Securities (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Available-for-sale Securities Reconciliation |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Amortized Cost | | Gross Unrealized | | Fair Value | | (amounts in thousands) | | | Gains | | Losses | | | Securities available-for-sale | | | | | | | | | | U.S. Government-sponsored agencies | | $ | 54,787 | | | $ | 435 | | | $ | (947) | | | $ | 54,275 | | | Municipal securities | | 57,663 | | | 16 | | | (1,697) | | | 55,982 | | Agency mortgage-backed securities - residential 1 | | 436,922 | | | 1,390 | | | (22,144) | | | 416,168 | | | Agency mortgage-backed securities - commercial | | 57,544 | | | 145 | | | (978) | | | 56,711 | | | Private label mortgage-backed securities - residential | | 119,043 | | | 73 | | | (1,171) | | | 117,945 | | | Asset-backed securities | | 43,194 | | | 71 | | | (159) | | | 43,106 | | | Corporate securities | | 42,754 | | | 400 | | | (665) | | | 42,489 | | | | | | | | | | | | Total available-for-sale | | $ | 811,907 | | | $ | 2,530 | | | $ | (27,761) | | | $ | 786,676 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Amortized Cost | | Gross Unrealized | | Fair Value | | (amounts in thousands) | | | Gains | | Losses | | | Securities available-for-sale | | | | | | | | | | U.S. Government-sponsored agencies | | $ | 64,298 | | | $ | 480 | | | $ | (1,014) | | | $ | 63,764 | | | Municipal securities | | 64,777 | | | 17 | | | (1,408) | | | 63,386 | | Agency mortgage-backed securities - residential 1 | | 409,718 | | | 841 | | | (21,102) | | | 389,457 | | | Agency mortgage-backed securities - commercial | | 59,112 | | | 202 | | | (837) | | | 58,477 | | | Private label mortgage-backed securities - residential | | 124,264 | | | 234 | | | (825) | | | 123,673 | | Asset-backed securities | | 42,492 | | | 100 | | | (39) | | | 42,553 | | | Corporate securities | | 37,761 | | | 346 | | | (730) | | | 37,377 | | | | | | | | | | | | Total available-for-sale | | $ | 802,422 | | | $ | 2,220 | | | $ | (25,955) | | | $ | 778,687 | |
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| Schedule Of Held-To-Maturity Securities Reconciliation |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Amortized Cost | | Gross Unrealized | | Fair Value | | Allowance for Credit Losses | | Net Carrying Value | | (amounts in thousands) | | | Gains | | Losses | | | | | Securities held-to-maturity | | | | | | | | | | | | | | Municipal securities | | $ | 10,370 | | | $ | — | | | $ | (514) | | | $ | 9,856 | | | $ | (3) | | | $ | 10,367 | | | Agency mortgage-backed securities - residential | | 232,272 | | | 1,308 | | | (13,261) | | | 220,319 | | | — | | | 232,272 | | | Agency mortgage-backed securities - commercial | | 5,598 | | | — | | | (936) | | | 4,662 | | | — | | | 5,598 | | | Corporate securities | | 16,500 | | | — | | | (766) | | | 15,734 | | | (75) | | | 16,425 | | | Total held-to-maturity | | $ | 264,740 | | | $ | 1,308 | | | $ | (15,477) | | | $ | 250,571 | | | $ | (78) | | | $ | 264,662 | |
1 Includes $0.2 million of additional premium related to terminated interest rate swaps associated with agency mortgage-backed securities - residential as of June 30, 2026. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Amortized Cost | | Gross Unrealized | | Fair Value | | Allowance for Credit Losses | | Net Carrying Value | | (amounts in thousands) | | | Gains | | Losses | | | | | Securities held-to-maturity | | | | | | | | | | | | | | Municipal securities | | $ | 11,009 | | | $ | 1 | | | $ | (459) | | | $ | 10,551 | | | $ | (3) | | | $ | 11,006 | | | Agency mortgage-backed securities - residential | | 213,530 | | | 1,834 | | | (11,649) | | | 203,715 | | | — | | | 213,530 | | | Agency mortgage-backed securities - commercial | | 5,635 | | | — | | | (915) | | | 4,720 | | | — | | | 5,635 | | | Corporate securities | | 20,536 | | | — | | | (707) | | | 19,829 | | | (98) | | | 20,438 | | | Total held-to-maturity | | $ | 250,710 | | | $ | 1,835 | | | $ | (13,730) | | | $ | 238,815 | | | $ | (101) | | | $ | 250,609 | | | | | | | | | | | | | | |
1 Includes $0.2 million of additional premium related to terminated interest rate swaps associated with agency mortgage-backed securities - residential as of December 31, 2025.
