CENTRAL PACIFIC FINANCIAL CORP, 10-K filed on 2/26/2025
Annual Report
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Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 12, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-31567    
Entity Registrant Name Central Pacific Financial Corp.    
Entity Incorporation, State or Country Code HI    
Entity Tax Identification Number 99-0212597    
Entity Address, Address Line One 220 South King Street    
Entity Address, City or Town Honolulu    
Entity Address, State or Province HI    
Entity Address, Postal Zip Code 96813    
City Area Code 808    
Local Phone Number 544-0500    
Title of 12(b) Security Common Stock, No Par Value    
Trading Symbol CPF    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 559,660,000
Entity Common Stock, Shares Outstanding   27,065,570  
Documents Incorporated by Reference
Portions of the registrant’s proxy statement for the 2025 annual meeting of shareholders are incorporated by reference into Part III of this annual report on Form 10-K to the extent stated herein. The proxy statement will be filed within 120 days after the end of the fiscal year covered by this annual report on Form 10-K.
    
Entity Central Index Key 0000701347    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor Information [Abstract]  
Auditor Firm ID 173
Auditor Name Crowe LLP
Auditor Location Sacramento, California
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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash and due from financial institutions $ 77,774,000 $ 116,181,000
Interest-bearing deposits in other financial institutions 303,167,000 406,256,000
Investment securities:    
Debt securities available-for-sale, at fair value 737,658,000 647,210,000
Held-to-maturity debt securities, fair value of: $506,681 at December 31, 2024 and $565,178 at December 31, 2023 596,930,000 632,338,000
Total investment securities 1,334,588,000 1,279,548,000
Loans held for sale 5,662,000 1,778,000
Loans 5,332,852,000 5,438,982,000
Provision (credit) for credit losses on loans 59,182,000 63,934,000
Loans, net of allowance for credit losses 5,273,670,000 5,375,048,000
Premises and equipment, net 104,342,000 96,184,000
Accrued interest receivable 23,378,000 21,511,000
Investment in unconsolidated entities 52,417,000 41,546,000
Mortgage servicing rights, net 8,473,000 8,696,000
Bank-owned life insurance 176,216,000 170,706,000
Federal Home Loan Bank of Des Moines ("FHLB") stock 6,929,000 6,793,000
Right-of-use lease asset 30,824,000 29,720,000
Other assets 74,656,000 88,829,000
Total assets 7,472,096,000 7,642,796,000
Deposits:    
Noninterest-bearing demand 1,888,937,000 1,913,379,000
Interest-bearing demand 1,338,719,000 1,329,189,000
Savings and money market 2,329,170,000 2,209,733,000
Time 1,087,185,000 1,395,291,000
Total deposits 6,644,011,000 6,847,592,000
FHLB advances and other short-term borrowings 0 0
Long-term debt, net of unamortized debt issuance costs of $202 at December 31, 2024 and $445 at December 31, 2023 156,345,000 156,102,000
Lease liability 32,025,000 30,634,000
Accrued interest payable 10,051,000 18,948,000
Other liabilities 91,279,000 85,705,000
Total liabilities 6,933,711,000 7,138,981,000
Contingent liabilities and other commitments (see Note 19)
Equity:    
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at December 31, 2024, and December 31, 2023 0 0
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding 27,065,570 and 27,045,033 shares at December 31, 2024 and 2023, respectively 404,494,000 405,439,000
Additional paid-in capital 105,054,000 102,982,000
Retained earnings 143,259,000 117,990,000
Accumulated other comprehensive loss (114,422,000) (122,596,000)
Total shareholders' equity 538,385,000 503,815,000
Total liabilities and equity $ 7,472,096,000 $ 7,642,796,000
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Held to maturity debt securities, fair value $ 506,681,000 $ 565,178,000
Unamortized debt issuance costs $ 202,000 $ 445,000
Preferred stock, par value (in dollars per share) $ 0 $ 0
Preferred stock, authorized (in shares) 1,000,000 1,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0 $ 0
Common stock, authorized (in shares) 185,000,000 185,000,000
Common stock, issued (in shares) 27,065,570 27,045,033
Common stock, outstanding (in shares) 27,065,570 27,045,033
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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest income:      
Interest and fees on loans $ 258,192 $ 243,315 $ 200,280
Interest and dividends on investment securities:      
Taxable investment securities 33,278 28,789 28,041
Tax-exempt investment securities 2,527 2,912 3,204
Dividend income on investment securities 0 0 21
Interest on deposits in other financial institutions 11,593 7,163 740
Dividend income on FHLB stock 509 478 370
Total interest income 306,099 282,657 232,656
Interest on deposits:      
Demand 2,159 1,701 806
Savings and money market 37,043 21,979 4,188
Time 46,084 39,205 6,114
Interest on short-term borrowings 1 1,139 1,055
Interest on long-term debt 9,079 8,633 4,930
Total interest expense 94,366 72,657 17,093
Net interest income 211,733 210,000 215,563
Provision (credit) for credit losses 9,826 15,698 (1,273)
Net interest income after provision for credit losses 201,907 194,302 216,836
Other operating income:      
Mortgage banking income 3,388 2,592 3,810
Service charges on deposit accounts 8,656 8,753 8,197
Other service charges and fees 22,553 20,531 19,025
Income from fiduciary activities 5,761 4,895 4,565
Income from bank-owned life insurance 6,619 4,870 1,865
Net loss on sales of investment securities (9,934) (2,074) 8,506
Other 1,680 7,096 1,951
Other operating income 38,723 46,663 47,919
Other operating expense:      
Salaries and employee benefits 85,941 82,050 88,781
Net occupancy 18,001 18,185 16,963
Equipment 3,881 3,958 4,238
Communication 3,177 3,010 2,958
Legal and professional services 9,790 9,959 10,792
Computer software 18,015 17,726 14,840
Advertising 3,615 3,888 4,151
Other 30,171 25,367 23,263
Total other operating expense 172,591 164,143 165,986
Income before income taxes 68,039 76,822 98,769
Income tax expense 14,627 18,153 24,841
Net income $ 53,412 $ 58,669 $ 73,928
Per common share data:      
Basic earnings per share (in dollars per share) $ 1.97 $ 2.17 $ 2.70
Diluted earnings per share (in dollars per share) 1.97 2.17 2.68
Cash dividends declared (in dollars per share) $ 1.04 $ 1.04 $ 1.04
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 53,412 $ 58,669 $ 73,928
Other comprehensive income (loss), net of tax:      
Net change in unrealized gains (losses) on investment securities 1,174 15,852 (150,141)
Amortization of unrealized losses on investment securities transferred to held-to-maturity 5,257 5,335 4,698
Net change in unrealized gain on derivatives 1,465 384 4,645
Defined benefit plans 278 (183) 4,774
Total other comprehensive income (loss), net of tax 8,174 21,388 (136,024)
Comprehensive income (loss) $ 61,586 $ 80,057 $ (62,096)
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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Common Shares Outstanding
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2021   27,714,071          
Beginning balance at Dec. 31, 2021 $ 558,267   $ 426,091 $ 98,073 $ 42,015 $ (7,960) $ 48
Increase (Decrease) in Shareholders' Equity              
Net income 73,928       73,928    
Other comprehensive income (loss) (136,024)         (136,024)  
Cash dividends declared (28,505)       (28,505)    
Common stock sold by directors' deferred compensation plan 2,041   2,041        
Common stock repurchased and other related costs (in shares)   (868,613)          
Common stock repurchased and other related costs (20,740)   (20,740)        
Share-based compensation (in shares)   179,612          
Share-based compensation expense 3,952   679 3,273      
Ending balance (in shares) at Dec. 31, 2022   27,025,070          
Ending balance at Dec. 31, 2022 452,871   408,071 101,346 87,438 (143,984) 0
Increase (Decrease) in Shareholders' Equity              
Net income 58,669       58,669    
Other comprehensive income (loss) 21,388         21,388  
Cash dividends declared (28,117)       (28,117)    
Common stock repurchased and other related costs (in shares)   (130,010)          
Common stock repurchased and other related costs (2,632)   (2,632)        
Share-based compensation (in shares)   149,973          
Share-based compensation expense $ 1,636   0 1,636      
Non-controlling interest             (48)
Ending balance (in shares) at Dec. 31, 2023 27,045,033 27,045,033          
Ending balance at Dec. 31, 2023 $ 503,815   405,439 102,982 117,990 (122,596) 0
Increase (Decrease) in Shareholders' Equity              
Net income 53,412       53,412    
Other comprehensive income (loss) 8,174         8,174  
Cash dividends declared (28,143)       (28,143)    
Common stock repurchased and other related costs (in shares)   (49,960)          
Common stock repurchased and other related costs (945)   (945)        
Share-based compensation (in shares)   70,497          
Share-based compensation expense $ 2,072   0 2,072      
Ending balance (in shares) at Dec. 31, 2024 27,065,570 27,065,570          
Ending balance at Dec. 31, 2024 $ 538,385   $ 404,494 $ 105,054 $ 143,259 $ (114,422) $ 0
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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)
 12 Months Ended
Dec. 31, 2022
$ / shares
shares
Statement of Stockholders' Equity [Abstract]  
Cash dividends declared (in dollars per share) | $ / shares $ 1.04
Common stock purchased by directors' deferred compensation plan, net shares (in shares) | shares (78,670)
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 53,412 $ 58,669 $ 73,928
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision (credit) for credit losses 9,826 15,698 (1,273)
Depreciation and amortization of premises and equipment 6,878 6,943 6,865
Net gain (loss) on sales and disposals of premises and equipment 56 (5,059) 295
Non-cash lease expense (income) 159 13 (401)
Cash flows from operating leases (5,073) (5,095) (5,896)
Amortization of mortgage servicing rights 776 705 1,295
Net amortization and accretion of premium/discount on investment securities 1,766 3,049 4,395
Share-based compensation expense 2,072 1,636 3,273
Net loss (gain) on sales of investment securities 9,934 2,074 (8,506)
Net gain on sales of residential mortgage loans (1,257) (721) (1,778)
Proceeds from sales of loans held for sale 68,339 39,950 80,237
Origination of loans held for sale (70,966) (39,902) (76,033)
Equity in earnings of unconsolidated entities 21 22 (184)
Distributions from unconsolidated entities 0 51 237
Net increase in cash surrender value of bank-owned life insurance (6,619) (5,366) (10)
Deferred income tax expense 8,771 11,211 25,810
Net tax benefit from share-based compensation 57 154 146
Amortization and impairment of intangible assets 1,461 0 0
Net change in other assets and liabilities 10,906 21,080 11,721
Net cash provided by operating activities 90,519 105,112 114,121
Cash flows from investing activities:      
Purchases of available-for-sale investment securities (253,580) (47,393) (89,058)
Proceeds from maturities, prepayments and calls of available-for-sale investment securities 57,371 60,101 168,224
Proceeds from sales of available-for-sale and equity investment securities 96,562 29,476 8,506
Purchases of held-to-maturity investment securities 0 0 (20,041)
Proceeds from maturities, prepayments and calls of held-to-maturity investment securities 41,690 39,099 33,469
Loan payments (originations), net 131,598 111,012 (133,501)
Purchases of loan portfolios (49,443) (19,659) (323,402)
Proceeds from sales of loans originated for investment 9,397 9,629 0
Purchases of bank-owned life insurance (3,008) 0 (1,300)
Proceeds from bank-owned life insurance death benefits 4,117 2,627 2,491
Net purchases of premises and equipment (15,092) (12,650) (18,440)
Proceeds from sales of premises and equipment 0 6,216 0
Net return of capital from unconsolidated entities 0 495 0
Contributions to unconsolidated entities (18,822) (1,645) (10,249)
Net proceeds from (purchases) redemption of FHLB stock (136) 2,353 (1,182)
Net cash provided by (used in) investing activities 654 179,661 (384,483)
Cash flows from financing activities:      
Net (decrease) increase in deposits (203,581) 111,369 97,065
Net (decrease) increase in FHLB advances and other short-term borrowings 0 (5,000) 5,000
Proceeds from long-term debt 0 50,000 0
Cash dividends paid on common stock (28,143) (28,117) (28,505)
Repurchases of common stock (945) (2,632) (20,740)
Net proceeds from issuance of common stock and stock option exercises 0 0 679
Net cash (used in) provided by financing activities (232,669) 125,620 53,499
Net (decrease) increase in cash and cash equivalents (141,496) 410,393 (216,863)
Cash and cash equivalents at beginning of year 522,437 112,044 328,907
Cash and cash equivalents at end of year 380,941 522,437 112,044
Cash paid during the year for:      
Interest expense paid 103,263 58,448 13,476
Income taxes (received) paid, net (9,213) 7,313 5,581
Supplemental non-cash disclosures:      
Net change in common stock held by directors' deferred compensation plan 0 0 (2,041)
Net transfer of investment securities from available-for-sale to held-to-maturity at fair value 0 0 675,177
Right-of-use lease assets obtained in exchange for lease liabilities 5,117 0 0
Amortization of unrealized losses on investment securities transferred to held-to-maturity at fair value 7,159 7,440 4,295
Other intangible assets and services provided in exchange for Swell common stock 0 0 1,500
Other intangible assets received in exchange for Swell common stock $ 0 $ 1,500 $ 0
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Description of Business

