Investment Securities Available-for-Sale and Held to Maturity (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Carrying Amount and Fair Values of Investment Securities Available For Sale |
The carrying amount of securities available-for-sale and their approximate fair values as of March 31, 2026 and December 31, 2025 are as follows:
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|
(Dollars in thousands) |
|
Amortized
Cost |
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|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
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|
Estimated
Fair Value |
|
March 31, 2026 |
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|
Securities available-for-sale: |
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|
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|
|
|
|
|
|
|
|
|
U.S government and agency securities |
|
$ |
5,614 |
|
|
$ |
— |
|
|
$ |
4 |
|
|
$ |
5,610 |
|
State and municipal securities |
|
|
15,465 |
|
|
|
260 |
|
|
|
124 |
|
|
|
15,601 |
|
Mortgage-backed securities and collateralized mortgage obligations |
|
|
259,739 |
|
|
|
2,562 |
|
|
|
527 |
|
|
|
261,774 |
|
Corporate bonds |
|
|
141,727 |
|
|
|
2,282 |
|
|
|
1,108 |
|
|
|
142,901 |
|
Asset-backed securities |
|
|
9,960 |
|
|
|
— |
|
|
|
— |
|
|
|
9,960 |
|
|
|
$ |
432,505 |
|
|
$ |
5,104 |
|
|
$ |
1,763 |
|
|
$ |
435,846 |
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December 31, 2025 |
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Securities Available-for-sale: |
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|
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|
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|
|
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|
|
|
U.S. government and agency securities |
|
$ |
6,247 |
|
|
$ |
— |
|
|
$ |
9 |
|
|
$ |
6,238 |
|
State and municipal securities |
|
|
13,078 |
|
|
|
342 |
|
|
|
20 |
|
|
|
13,400 |
|
Mortgage-backed securities and collateralized mortgage obligations |
|
|
220,193 |
|
|
|
3,818 |
|
|
|
99 |
|
|
|
223,912 |
|
Corporate bonds |
|
|
138,102 |
|
|
|
2,461 |
|
|
|
921 |
|
|
|
139,642 |
|
|
|
$ |
377,620 |
|
|
$ |
6,621 |
|
|
$ |
1,049 |
|
|
$ |
383,192 |
|
|
| Carrying Amount and Fair Values of Investment Securities Held To Maturity |
The Class A-1 Notes are classified as held-to-maturity investments. At March 31, 2026 and December 31, 2025, the carrying amounts and approximate fair values are as follows:
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|
(Dollars in thousands) |
|
Carrying
Value |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair Value |
|
March 31, 2026 |
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Securities held-to-maturity: |
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|
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|
|
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|
|
|
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Asset-backed securities |
|
$ |
191,980 |
|
|
$ |
— |
|
|
$ |
1,437 |
|
|
$ |
190,543 |
|
|
|
$ |
191,980 |
|
|
$ |
— |
|
|
$ |
1,437 |
|
|
$ |
190,543 |
|
December 31, 2025 |
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Securities held-to-maturity: |
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|
|
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|
|
|
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|
Asset-backed securities |
|
$ |
192,008 |
|
|
$ |
— |
|
|
$ |
2,902 |
|
|
$ |
189,106 |
|
|
|
$ |
192,008 |
|
|
$ |
— |
|
|
$ |
2,902 |
|
|
$ |
189,106 |
|
|
| Schedule of Amortized Cost and Fair Value of Securities by Contractual Maturity |
The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at March 31, 2026, by contractual maturity, are shown below.