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| Available-for-sale Securities |
| | | | | | | | | | | | | | | | | Available-for-Sale | | (amounts in thousands) | | Amortized
Cost | | Fair
Value | | Within one year | | $ | 4,360 | | | $ | 4,341 | | | One to five years | | 23,300 | | | 22,877 | | | Five to ten years | | 84,191 | | | 82,870 | | | After ten years | | 43,353 | | | 42,658 | | | | 155,204 | | | 152,746 | | | Agency mortgage-backed securities - residential | | 436,922 | | | 416,168 | | | Agency mortgage-backed securities - commercial | | 57,544 | | | 56,711 | | | Private label mortgage-backed securities - residential | | 119,043 | | | 117,945 | | | Asset-backed securities | | 43,194 | | | 43,106 | | | | | | | | Total | | $ | 811,907 | | | $ | 786,676 | |
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| Held-to-maturity Securities |
| | | | | | | | | | | | | | | | | Held-to-Maturity | | (amounts in thousands) | | Amortized
Cost | | Fair
Value | | Within one year | | $ | 1,181 | | | $ | 1,174 | | | One to five years | | 12,145 | | | 12,005 | | | Five to ten years | | 13,273 | | | 12,159 | | | After ten years | | 271 | | | 252 | | | | 26,870 | | | 25,590 | | | Agency mortgage-backed securities - residential | | 232,272 | | | 220,319 | | | Agency mortgage-backed securities - commercial | | 5,598 | | | 4,662 | | | Total | | $ | 264,740 | | | $ | 250,571 | |
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| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value |
The following tables show the securities portfolio’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2026 and December 31, 2025.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Less Than 12 Months | | 12 Months or Longer | | Total | | (amounts in thousands) | | Fair
Value | | Unrealized
Losses | | Fair
Value | | Unrealized
Losses | | Fair
Value | | Unrealized
Losses | | Securities available-for-sale | | | | | | | | | | | | | | U.S. Government-sponsored agencies | | $ | 4,129 | | | $ | (8) | | | $ | 24,074 | | | $ | (939) | | | $ | 28,203 | | | $ | (947) | | | Municipal securities | | 9,930 | | | (85) | | | 28,516 | | | (1,612) | | | 38,446 | | | (1,697) | | | Agency mortgage-backed securities - residential | | 80,714 | | | (700) | | | 151,429 | | | (21,444) | | | 232,143 | | | (22,144) | | | Agency mortgage-backed securities - commercial | | 4,461 | | | (118) | | | 23,506 | | | (860) | | | 27,967 | | | (978) | | | Private label mortgage-backed securities - residential | | 96,803 | | | (512) | | | 5,990 | | | (659) | | | 102,793 | | | (1,171) | | | Asset-backed securities | | 22,935 | | | (159) | | | — | | | — | | | 22,935 | | | (159) | | | Corporate securities | | 7,661 | | | (89) | | | 14,424 | | | (576) | | | 22,085 | | | (665) | | | | | | | | | | | | | | | | Total | | $ | 226,633 | | | $ | (1,671) | | | $ | 247,939 | | | $ | (26,090) | | | $ | 474,572 | | | $ | (27,761) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Less Than 12 Months | | 12 Months or Longer | | Total | | (amounts in thousands) | | Fair
Value | | Unrealized
Losses | | Fair
Value | | Unrealized
Losses | | Fair
Value | | Unrealized