Central Pacific Financial Corp. is a bank holding company. Our principal operating subsidiary, Central Pacific Bank, is a full-service commercial bank with 27 branches and 55 ATMs located throughout the State of Hawaii. The Bank engages in a broad range of lending activities including originating commercial loans, commercial and residential mortgage loans, home equity loans and consumer loans. The Bank also offers a variety of deposit products and services. These include personal and business checking and savings accounts, money market accounts and time certificates of deposit. Other products and services include debit cards, internet banking, mobile banking, cash management services, full-service ATMs, safe deposit boxes, international banking services, night depository facilities, foreign exchange and wire transfers. Wealth management products and services include non-deposit investment products, annuities, investment management, asset custody and general consultation and planning services.

Operating Segments

Effective January 1, 2024, the Company adopted Accounting Standards Update ("ASU") 2023-07 "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures". This update enhances the disclosure requirements for reportable segments by requiring additional qualitative and quantitative information about significant segment expenses, as well as interim segment disclosures. The adoption of ASU 2023-07 did not have a material impact on our consolidated financial statements.

Operations, resource allocation and financial performance are managed by the Company's Executive Committee, or its chief operating decision maker ("CODM"), on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable segment. See Note 22 - Segment Information for additional information.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

In February 2024, the Bank acquired a 50% ownership interest in a mortgage loan origination and brokerage company, One Hawaii HomeLoans, LLC ("One Hawaii"). The Bank did not fund its initial capital contribution and One Hawaii had no activity in 2024. The Bank concluded that the investment meets the consolidation requirements under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, "Consolidation" and the entity also meets the definition of a variable interest entity ("VIE") and as the Bank is the primary beneficiary of the VIE. Accordingly, the investment will be consolidated into the Company's financial statements when activity begins.

The Bank has 50% ownership interests in three other mortgage loan origination and brokerage companies which are accounted for using the equity method and are included in investment in unconsolidated entities in the Company's consolidated balance sheets: Gentry HomeLoans, LLC, Haseko HomeLoans, LLC and Island Pacific HomeLoans, LLC.

The Bank has low income housing tax credit partnership investments that are accounted for under the proportional amortization method and are included in investment in unconsolidated entities in the Company's consolidated balance sheets.

In 2021, the Company committed $2.0 million to the JAM FINTOP Banktech Fund, L.P., an investment fund designed to help develop and accelerate technology adoption at community banks across the United States. The Company does not have the ability to exercise significant influence over the JAM FINTOP Banktech Fund, L.P. and the investment does not have a readily determinable fair value. As a result, the Company determined that the cost method of accounting for the investment was appropriate. The investment is included in investment in unconsolidated entities in the Company's consolidated balance sheets.

The Company also has other non-controlling equity investments in affiliates that are accounted for under the cost method and are included in investment in unconsolidated entities in the Company's consolidated balance sheets.
Investments in unconsolidated entities accounted for under the equity, proportional amortization and cost methods were $0.1 million, $48.7 million and $3.6 million, respectively, at December 31, 2024 and $0.1 million, $37.8 million and $3.6 million, respectively, at December 31, 2023.

The Company's policy for determining impairment of these investments includes an evaluation of whether a loss in value of an investment is other than temporary. Evidence of a loss in value includes absence of an ability to recover the carrying amount of the investment or the inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment. Impairment tests are performed whenever indicators of impairment are present. If the value of an investment declines and it is considered other than temporary, the investment is written down to its respective fair value in the period in which this determination is made.

Reclassification of Prior Period Amounts

Certain prior period amounts have been reclassified to conform to the current year’s presentation. These reclassifications had no impact on previously reported total assets, total liabilities, net income, or cash flows. The changes were made to improve comparability and align with our updated financial statement presentation.

