XML 17 R11.htm IDEA: XBRL DOCUMENT
v3.25.1

Investment Securities and Other Investments | 3 Months Ended
--- | ---
Mar. 31, 2025
Schedule of Investments [Abstract] |
Investment Securities and Other Investments | Note 2 – In vestment Securities and Other Investments Investment securities classified as available for sale ("AFS") are carried at fair value in the consolidated balance sheets. The following tables present amortized cost, fair values, and gross unrealized gains and losses of investment securities AFS as of the dates stated.
|  | March 31, 2025 |
(Dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities |  | $ | 208,094 |  |  | $ | 64 |  |  | $ | (32,850 | ) |  | $ | 175,308 |
U.S. Treasury and agencies |  |  | 79,081 |  |  |  | — |  |  |  | (8,465 | ) |  |  | 70,616 |
State and municipal |  |  | 50,073 |  |  |  | — |  |  |  | (6,372 | ) |  |  | 43,701 |
Corporate bonds |  |  | 38,464 |  |  |  | 7 |  |  |  | (2,695 | ) |  |  | 35,776 |
Total investment securities |  | $ | 375,712 |  |  | $ | 71 |  |  | $ | (50,382 | ) |  | $ | 325,401 |
|  | December 31, 2024 |
(Dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities |  | $ | 199,453 |  |  | $ | — |  |  | $ | (35,015 | ) |  | $ | 164,438 |
U.S. Treasury and agencies |  |  | 79,430 |  |  |  | — |  |  |  | (9,975 | ) |  |  | 69,455 |
State and municipal |  |  | 50,233 |  |  |  | — |  |  |  | (7,296 | ) |  |  | 42,937 |
Corporate bonds |  |  | 38,453 |  |  |  | — |  |  |  | (3,248 | ) |  |  | 35,205 |
Total investment securities |  | $ | 367,569 |  |  | $ | — |  |  | $ | (55,534 | ) |  | $ | 312,035 |
As of March 31, 2025 and December 31, 2024, securities with a fair value of $174.5 million and $268.9 million, respectively, were pledged to secure the Bank’s borrowings facility with the Federal Home Loan Bank of Atlanta ("FHLB"). As of March 31, 2025 and December 31, 2024, securities with fair values of $0 and $16.3 million, respectively, were pledged to secure borrowing capacity through the Federal Reserve Bank of Richmond ("FRB") Discount Window, of which there were no outstanding advances as of either date. The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the date stated. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | March 31, 2025 |
(Dollars in thousands) |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 601 |  |  | $ | 602 |
Due after one year through five years |  |  | 55,279 |  |  |  | 51,887 |
Due after five years through ten years |  |  | 113,467 |  |  |  | 100,194 |
Due after ten years |  |  | 206,365 |  |  |  | 172,718 |
Total |  | $ | 375,712 |  |  | $ | 325,401 |
The following tables present fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates stated. The reference point for determining when securities are in an unrealized loss position is period-end; therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period. Excluded from the tables below were securities whose amortized cost equaled their fair value or were in an unrealized gain position as of the dates stated totaling $15.9 million and $1.1 million, as of March 31, 2025 and December 31, 2024, respectively.
|  |  |  |  | March 31, 2025 |
|  |  |  |  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
(Dollars in thousands) |  | Number of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Mortgage backed securities |  |  | 84 |  |  | $ | 11,008 |  |  | $ | (53 | ) |  | $ | 151,569 |  |  | $ | (32,797 | ) |  | $ | 162,577 |  |  | $ | (32,850 | )
U.S. Treasury and agencies |  |  | 29 |  |  |  | — |  |  |  | — |  |  |  | 70,615 |  |  |  | (8,465 | ) |  |  | 70,615 |  |  |  | (8,465 | )
State and municipal |  |  | 69 |  |  |  | 1,686 |  |  |  | (10 | ) |  |  | 41,430 |  |  |  | (6,362 | ) |  |  | 43,116 |  |  |  | (6,372 | )
Corporate bonds |  |  | 40 |  |  |  | 1,756 |  |  |  | (2 | ) |  |  | 31,434 |  |  |  | (2,693 | ) |  |  | 33,190 |  |  |  | (2,695 | )
Total |  |  | 222 |  |  | $ | 14,450 |  |  | $ | (65 | ) |  | $ | 295,048 |  |  | $ | (50,317 | ) |  | $ | 309,498 |  |  | $ | (50,382 | )
|  |  |  |  | December 31, 2024 |
|  |  |  |  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
(Dollars in thousands) |  | Number of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Mortgage backed securities |  |  | 85 |  |  | $ | 11,637 |  |  | $ | (107 | ) |  | $ | 152,802 |  |  | $ | (34,908 | ) |  | $ | 164,439 |  |  | $ | (35,015 | )
U.S. Treasury and agencies |  |  | 29 |  |  |  | — |  |  |  | — |  |  |  | 69,453 |  |  |  | (9,975 | ) |  |  | 69,453 |  |  |  | (9,975 | )
State and municipal |  |  | 70 |  |  |  | 2,040 |  |  |  | (42 | ) |  |  | 40,531 |  |  |  | (7,254 | ) |  |  | 42,571 |  |  |  | (7,296 | )
Corporate bonds |  |  | 42 |  |  |  | 3,803 |  |  |  | (21 | ) |  |  | 30,653 |  |  |  | (3,227 | ) |  |  | 34,456 |  |  |  | (3,248 | )
Total |  |  | 226 |  |  | $ | 17,480 |  |  | $ | (170 | ) |  | $ | 293,439 |  |  | $ | (55,364 | ) |  | $ | 310,919 |  |  | $ | (55,534 | )
At March 31, 2025 and December 31, 2024, the majority of securities in an unrealized loss position were of investment grade; however, a portion of the portfolio does not have a third-party investment grade available (securities with fair values of $27.9 million and $29.3 million, respectively). These securities were primarily subordinated debt instruments issued by bank holding companies and are classified as corporate bonds in the tables above. The Company evaluated the issuers of these individually, observing that each issuer had strong capital ratios and profitability, thereby indicating limited exposure to asset quality or liquidity issues and resulted in no identifiable credit losses. Contractual cash flows for mortgage backed securities and U.S. Treasury and agencies are guaranteed and/or funded by the U.S. government and government agencies. State and municipal securities showed no indication that the contractual cash flows would not be received when due. The Company does not intend to sell, nor does it believe that it will be required to sell, any of its impaired securities prior to the recovery of the amortized cost. As of March 31, 2025 and December 31, 2024, there was no allowance for credit losses ("ACL") for the Company's securities AFS portfolio. Any impairment that has not been recorded through an ACL is recognized in accumulated other comprehensive income (loss). Restricted equity investments consiste d of stock in the FHLB (carrying value of $9.1 million and $9.4 million as of March 31, 2025 and December 31, 2024, respectively), FRB stock (carrying value of $9.2 million and $9.4 million at March 31, 2025 and December 31, 2024, respectively), and stock in the Company’s correspondent bank (carrying value of $468 thousand at both March 31, 2025 and December 31, 2024). Restricted equity investments are carried at cost. The Company has various other equity investments, including an investment in a fintech company and limited partnerships, totaling $4.7 million and $4.8 million as of March 31, 2025 and December 31, 2024, respectively. The Company also holds other investments, primarily in early-stage focused investment funds, which totaled $20.4 million an d $19.4 million as of March 31, 2025 and December 31, 2024, respectively, and are reported in other investments on the consolidated balance sheets.

X
- Definition The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-12 + Details
Name: | us-gaap_InvestmentHoldingsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ScheduleOfInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration