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FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized in the table below.

(Dollars in thousands)						Fair Value Measurements Using																		Total Fair Value
June 30, 2025						Level 1						Level 2						Level 3
Assets measured at fair value on a recurring basis
Securities available for sale
Mortgage-backed securities, residential						$	—					$	99,909					$	—					$	99,909
Asset-backed securities						—						868						—						868
State and municipal						—						2,793						—						2,793
CLO securities						—						287,287						—						287,287
Corporate bonds						—						257						—						257
SBA pooled securities						—						1,161						—						1,161
						$	—					$	392,275					$	—					$	392,275
Equity securities with readily determinable fair values
Mutual fund						$	4,526					$	—					$	—					$	4,526
Loans held for sale						$	—					$	6,066					$	—					$	6,066
Indemnification asset						$	—					$	—					$	270					$	270
Revenue share asset						$	—					$	—					$	2,344					$	2,344

(Dollars in thousands)						Fair Value Measurements Using																		Total Fair Value
December 31, 2024						Level 1						Level 2						Level 3
Assets measured at fair value on a recurring basis
Securities available for sale
Mortgage-backed securities, residential						$	—					$	84,185					$	—					$	84,185
Asset-backed securities						—						905						—						905
State and municipal						—						3,063						—						3,063
CLO Securities						—						291,913						—						291,913
Corporate bonds						—						262						—						262
SBA pooled securities						—						1,233						—						1,233
						$	—					$	381,561					$	—					$	381,561
Equity securities with readily determinable fair values
Mutual fund						$	4,445					$	—					$	—					$	4,445
Loans held for sale						$	—					$	1,172					$	—					$	1,172
Indemnification asset						$	—					$	—					$	679					$	679
Revenue share asset						$	—					$	—					$	2,616					$	2,616

Schedule of Reconciliation of Opening Balance to Closing Balance of Fair Value of Contingent Consideration, Assets

A reconciliation of the opening balance to the closing balance of the fair value of the indemnification asset is as follows:

						Three Months Ended June 30,												Six Months Ended June 30,
(Dollars in thousands)						2025						2024						2025						2024
Beginning balance						$	475					$	1,292					$	679					$	1,497
Indemnification asset recognized in business combination						—						—						—						—
Change in fair value of indemnification asset recognized in earnings						(205)						(204)						(409)						(409)
Indemnification reduction						—						—						—						—
Ending balance						$	270					$	1,088					$	270					$	1,088

A reconciliation of the opening balance to the closing balance of the fair value of the revenue share asset is as follows:

						Three Months Ended June 30,												Six Months Ended June 30,
(Dollars in thousands)						2025						2024						2025						2024
Beginning balance						$	2,507					$	2,689					$	2,616					$	2,516
Revenue share asset recognized						—						—						—						—
Change in fair value of revenue share asset recognized in earnings						101						407						274						879
Revenue share payments received						(264)						(307)						(546)						(606)
Ending balance						$	2,344					$	2,789					$	2,344					$	2,789

Schedule of Fair Value of Assets Measured on Non-recurring Basis

Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at June 30, 2025 and December 31, 2024.

(Dollars in thousands)						Fair Value Measurements Using																		Total Fair Value
June 30, 2025						Level 1						Level 2						Level 3
Collateral dependent loans
Commercial						$	—					$	—					$	14,494					$	14,494
Factored receivables						—						—						5,515						5,515
						$	—					$	—					$	20,009					$	20,009

(Dollars in thousands)						Fair Value Measurements Using																		Total Fair Value
December 31, 2024						Level 1						Level 2						Level 3
Collateral dependent loans
Commercial real estate						$	—					$	—					$	745					$	745
1-4 family residential						—						—						—						—
Commercial						—						—						18,727						18,727
Factored receivables						—						—						28,780						28,780
						$	—					$	—					$	48,252					$	48,252

Schedule of Estimated Fair Value of Company's Financial Assets and Financial Liabilities

The estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis at June 30, 2025 and December 31, 2024 were as follows:

(Dollars in thousands)						Carrying Amount						Fair Value Measurements Using																		Total Fair Value
June 30, 2025												Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	282,346					$	282,346					$	—					$	—					$	282,346
Securities - held to maturity						1,782						—						—						2,294						2,294
Loans not previously presented, gross						4,933,161						37,820						—						4,843,759						4,881,579
FHLB and other restricted stock						13,339						N/A						N/A						N/A						N/A
Accrued interest receivable						44,640						44,640						—						—						44,640
Financial liabilities:
Deposits						5,186,098						—						5,182,013						—						5,182,013
Federal Home Loan Bank advances						180,000						—						180,000						—						180,000
Subordinated notes						69,780						—						65,489						—						65,489
Junior subordinated debentures						42,666						—						43,812						—						43,812
Accrued interest payable						10,271						10,271						—						—						10,271

(Dollars in thousands)						Carrying Amount						Fair Value Measurements Using																		Total Fair Value
December 31, 2024												Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	330,117					$	330,117					$	—					$	—					$	330,117
Securities - held to maturity						1,876						—						—						2,514						2,514
Loans not previously presented, gross						4,505,408						49,860						—						4,389,000						4,438,860
FHLB and other restricted stock						14,054						N/A						N/A						N/A						N/A
Accrued interest receivable						41,940						41,940						—						—						41,940
Financial liabilities:
Deposits						4,820,820						—						4,817,208						—						4,817,208
Customer repurchase agreements						—						—						—						—						—
Federal Home Loan Bank advances						30,000						—						30,000						—						30,000
Subordinated notes						69,662						—						56,643						—						56,643
Junior subordinated debentures						42,352						—						43,835						—						43,835
Accrued interest payable						9,766						9,766						—						—						9,766

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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