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SECURITIES (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Gross Realized and Unrealized Gains (Losses) Recognized on Equity Securities

The gross realized and unrealized gains and losses recognized on equity securities with readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in thousands)						2025						2024						2025						2024
Unrealized gains (losses) on equity securities held at the reporting date						$	43					$	161					$	124					$	95
Realized gains (losses) on equity securities sold during the period						—						—						—						—
						$	43					$	161					$	124					$	95

Schedule of Equity Securities without Readily Determinable Fair Value

The following table summarizes the Company's investments in equity securities without readily determinable fair values:

(Dollars in thousands)			September 30, 2025						December 31, 2024
Equity Securities without readily determinable fair value, at cost			$	75,652					$	71,807
Upward adjustments based on observable price changes, cumulative			10,163						10,163
Equity Securities without readily determinable fair value, carrying value			$	85,815					$	81,970

The gross realized and unrealized gains (losses) recognized on equity securities without readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in thousands)			2025						2024						2025						2024
Unrealized gains (losses) on equity securities still held at the reporting date			$	—					$	—					$	—					$	—
Realized gains (losses) on equity securities sold during the period			89						—						89						534
			$	89					$	—					$	89					$	534

Schedule of Amortized Cost of Securities and Their Estimated Fair Values

The following table summarizes the amortized cost, fair value, and allowance for credit losses of debt securities and the corresponding amounts of gross unrealized gains and losses of available for sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities:

(Dollars in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
September 30, 2025
Available for sale securities:
Mortgage-backed securities, residential						$	99,123					$	282					$	(3,989)					$	—					$	95,416
Asset-backed securities						838						13						—						—						851
State and municipal						2,870						1						(52)						—						2,819
CLO securities						276,381						1,262						—						—						277,643
Corporate bonds						265						—						(4)						—						261
SBA pooled securities						1,143						8						(53)						—						1,098
Total available for sale securities						$	380,620					$	1,566					$	(4,098)					$	—					$	378,088

(Dollars in thousands)						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value
September 30, 2025
Held to maturity securities:
CLO securities						$	3,165					$	—					$	(1,226)					$	1,939
Allowance for credit losses						(1,399)
Total held to maturity securities, net of ACL						$	1,766

(Dollars in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
December 31, 2024
Available for sale securities:
Mortgage-backed securities, residential						$	89,740					$	89					$	(5,644)					$	—					$	84,185
Asset-backed securities						907						—						(2)						—						905
State and municipal						3,154						—						(91)						—						3,063
CLO Securities						290,286						1,627						—						—						291,913
Corporate bonds						266						—						(4)						—						262
SBA pooled securities						1,305						9						(81)						—						1,233
Total available for sale securities						$	385,658					$	1,725					$	(5,822)					$	—					$	381,561

(Dollars in thousands)						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value
December 31, 2024
Held to maturity securities:
CLO securities						$	5,367					$	—					$	(2,853)					$	2,514
Allowance for credit losses						(3,491)
Total held to maturity securities, net of ACL						$	1,876

Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity

The amortized cost and estimated fair value of securities at September 30, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

						Available for Sale Securities												Held to Maturity Securities
(Dollars in thousands)						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due in one year or less						$	190					$	190					$	—					$	—
Due from one year to five years						2,176						2,163						3,165						1,939
Due from five years to ten years						39,545						39,622						—						—
Due after ten years						237,605						238,748						—						—
						279,516						280,723						3,165						1,939
Mortgage-backed securities, residential						99,123						95,416						—						—
Asset-backed securities						838						851						—						—
SBA pooled securities						1,143						1,098						—						—
						$	380,620					$	378,088					$	3,165					$	1,939

Schedule of Available-for-Sale Debt Securities in an Unrealized Loss Position with No Allowance

The following table summarizes available for sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position:

						Less than 12 Months												12 Months or More												Total
(Dollars in thousands)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
September 30, 2025
Available for sale securities:
Mortgage-backed securities, residential						$	12,247					$	(49)					$	44,373					$	(3,940)					$	56,620					$	(3,989)
Asset-backed securities						—						—						—						—						—						—
State and municipal						—						—						1,876						(52)						1,876						(52)
CLO securities						3,108						—						—						—						3,108						—
Corporate bonds						262						(4)						—						—						262						(4)
SBA pooled securities						—						—						805						(53)						805						(53)
						$	15,617					$	(53)					$	47,054					$	(4,045)					$	62,671					$	(4,098)

						Less than 12 Months												12 Months or More												Total
(Dollars in thousands)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
December 31, 2024
Available for sale securities:
Mortgage-backed securities, residential						$	32,124					$	(641)					$	35,340					$	(5,003)					$	67,464					$	(5,644)
Asset-backed securities						—						—						905						(2)						905						(2)
State and municipal						355						(5)						2,356						(86)						2,711						(91)
CLO Securities						—						—						—						—						—						—
Corporate bonds						262						(4)						—						—						262						(4)
SBA pooled securities						—						—						876						(81)						876						(81)
						$	32,741					$	(650)					$	39,477					$	(5,172)					$	72,218					$	(5,822)

Schedule of Activity in Allowance for Credit Losses for Held To Maturity Debt Securities

The following table presents the activity in the allowance for credit losses for held to maturity debt securities:

(Dollars in thousands)						Three Months Ended September 30,												Nine Months Ended September 30,
Held to Maturity CLO Securities						2025						2024						2025						2024
Allowance for credit losses:
Beginning balance						$	1,399					$	3,162					$	3,491					$	3,190
Credit loss expense						—						221						48						193
Charge-offs						—						—						(2,160)						—
Recoveries						—						—						20						—
Allowance for credit losses ending balance						$	1,399					$	3,383					$	1,399					$	3,383

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