
Consumer | Residential | Real estate junior lien
Changes in the allowance
Beginning Balance	1,295	1,373
Provision for loan losses	92	(168)
Loan recoveries	13	83
Ending Balance	1,400	1,288
Consumer | Other revolving and installment
Changes in the allowance
Beginning Balance	481	753
Provision for loan losses	145	(83)
Loan charge-offs	(18)	(44)
Loan recoveries	36	40
Ending Balance	$ 644	$ 666

Loans and Allowance for Loan _7

Loans and Allowance for Loan Losses - Components of loans and associated allowance (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Loans and Allowance for Loan Losses
Recorded Investment, Individually Evaluated	$ 4,424	$ 2,752
Recorded Investment, Collectively Evaluated	1,813,618	1,755,268
Loans and Leases Receivable, Gross, Total	1,818,042	1,758,020
Allowance for Loan Losses, Individually Evaluated	361	283
Allowance for Loan Losses, Collectively Evaluated	30,895	30,109
Loans and Leases Receivable, Allowance, Total	31,713	31,572	$ 33,758	$ 34,246
Unallocated
Loans and Allowance for Loan Losses
Loans and Leases Receivable, Allowance, Total	457	1,180	823	1,378
Commercial
Loans and Allowance for Loan Losses
Recorded Investment, Individually Evaluated	2,390	2,640
Recorded Investment, Collectively Evaluated	1,108,821	1,073,633
Loans and Leases Receivable, Gross, Total	1,111,211	1,076,273
Allowance for Loan Losses, Individually Evaluated	343	283
Allowance for Loan Losses, Collectively Evaluated	22,208	21,801
Loans and Leases Receivable, Allowance, Total	22,551	22,084	24,934	24,968
Commercial | Commercial and industrial
Loans and Allowance for Loan Losses
Recorded Investment, Individually Evaluated	1,584	1,831
Recorded Investment, Collectively Evaluated	465,865	434,930
Loans and Leases Receivable, Gross, Total	467,449	436,761
Allowance for Loan Losses, Individually Evaluated	339	278
Allowance for Loan Losses, Collectively Evaluated	9,456	8,647
Loans and Leases Receivable, Allowance, Total	9,795	8,925	10,487	10,205
Commercial | Real estate construction
Loans and Allowance for Loan Losses
Recorded Investment, Collectively Evaluated	41,604	40,619
Loans and Leases Receivable, Gross, Total	41,604	40,619
Allowance for Loan Losses, Collectively Evaluated	810	783
Loans and Leases Receivable, Allowance, Total	810	783	598	658
Commercial | Commercial real estate
Loans and Allowance for Loan Losses
Recorded Investment, Individually Evaluated	806	809
Recorded Investment, Collectively Evaluated	601,352	598,084
Loans and Leases Receivable, Gross, Total	602,158	598,893
Allowance for Loan Losses, Individually Evaluated	4	5
Allowance for Loan Losses, Collectively Evaluated	11,942	12,371
Loans and Leases Receivable, Allowance, Total	11,946	12,376	13,849	14,105
Consumer
Loans and Allowance for Loan Losses
Recorded Investment, Individually Evaluated	2,034	112
Recorded Investment, Collectively Evaluated	704,797	681,635
Loans and Leases Receivable, Gross, Total	706,831	681,747
Allowance for Loan Losses, Individually Evaluated	18
Allowance for Loan Losses, Collectively Evaluated	8,687	8,308
Loans and Leases Receivable, Allowance, Total	8,705	8,308	8,001	7,900
Consumer | Residential | Real estate first mortgage
Loans and Allowance for Loan Losses
Recorded Investment, Individually Evaluated	1,759	21
Recorded Investment, Collectively Evaluated	520,730	510,695
Loans and Leases Receivable, Gross, Total	522,489	510,716
Allowance for Loan Losses, Collectively Evaluated	6,661	6,532
Loans and Leases Receivable, Allowance, Total	6,661	6,532	6,047	5,774
Consumer | Residential | Real estate junior lien
Loans and Allowance for Loan Losses
Recorded Investment, Individually Evaluated	226	91
Recorded Investment, Collectively Evaluated	130,378	125,577
Loans and Leases Receivable, Gross, Total	130,604	125,668
Allowance for Loan Losses, Collectively Evaluated	1,400	1,295
Loans and Leases Receivable, Allowance, Total	1,400	1,295	1,288	1,373
Consumer | Other revolving and installment
Loans and Allowance for Loan Losses
Recorded Investment, Individually Evaluated	49
Recorded Investment, Collectively Evaluated	53,689	45,363
Loans and Leases Receivable, Gross, Total	53,738	45,363
Allowance for Loan Losses, Individually Evaluated	18
Allowance for Loan Losses, Collectively Evaluated	626	481
Loans and Leases Receivable, Allowance, Total	$ 644	$ 481	$ 666	$ 753

