INVESTMENT SECURITIES (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| INVESTMENT SECURITIES |
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| Schedule of gross amortized cost and fair value of available-for-sale debt securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income |
| | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | June 30, 2025 (in thousands) | | Cost | | Gains | | Losses | | Value | | | | | | | | | | | | | | U.S. Treasury securities and U.S. Government agencies | | $ | 309,918 | | $ | 71 | | $ | (3,566) | | $ | 306,423 | Private label mortgage-backed security | | | 48 | | | 1,441 | | | — | | | 1,489 | Mortgage-backed securities - residential | | | 381,853 | | | 1,533 | | | (8,788) | | | 374,598 | Collateralized mortgage obligations | | | 18,837 | | | 25 | | | (732) | | | 18,130 | Corporate bonds | | | 1,003 | | | — | | | (2) | | | 1,001 | Trust preferred security | | | 3,895 | | | 180 | | | — | | | 4,075 | Total available-for-sale debt securities | | $ | 715,554 | | $ | 3,250 | | $ | (13,088) | | $ | 705,716 |
| | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | December 31, 2024 (in thousands) | | Cost | | Gains | | Losses | | Value | | | | | | | | | | | | | | U.S. Treasury securities and U.S. Government agencies | | $ | 395,609 | | $ | 4 | | $ | (6,527) | | $ | 389,086 | Private label mortgage-backed security | | | 121 | | | 1,429 | | | — | | | 1,550 | Mortgage-backed securities - residential | | | 180,765 | | | 193 | | | (12,725) | | | 168,233 | Collateralized mortgage obligations | | | 20,127 | | | 27 | | | (911) | | | 19,243 | Corporate bonds | | | 2,008 | | | 1 | | | — | | | 2,009 | Trust preferred security | | | 3,863 | | | 171 | | | — | | | 4,034 | Total available-for-sale debt securities | | $ | 602,493 | | $ | 1,825 | | $ | (20,163) | | $ | 584,155 |
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| Schedule of carrying value, gross unrecognized gains and losses, and fair value of held-to-maturity debt securities |
| | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrecognized | | Unrecognized | | Fair | June 30, 2025 (in thousands) | | Cost | | Gains | | Losses | | Value | | | | | | | | | | | | | | Mortgage-backed securities - residential | | $ | 14 | | $ | — | | $ | — | | $ | 14 | Collateralized mortgage obligations | | | 5,420 | | | 30 | | | (56) | | | 5,394 | Total held-to-maturity debt securities | | $ | 5,434 | | $ | 30 | | $ | (56) | | $ | 5,408 |
| | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrecognized | | Unrecognized | | Fair | December 31, 2024 (in thousands) | | Cost | | Gains | | Losses | | Value | | | | | | | | | | | | | | Mortgage-backed securities - residential | | $ | 23 | | $ | 1 | | $ | — | | $ | 24 | Collateralized mortgage obligations | | | 5,756 | | | 36 | | | (86) | | | 5,706 | Corporate bonds | | | 4,999 | | | 6 | | | — | | | 5,005 | Total held-to-maturity debt securities | | $ | 10,778 | | $ | 43 | | $ | (86) | | $ | 10,735 |
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| Schedule of amortized cost and fair value of debt securities by contractual maturity |
| | | | | | | | | | | | | | | Available-for-Sale | | Held-to-Maturity | | | Debt Securities | | Debt Securities | | | Amortized | | Fair | | Amortized | | Fair | June 30, 2025 (in thousands) | | Cost | | Value | | Cost | | Value | | | | | | | | | | | | | | Due in one year or less | | $ | 100,964 | | $ | 100,536 | | $ | — | | $ | — | Due from one year to five years | | | 209,957 | | | 206,888 | | | — | | | — | Due from five years to ten years | | | — | | | — | | | — | | | — | Due beyond ten years | | | 3,895 | | | 4,075 | | | — | | | — | Private label mortgage-backed security | | | 48 | | | 1,489 | | | — | | | — | Mortgage-backed securities - residential | | | 381,853 | | | 374,598 | | | 14 | | | 14 | Collateralized mortgage obligations | | | 18,837 | | | 18,130 | | | 5,420 | | | 5,394 | Total debt securities | | $ | 715,554 | | $ | 705,716 | | $ | 5,434 | | $ | 5,408 |