Use of Estimates

The preparation of the consolidated financial statements in conformity with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that reflect the reported amounts of assets and liabilities and disclosures of contingent assets and contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance and provision for credit losses, reserve for credit losses on off-balance sheet credit exposures, deferred income tax assets and income tax expense, valuation of investment securities, mortgage servicing rights and the related amortization thereon, the liability related to the Supplemental Executive Retirement Plans, and the fair value of certain financial instruments.
 
Cash and Cash Equivalents

Cash and cash equivalents include cash and due from financial institutions, interest-bearing deposits in other financial institutions, federal funds sold and all highly liquid investments with maturities of three months or less at the time of purchase. Net cash flows are reported for customer loan and deposit transactions, interest-bearing deposits in other financial institutions, and federal funds purchased and repurchase agreements.

Investment Securities

Investments in debt securities are designated as trading, available-for-sale ("AFS"), or held-to-maturity ("HTM"). Investments in debt securities are designated as HTM only if we have the positive intent and ability to hold these securities to maturity. HTM securities are reported at amortized cost in the consolidated balance sheets. Trading securities are reported at fair value, with changes in fair value included in net income. Debt securities not classified as HTM or trading are classified as AFS and are reported at fair value, with net unrealized gains and losses, net of applicable taxes, excluded from net income and included in accumulated other comprehensive income (loss) ("AOCI").

Transfers of investment securities from AFS to HTM are accounted for at fair value as of the date of the transfer. The difference between the fair value and the par value at the date of transfer is considered a premium or discount and is accounted for accordingly. Any unrealized gain or loss at the date of the transfer is reported in AOCI, and is amortized over the remaining life of the security as an adjustment of yield in a manner consistent with the amortization of any premium or discount, and will offset or mitigate the effect on interest income of the amortization of the premium or discount for that HTM security.

Equity securities with readily determinable fair values are carried at fair value, with changes in fair value included in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment.
The Company classifies its investment securities portfolio into the following major security types: mortgage-backed securities ("MBS"), other debt securities and equity securities. The Company’s MBS portfolio is comprised primarily of residential MBS issued by United States of America ("U.S.") government entities and agencies. These securities are either explicitly or implicitly guaranteed by an agency of the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The remainder of the MBS portfolio are commercial MBS issued by U.S government entities and agencies (for
which there is no minimum credit rating), non-agency residential MBS (which shall meet a minimum credit rating of AAA) and non-agency commercial MBS (which shall meet a minimum credit rating of BBB and meet minimum internal credit guidelines).

The Company’s other debt securities portfolio is comprised of obligations issued by U.S. government entities and agencies, obligations issued by states and political subdivisions (which shall meet a minimum credit rating of BBB), and collateralized loan obligations (which shall meet a minimum credit rating of AA).

Interest income on investment securities includes amortization of premiums and accretion of discounts. We amortize premiums to the earliest call date. We accrete discounts associated with investment securities using the effective interest method over the life of the respective security instrument. Gains and losses on the sale of investment securities are recorded on the trade date and determined using the specific identification method.

A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on non-accrual status is reversed against current period interest income. There were no investment securities on nonaccrual status as of December 31, 2024 and the Company did not reverse any accrued interest against interest income during the year ended December 31, 2024.

Allowance for Credit Losses (“ACL”) for AFS Debt Securities

AFS debt securities in an unrealized loss position are evaluated for impairment at least quarterly. For AFS debt securities in an unrealized loss position, the Company first assesses whether or not it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the investment security’s amortized cost basis is written down to fair value through net income.

For AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In conducting this assessment for debt securities in an unrealized loss position, management evaluates the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the investment security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any unrealized loss that has not been recorded through an ACL is recognized in AOCI.

Changes in the ACL are recorded as a provision (credit) for credit losses. Losses are charged against the ACL when management believes the uncollectibility of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

As of December 31, 2024, the declines in market values of our AFS debt securities were primarily attributable to changes in interest rates and volatility in the financial markets. Because we have no intent to sell securities in an unrealized loss position and it is not more likely than not that we will be required to sell such securities before recovery of its amortized cost basis, we do not believe a credit loss exists and an ACL was not recorded.

The Company has made a policy election to exclude accrued interest receivable from the amortized cost basis of debt securities as the Company writes off any uncollectible accrued interest receivable in a timely manner. Accrued interest receivable on AFS and HTM debt securities is reported together with accrued interest receivable on loans and other assets in the consolidated balance sheets. Accrued interest receivable on AFS debt securities totaled $3.6 million and $2.8 million as of December 31, 2024 and 2023, respectively. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses.

ACL for HTM Debt Securities

Management measures expected credit losses on HTM debt securities on a collective basis by major security type. For pools of such securities with common risk characteristics, the historical lifetime probability of default and severity of loss in the event of default is derived or obtained from external sources. Expected credit losses for these securities are estimated using a loss rate methodology which considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts.

Expected credit loss on each security in the HTM portfolio that do not share common risk characteristics with any of the pools of debt securities is individually measured based on net realizable value, or the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded amortized cost basis of the security.
Securities in the HTM portfolio are issued by or contain collateral issued by U.S. government sponsored enterprises ("GSEs") and carry implicit guarantees from the U.S. government. Due to the implicit guarantee and the long history of no credit losses, no allowance for credit losses was recorded for these securities.

Accrued interest on HTM debt securities is reported in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses.

Accrued interest receivable on HTM debt securities totaled $1.1 million and $1.2 million as of December 31, 2024 and 2023, respectively.

Loans Held for Sale

Loans held for sale consists of the following two types: (1) Hawaii residential mortgage loans that are originated with the intent to sell them in the secondary market and (2) non-residential mortgage loans in both Hawaii and the U.S. Mainland that were originated with the intent to be held in our portfolio but were subsequently transferred to the held for sale category. Hawaii residential mortgage loans classified as held for sale are carried at the lower of cost or fair value on an aggregate basis, while the non-residential Hawaii and U.S. Mainland loans are recorded at the lower of cost or fair value on an individual basis. Net fees and costs associated with originating and acquiring the Hawaii residential mortgage loans held for sale are deferred and included in the basis for determining the gain or loss on sales of loans held for sale.

Loans originated with the intent to be held in our portfolio are subsequently transferred to held for sale when our intent to hold for the foreseeable future has changed. At the time of a loan's transfer to the held for sale account, the loan is recorded at the lower of cost or fair value. Any reduction in the loan's value is reflected as a write-down of the recorded investment resulting in a new cost basis, with a corresponding reduction in the allowance for credit losses.

In subsequent periods, if the fair value of a loan classified as held for sale is less than its cost basis, a valuation adjustment is recognized in our consolidated statement of income in other operating expense and the carrying value of the loan is adjusted accordingly. The valuation adjustment may be recovered in the event that the fair value increases, which is also recognized in our consolidated statement of income in other operating expense.

The fair value of loans classified as held for sale are generally based upon quoted prices for similar assets in active markets, acceptance of firm offer letters with agreed upon purchase prices, discounted cash flow models that take into account market observable assumptions, or independent appraisals of the underlying collateral securing the loans. Collateral values are determined based on appraisals received from qualified valuation professionals and are obtained periodically or when indicators that property values may be impaired are present.

We sell residential mortgage loans under industry standard contractual provisions that include certain representations and warranties, which typically cover ownership of the loan, compliance with loan criteria set forth in the applicable agreement, validity of the lien securing the loan, and other similar matters. We may be required to repurchase certain loans sold with identified defects, indemnify the investor, or reimburse the investor for any credit losses incurred. Our repurchase risk generally relates to early payment defaults and borrower fraud. We establish residential mortgage repurchase reserves to reflect this risk based on our estimate of losses after considering a combination of factors, including our estimate of future repurchase activity and our projection of estimated credit losses resulting from repurchased loans.

Loans

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the unpaid principal amount outstanding, net of unamortized purchase premiums and discounts, unamortized deferred loan origination fees and costs and cumulative principal charge-offs. Purchase premiums and discounts are generally amortized into interest income over the contractual terms of the underlying loans using the effective interest method. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income over the life of the related loan as an adjustment to yield and are amortized using the interest method over the contractual term of the loan, adjusted for actual prepayments. Deferred loan fees and costs on loans paid in full are recognized as a component of interest income on loans.

Interest income on loans is accrued at the contractual rate of interest on the unpaid principal balance. Accrued interest receivable on loans totaled $17.5 million and $17.1 million at December 31, 2024 and 2023, respectively, and is reported together with accrued interest on investment securities on the consolidated balance sheets. Upon adoption of Accounting
Standards Update ("ASU") 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” the Company made the accounting policy election to not measure an estimate of credit losses on accrued interest receivable as the Company writes off any uncollectible accrued interest receivable in a timely manner.