Loans and Allowance for Loan _8

Loans and Allowance for Loan Losses - Impaired loans (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Impaired
Loans with related allowance for loan losses, Recorded investment	$ 725	$ 625
Loans with related allowance for loan losses, unpaid principal	771	667
Loans with related allowance for loan losses, Related Allowance	361	283
Loans with no related allowance for loan losses, Recorded investment	3,699	2,127
Loans with no related allowance for loan losses, unpaid principal	3,896	2,403
Recorded investment	4,424	2,752
Unpaid principal balance	4,667	3,070
Commercial | Commercial and industrial
Impaired
Loans with related allowance for loan losses, Recorded investment	508	445
Loans with related allowance for loan losses, unpaid principal	532	464
Loans with related allowance for loan losses, Related Allowance	339	278
Loans with no related allowance for loan losses, Recorded investment	1,076	1,386
Loans with no related allowance for loan losses, unpaid principal	1,188	1,575
Recorded investment	1,584	1,831
Unpaid principal balance	1,720	2,039
Commercial | Commercial real estate
Impaired
Loans with related allowance for loan losses, Recorded investment	177	180
Loans with related allowance for loan losses, unpaid principal	199	203
Loans with related allowance for loan losses, Related Allowance	4	5
Loans with no related allowance for loan losses, Recorded investment	629	629
Loans with no related allowance for loan losses, unpaid principal	684	684
Recorded investment	806	809
Unpaid principal balance	883	887
Consumer | Residential | Real estate first mortgage
Impaired
Loans with no related allowance for loan losses, Recorded investment	1,759	21
Loans with no related allowance for loan losses, unpaid principal	1,759	24
Recorded investment	1,759	21
Unpaid principal balance	1,759	24
Consumer | Residential | Real estate junior lien
Impaired
Loans with no related allowance for loan losses, Recorded investment	226	91
Loans with no related allowance for loan losses, unpaid principal	256	120
Recorded investment	226	91
Unpaid principal balance	256	$ 120
Consumer | Other revolving and installment
Impaired
Loans with related allowance for loan losses, Recorded investment	40
Loans with related allowance for loan losses, unpaid principal	40
Loans with related allowance for loan losses, Related Allowance	18
Loans with no related allowance for loan losses, Recorded investment	9
Loans with no related allowance for loan losses, unpaid principal	9
Recorded investment	49
Unpaid principal balance	$ 49

