SECURITIES (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| SECURITIES |
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| Schedule of amortized cost, related estimated fair value, and unrealized gains and losses for debt securities classified as Available-For-Sale |
| | | | | | | | | | | | | | | Debt Securities Available-for-Sale | (Dollars in thousands) | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | June 30, 2025: | | Cost | | Gains | | Losses | | Value | U.S. Treasury securities | | $ | 7,926 | | $ | — | | $ | (531) | | $ | 7,395 | Obligations of U.S. Government Agencies and Sponsored Agencies: | | | | | | | | | | | | | Mortgage-backed | | | 144,693 | | | 155 | | | (12,300) | | | 132,548 | Other | | | 3,948 | | | 54 | | | (22) | | | 3,980 | Other mortgage backed securities | | | 41,629 | | | 69 | | | (1,505) | | | 40,193 | Obligations of state and political subdivisions | | | 88,955 | | | 36 | | | (10,703) | | | 78,288 | Asset-backed securities | | | 69,000 | | | 108 | | | (625) | | | 68,483 | Corporate debt securities | | | 40,638 | | | 214 | | | (3,398) | | | 37,454 | Total | | $ | 396,789 | | $ | 636 | | $ | (29,084) | | $ | 368,341 |
| | | | | | | | | | | | | | | Debt Securities Available-for-Sale | (Dollars in thousands) | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | December 31, 2024: | | Cost | | Gains | | Losses | | Value | U.S. Treasury securities | | $ | 7,911 | | $ | — | | $ | (760) | | $ | 7,151 | Obligations of U.S. Government Agencies and Sponsored Agencies: | | | | | | | | | | | | | Mortgage-backed | | | 150,999 | | | 170 | | | (14,461) | | | 136,708 | Other | | | 5,080 | | | 78 | | | (36) | | | 5,122 | Other mortgage backed securities | | | 48,336 | | | 65 | | | (2,128) | | | 46,273 | Obligations of state and political subdivisions | | | 93,809 | | | 19 | | | (10,343) | | | 83,485 | Asset-backed securities | | | 74,006 | | | 263 | | | (402) | | | 73,867 | Corporate debt securities | | | 41,139 | | | 204 | | | (3,661) | | | 37,682 | Total | | $ | 421,280 | | $ | 799 | | $ | (31,791) | | $ | 390,288 |
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| Schedule of amortized cost and estimated fair value of debt securities, by contractual maturity |
| | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | | | Debt Securities Available-For-Sale | (Dollars in thousands) | | | | | U.S. Government | | Other | | Obligations | | | | | | | | | | | | Agency & | | Mortgage | | of State | | Asset | | Corporate | | | U.S. Treasury | | Sponsored Agency | | Backed Debt | | & Political | | Backed | | Debt | | | Securities | | Obligations1 | | Securities1 | | Subdivisions | | Securities | | Securities | Within 1 Year: | | | | | | | | | | | | | | | | | | | Amortized cost | | $ | — | | $ | — | | $ | — | | $ | 7,205 | | $ | — | | $ | — | Fair value | | | — | | | — | | | — | | | 7,183 | | | — | | | — | | | | | | | | | | | | | | | | | | | | 1 - 5 Years: | | | | | | | | | | | | | | | | | | | Amortized cost | | | 7,926 | | | 6,638 | | | 4,521 | | | 7,724 | | | — | | | 2,246 | Fair value | | | 7,395 | | | 6,606 | | | 4,504 | | | 7,606 | | | — | | | 2,196 | | | | | | | | | | | | | | | | | | | | 5 - 10 Years: | | | | | | | | | | | | | | | | | | | Amortized cost | | | — | | | 2,434 | | | 924 | | | 33,073 | | | 2,079 | | | 33,168 | Fair value | | | — | | | 2,484 | | | 937 | | | 29,104 | | | 2,078 | | | 31,236 | | | | | | | | | | | | | | | | | | | | After 10 Years: | | | | | | | | | | | | | | | | | | | Amortized cost | | | — | | | 139,569 | | | 36,184 | | | 40,953 | | | 66,921 | | | 5,224 | Fair value | | | — | | | 127,438 | | | 34,752 | | | 34,395 | | | 66,405 | | | 4,022 | | | | | | | | | | | | | | | | | | | | Total: | | | | | | | | | | | | | | | | | | | Amortized cost | | $ | 7,926 | | $ | 148,641 | | $ | 41,629 | | $ | 88,955 | | $ | 69,000 | | $ | 40,638 | Fair value | | | 7,395 | | | 136,528 | | | 40,193 | | | 78,288 | | | 68,483 | | | 37,454 |
1 | Mortgage-backed securities are allocated for maturity reporting at their original maturity date. |
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| Schedule of holdings of securities from issuers in excess of ten percent of consolidated stockholders equity |
