v3.25.4

FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at estimated fair value on a recurring basis are summarized in the table below.
(Dollars in thousands) |  | Fair Value Measurements Using |  | Total Fair Value
December 31, 2025 |  | Level 1 |  | Level 2 |  | Level 3 |
Assets measured at fair value on a recurring basis |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |
Mortgage-backed securities, residential |  | $ | — |  |  | $ | 88,500 |  |  | $ | — |  |  | $ | 88,500 |
Asset-backed securities |  | — |  |  | 811 |  |  | — |  |  | 811 |
State and municipal |  | — |  |  | 2,589 |  |  | — |  |  | 2,589 |
CLO securities |  | — |  |  | 271,074 |  |  | — |  |  | 271,074 |
Corporate bonds |  | — |  |  | 263 |  |  | — |  |  | 263 |
SBA pooled securities |  | — |  |  | 1,040 |  |  | — |  |  | 1,040 |
|  | $ | — |  |  | $ | 364,277 |  |  | $ | — |  |  | $ | 364,277 |
Equity securities with readily determinable fair values |  |  |  |  |  |  |  |
Mutual fund |  | $ | 4,588 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,588 |
Loans held for sale |  | $ | — |  |  | $ | 459 |  |  | $ | — |  |  | $ | 459 |
Revenue share asset |  | $ | — |  |  | $ | — |  |  | $ | 1,598 |  |  | $ | 1,598 |
(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 |
Revenue share asset |  | $ | — |  |  | $ | — |  |  | $ | 2,616 |  |  | $ | 2,616 |
Schedule of Reconciliation of Fair Value of Contingent Consideration | A reconciliation of the opening balance to the closing balance of the estimated fair value of the revenue share asset is as follows:
(Dollars in thousands) |  | 2025 |  | 2024 |  | 2023
Beginning balance |  | $ | 2,616 |  |  | $ | 2,516 |  |  | $ | 5,515 |
Revenue share asset recognized |  | — |  |  | — |  |  | — |
Change in estimated fair value of revenue share asset recognized in earnings |  | (9) |  |  | 1,309 |  |  | (1,743) |
Revenue share payments received |  | (1,009) |  |  | (1,209) |  |  | (1,256) |
Ending balance |  | $ | 1,598 |  |  | $ | 2,616 |  |  | $ | 2,516 |
Schedule of Fair Value of Assets Measured on Non-recurring Basis | Assets measured at estimated 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 December 31, 2025 and 2024.
(Dollars in thousands) |  | Fair Value Measurements Using |  | Total Fair Value
December 31, 2025 |  | Level 1 |  | Level 2 |  | Level 3 |
Collateral dependent loans |  |  |  |  |  |  |  |
Commercial |  | — |  |  | — |  |  | 5,515 |  |  | 5,515 |
Factored receivables |  | — |  |  | — |  |  | 2,072 |  |  | 2,072 |
|  | $ | — |  |  | $ | — |  |  | $ | 7,587 |  |  | $ | 7,587 |
(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 |
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 were as follows:
| December 31, 2025
| Carrying Amount |  | Fair Value Measurements Using |  | Total Fair Value
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 248,471 |  |  | $ | 248,471 |  |  | $ | — |  |  | $ | — |  |  | $ | 248,471 |
Securities - held to maturity | 1,550 |  |  | — |  |  | — |  |  | 1,878 |  |  | 1,878 |
Loans not previously presented, gross | 4,983,720 |  |  | 31,254 |  |  | — |  |  | 4,903,148 |  |  | 4,934,402 |
FHLB and other restricted stock | 14,253 |  |  | N/A |  | N/A |  | N/A |  | N/A
Accrued interest receivable | 46,254 |  |  | 46,254 |  |  | — |  |  | — |  |  | 46,254 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits | 4,950,216 |  |  | — |  |  | 4,948,300 |  |  | — |  |  | 4,948,300 |
Federal Home Loan Bank advances | 280,000 |  |  | — |  |  | 280,000 |  |  | — |  |  | 280,000 |
Subordinated notes | 69,879 |  |  | — |  |  | 65,581 |  |  | — |  |  | 65,581 |
Junior subordinated debentures | 42,991 |  |  | — |  |  | 44,021 |  |  | — |  |  | 44,021 |
Accrued interest payable | 14,890 |  |  | 14,890 |  |  | — |  |  | — |  |  | 14,890 |
| December 31, 2024
| Carrying Amount |  | Fair Value Measurements Using |  | Total Fair Value
(Dollars in thousands) |  | 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 |
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 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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