Losses | | Securities available-for-sale | | | | | | | | | | | | | | U.S. Government-sponsored agencies | | $ | 3,600 | | | $ | (20) | | | $ | 33,849 | | | $ | (994) | | | $ | 37,449 | | | $ | (1,014) | | | Municipal securities | | 2,301 | | | — | | | 42,515 | | | (1,408) | | | 44,816 | | | (1,408) | | Agency mortgage-backed securities - residential | | 67,177 | | | (190) | | | 186,453 | | | (20,912) | | | 253,630 | | | (21,102) | | | Agency mortgage-backed securities - commercial | | 2,981 | | | (22) | | | 25,915 | | | (815) | | | 28,896 | | | (837) | | | Private label mortgage-backed securities - residential | | 75,924 | | | (191) | | | 6,533 | | | (634) | | | 82,457 | | | (825) | | Asset-backed securities | | 21,413 | | | (39) | | | — | | | — | | | 21,413 | | | (39) | | | Corporate securities | | 3,698 | | | (52) | | | 14,322 | | | (678) | | | 18,020 | | | (730) | | | | | | | | | | | | | | | | Total | | $ | 177,094 | | | $ | (514) | | | $ | 309,587 | | | $ | (25,441) | | | $ | 486,681 | | | $ | (25,955) | |
The following tables summarize ratings for the Company’s HTM portfolio as of June 30, 2026 and December 31, 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (amounts in thousands) | | Municipal Securities | | Mortgage-Backed Securities - Residential | | Mortgage-Backed Securities - Commercial | | Corporate Securities | | Total | | AAA equivalent - agency | | $ | — | | | $ | 232,272 | | | $ | 5,598 | | | $ | — | | | $ | 237,870 | | | Aa1/AA+ | | 6,408 | | | — | | | — | | | — | | | 6,408 | | | Aa2/AA | | 2,170 | | | — | | | — | | | — | | | 2,170 | | | Aa3/AA- | | 1,792 | | | — | | | — | | | — | | | 1,792 | | | | | | | | | | | | | | A3/A- | | — | | | — | | | — | | | 5,000 | | | 5,000 | | | Baa1/BBB+ | | — | | | — | | | — | | | 7,000 | | | 7,000 | | | | | | | | | | | | | | Baa3/BBB- | | — | | | — | | | — | | | 2,500 | | | 2,500 | | | | | | | | | | | | | Not Rated1 | | — | | | — | | | — | | | 2,000 | | | 2,000 | | | Total | | $ | 10,370 | | | $ | 232,272 | | | $ | 5,598 | | | $ | 16,500 | | | $ | 264,740 | |
1 This security previously had a BBB rating, but the issuer was acquired during the first quarter 2026. The acquiring company did not have any outstanding subordinated debt issuances prior to the acquisition and, therefore, did not have a rating at the time of acquisition.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (amounts in thousands) | | Municipal Securities | | Mortgage-Backed Securities - Residential | | Mortgage-Backed Securities - Commercial | | Corporate Securities | | Total | | AAA equivalent - agency | | $ | — | | | $ | 213,530 | | | $ | 5,635 | | | $ | — | | | $ | 219,165 | | | Aa1/AA+ | | 7,046 | | | — | | | — | | | — | | | 7,046 | | | Aa2/AA | | 2,170 | | | — | | | — | | | — | | | 2,170 | | | Aa3/AA- | | 1,793 | | | — | | | — | | | — | | | 1,793 | | | | | | | | | | | | | | A3/A- | | — | | | — | | | — | | | 5,000 | | | 5,000 | | | Baa1/BBB+ | | — | | | — | | | — | | | 5,000 | | | 5,000 | | | Baa2/BBB | | — | | | — | | | — | | | 4,000 | | | 4,000 | | | Baa3/BBB- | | — | | | — | | | — | | | 4,536 | | | 4,536 | | | Ba1/BB+ | | — | | | — | | | — | | | 2,000 | | | 2,000 | | | | | | | | | | | | | | Total | | $ | 11,009 | | | $ | 213,530 | | | $ | 5,635 | | | $ | 20,536 | | | $ | 250,710 | |
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| Equity Method Investments |
The carrying amount of each equity investment with a readily determinable fair value or net asset value at June 30, 2026 and December 31, 2025 is reflected in the following table:
| | | | | | | | | | | | | | | | (amounts in thousands) | | June 30, 2026 | | December 31, 2025 | | GenOpp Financial Fund LP | | $ | 3,202 | | | $ | 2,876 | | | Total | | $ | 3,202 | | | $ | 2,876 | |