Nonaccrual Loans

The Company determines delinquency status by considering the number of days full payments required by the contractual terms of the loan are past due. Commercial, scored small business, automobile and other consumer loans are generally placed on nonaccrual status when principal and/or interest payments are 90 days past due, or earlier should management determine that the borrowers will be unable to meet contractual principal and/or interest obligations, unless the loans are well-secured and in the process of collection. Residential mortgage and home equity loans, are generally placed on nonaccrual status when principal and/or interest payments are 120 days past due, or earlier should management determine that the borrowers will be unable to meet contractual principal and/or interest obligations, unless the loans are well-secured and in the process of collection. When a loan is placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income should management determine that the collectability of such accrued interest is doubtful. All subsequent receipts are applied to principal outstanding and no interest income is recognized unless the financial condition and payment record of the borrowers warrant such recognition and the loan is restored to accrual status. A nonaccrual loan may be restored to an accrual basis when principal and interest payments are current for a predetermined period, normally at least six months, and full payment of principal and interest is reasonably assured.

Loan Modifications for Borrowers Experiencing Financial Difficulty

Effective January 1, 2023, the Company adopted ASU 2022-02, "Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures", under the prospective transition method.

Effective as of the adoption date, loan modifications or restructurings for borrowers experiencing financial difficulty are evaluated to determine whether they result in a new loan or a continuation of an existing loan. Loan restructurings for borrowers experiencing financial difficulty are generally accounted for as a continuation of the existing loan as the terms of the restructured loans are typically not at market rates.

When a loan is restructured under ASU 2022-02, the loan is measured for impairment using the discounted cash flow method that utilizes a prepayment-adjusted discount rate based on the loan’s restructured terms. Under the previous TDR accounting model, the discount rate that was in effect prior to the restructuring to measure impairment was used. Using the interest rate that was in effect prior to the restructuring resulted in the recognition of the economic concession that was granted to borrowers as part of the loan restructuring in the ACL for loans. Using a post-restructuring interest rate does not result in the recognition of an economic concession in the ACL for loans.

As we have elected a prospective transition, the economic concession on a loan that was previously restructured and accounted for as a TDR under previous guidance will continue to be measured in our ACL for loans using the discount rate that was in effect prior to the restructuring and the economic concession may increase or decrease as the cash flow assumptions related to the expected life of the loan are updated. Further, the component of the ACL for loans representing economic concessions will decrease as the borrower makes payments in accordance with the restructured terms of the mortgage loan and as the loan is sold, liquidated, or subsequently restructured.

Troubled Debt Restructurings Prior to the Adoption of ASU 2022-02

Prior to the adoption of ASU 2022-02, a loan was accounted for and reported as a troubled debt restructuring ("TDR") when two conditions were met: 1) the borrower was experiencing financial difficulty and 2) the Company granted a concession to the borrower experiencing financial difficulty that it would not have otherwise considered for a borrower or transaction with similar credit risk characteristics. A restructuring that resulted in only an insignificant delay in payment was not considered a concession. A delay may have been considered insignificant if the payments subject to the delay were insignificant relative to the unpaid principal or collateral value and the contractual amount due, or the delay in timing of the restructured payment period was insignificant relative to the frequency of payments, the debt’s original contractual maturity or original expected duration.

TDRs that were performing and on accrual status as of the date of the modification remained on accrual status. TDRs that were nonperforming as of the date of modification generally remained as nonaccrual until the prospect of future payments in accordance with the modified loan agreement was reasonably assured, generally demonstrated when the borrower maintained compliance with the restructured terms for a predetermined period, normally at least six months. TDRs with temporary below-market concessions remained designated as a TDR regardless of the accrual or performance status until the loan was paid off.
Expected credit losses were estimated on a collective (pool) basis when they shared similar risk characteristics. If a TDR financial asset shared similar risk characteristics with other financial assets, it was evaluated with those other financial assets on a collective basis. If it did not share similar risk characteristics with other financial assets, it was evaluated individually. The Company’s ACL reflected all effects of a TDR when an individual asset was specifically identified as a reasonably expected TDR. The Company had determined that a TDR was reasonably expected no later than the point when the lender concluded that modification was the best course of action and it was at least reasonably possible that the troubled borrower would accept some form of concession from the lender to avoid a default. Reasonably expected TDRs and executed TDRs were evaluated to determine the required ACL using the same method as all other loans held for investment, except when the value of a concession could not be measured using a method other than the discounted cash flow method. When the value of a concession was measured using the discounted cash flow method, the ACL was determined by discounting the expected future cash flows at the original interest rate of the loan. Based on the underlying risk characteristics, TDRs performing in accordance with their modified contractual terms may have been collectively evaluated.
 
Allowance for Credit Losses for Loans

The ACL for loans is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on loans. The Company's policy is to charge off a loan against the ACL during the period in which the loan is deemed to be uncollectible and all interest previously accrued but uncollected, is reversed against current period interest income. A loan is deemed to be uncollectible when it is probable that a loss has been incurred and when it is possible to determine a reasonable estimate of the loss. Subsequent receipts, if any, are credited first to the remaining principal, then to the ACL for loans as recoveries, and finally to interest income. The ACL for loans represents management's estimate of all expected credit losses over the expected life of the Company's loan portfolio as of a given balance sheet date. Management estimates the ACL balance using relevant available information from both internal and external sources, regarding the collectability of cash flows impacted by past events, current conditions, and reasonable and supportable forecasts of future economic conditions. When the Company is unable to forecast future economic events, management may revert to historical information.

The Company's ACL model incorporates a reasonable and supportable forecast period of one year and reverts to the historical average of the macroeconomic variables being used when its forecast is no longer deemed reasonable and supportable.

The Company's ACL model may also consider other adjustments to address changes in conditions, trends, and circumstances such as local industry changes that could have a significant impact on the risk profile of the loan portfolio and provide for adjustments that may not be reflected or captured in the historical loss data. These factors include: lending policies, imprecision in forecasting future economic conditions, loan profile, lending staff, problem loan trends, loan review, collateral, credit concentration and other internal and external factors.

The Company uses Moody’s Analytics ("Moody’s"), a firm widely recognized and used for its research, analysis, and economic
forecasts, for its economic forecast assumptions. The Company generally uses Moody’s most recent Baseline forecast, which is
updated at least monthly with a variety of upside and downside economic scenarios and includes both National and Hawaii-specific economic indicators. During times of economic and market volatility or instability, the Company may include a qualitative factor for forecast imprecision.

The ACL for loans is measured on a collective or pool basis when similar risk characteristics exist. The Company segments its portfolio generally by the loans categories in the Federal Financial Institutions Examination Council ("FFIEC") Call Report. The following is a description and the risk characteristics of each segment:

Commercial and industrial loans - SBA Paycheck Protection Program

Paycheck Protection Program ("PPP") loans are considered lower risk as they are guaranteed by the Small Business Administration ("SBA") and may be forgivable in whole or in part in accordance with the requirements of the PPP.

Commercial and industrial loans - Others

Commercial and industrial loans consist primarily of term loans and lines of credit to small- and middle-market businesses and professionals. The predominant risk characteristics of this segment are the cash flows of the business we lend to, global cash flows including guarantor liquidity, as well as economic and market conditions. Although our underwriting policy and practice generally requires secondary sources of support or collateral to mitigate risk, cash flow generated from the borrower’s business is typically regarded as the principal source of repayment.
Construction loans

Construction loans include both residential and commercial development projects. Each construction project is evaluated for economic viability and construction loans pose higher credit risks than typical secured loans. Financial strength of the borrower, completion risk (the risk that the project will not be completed on time and within budget) and geographic location are the predominant risk characteristics of this segment.

Commercial real estate loans - Multi-family

Multi-family mortgage loans can comprise multi-building properties with extensive amenities or a single building with no amenities. The predominant risk characteristic of this segment is operating risk or the ability to generate sufficient rental income from the operation of the property.

Commercial real estate loans - Others

Commercial real estate loans are secured by commercial properties. The predominant risk characteristic of this segment is operating risk, which is the risk that the borrower will be unable to generate sufficient cash flows from the operation of the property. Interest rate conditions and the commercial real estate market through economic cycles also impact risk levels.

Residential mortgage loans

Residential mortgage loans primarily include fixed-rate or adjustable-rate loans secured by single-family owner-occupied primary residences in Hawaii. Economic conditions such as unemployment levels, future changes in interest rates, Hawaii home prices and other market factors impact the level of credit risk inherent in the portfolio.

Home equity lines of credit

Home equity lines of credit include fixed or floating interest rate loans and are also primarily secured by single-family owner-occupied primary residences in Hawaii. They are underwritten based on a minimum FICO score, maximum debt-to-income ratio, and maximum combined loan-to-value ratio. Home equity lines of credit are monitored based on credit score, delinquency, end of draw period and maturity.