Loans and Allowance for Loan _9

Loans and Allowance for Loan Losses - Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Impaired
Loans with related allowance for loan losses, Average recorded investment	$ 749	$ 4,680
Loans with no related allowance for loan losses, Average recorded investment	3,766	4,027
Loans, Average recorded investment	4,515	8,707
Loans with related allowance for loan losses, Interest income	5	151
Loans with no related allowance for loan losses, Interest income		22
Loans, Interest income	5	173
Commercial | Commercial and industrial
Impaired
Loans with related allowance for loan losses, Average recorded investment	528	1,816
Loans with no related allowance for loan losses, Average recorded investment	1,126	1,258
Loans, Average recorded investment	1,654	3,074
Loans with related allowance for loan losses, Interest income	3	13
Loans with no related allowance for loan losses, Interest income		22
Loans, Interest income	3	35
Commercial | Commercial real estate
Impaired
Loans with related allowance for loan losses, Average recorded investment	180	2,793
Loans with no related allowance for loan losses, Average recorded investment	642	2,158
Loans, Average recorded investment	822	4,951
Loans with related allowance for loan losses, Interest income	2	138
Loans, Interest income	2	138
Consumer | Residential | Real estate first mortgage
Impaired
Loans with no related allowance for loan losses, Average recorded investment	1,759	435
Loans, Average recorded investment	1,759	435
Consumer | Residential | Real estate junior lien
Impaired
Loans with related allowance for loan losses, Average recorded investment		33
Loans with no related allowance for loan losses, Average recorded investment	230	176
Loans, Average recorded investment	230	209
Consumer | Other revolving and installment
Impaired
Loans with related allowance for loan losses, Average recorded investment	41	38
Loans with no related allowance for loan losses, Average recorded investment	9
Loans, Average recorded investment	$ 50	$ 38

Loans and Allowance for Loan_10

Loans and Allowance for Loan Losses - Pledged (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Loans and Allowance for Loan Losses
Total loans	$ 1,818,042	$ 1,758,020
Pledged
Loans and Allowance for Loan Losses
Total loans	$ 1,300,000	$ 1,200,000

Loans and Allowance for Loan_11

Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) - loan	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Loans and Allowance for Loan Losses
Number of loans modified as a troubled debt restructuring	0	0

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Goodwill
Total goodwill	$ 31,490	$ 31,490
Banking
Goodwill
Total goodwill	20,131	20,131
Retirement and Benefit Services
Goodwill
Total goodwill	$ 11,359	$ 11,359

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Goodwill
Gross Carrying Amount	$ 42,057		$ 42,057
Accumulated Amortization	(22,860)		(21,807)
Total	19,197		20,250
Intangible amortization expense	1,053	$ 1,151
Goodwill, Impairment Loss	0
Identifiable customer intangibles
Goodwill
Gross Carrying Amount	42,057		42,057
Accumulated Amortization	(22,860)		(21,807)
Total	$ 19,197		$ 20,250

Loan Servicing (Details)

Loan Servicing (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Loan Servicing
Loans serviced for others	$ 325,000		$ 345,800
Servicing Asset at Fair Value, Amount
Balance, beginning of period	1,880	$ 1,987
Additions	4	49
Amortization	(159)	(200)
(Impairment)/Recovery	46	116
Balance, end of period	$ 1,771	$ 1,952

Loan Servicing - Key economic a

Loan Servicing - Key economic assumptions (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Loan Servicing
Fair value of servicing rights	$ 1,771	$ 1,880
Weighted-average remaining term, years	20 years 8 months 12 days	20 years 3 months 18 days
Prepayment speeds	8.80%	14.20%
Discount rate	10.00%	9.50%

Leases - Lease right-of-use ass

Leases - Lease right-of-use assets and liabilities (Details) $ in Thousands	Mar. 31, 2022USD ($)item	Dec. 31, 2021USD ($)
Leases
Number of finance leases | item	1
Lease Right-of-Use Assets
Operating lease right-of-use assets	$ 3,360	$ 3,727
Finance lease right-of-use assets	$ 58	$ 87
Finance Lease, Right-of-Use Asset, balance sheet location	Land, premises and equipment, net	Land, premises and equipment, net
Lease right-of-use assets	$ 3,418	$ 3,814
Operating lease liabilities	3,850	4,275
Finance lease liabilities	$ 143	$ 203
Finance lease liabilities, balance sheet location	Long-term debt	Long-term debt
Lease liabilities	$ 3,993	$ 4,478