| | | | | (Dollars in thousands) | | | | | | | Fair | | June 30, 2025: | | Value | | Issuer | | | | | Sallie Mae Bank | | $ | 24,563 | | Velocity Commercial Capital | | | 21,355 | | Nelnet Student Loan Trust | | | 13,985 | |
| | | | | (Dollars in thousands) | | | | | | | Fair | | December 31, 2024: | | Value | | Issuer | | | | | Sallie Mae Bank | | $ | 26,187 | | Velocity Commercial Capital | | | 23,334 | | Nelnet Student Loan Trust | | | 15,008 | | Navient Student Loan Trust | | | 10,726 | |
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| Schedule of the gross unrealized losses and fair value of the Company's debt securities, aggregated by investment category |
June 30, 2025 | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | Less Than 12 Months | | 12 Months or More | | Total | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | Available-for-Sale: | | Value | | Loss | | Value | | Loss | | Value | | Loss | U.S. Treasury securities | | $ | — | | $ | — | | $ | 7,395 | | $ | (531) | | $ | 7,395 | | $ | (531) | Obligations of U.S. Government Agencies and Sponsored Agencies: | | | | | | | | | | | | | | | | | | | Mortgage-backed | | | 35,692 | | | (168) | | | 83,973 | | | (12,132) | | | 119,665 | | | (12,300) | Other | | | — | | | — | | | 1,479 | | | (22) | | | 1,479 | | | (22) | Other mortgage-backed debt securities | | | 6,592 | | | (20) | | | 25,473 | | | (1,485) | | | 32,065 | | | (1,505) | Obligations of state and political subdivisions | | | — | | | — | | | 70,790 | | | (10,703) | | | 70,790 | | | (10,703) | Asset-backed securities | | | 28,974 | | | (251) | | | 14,555 | | | (374) | | | 43,529 | | | (625) | Corporate debt securities | | | — | | | — | | | 30,044 | | | (3,398) | | | 30,044 | | | (3,398) | Total | | $ | 71,258 | | $ | (439) | | $ | 233,709 | | $ | (28,645) | | $ | 304,967 | | $ | (29,084) |
December 31, 2024 | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | Less Than 12 Months | | 12 Months or More | | Total | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | Available-for-Sale: | | Value | | Loss | | Value | | Loss | | Value | | Loss | U.S. Treasury securities | | $ | — | | $ | — | | $ | 7,151 | | $ | (760) | | $ | 7,151 | | $ | (760) | Obligations of U.S. Government Agencies and Sponsored Agencies: | | | | | | | | | | | | | | | | | | | Mortgage-backed | | | 20,726 | | | (570) | | | 81,217 | | | (13,891) | | | 101,943 | | | (14,461) | Other | | | — | | | — | | | 1,927 | | | (36) | | | 1,927 | | | (36) | Other mortgage-backed debt securities | | | 21,700 | | | (560) | | | 19,001 | | | (1,568) | | | 40,701 | | | (2,128) | Obligations of state and political subdivisions | | | 243 | | | (7) | | | 79,684 | | | (10,336) | | | 79,927 | | | (10,343) | Asset-backed securities | | | 7,791 | | | (33) | | | 16,280 | | | (369) | | | 24,071 | | | (402) | Corporate debt securities | | | 7,209 | | | (1,178) | | | 25,594 | | | (2,483) | | | 32,803 | | | (3,661) | Total | | $ | 57,669 | | $ | (2,348) | | $ | 230,854 | | $ | (29,443) | | $ | 288,523 | | $ | (31,791) |
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| Schedule of realized gains and losses recognized in net income on equity securities |
| | | | | | | (Dollars in thousands) | | Three months ended | | Three months ended | | | June 30, 2025 | | June 30, 2024 | Net gains (losses) from market value fluctuations recognized during the period on equity securities | | $ | 105 | | $ | (10) | Less: Net gains recognized during the period on equity securities sold during the period | | | — | | | — | Net gains (losses) recognized during the reporting period on equity securities still held at the reporting date | | $ | 105 | | $ | (10) |
| | | | | | | (Dollars in thousands) | | Six months ended | | Six months ended | | | June 30, 2025 | | June 30, 2024 | Net gains (losses) from market value fluctuations recognized during the period on equity securities | | $ | 19 | | $ | (194) | Less: Net gains recognized during the period on equity securities sold during the period | | | — | | | — | Net gains (losses) recognized during the reporting period on equity securities still held at the reporting date | | $ | 19 | | $ | (194) |
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