Consumer loans - Other revolving

Other revolving consumer loans consist of unsecured consumer lines of credit. The predominant risk characteristics of this segment relate to current and projected economic conditions, as well as employment and income levels attributed to the borrower.

Consumer loans - Non-revolving
Non-revolving consumer loans consist of non-revolving (term) consumer loans, including automobile dealer loans. The predominant risk characteristics of this segment relate to current and projected economic conditions, as well as employment and income levels attributed to the borrower.

Purchased consumer loans

Purchased consumer loans consist of dealer and unsecured consumer loans. Credit risk for purchased consumer loans is managed on a pooled basis. The predominant risk characteristics of this segment include current and projected economic conditions, employment and income levels, and the quality of purchased consumer loans.
The following table presents the Company's loan portfolio segments and the methodology used to measure expected credit losses. As of December 31, 2024, the historical look-back period is 2008 to present, economic forecast length is one year and the reversion method is one year (on a straight-line basis) for all segments.

Expected Credit Loss Methodology
Loan Segment
December 31, 2024 and 2023
June 30, 2023
and prior
Historical Look-Back Period
Economic Forecast Length
Reversion Method
Commercial and industrial - SBA PPP
Zero loss
PD/LGD
2008 to present
One year
One year (straight-line basis)
Commercial and industrial - All others
DCF
PD/LGD
Construction
DCF
PD/LGD
Commercial real estate - Multi-family
DCF
PD/LGD
Commercial real estate - All others
DCF
PD/LGD
Residential mortgage
DCF
Loss-Rate Migration
Home equity
DCF
Loss-Rate Migration
Consumer - Other revolving
DCF
Loss-Rate Migration
Consumer - Non-revolving
DCF
Loss-Rate Migration
Consumer - Purchased portfolios
WARM
WARM

During the third quarter of 2023, the Company updated its methodology to measure expected credit losses from the Probability of Default/Loss Given Default ("PD/LGD") or Loss-Rate Migration methods to the Discounted Cash Flow ("DCF") method for all segments except the SBA PPP and purchased consumer loan segments. The Company believes that the DCF methodology has better alignment with the Current Expected Credit Losses ("CECL") standard for forward looking forecasting, while also factoring in more detailed assumptions. The Company is utilizing an industry leading software platform to perform the DCF analysis using a historical look back period of 2008 to present. The Company ran the ACL model under both the current and previous methodologies and noted that the changes to the ACL model and the differences in methodologies did not result in a material impact to the Company's financial statements and as a percentage of the ACL.

The Company continues to use the Moody's baseline forecast with an economic forecast length of one year and a one-year, straight-line reversion method. We revert to the historical average of the macroeconomic variables being used. Forecast models exclude the post-2019 COVID-19 pandemic period due to abnormal and volatile behavior.

The ACL on the purchased consumer loan portfolios continues to be calculated using the Remaining Life methodology (also known as the Weighted Average Remaining Maturity or "WARM" methodology) as this portfolio is evaluated on a pooled basis. Because SBA PPP loans are guaranteed by the SBA and may be forgivable in whole or in part in accordance with the requirements of the PPP we anticipate zero losses on these loans and accordingly apply a Zero Loss methodology.

The following is a description of the methodologies utilized to measure expected credit losses from the third quarter of 2023 to present:

Discounted Cash Flow

The DCF methodology calculates CECL reserves as the difference between the amortized cost of a loan and the discounted expected value of future cash flows. Expected future cash flows are calculated based on assumptions of PD/LGD, prepayments and recovery rates, and are discounted using the loan’s effective interest rate.

Remaining Life or Weighted Average Remaining Life

Under the remaining life or WARM methodology, lifetime losses are calculated by determining the remaining life of the loan pool, and then applying a loss rate over this remaining life of the loan. The methodology considers historical loss experience to estimate credit losses for the remaining balance of the loan pool. The calculated loss rate is applied to the contractual term (adjusted for prepayments) to determine the loan pool’s current expected credit losses.
The following is a description of the methodologies utilized to measure expected credit losses as of June 30, 2023 and prior:

Probability of Default/Loss Given Default

The PD/LGD calculation is based on a cohort methodology whereby loans in the same cohort are tracked over time to identify defaults and corresponding losses. PD/LGD analysis requires a portfolio segmented into pools, and we elected to then further sub-segment by risk characteristics such as Risk Rating, loans modified for borrowers experiencing financial difficulty, TDRs prior to the adoption of ASU 2022-02 and nonaccrual status to measure losses accurately. PD measures the count or dollar amount of loans that defaulted in a given cohort. LGD measures the losses related to the loans that defaulted. Total loss rate is calculated using the formula, 'PD times LGD'.

Loss-Rate Migration

Loss-rate migration analysis is a cohort-based approach that measures cumulative net charge-offs over a defined time-horizon to calculate a loss rate that will be applied to the loan pool. Loss-rate migration analysis requires the portfolio to be segmented into pools then further sub-segmented by risk characteristics such as days past due, delinquency counters, loans modified for borrowers experiencing financial difficulty, TDRs prior to the adoption of ASU 2022-02 and nonaccrual status to measure loss rates accurately. The key inputs to run a loss-rate migration analysis are the length and frequency of the migration period, the dates for the migration periods to start and the number of migration periods used for the analysis. For each migration period, the analysis will determine the outstanding balance in each segment and/or sub-segment at the start of each period. These loans will then be followed for the length of the migration period to identify the amount of associated charge-offs and recoveries. A loss rate for each migration period is calculated using the formula: net charge-offs over the period divided by beginning loan balance.

Other

If a loan ceases to share similar risk characteristics with other loans in its segment, it will be moved to a different pool sharing similar risk characteristics. Loans that do not share risk characteristics are evaluated on an individual basis based on the fair value of the collateral or other approaches such as discounted cash flow methodology. Loans evaluated individually are not included in the collective evaluation.

Reserve for Off-Balance Sheet Credit Exposures

The Company maintains a separate and distinct reserve for off-balance-sheet credit exposures which is included in other liabilities in the Company’s consolidated balance sheets. The Company estimates the amount of expected losses by calculating a commitment usage factor for letters of credit, non-revolving lines of credit, and revolving lines of credit over the remaining life during which the Company is exposed to credit risk via a contractual obligation to extend credit.

Letters of credit are generally unlikely to advance since they are typically in place only to ensure various forms of performance of the borrowers. Many of the letters of credit are cash secured. Non-revolving lines of credit are determined to be likely to advance as these are typically construction lines. Meanwhile, the likelihood of revolving lines of credit advancing varies with each individual borrower. Therefore, the future usage of each line was estimated based on the average line utilization of the revolving line of credit portfolio as a whole.

The estimate also applies the loss factors for each loan type used in the ACL for loans methodology, which is based on historical losses, economic conditions and reasonable and supportable forecasts. The reserve for off-balance sheet credit exposures is adjusted as a provision for off-balance sheet credit exposures.

Premises and Equipment

Premises and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are included in other operating expense and are computed using the straight-line method over the shorter of the estimated useful lives of the assets or the applicable leases. Useful lives generally range from five to thirty-nine years for premises and improvements, and one to seven years for equipment. Major improvements and betterments are capitalized, while recurring maintenance and repairs are charged to operating expense. Net gains or losses on dispositions of premises and equipment are included in other operating income and operating expense.
Other Real Estate Owned

Other real estate owned is composed of properties acquired through deed-in-lieu or foreclosure proceedings and is initially recorded at fair value less estimated costs to sell the property, thereby establishing the new cost basis of other real estate. Losses arising at the time of acquisition of such properties are charged against the ACL. Subsequent to acquisition, such properties are carried at the lower of cost or fair value less estimated selling expenses, determined on an individual asset basis. Any deficiency resulting from the excess of cost over fair value less estimated selling expenses is recognized as a valuation allowance. Any subsequent increase in fair value up to its cost basis is recorded as a reduction of the valuation allowance. Increases or decreases in the valuation allowance are included in other operating expense. Net gains or losses recognized on the sale of these properties are included in other operating income.

Mortgage Servicing Rights

Mortgage servicing rights are recorded when loans are sold to third-parties with servicing of those loans retained and we classify and pool our mortgage servicing rights into buckets of homogeneous characteristics. We utilize the amortization method to measure our mortgage servicing rights. Under the amortization method, we amortize our mortgage servicing rights in proportion to and over the period of net servicing income. Income generated as the result of new mortgage servicing rights is reported as gains on sales of loans and is a component of mortgage banking income in the other operating income section of our consolidated statements of income. Amortization of the servicing rights is also reported as a component of mortgage banking income. Ancillary income is recorded in other income.

