Investment Securities Available-for-Sale and Held to Maturity (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| 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 September 30, 2026 and December 31, 2025 are as follows:
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(Dollars in thousands) |
|
Amortized
Cost |
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|
Gross
Unrealized
Gains |
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|
Gross
Unrealized
Losses |
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|
Estimated
Fair Value |
|
September 30, 2026 |
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Securities available-for-sale: |
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|
|
|
U.S government and agency securities |
|
$ |
4,610 |
|
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
4,609 |
|
State and municipal securities |
|
|
14,935 |
|
|
|
— |
|
|
|
1,148 |
|
|
|
13,787 |
|
Mortgage-backed securities and collateralized mortgage obligations |
|
|
228,090 |
|
|
|
223 |
|
|
|
8,528 |
|
|
|
219,785 |
|
Corporate bonds |
|
|
140,180 |
|
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|
1,237 |
|
|
|
2,429 |
|
|
|
138,988 |
|
Asset-backed securities |
|
|
84,597 |
|
|
|
— |
|
|
|
242 |
|
|
|
84,355 |
|
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|
$ |
472,412 |
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|
$ |
1,460 |
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|
$ |
12,348 |
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|
$ |
461,524 |
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December 31, 2025 |
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Securities Available-for-sale: |
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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 |
he Class A-1 Notes are classified as held-to-maturity investments. At September 30, 2026 and December 31, 2025, the carrying amounts and approximate fair values are as follows:
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|
(Dollars in thousands) |
|
Carrying
Value |
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|
Gross
Unrealized
Gains |
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|
Gross
Unrealized
Losses |
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|
Estimated
Fair Value |
|
September 30, 2026 |
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Securities held-to-maturity: |
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Asset-backed securities |
|
$ |
191,924 |
|
|
$ |
— |
|
|
$ |
1,381 |
|
|
$ |
190,543 |
|
|
|
$ |
191,924 |
|
|
$ |
— |
|
|
$ |
1,381 |
|
|
$ |
190,543 |
|
December 31, 2025 |
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Securities held-to-maturity: |
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Asset-backed securities |
|
$ |
192,008 |
|
|
$ |
— |
|
|
$ |
2,902 |
|
|
$ |
189,106 |
|
|
|
$ |
192,008 |
|
|
$ |
— |
|
|
$ |
2,902 |
|
|
$ |
189,106 |
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| 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 September 30, 2026, by contractual maturity, are shown below.
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September 30, 2026 |
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|
Securities Available-for-Sale |
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|
Securities Held-to-Maturity |
|
(Dollars in thousands) |
|
Amortized
Cost |
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|
Estimated
Fair Value |
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|
Carrying
Value |
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|
Estimated
Fair Value |
|
Due from one year to five years |
|
$ |
113,528 |
|
|
$ |
113,117 |
|
|
$ |
191,924 |
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|
$ |
190,543 |
|
Due from five to ten years |
|
|
116,859 |
|
|
|
115,788 |
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|
|
— |
|
|
|
— |
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Over ten years |
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|
13,935 |
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|
12,834 |
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|
|
— |
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|
— |
|
|
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|
244,322 |
|
|
|
241,739 |
|
|
|
191,924 |
|
|
|
190,543 |
|
Mortgage-backed securities and collateralized mortgage obligations |
|
|
228,090 |
|
|
|
219,785 |
|
|
|
— |
|
|
|
— |
|
|
|
$ |
472,412 |
|
|
$ |
461,524 |
|
|
$ |
191,924 |
|
|
$ |
190,543 |
|
|
| Summary of Securities with Unrealized Losses |
The following table summarizes securities with unrealized losses at September 30, 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 |
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(Dollars in thousands) |
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Unrealized
Loss |
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|
Estimated
Fair Value |
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|
Unrealized
Loss |
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|
Estimated
Fair Value |
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|
Unrealized
Loss |
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|
Estimated
Fair Value |
|
September 30, 2026 |
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Securities available-for-sale: |
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|
U.S. government and agency securities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
4,609 |
|
|
$ |
1 |
|
|
$ |
4,609 |
|
State and municipal securities |
|
|
1,148 |
|
|
|
13,787 |
|
|
|
— |
|
|
|
— |
|
|
|
1,148 |
|
|
|
13,787 |
|
Mortgage-backed securities and collateralized mortgage obligations |
|
|
8,498 |
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|
|
205,926 |
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|
30 |
|
|
|
187 |
|
|
|
8,528 |
|
|
|
206,113 |
|
Corporate bonds |
|
|
1,884 |
|
|
|
73,754 |
|
|
|
545 |
|
|
|
21,158 |
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|
|
2,429 |
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|
|
94,912 |
|
Asset-backed securities |
|
|
242 |
|
|
|
74,375 |
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|
|
— |
|
|
|
— |
|
|
|
242 |
|
|
|
74,375 |
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|
$ |
11,772 |
|
|
$ |
367,842 |
|
|
$ |
576 |
|
|
$ |
25,954 |
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|
$ |
12,348 |
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|
$ |
393,796 |
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Securities held-to-maturity: |
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|
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|
|
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|
|
|
|
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|
|
|
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|
Asset-backed securities |
|
$ |
1,381 |
|
|
$ |
190,543 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,381 |
|
|
$ |
190,543 |
|
December 31, 2025 |
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Securities available-for-sale: |
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
$ |
9 |
|
|
$ |
6,238 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9 |
|
|
$ |
6,238 |
|
State and municipal securities |
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|
20 |
|
|
|
2,419 |
|
|
|
— |
|
|
|
1,000 |
|
|
|
20 |
|
|
|
3,419 |
|
Mortgage-backed securities and collateralized mortgage obligations |
|
|
67 |
|
|
|
26,493 |
|
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|
32 |
|
|
|
3,446 |
|
|
|
99 |
|
|
|
29,939 |
|
Corporate bonds |
|
|
505 |
|
|
|
39,935 |
|
|
|
416 |
|
|
|
13,418 |
|
|
|
921 |
|
|
|
53,353 |
|
|
|
$ |
601 |
|
|
$ |
75,085 |
|
|
$ |
448 |
|
|
$ |
17,864 |
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|
$ |
1,049 |
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|
$ |
92,949 |
|
Securities held-to-maturity: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and nine months ended September 30, 2026 and 2025:
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For the Three Months
Ended September 30, |
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For the Nine Months
Ended September 30, |
(Dollars in thousands) |
|
2026 |
|
|
2025 |
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|
2026 |
|
|
2025 |
|
|
Securities available-for-sale: |
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|
|
|
|
|
|
|
|
|
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|
Proceeds from sales |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
60,695 |
|
|
$ |
53,407 |
|
|
Gross gain |
|
|
— |
|
|
|
— |
|
|
|
13 |
|
|
|
402 |
|
|
Gross loss |
|
|
— |
|
|
|
— |
|
|
|
117 |
|
|
|
740 |
|
|
Net loss |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(104 |
) |
|
$ |
(338 |
) |
|
|