Leases - Weighted-average remai

Leases - Weighted-average remaining lease term and average discount rate (Details) - item	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Leases
Minimum number of options to renew lease agreements	1
Weighted-average remaining lease term, Operating leases	3 years 3 months 18 days	3 years 4 months 24 days
Weighted-average remaining lease term, Finance leases	6 months	9 months 18 days
Weighted-average discount rate, Operating leases	2.30%	2.50%
Weighted-average discount rate, Finance leases	7.80%	7.80%

Leases - Lease costs and other

Leases - Lease costs and other lease information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease costs
Operating lease cost	$ 411	$ 496
Variable lease cost	213	233
Short-term lease cost	45	37
Finance lease cost
Interest on lease liabilities	4	8
Amortization of right-of-use assets	29	29
Sublease Income	(57)	(60)
Net lease cost	645	743
Cash paid for amounts included in the measurement of lease liabilities operating cash flows from operating leases	$ 392	$ 487

Leases - Future minimum payment

Leases - Future minimum payments for finance and operating leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finance leases
March 31, 2023	$ 146
Total future minimum lease payments	146
Amounts representing interest	(3)
Total finance lease liabilities	143	$ 203
Operating leases
March 31, 2023	1,597
March 31, 2024	1,439
March 31, 2025	676
March 31, 2026	389
March 31, 2027	250
Thereafter	238
Total future minimum lease payments	4,589
Amounts representing interest	(739)
Total operating lease liabilities	$ 3,850	$ 4,275

Deposits (Details)

Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deposits.
Noninterest-bearing	$ 831,558	$ 938,840
Interest-bearing demand	760,321	714,669
Savings accounts	99,299	96,825
Money market savings	976,905	937,305
Time deposits	224,184	232,912
Total interest-bearing	2,060,709	1,981,711
Total deposits	$ 2,892,267	$ 2,920,551

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Long-Term Debt
Face Value	$ 63,010	$ 63,010
Carrying Amount	58,902	58,933
Subordinated notes payable
Long-Term Debt
Face Value	50,000	50,000
Carrying Amount	$ 50,000	$ 50,000
Fixed interest rate	3.50%	3.50%
Junior subordinated debenture (Trust I)
Long-Term Debt
Face Value	$ 4,124	$ 4,124
Carrying Amount	$ 3,503	$ 3,492
Period End Interest Rate	4.07%	3.32%
Junior subordinated debenture (Trust I) | Three - month LIBOR
Long-Term Debt
Interest Rate	3.10%	3.10%
Junior subordinated debenture (Trust II)
Long-Term Debt
Face Value	$ 6,186	$ 6,186
Carrying Amount	$ 5,256	$ 5,238
Period End Interest Rate	2.63%	2.00%
Junior subordinated debenture (Trust II) | Three - month LIBOR
Long-Term Debt
Interest Rate	1.80%	1.80%
Finance lease liability
Long-Term Debt
Face Value	$ 2,700	$ 2,700
Carrying Amount	$ 143	$ 203
Fixed interest rate	7.81%	7.81%

Financial Instruments with Of_3

Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial Instruments with Off Balance Sheet Risk
Amount of credit risk	$ 660,678	$ 678,644
Commitments to extend credit
Financial Instruments with Off Balance Sheet Risk
Amount of credit risk	650,087	668,115
Standby letters of credit
Financial Instruments with Off Balance Sheet Risk
Amount of credit risk	$ 10,591	$ 10,529

Financial Instruments with Off

Financial Instruments with Off Balance Sheet Risk - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Letter of credit with FHLB
Financial Instruments with Off Balance Sheet Risk
Outstanding letters of credit	$ 150	$ 150
Letter of credit with Bank of North Dakota
Financial Instruments with Off Balance Sheet Risk
Outstanding letters of credit	0	0
Collateralized loans	$ 227,900	$ 229,700