Initial fair value of the servicing right is calculated by a discounted cash flow model prepared by a third-party service provider based on market value assumptions at the time of origination and we assess the servicing right for impairment using current market value assumptions at each reporting period. Critical assumptions used in the discounted cash flow model include mortgage prepayment speeds, discount rates, and servicing income and costs. Variations in our assumptions could materially affect the estimated fair values. Changes to our assumptions are made when current trends and market data indicate that new trends have developed. Current market value assumptions based on loan product types (fixed-rate, adjustable-rate and government FHA loans) include average discount rates, servicing cost and ancillary income. Many of these assumptions are subjective and require a high level of management judgment. Our mortgage servicing rights portfolio and valuation assumptions are periodically reviewed by management.

Prepayment speeds may be affected by economic factors such as home price appreciation, market interest rates, the availability of other credit products to our borrowers and customer payment patterns. Prepayment speeds include the impact of all borrower prepayments, including full payoffs, additional principal payments and the impact of loans paid off due to foreclosure liquidations.

We perform an impairment assessment of our mortgage servicing rights quarterly or whenever events or changes in circumstance indicate that the carrying value of those assets may not be recoverable. Our impairment assessments involve, among other valuation methods, the estimation of future cash flows and other methods of determining fair value. Estimating future cash flows and determining fair values are subject to judgments and often involve the use of significant estimates and assumptions. The variability of the factors we use to perform our impairment tests depend on a number of conditions, including the uncertainty about future events and cash flows. All such factors are interdependent and, therefore, do not change in isolation. Accordingly, our accounting estimates may materially change from period to period due to changing market factors.

As of December 31, 2024 and 2023, the Company determined its mortgage servicing rights were not impaired.

Federal Home Loan Bank of Des Moines Stock

The Bank is a member of the Federal Home Loan Bank of Des Moines (the "FHLB") and is required to obtain and hold a specific number of shares of capital stock of the FHLB equal to the sum of a membership investment requirement and an activity-based investment requirement. The securities are reported at cost and are presented separately in the consolidated balance sheets. 

Goodwill and Intangible Assets

The Company did not hold any goodwill on its consolidated balance sheet at December 31, 2024 and 2023.

During the third quarter of 2023, the Company entered into a transaction with Swell Financial, Inc. ("Swell") whereby Swell repurchased the Company’s entire preferred and common stock equity investment in exchange for $0.5 million in cash, certain
intellectual property rights and a platform usage fee agreement related to products that may be launched by Swell or its affiliates in the future (not to exceed $1.5 million in value). The intangible assets totaling $1.5 million were included in other assets in the Company's consolidated balance sheet at December 31, 2023. During the fourth quarter of 2024, the Company performed an impairment analysis and determined that the carrying value of the intangible assets would not be recoverable. As a result, the Company recorded impairment of $1.3 million on the intangible assets. The carrying value of the intangible assets was zero as of December 31, 2024.

Non-Controlling Interest

The Company did not hold any non-controlling interest on its consolidated balance sheet at December 31, 2024 and 2023.

Share-Based Compensation

Share-based compensation expense is measured at the grant date, based on the estimated fair value of the award. We use the Black-Scholes option-pricing expense model to determine the fair-value of stock options, and the market price of the Company's common stock at the grant date for restricted stock awards. Share-based compensation is recognized as expense over the employee's requisite service period, generally defined as the vesting period. For awards with graded vesting, we recognize compensation expense on a straight-line basis over their respective vesting period. The Company's accounting policy is to recognize forfeitures as they occur. See Note 13 - Share-Based Compensation for additional information.

Income Taxes

Deferred tax assets and liabilities are recognized for the estimated future tax effects attributable to temporary differences and carryforwards. A valuation allowance may be required if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining whether a valuation allowance is necessary, we consider the level of taxable income in prior years, the extent that carrybacks are permitted under current tax laws, as well as estimates of future taxable income and tax planning strategies that could be implemented to accelerate taxable income, if necessary. If our estimates of future taxable income were materially overstated or if our assumptions regarding the tax consequences of tax planning strategies were inaccurate, some or all of our deferred tax assets may not be realized, which would result in a charge to earnings. Net deferred tax assets (liabilities) are included in other assets (liabilities) in the Company's consolidated balance sheets. We recognize interest and penalties related to income tax matters in other expense.

We establish income tax contingency reserves for potential tax liabilities related to uncertain tax positions. Tax benefits are recognized when we determine that it is more likely than not that such benefits will be realized. Where uncertainty exists due to the complexity of income tax statutes, and where the potential tax amounts are significant, we generally seek independent tax opinions to support our positions. If our evaluation of the likelihood of the realization of benefits is inaccurate, we could incur additional income tax and interest expense that would adversely impact earnings, or we could receive tax benefits greater than anticipated which would positively impact earnings.

Earnings per Share

Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period, excluding unvested restricted stock awards. Diluted earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period, increased by the dilutive effect of stock options and stock awards.

Forward Foreign Exchange Contracts

We are periodically a party to a limited amount of forward foreign exchange contracts to satisfy customer needs for foreign currencies. These contracts are not utilized for trading purposes and are carried at market value, with realized gains and losses included in fees on foreign exchange.

Derivatives and Hedging Activities

We recognize all derivatives on the balance sheet at fair value. On the date that we enter into a derivative contract, we designate the derivative as (1) a hedge of the fair value of an identified asset or liability ("fair value hedge"), (2) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to an identified asset or liability ("cash flow hedge") or (3) a transaction not qualifying for hedge accounting ("free standing derivative"). For a fair value hedge, changes in the fair value of the derivative and, to the extent that it is effective, changes in the fair value of the hedged asset or liability, attributable
to the hedged risk, are recorded in current period net income in the same financial statement category as the hedged item. For a cash flow hedge, changes in the fair value of the derivative, to the extent that it is effective, is recorded in other comprehensive income (loss) ("OCI"). These changes in fair value are subsequently reclassified to net income in the same periods that the hedged transaction affects net income in the same financial statement category as the hedged item. For free standing derivatives, changes in fair values are reported in current period other operating income.

Impact of Other Recently Issued Accounting Pronouncements on Future Filings

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". ASU 2023-09 expands existing income tax disclosures for rate reconciliations by requiring disclosure of certain specific categories in the rate reconciliation, as well as additional qualitative information about the reconciliation, and additional disaggregated information about income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and is to be applied on a prospective basis. The Company does not expect ASU 2023-09 to have a material impact on its consolidated financial statements.
v3.25.0.1
INVESTMENT SECURITIES
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES
2. INVESTMENT SECURITIES

The amortized cost, gross unrecognized/unrealized gains and losses, fair value and related allowance for credit losses on available-for-sale ("AFS") and held-to-maturity ("HTM") investment securities as of December 31, 2024 and 2023 are as follows:

(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		ACL
December 31, 2024
Available-for-Sale:
Debt securities:
States and political subdivisions$147,014 $2 $(30,183)$116,833 $— 
U.S. Treasury obligations and direct obligations of U.S Government agencies83,861 81 (2,742)81,200 — 
Collateralized loan obligations31,254 — (114)31,140 — 
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises472,476 42 (58,047)414,471 — 
Residential - Non-government agencies17,836 151 (1,061)16,926 — 
Commercial - U.S. Government-sponsored enterprises81,400 76 (14,315)67,161 — 
Commercial - Non-government agencies9,933 — (6)9,927 — 
Total available-for-sale investment securities$843,774 $352 $(106,468)$737,658 $— 

(Dollars in thousands)Amortized
Cost		Gross
Unrecognized
Gains		Gross
Unrecognized
Losses		Fair
Value		ACL
December 31, 2024    
Held-to-Maturity:    
Debt securities:
States and political subdivisions$42,016 $— $(8,884)$33,132 $— 
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises554,914 (81,365)473,549 — 
Total held-to-maturity investment securities$596,930 $— $(90,249)$506,681 $— 
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		ACL
December 31, 2023
Available-for-Sale:    
Debt securities:    
States and political subdivisions$156,432 $13 $(29,810)$126,635 $— 
Corporate securities35,731 — (4,317)31,414 — 
U.S. Treasury obligations and direct obligations of U.S Government agencies28,105 33 (1,941)26,197 — 
Mortgage-backed securities:   
Residential - U.S. Government-sponsored enterprises441,898 95 (63,607)378,386 — 
Residential - Non-government agencies19,322 366 (980)18,708 — 
Commercial - U.S. Government-sponsored enterprises58,318 — (7,404)50,914 — 
Commercial - Non-government agencies15,144 — (188)14,956 — 
Total available-for-sale investment securities$754,950 $507 $(108,247)$647,210 $— 

(Dollars in thousands)Amortized
Cost		Gross
Unrecognized
Gains		Gross
Unrecognized
Losses		Fair
Value		ACL
December 31, 2023    
Held-to-Maturity:    
Debt securities:
States and political subdivisions$41,959 $— $(6,706)$35,253 $— 
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises590,379 61 (60,515)529,925 — 
Total held-to-maturity investment securities$632,338 $61 $(67,221)$565,178 $— 

In 2022, the Company transferred 81 investment securities that were classified as AFS to HTM. The investment securities had an amortized cost basis of $762.7 million and a fair market value of $673.2 million. On the date of transfers, these securities had a total net unrealized loss of $89.5 million. There was no impact to net income as a result of the reclassifications.