The carrying amount of the Company’s investments in non-marketable equity securities with no readily determinable fair value and amounts recognized in earnings on a cumulative basis at June 30, 2026 and December 31, 2025 is reflected in the following table:
| | | | | | | | | | | | | | | | (amounts in thousands) | | June 30, 2026 | | December 31, 2025 | Carrying value1 | | $ | 38,438 | | | $ | 38,611 | | | Carrying value adjustments | | — | | | — | | | Impairment | | — | | | — | | | Upward changes for observable prices | | — | | | — | | | Downward changes for observable prices | | — | | | — | | | Total | | $ | 38,438 | | | $ | 38,611 | |
1 Excludes $13.9 million and $14.6 million in unfunded commitments as of June 30, 2026 and December 31, 2025, respectively.
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| Schedule of Variable Interest Entities |
The following table provides a summary of VIEs that the Company has not consolidated as June 30, 2026 and December 31, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (amounts in thousands) | | Carrying Amount | | Maximum Exposure to Loss | | Liability Recognized | | Classification | | Private equity and venture capital funds | | $ | 14,067 | | | $ | 19,332 | | | $ | — | | | Other assets (1) | | Pooled investment vehicle | | 3,202 | | | 3,202 | | | — | | | Other assets (2) | | SBIC | | 7,292 | | | 13,000 | | | — | | | Other assets (3) | | Affordable housing | | 7,079 | | | 13,045 | | | — | | | Other assets (4) | | Non-marketable and other equity investments | | 10,000 | | | 10,000 | | | — | | | Other assets (5) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (amounts in thousands) | | Carrying Amount | | Maximum Exposure to Loss | | Liability Recognized | | Classification | | Private equity and venture capital funds | | $ | 13,685 | | | $ | 20,208 | | | $ | — | | | Other assets (6) | | Pooled investment vehicle | | 2,876 | | | 2,876 | | | — | | | Other assets (7) | | SBIC | | 7,292 | | | 13,000 | | | — | | | Other assets (8) | | Affordable housing | | 7,634 | | | 12,519 | | | — | | | Other assets (9) | | Non-marketable and other equity investments | | 10,000 | | | 10,000 | | | — | | | Other assets (10) |
(1) Maximum exposure to loss includes $14.1 million of current investments and $5.3 million in unfunded commitments. (2) Maximum exposure to loss includes $3.2 million of current investments. (3) Maximum exposure to loss includes $7.3 million of current investments and $5.7 million in unfunded commitments. (4) Maximum exposure to loss includes $7.1 million of current investments, $2.9 million in unfunded commitments and a scenario in which related tax credits of $3.0 million are recaptured, totaling $13.0 million. (5) Maximum exposure to loss includes $10.0 million of current investments. (6) Maximum exposure to loss includes $13.7 million of current investments and $6.0 million in unfunded commitments. (7) Maximum exposure to loss includes $2.9 million of current investments. (8) Maximum exposure to loss includes $7.3 million of current investments and $5.7 million in unfunded commitments. (9) Maximum exposure to loss includes $7.6 million of current investments, $2.4 million in unfunded commitments and a scenario in which related tax credits of $2.5 million are recaptured, totaling $12.5 million. (10) Maximum exposure to loss includes $10.0 million of current investments.
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