Share-Based Compensation Plan -

Share-Based Compensation Plan - Plan Information (Details) - 2019 Equity Incentive Plan - shares	3 Months Ended
	Mar. 31, 2022	May 06, 2019
Share-Based Compensation
Awards authorized		1,100,000
Restricted stock awards
Share-Based Compensation
Awards issued	948,428

Share-Based Compensation Plan_2

Share-Based Compensation Plan - Activity in stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Additional disclosures
Compensation expense	$ 378	$ 498
Restricted Stock Awards and Units.
Restricted Stock Awards and Units
Outstanding at beginning of period	260,850	325,030
Granted	70,850	59,374
Vested	(96,618)	(81,092)
Forfeited or cancelled	(2,209)
Outstanding at end of period	232,873	303,312
Weighted Average Grant Date Fair Value
Outstanding at beginning of period	$ 21.04	$ 19.48
Granted	28.39	26.36
Vested	18.66	20.72
Forfeited or cancelled	22.75
Outstanding at end of period	$ 23.33	$ 20.49
Additional disclosures
Unrecognized compensation cost	$ 3,100
Weighted average period	2 years 10 months 24 days

Income Taxes - Reconciliation b

Income Taxes - Reconciliation between applicable income taxes and statutory federal tax rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Tax amount
Taxes at statutory federal income tax rate	$ 2,745	$ 4,174
Tax exempt income	(117)	(153)
State income taxes, net of federal benefits	579	854
Nondeductible items and other	(319)	(213)
Applicable income taxes	$ 2,888	$ 4,662
Percentage of pretax income
Taxes at statutory federal income tax rate (as percentage)	21.00%	21.00%
Tax exempt income (as percentage)	(0.90%)	(0.80%)
State income taxes, net of federal benefits (as percentage)	4.40%	4.30%
Nondeductible items and other (as percentage)	(2.40%)	(1.10%)
Applicable income taxes (as percentage)	22.10%	23.40%

Income Taxes - Uncertain Tax Po

Income Taxes - Uncertain Tax Positions (Details) $ in Thousands	Mar. 31, 2022USD ($)
Income Taxes
Unrecognized tax benefits	$ 0

Tax Credit Investments (Details

Tax Credit Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Tax Credit Investments [Line items]
Investment	$ 12,906	$ 7,906
Unfunded Commitment	11,686	6,999
Proportional amortization
Tax Credit Investments [Line items]
Investment	12,906	7,906
Unfunded Commitment	$ 11,686	$ 6,999

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)itemsegment	Mar. 31, 2021USD ($)
Segment Reporting
Number of operating segments | segment	4
Number of banking offices | item	14
Key metrics related to segments
Net interest income	$ 21,673	$ 22,038
Noninterest income	29,470	40,881
Noninterest expense	38,071	43,042
Net income before taxes	13,072	19,877
Corporate Administration
Key metrics related to segments
Net interest income	(561)	(288)
Noninterest income	29	(14)
Noninterest expense	10,087	8,658
Net income before taxes	(10,619)	(8,960)
Banking | Operating Segments
Key metrics related to segments
Net interest income	21,525	21,880
Noninterest income	1,538	1,522
Noninterest expense	12,694	11,084
Net income before taxes	10,369	12,318
Retirement and Benefit Services | Operating Segments
Key metrics related to segments
Noninterest income	17,646	17,255
Noninterest expense	8,432	10,112
Net income before taxes	9,214	7,143
Wealth Management | Operating Segments
Key metrics related to segments
Noninterest income	5,326	4,986
Noninterest expense	1,838	2,335
Net income before taxes	3,488	2,651
Mortgage | Operating Segments
Key metrics related to segments
Net interest income	709	446
Noninterest income	4,931	17,132
Noninterest expense	5,020	10,853
Net income before taxes	$ 620	$ 6,725