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| Schedule of debt securities with unrealized losses |
| | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | June 30, 2025 (in thousands) | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | | | | | | | | | | | | | | | | | | | | Available-for-sale debt securities: | | | | | | | | | | | | | | | | | | | U.S. Treasury securities and U.S. Government agencies | | $ | 124,835 | | $ | (130) | | $ | 156,540 | | $ | (3,436) | | $ | 281,375 | | $ | (3,566) | Mortgage-backed securities - residential | | | 23,761 | | | (198) | | | 95,000 | | | (8,590) | | | 118,761 | | | (8,788) | Collateralized mortgage obligations | | | 433 | | | (1) | | | 15,156 | | | (731) | | | 15,589 | | | (732) | Corporate bonds | | | 1,001 | | | (2) | | | — | | | — | | | 1,001 | | | (2) | Total available-for-sale debt securities | | $ | 150,030 | | $ | (331) | | $ | 266,696 | | $ | (12,757) | | $ | 416,726 | | $ | (13,088) |
| | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | December 31, 2024 (in thousands) | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | | | | | | | | | | | | | | | | | | | | Available-for-sale debt securities: | | | | | | | | | | | | | | | | | | | U.S. Treasury securities and U.S. Government agencies | | $ | 145,048 | | $ | (212) | | $ | 209,033 | | $ | (6,315) | | $ | 354,081 | | $ | (6,527) | Mortgage-backed securities - residential | | | 52,347 | | | (874) | | | 104,453 | | | (11,851) | | | 156,800 | | | (12,725) | Collateralized mortgage obligations | | | 700 | | | (8) | | | 15,951 | | | (903) | | | 16,651 | | | (911) | Total available-for-sale debt securities | | $ | 198,095 | | $ | (1,094) | | $ | 329,437 | | $ | (19,069) | | $ | 527,532 | | $ | (20,163) |
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| Schedule of pledged investment securities |
| | | | | | | | | As of | (in thousands) | | June 30, 2025 | | December 31, 2024 | | | | | | | | Amortized cost | | $ | 192,816 | | $ | 205,160 | Fair value | | | 189,031 | | | 199,607 | Carrying amount | | | 189,031 | | | 199,607 |
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| Schedule of carrying value, gross unrealized gains and losses, and fair value of equity securities with readily determinable fair values |
| | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | June 30, 2025 (in thousands) | | Cost | | Gains | | Losses | | Value | | | | | | | | | | | | | | Freddie Mac preferred stock | | $ | — | | $ | 756 | | $ | — | | $ | 756 | Total equity securities | | $ | — | | $ | 756 | | $ | — | | $ | 756 |
| | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | December 31, 2024 (in thousands) | | Cost | | Gains | | Losses | | Value | | | | | | | | | | | | | | Freddie Mac preferred stock | | $ | — | | $ | 693 | | $ | — | | $ | 693 | Total equity securities | | $ | — | | $ | 693 | | $ | — | | $ | 693 |
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| Schedule of equity securities with readily determinable fair values, the gross realized and unrealized gains and losses recognized |
| | | | | | | | | | | | | | | | | | | | | | Gains (Losses) Recognized on Equity Securities | | | | Three Months Ended June 30, 2025 | | Three Months Ended June 30, 2024 | | (in thousands) | | Realized | | Unrealized | | Total | | Realized | | Unrealized | | Total | | | | | | | | | | | | | | | | | | | | | | Freddie Mac preferred stock | | $ | — | | $ | 32 | | $ | 32 | | $ | — | | $ | 46 | | $ | 46 | | Total equity securities | | $ | — | | $ | 32 | | $ | 32 | | $ | — | | $ | 46 | | $ | 46 | |
| | | | | | | | | | | | | | | | | | | | | | Gains (Losses) Recognized on Equity Securities | | | | Six Months Ended June 30, 2025 | | Six Months Ended June 30, 2024 | | (in thousands) | | Realized | | Unrealized | | Total | | Realized | | Unrealized | | Total | | | | | | | | | | | | | | | | | | | | | | Freddie Mac preferred stock | | $ | — | | $ | 63 | | $ | 63 | | $ | — | | $ | 107 | | $ | 107 | | Total equity securities | | $ | — | | $ | 63 | | $ | 63 | | $ | — | | $ | 107 | | $ | 107 | |
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