During the years ended December 31, 2024 and 2023, the Company recorded a total of $7.2 million and $7.4 million, respectively, in amortization of unrecognized losses on the aforementioned investment securities transferred from AFS to HTM.

These transfers were executed to mitigate the potential future impact to capital through accumulated other comprehensive loss in consideration of a rising interest rate environment and the impact of rising rates on the market value of the investment securities. The Company believes that it maintains sufficient liquidity for future business needs and it has the positive intent and ability to hold these securities to maturity.

The amortized cost, estimated fair value and weighted average yield of our investment securities at December 31, 2024 by contractual maturity are shown below. Actual maturities may differ from contractual maturities as issuers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
 December 31, 2024
(Dollars in thousands)Amortized CostFair Value
Weighted Average Yield (1)
Available-for-Sale:
Debt securities:
Due in one year or less$4,237 $4,230 5.87 %
Due after one year through five years37,393 36,866 4.11 
Due after five years through ten years68,257 65,126 3.87 
Due after ten years120,988 91,811 2.42 
Collateralized loan obligations31,254 31,140 6.07 
Mortgage-backed securities
Residential - U.S. Government-sponsored enterprises472,476 414,471 2.90 
Residential - Non-government agencies17,836 16,926 4.36 
Commercial - U.S. Government-sponsored enterprises81,400 67,161 2.72 
Commercial - Non-government agencies9,933 9,927 4.76 
Total available-for-sale investment securities$843,774 $737,658 3.18 %
Held-to-Maturity:
Debt securities:
Due after ten years$42,016 $33,132 2.26 %
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises554,914 473,549 1.89 
Total held-to-maturity investment securities$596,930 $506,681 1.92 %
Total investment securities$1,440,704 $1,244,339 2.62 %

(1)Weighted-average yields are computed on an annual basis, and yields on tax-exempt obligations are computed on a taxable-equivalent basis using a federal statutory tax rate of 21%.

In November 2024, the Company executed an investment portfolio repositioning of its AFS investment securities portfolio. The Company sold 24 lower-yielding AFS investment securities with a book value of $106.5 million and received proceeds of $96.6 million, which resulted in gross realized losses of $9.9 million. No gross gains were realized on the sale. With the proceeds, the Company purchased higher-yielding AFS investment securities totaling $101.6 million.

In December 2023, the Company executed an investment portfolio repositioning of its AFS investment securities portfolio. The Company sold 17 AFS investment securities with a book value of $30.0 million and received proceeds of $28.1 million, which resulted in gross realized losses of $1.9 million. No gross gains were realized on the sale. With the proceeds, the Company purchased higher yielding and shorter duration AFS investment securities totaling $28.3 million.

In September 2023, the Company sold two AFS commercial mortgage-backed securities issued by non-government agencies and received proceeds of $1.4 million. The investment securities had a cost basis of $1.5 million and were sold at a loss of $0.1 million.

In 2022, the Company did not sell any investment securities except for its Class B common stock of Visa which is discussed later in this footnote.

Investment securities of $756.0 million and $990.4 million at December 31, 2024 and 2023, respectively, were pledged to secure public funds on deposit and other long-term and short-term borrowings.

There were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders' equity as of December 31, 2024 and 2023.
There were a total of 218 and 208 AFS securities in an unrealized loss position at December 31, 2024 and 2023, respectively. There were a total of 83 and 82 HTM securities in an unrecognized loss position at December 31, 2024 and 2023, respectively.

The following table summarizes AFS and HTM securities which were in an unrealized or unrecognized loss position at December 31, 2024 and 2023, aggregated by major security type and length of time in a continuous unrealized or unrecognized loss position:

Less Than 12 Months12 Months or LongerTotal
Description of SecuritiesFair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
(Dollars in thousands)
December 31, 2024
Available-for-Sale:
Debt securities:      
States and political subdivisions$4,967 $(85)$107,267 $(30,098)$112,234 $(30,183)
U.S. Treasury obligations and direct obligations of U.S Government agencies56,139 (803)12,971 (1,939)69,110 (2,742)
Collateralized loan obligations31,140 (114)— — 31,140 (114)
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises135,224 (2,254)260,575 (55,793)395,799 (58,047)
Residential - Non-government agencies5,270 (100)7,606 (961)12,876 (1,061)
Commercial - U.S. Government-sponsored enterprises12,469 (90)48,304 (14,225)60,773 (14,315)
Commercial - Non-government agencies9,927 (6)— — 9,927 (6)
Total$255,136 $(3,452)$436,723 $(103,016)$691,859 $(106,468)

 Less Than 12 Months12 Months or LongerTotal
Description of SecuritiesFair ValueUnrecognized LossesFair ValueUnrecognized LossesFair ValueUnrecognized Losses
 (Dollars in thousands)
December 31, 2024      
Held-to-Maturity:
Debt securities:
States and political subdivisions$— $— $33,132 $(8,884)$33,132 $(8,884)
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises7,470 (19)466,079 (81,346)473,549 (81,365)
Total$7,470 $(19)$499,211 $(90,230)$506,681 $(90,249)
Less Than 12 Months12 Months or LongerTotal
Description of SecuritiesFair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
(Dollars in thousands)
December 31, 2023
Available-for-Sale:
Debt securities:      
States and political subdivisions$534 $(1)$114,601 $(29,809)$115,135 $(29,810)
Corporate securities— — 31,414 (4,317)31,414 (4,317)
U.S. Treasury obligations and direct obligations of U.S Government agencies2,893 (87)16,286 (1,854)19,179 (1,941)
Mortgage-backed securities:      
Residential - U.S. Government-sponsored enterprises— — 367,887 (63,607)367,887 (63,607)
Residential - Non-government agencies— — 8,169 (980)8,169 (980)
Commercial - U.S. Government-sponsored enterprises6,467 (1)44,447 (7,403)50,914 (7,404)
Commercial - Non-government agencies9,663 (130)5,293 (58)14,956 (188)
Total$19,557 $(219)$588,097 $(108,028)$607,654 $(108,247)

Less Than 12 Months12 Months or LongerTotal
Description of SecuritiesFair ValueUnrecognized LossesFair ValueUnrecognized LossesFair ValueUnrecognized Losses
(Dollars in thousands)
December 31, 2023
Held-to-Maturity:
Debt securities:
States and political subdivisions$— $— $35,253 $(6,706)$35,253 $(6,706)
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises8,853 (33)512,378 (60,482)521,231 (60,515)
Total$8,853 $(33)$547,631 $(67,188)$556,484 $(67,221)

Investment securities in an unrecognized or unrealized loss position are evaluated on at least a quarterly basis, and include evaluating the changes in the investment securities' ratings issued by rating agencies and changes in the financial condition of the issuer. For mortgage-related securities, delinquency and loss information with respect to the underlying collateral, changes in levels of subordination for the Company's particular position within the repayment structure, and remaining credit enhancement as compared to projected credit losses of the security are also evaluated.

The Company has evaluated its HTM and AFS investment securities that are in an unrecognized or unrealized loss position and has determined that the unrecognized or unrealized losses on the Company's investment securities are unrelated to credit quality and are primarily attributable to changes in interest rates and volatility in the financial markets since purchase. All of the investment securities in an unrecognized or unrealized loss position continue to be rated investment grade by one or more major rating agencies. Because we have no intent to sell securities in an unrecognized or unrealized loss position and it is not more likely than not that we will be required to sell such securities before recovery of its amortized cost basis, the Company has not recorded an ACL on these securities and the unrecognized or unrealized losses on these securities have not been recognized into income as of December 31, 2024.

Visa Class B Common Stock

In 2022, the Company sold all of its 34,631 shares of Class B common stock of Visa, Inc. ("Visa") and received net proceeds of $8.5 million. The Company no longer holds any shares of Class B common stock of Visa.