Earnings Per Share - Two-class

Earnings Per Share - Two-class method (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share
Net Income	$ 10,184	$ 15,215
Dividends and undistributed earnings allocated to participating securities	125	254
Net income available to common shareholders	$ 10,059	$ 14,961
Weighted-average common shares outstanding for basic earnings per share	17,244	17,145
Dilutive effect of stock-based awards	256	320
Weighted-average common shares outstanding for diluted earnings per share	17,500	17,465
Earnings per common share:
Basic earnings per common share	$ 0.58	$ 0.87
Diluted earnings per common share	$ 0.57	$ 0.86

Derivative Instruments (Details

Derivative Instruments (Details) - Not designated as hedging - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments
Fair Value, Derivative Assets	$ 5,754	$ 3,397
Fair Value, Derivative Liabilities	3,644	1,368
Notional Amount, Derivative Assets	178,016	207,560
Notional Amount, Derivative Liabilities	44,480	44,826
Interest rate swaps | Other assets
Derivative Instruments
Fair Value, Derivative Assets	3,642	1,366
Notional Amount, Derivative Assets	44,480	44,826
Interest rate swaps | Accrued expenses and other liabilities
Derivative Instruments
Fair Value, Derivative Liabilities	3,644	1,368
Notional Amount, Derivative Liabilities	44,480	44,826
Interest rate lock commitments | Other assets
Derivative Instruments
Fair Value, Derivative Assets	882	1,507
Notional Amount, Derivative Assets	53,070	52,316
Forward loan sales commitments | Other assets
Derivative Instruments
Fair Value, Derivative Assets		490
Notional Amount, Derivative Assets		13,418
TBA mortgage backed securities | Other assets
Derivative Instruments
Fair Value, Derivative Assets	1,230	34
Notional Amount, Derivative Assets	$ 80,466	$ 97,000

Derivative Instruments - Gain (

Derivative Instruments - Gain (loss) recognized on derivatives instruments (Details) - Not designated as hedging - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Gain (loss) recognized on derivative instruments
Total gain/(loss) from derivative instruments	$ 1,303	$ 1,083
Interest rate swaps | Other noninterest income
Gain (loss) recognized on derivative instruments
Total gain/(loss) from derivative instruments		2
Interest rate lock commitments | Mortgage banking
Gain (loss) recognized on derivative instruments
Total gain/(loss) from derivative instruments	(710)	(6,245)
Forward loan sales commitments | Mortgage banking
Gain (loss) recognized on derivative instruments
Total gain/(loss) from derivative instruments	(490)	(1,635)
TBA mortgage backed securities | Mortgage banking
Gain (loss) recognized on derivative instruments
Total gain/(loss) from derivative instruments	$ 2,503	$ 8,961

Derivative Instruments - Collat

Derivative Instruments - Collateral (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments
Collateral held by third parties	$ 19	$ 19

Regulatory Matters (Details)