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|
March 31, 2026 |
|
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|
Securities Available-for-Sale |
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|
Securities Held-to-Maturity |
|
(Dollars in thousands) |
|
Amortized
Cost |
|
|
Estimated
Fair Value |
|
|
Carrying
Value |
|
|
Estimated
Fair Value |
|
Due from one year to five years |
|
$ |
47,077 |
|
|
$ |
47,480 |
|
|
$ |
191,980 |
|
|
$ |
190,543 |
|
Due from five to ten years |
|
|
111,224 |
|
|
|
111,983 |
|
|
|
— |
|
|
|
— |
|
Over ten years |
|
|
14,465 |
|
|
|
14,609 |
|
|
|
— |
|
|
|
— |
|
|
|
|
172,766 |
|
|
|
174,072 |
|
|
|
191,980 |
|
|
|
190,543 |
|
Mortgage-backed securities and collateralized mortgage obligations |
|
|
259,739 |
|
|
|
261,774 |
|
|
|
— |
|
|
|
— |
|
|
|
$ |
432,505 |
|
|
$ |
435,846 |
|
|
$ |
191,980 |
|
|
$ |
190,543 |
|
|
| Summary of Securities with Unrealized Losses |
The following table summarizes securities available-for-sale with unrealized losses at March 31, 2026 and December 31, 2025, aggregated by major security type and length of time in a continuous unrealized loss position:
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Less Than 12 Months |
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Greater Than 12 Months |
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Total |
|
(Dollars in thousands) |
|
Unrealized
Loss |
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|
Estimated
Fair Value |
|
|
Unrealized
Loss |
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|
Estimated
Fair Value |
|
|
Unrealized
Loss |
|
|
Estimated
Fair Value |
|
March 31, 2026 |
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Securities available-for-sale: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
$ |
4 |
|
|
$ |
5,610 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4 |
|
|
$ |
5,610 |
|
State and municipal securities |
|
|
124 |
|
|
|
7,847 |
|
|
|
— |
|
|
|
— |
|
|
|
124 |
|
|
|
7,847 |
|
Mortgage-backed securities and collateralized mortgage obligations |
|
|
509 |
|
|
|
72,944 |
|
|
|
18 |
|
|
|
3,167 |
|
|
|
527 |
|
|
|
76,111 |
|
Corporate bonds |
|
|
729 |
|
|
|
46,953 |
|
|
|
379 |
|
|
|
10,430 |
|
|
|
1,108 |
|
|
|
57,383 |
|
|
|
$ |
1,366 |
|
|
$ |
133,354 |
|
|
$ |
397 |
|
|
$ |
13,597 |
|
|
$ |
1,763 |
|
|
$ |
146,951 |
|
Securities held-to-maturity: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-backed securities |
|
$ |
1,437 |
|
|
$ |
190,543 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,437 |
|
|
$ |
190,543 |
|
December 31, 2025 |
|
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Securities available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
$ |
9 |
|
|
$ |
6,238 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9 |
|
|
$ |
6,238 |
|
State and municipal securities |
|
|
20 |
|
|
|
2,419 |
|
|
|
— |
|
|
|
1,000 |
|
|
|
20 |
|
|
|
3,419 |
|
Mortgage-backed securities and collateralized mortgage obligations |
|
|
67 |
|
|
|
26,493 |
|
|
|
32 |
|
|
|
3,446 |
|
|
|
99 |
|
|
|
29,939 |
|
Corporate bonds |
|
|
505 |
|
|
|
39,935 |
|
|
|
416 |
|
|
|
13,418 |
|
|
|
921 |
|
|
|
53,353 |
|
|
|
$ |
601 |
|
|
$ |
75,085 |
|
|
$ |
448 |
|
|
$ |
17,864 |
|
|
$ |
1,049 |
|
|
$ |
92,949 |
|
Securities held-to-maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-backed securities |
|
$ |
2,902 |
|
|
$ |
189,106 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,902 |
|
|
$ |
189,106 |
|
|
| Summary of Proceeds Received from Sale of Securities and Related Gross Gains and Losses |
The following table summarizes proceeds received from the sale of securities available-for-sale and their related gross gains and losses for the three months ended March 31, 2026 and 2025:
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For the Three Months
Ended March 31, |
(Dollars in thousands) |
|
2026 |
|
|
2025 |
|
|
Securities available-for-sale: |
|
|
|
|
|
|
|
Proceeds from sales |
|
$ |
41,897 |
|
|
$ |
13,638 |
|
|
Gross gain |
|
|
8 |
|
|
|
— |
|
|
Gross loss |
|
|
19 |
|
|
|
228 |
|
|
Net loss |
|
$ |
(11 |
) |
|
$ |
(228 |
) |
|
|