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SECURITIES
 9 Months Ended
Sep. 30, 2025
SECURITIES [Abstract]  
SECURITIES
2.  SECURITIES

A summary of the amortized cost, related gross unrealized gains and losses, allowance for credit losses, and estimated fair value of securities available for sale at the dates indicated is presented below (dollars in thousands):

   
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Allowance
for Credit
Losses
    
Fair
Value
  
September 30, 2025
                              
Available for sale:
                              
State and municipal
  
$
200,414
    
$
350
    
$
(25,617
)
  
$
—
    
$
175,147
  
Residential mortgage-backed securities
    
308,335
      
118
      
(44,427
)
    
—
      
264,026
  
Commercial mortgage-backed securities
    
47,584
      
—
      
(4,288
)
    
—
      
43,296
  
Commercial collateralized mortgage obligations
    
68,213
      
73
      
(197
)
    
—
      
68,089
  
Asset-backed and other amortizing securities
    
14,617
      
—
      
(912
)
    
—
      
13,705
  
Other securities
    
7,000
      
—
      
(125
)
    
—
      
6,875
  
   
$
646,163
    
$
541
    
$
(75,566
)
  
$
—
    
$
571,138
  
December 31, 2024
                                        
Available for sale:
                                        
State and municipal
  
$
199,588
    
$
1
    
$
(26,292
)
  
$
—
    
$
173,297
  
Residential mortgage-backed securities
    
321,021
      
—
      
(56,925
)
    
—
      
264,096
  
Commercial mortgage-backed securities
    
46,601
      
—
      
(6,241
)
    
—
      
40,360
  
Commercial collateralized mortgage obligations
    
73,697
      
—
      
(214
)
    
—
      
73,483
  
Asset-backed and other amortizing securities
    
16,107
      
—
      
(1,526
)
    
—
      
14,581
  
Other securities
    
12,000
      
—
      
(577
)
    
—
      
11,423
  
   
$
669,014
    
$
1
    
$
(91,775
)
  
$
—
    
$
577,240
  

The amortized cost and estimated fair value of securities at September 30, 2025 are presented below by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Declining-balance securities are shown separately since they are not due at a single maturity date.

   
Available for Sale
  
   
Amortized
Cost
    
Fair Value
  
Within 1 year
  
$
205
    
$
205
  
After 1 year through 5 years
    
5,490
      
5,421
  
After 5 years through 10 years
    
19,867
      
18,951
  
After 10 years
    
181,852
      
157,445
  
Declining-balance securities
    
438,749
      
389,116
  
   
$
646,163
    
$
571,138
  

At both September 30, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. government, its agencies, or its sponsored enterprises, in an amount greater than 10% of stockholders’ equity.

Securities with a carrying value of approximately $406.9 million and $309.0 million at September 30, 2025 and December 31, 2024, respectively, were pledged to collateralize public deposits and for other purposes as required or permitted by law.
The following table segregates securities with unrealized losses at the periods indicated, by the duration they have been in a loss position for which an allowance for credit losses has not been recorded (dollars in thousands):

   
Less than 12 Months
    
12 Months or More
    
Total
  
   
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
  
September 30, 2025
                                    
State and municipal
  
$
205
    
$
—
    
$
164,102
    
$
25,617
    
$
164,307
    
$
25,617
  
Residential mortgage-backed securities
    
—
      
—
      
255,160
      
44,427
      
255,160
      
44,427
  
Commercial mortgage-backed securities
    
1,976
      
7
      
41,321
      
4,281
      
43,297
      
4,288
  
Commercial collateralized mortgage obligations
    
63,443
      
197
      
—
      
—
      
63,443
      
197
  
Asset-backed and other amortizing securities
    
—
      
—
      
13,705
      
912
      
13,705
      
912
  
Other securities
    
—
      
—
      
6,875
      
125
      
6,875
      
125
  
   
$
65,624
    
$
204
    
$
481,163
    
$
75,362
    
$
546,787
    
$
75,566
  
                                                 
December 31, 2024
                                                
State and municipal
  
$
205
    
$
1
    
$
171,306
    
$
26,291
    
$
171,511
    
$
26,292
  
Residential mortgage-backed securities
    
8
      
—
      
264,088
      
56,925
      
264,096
      
56,925
  
Commercial mortgage-backed securities
    
—
      
—
      
40,360
      
6,241
      
40,360
      
6,241
  
Commercial collateralized mortgage obligations
    
73,483
      
214
      
—
      
—
      
73,483
      
214
  
Asset-backed and other amortizing securities
    
—
      
—
      
14,581
      
1,526
      
14,581
      
1,526
  
Other securities
    
—
      
—
      
11,423
      
577
      
11,423
      
577
  
   
$
73,696
    
$
215
    
$
501,758
    
$
91,560
    
$
575,454
    
$
91,775
  

There were 129 securities with an unrealized loss at September 30, 2025, generally due to a continuation of the elevated market interest rate environment. Management evaluates securities available for sale (“AFS”) in unrealized loss positions to determine whether the impairment is due to credit-related factors or non-credit related factors. Consideration is given to the extent to which the fair value is less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for the anticipated recovery in fair value. Management does not have the intent to sell any of the securities in an unrealized loss position and believes that it is not likely that the securities will have to be sold before a recovery of cost. The fair value of these securities is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of September 30, 2025, management believes the unrealized loss positions detailed in the previous table are due to non-credit related factors, including changes in interest rates and other market conditions, and therefore no ACL for AFS securities or losses have been recognized or realized in the consolidated financial statements.