Regulatory Matters (Details) $ in Thousands	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Common equity tier 1 capital to risk weighted assets
Actual (Amount)	$ 322,985	$ 314,628
Requirements for Capital Adequacy Purposes (Amount)	$ 101,863	$ 96,647
Actual (Ratio)	14.27	14.65
Requirements for Capital Adequacy Purposes (Ratio)	4.50	4.50
Tier 1 capital to risk weighted assets
Actual (Amount)	$ 331,743	$ 323,358
Requirements for Capital Adequacy Purposes (Amount)	$ 135,817	$ 128,862
Actual (Ratio)	14.66	15.06
Requirements for Capital Adequacy Purposes (Ratio)	6	6
Total capital to risk weighted assets
Actual (Amount)	$ 410,081	$ 400,263
Requirements for Capital Adequacy Purposes (Amount)	$ 181,090	$ 171,816
Actual (Ratio)	18.12	18.64
Requirements for Capital Adequacy Purposes (Ratio)	8	8
Tier 1 capital to average assets
Actual (Amount)	$ 331,743	$ 323,358
Requirements for Capital Adequacy Purposes (Amount)	$ 128,837	$ 132,112
Actual (Ratio)	10.30	9.79
Requirements for Capital Adequacy Purposes (Ratio)	4	4
Bank
Common equity tier 1 capital to risk weighted assets
Actual (Amount)	$ 305,828	$ 297,453
Requirements for Capital Adequacy Purposes (Amount)	101,817	96,538
Minimum to be Well Capitalized Under Prompt Corrective Action (Amount)	$ 147,070	$ 139,444
Actual (Ratio)	13.52	13.87
Requirements for Capital Adequacy Purposes (Ratio)	4.50	4.50
Minimum to be Well Capitalized Under Prompt Corrective Action (Ratio)	6.50	6.50
Tier 1 capital to risk weighted assets
Actual (Amount)	$ 305,828	$ 297,453
Requirements for Capital Adequacy Purposes (Amount)	135,757	128,718
Minimum to be Well Capitalized Under Prompt Corrective Action (Amount)	$ 181,009	$ 171,624
Actual (Ratio)	13.52	13.87
Requirements for Capital Adequacy Purposes (Ratio)	6	6
Minimum to be Well Capitalized Under Prompt Corrective Action (Ratio)	8	8
Total capital to risk weighted assets
Actual (Amount)	$ 334,153	$ 324,328
Requirements for Capital Adequacy Purposes (Amount)	181,009	171,624
Minimum to be Well Capitalized Under Prompt Corrective Action (Amount)	$ 226,261	$ 214,530
Actual (Ratio)	14.77	15.12
Requirements for Capital Adequacy Purposes (Ratio)	8	8
Minimum to be Well Capitalized Under Prompt Corrective Action (Ratio)	10	10
Tier 1 capital to average assets
Actual (Amount)	$ 305,828	$ 297,453
Requirements for Capital Adequacy Purposes (Amount)	128,768	132,039
Minimum to be Well Capitalized Under Prompt Corrective Action (Amount)	$ 160,960	$ 165,049
Actual (Ratio)	9.50	9.01
Requirements for Capital Adequacy Purposes (Ratio)	4	4
Minimum to be Well Capitalized Under Prompt Corrective Action (Ratio)	5	5

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - shares	Feb. 18, 2021	Mar. 31, 2022
Stock Repurchase Program
Number of shares authorized for repurchase	770,000
Repurchase program period	36 months
Shares repurchased		0

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	$ 866,333	$ 853,649
Mortgage backed securities - Residential agency
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	711,121	707,157
Mortgage backed securities - Commercial
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	82,732	90,913
Asset backed securities
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	42	54
Corporate bonds
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	68,271	50,422
Recurring
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	866,333	853,649
Derivative instruments	5,754	3,397
Derivative liabilities	3,644	1,368
Recurring | U.S. treasury and government agencies
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	4,167	5,103
Recurring | Mortgage backed securities - Residential agency
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	711,121	707,157
Recurring | Mortgage backed securities - Commercial
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	82,732	90,913
Recurring | Asset backed securities
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	42	54
Recurring | Corporate bonds
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	68,271	50,422
Recurring | Level 2
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	866,333	853,649
Derivative instruments	5,754	3,397
Derivative liabilities	3,644	1,368
Recurring | Level 2 | U.S. treasury and government agencies
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	4,167	5,103
Recurring | Level 2 | Mortgage backed securities - Residential agency
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	711,121	707,157
Recurring | Level 2 | Mortgage backed securities - Commercial
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	82,732	90,913
Recurring | Level 2 | Asset backed securities
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	42	54
Recurring | Level 2 | Corporate bonds
Fair value, assets and liabilities measured on recurring and non recurring basis
Available-for-sale, at fair value	$ 68,271	$ 50,422

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Nonrecurring Basis (Details) - Non recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair value, assets and liabilities measured on recurring and non recurring basis
Impaired loans	$ 4,063	$ 2,469
Foreclosed assets	865	885
Servicing rights	1,771	1,880
Loans held for sale
Fair value, assets and liabilities measured on recurring and non recurring basis
Loans held for sale	21,864	46,490
Impaired loans
Fair value, assets and liabilities measured on recurring and non recurring basis
Net impairment	361	283
Level 2 | Loans held for sale
Fair value, assets and liabilities measured on recurring and non recurring basis
Loans held for sale	21,864	46,490
Level 3
Fair value, assets and liabilities measured on recurring and non recurring basis
Impaired loans	4,063	2,469
Foreclosed assets	865	885
Servicing rights	$ 1,771	$ 1,880

Fair Value of Assets and Liab_5

Fair Value of Assets and Liabilities - Valuation Technique (Details) - Level 3 $ in Thousands	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Impaired loans | Appraisal value | Property specific adjustment
Valuation techniques and significant unobservable inputs
Impaired loans	$ 4,063	$ 2,469
Foreclosed assets | Appraisal value | Property specific adjustment
Valuation techniques and significant unobservable inputs
Foreclosed assets	$ 865	$ 885
Servicing rights
Valuation techniques and significant unobservable inputs
Loans Held-for-sale, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Servicing rights | Prepayment speed assumptions
Valuation techniques and significant unobservable inputs
Servicing rights	$ 1,771	$ 1,880
Servicing rights | Prepayment speed assumptions | Minimum
Valuation techniques and significant unobservable inputs
Servicing Asset, Measurement Input	126	161
Servicing rights | Prepayment speed assumptions | Maximum
Valuation techniques and significant unobservable inputs
Servicing Asset, Measurement Input	174	327
Servicing rights | Prepayment speed assumptions | Weighted average
Valuation techniques and significant unobservable inputs
Servicing Asset, Measurement Input	147	237
Servicing rights | Discount rate
Valuation techniques and significant unobservable inputs
Servicing Asset, Measurement Input	0.100	0.095
Servicing rights | Discount rate | Weighted average
Valuation techniques and significant unobservable inputs
Servicing Asset, Measurement Input	0.100	0.095

Fair Value of Assets and Liab_6

Fair Value of Assets and Liabilities - Off-Balance Sheet Credit-Related Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial Assets
Investment securities held-to-maturity	$ 317,826	$ 349,677
Carrying Amount
Financial Assets
Cash and cash equivalents	132,832	242,311
Investment securities held-to-maturity	340,150	352,061
Loans, net	1,786,329	1,726,448
Accrued interest receivable	8,516	8,537
Bank-owned life insurance	33,358	33,156
Financial Liabilities
Noninterest-bearing deposits	831,558	938,840
Interest-bearing deposits	1,836,525	1,748,799
Time deposits	224,184	232,912
Long-term debt	58,902	58,933
Accrued interest payable	2,139	1,674
Estimated Fair Value
Financial Assets
Cash and cash equivalents	132,832	242,311
Investment securities held-to-maturity	317,826	349,677
Loans, net	1,800,339	1,760,784
Accrued interest receivable	8,516	8,537
Bank-owned life insurance	33,358	33,156
Financial Liabilities
Noninterest-bearing deposits	831,558	938,840
Interest-bearing deposits	1,836,525	1,748,799
Time deposits	223,127	232,970
Long-term debt	61,651	57,772
Accrued interest payable	2,139	1,674
Level 1 | Estimated Fair Value
Financial Assets
Cash and cash equivalents	132,832	242,311
Accrued interest receivable	8,516	8,537
Financial Liabilities
Accrued interest payable	2,139	1,674
Level 2 | Estimated Fair Value
Financial Assets
Investment securities held-to-maturity	317,826	349,677
Bank-owned life insurance	33,358	33,156
Financial Liabilities
Noninterest-bearing deposits	831,558	938,840
Interest-bearing deposits	1,836,525	1,748,799
Long-term debt	61,651	57,772
Level 3 | Estimated Fair Value
Financial Assets
Loans, net	1,800,339	1,760,784
Financial Liabilities
Time deposits	$ 223,127	$ 232,970