The Company received these shares in 2008 as part of Visa's initial public offering ("IPO"). These shares were transferable only under limited circumstances until they could be converted into shares of the publicly traded Class A common stock. This conversion will not occur until the resolution of certain litigation, which is indemnified by Visa members. Since its IPO, Visa has funded a litigation reserve to settle these litigation claims. At its discretion, Visa may continue to increase the litigation
reserve based upon a change in the conversion ratio of each member bank’s restricted Class B common stock to unrestricted Class A common stock.

Due to the transfer restriction and the uncertainty of the outcome of the Visa litigation, the Company determined that the Visa Class B common stock did not have a readily determinable fair value and chose to carry the shares on the Company's consolidated balance sheets at zero cost basis. As a result, the entire net proceeds of $8.5 million were recognized as a pre-tax gain and included in net gain on sales of investment securities in the Company's consolidated statements of income.
v3.25.0.1
LOANS AND CREDIT QUALITY
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
LOANS AND CREDIT QUALITY
3. LOANS AND CREDIT QUALITY
 
Loans, net of deferred fees and costs as of December 31, 2024 and 2023 consisted of the following:

 December 31,
(Dollars in thousands)20242023
Commercial and industrial$606,936 $575,707 
Real estate:
Construction145,211 185,519 
Residential mortgage1,892,520 1,927,789 
Home equity676,982 736,524 
Commercial mortgage1,500,680 1,382,902 
Consumer510,523 630,541 
Loans, net of deferred fees and costs$5,332,852 $5,438,982 

There are different types of risk characteristics for the loans in each portfolio segment. The construction and real estate segment's predominant risk characteristics are the collateral and the geographic location of the property collateralizing the loan, as well as the operating cash flow for the commercial real estate properties. The commercial and industrial segment's predominant risk characteristics are the cash flows of the business we lend to, the global cash flows and liquidity of the guarantors, as well as economic and market conditions. The consumer segment's predominant risk characteristics are employment and income levels as they relate to the consumer.

In 2024, the Company sold one loan with an amortized cost of $9.7 million and received proceeds of $9.4 million. The loan did not have any credit concerns at the time of sale. The loss of $0.3 million was recorded through charge-offs in the allowance for credit losses.

In 2023, the Company transferred one loan to the loans held for sale category. The loan did not have any credit concerns at the time of transfer and thus was transferred to loans held for sale at its amortized cost of $9.8 million. The loan was sold in 2023 for $9.6 million, or a loss of $0.2 million, which was recorded in other operating expense. The Company did not transfer any other loans to the held-for-sale category during the years ended December 31, 2024 and 2023.

The Company has purchased loan portfolios, none of which were credit deteriorated at the time of purchase.
The following table presents loan purchases by class for the periods presented:

(Dollars in thousands)Consumer - UnsecuredConsumer - AutomobileTotal
Year Ended December 31, 2024
Purchases:
Outstanding balance$— $47,560 $47,560 
Purchase premium— 1,883 1,883 
Purchase price$— $49,443 $49,443 
Year Ended December 31, 2023
Purchases:
Outstanding balance$3,932 $15,159 $19,091 
Purchase premium— 568 568 
Purchase price$3,932 $15,727 $19,659 

In the normal course of business, the Bank makes loans to certain directors, executive officers and their affiliates. Related party loan balances were $33.0 million and $33.7 million as of December 31, 2024 and 2023, respectively.

Collateral-Dependent Loans

In accordance with ASC 326, a loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following table presents the amortized cost basis of collateral-dependent loans by class, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans as of December 31, 2024 and 2023:

December 31, 2024
(Dollars in thousands)Secured by
1-4 Family
Residential
Properties		Secured by
Nonfarm
Nonresidential
Properties		TotalAllocated
ACL
Real estate:
Residential mortgage$9,044 $— $9,044 $— 
Home equity952 — 952 — 
Total$9,996 $— $9,996 $— 

December 31, 2023
(Dollars in thousands)Secured by
1-4 Family
Residential
Properties		Secured by
Nonfarm
Nonresidential
Properties		TotalAllocated
ACL
Real estate:
Residential mortgage$6,450 $— $6,450 $47 
Home equity834 — 834 — 
Commercial mortgage— 77 77 — 
Total$7,284 $77 $7,361 $47 
Foreclosure Proceedings

Residential mortgage and home equity loans collateralized by residential real estate property that were in the process of foreclosure totaled $3.9 million and $2.3 million as of December 31, 2024 and 2023, respectively. The residential mortgage and home equity loans that were in the process of foreclosure are well-collateralized with low loan-to-value ratios and no losses are expected upon foreclosure of the loans.
The Company did not foreclose on any loans during the years ended December 31, 2024 and 2023. The Company did not sell any foreclosed properties during the years ended December 31, 2024 and 2023.

Nonaccrual and Past Due Loans

For all loan types, the Company determines delinquency status by considering the number of days full payments required by the contractual terms of the loan are past due. The following tables present by class, the aging of the recorded investment in past due loans as of December 31, 2024 and 2023. The following tables also present the amortized cost of loans on nonaccrual status for which there was no related ACL as of the dates indicated:

December 31, 2024
(Dollars in thousands)Accruing
Loans
30 - 59
Days
Past Due		Accruing
Loans
60 - 89
Days
Past Due		Accruing
Loans
90+ 
Days
Past Due		Nonaccrual
Loans		Total
Past Due
and
Nonaccrual		Loans and
Leases Not
Past Due		TotalNonaccrual Loans with No ACL
Commercial and industrial$2,978 $210 $— $414 $3,602 $603,334 $606,936 $— 
Real estate:
Construction— — — — — 145,211 145,211 — 
Residential mortgage8,880 3,316 323 9,044 21,563 1,870,957 1,892,520 9,044 
Home equity943 485 78 952 2,458 674,524 676,982 952 
Commercial mortgage— — — — — 1,500,680 1,500,680 — 
Consumer5,255 1,444 373 608 7,680 502,843 510,523 — 
Total$18,056 $5,455 $774 $11,018 $35,303 $5,297,549 $5,332,852 $9,996 

December 31, 2023
(Dollars in thousands)Accruing
Loans
30 - 59
Days
Past Due		Accruing
Loans
60 - 89
Days
Past Due		Accruing
Loans
90+ 
Days
Past Due		Nonaccrual
Loans		Total
Past Due
and
Nonaccrual		Loans and
Leases Not
Past Due		TotalNonaccrual Loans with No ACL
Commercial and industrial$513 $169 $— $432 $1,114 $574,593 $575,707 $— 
Real estate:
Construction— — — — — 185,519 185,519 — 
Residential mortgage3,082 2,140 — 4,962 10,184 1,917,605 1,927,789 4,855 
Home equity804 400 229 834 2,267 734,257 736,524 834 
Commercial mortgage— — — 77 77 1,382,825 1,382,902 77 
Consumer5,677 2,329 1,083 703 9,792 620,749 630,541 — 
Total$10,076 $5,038 $1,312 $7,008 $23,434 $5,415,548 $5,438,982 $5,766 

Interest income totaling $0.1 million, $0.1 million, and $1.6 million was recognized on nonaccrual loans in 2024, 2023 and 2022, respectively. Additional interest income of $0.6 million, $0.3 million, and $0.2 million would have been recognized in 2024, 2023 and 2022, respectively, had these loans been accruing interest throughout those periods. Additionally, interest income recoveries of $0.2 million, $0.4 million, and $0.3 million was collected on charged-off loans and recognized in other operating income in 2024, 2023 and 2022, respectively.

Loan Modifications for Borrowers Experiencing Financial Difficulty

Since the adoption of ASU 2022-02 on January 1, 2023 and during the year ended December 31, 2024, the Company has not modified any loans that were material, individually or in the aggregate, for borrowers experiencing financial difficulty.

Troubled Debt Restructurings Prior to the Adoption of ASU 2022-02

Prior to our adoption of ASU 2022-02, the Company accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR.
There were $1.9 million and $2.1 million of TDRs still accruing interest at December 31, 2024 and 2023, respectively, none of which were more than 90 days delinquent. There were $0.8 million and $0.9 million of TDRs included in nonperforming assets at December 31, 2024 and 2023, respectively.

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans by credit risk. This analysis includes non-homogeneous loans, such as commercial and industrial and commercial real estate loans. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk rating of loans:

Pass. Loans classified as pass are not adversely rated, are contractually current as to principal and interest, and are otherwise in compliance with the contractual terms of the loan agreement.

Special Mention. Loans classified as special mention, while still adequately protected by the borrower's capital adequacy and payment capability, exhibit distinct weakening trends and/or elevated levels of exposure to external conditions. If left unchecked or uncorrected, these potential weaknesses may result in deteriorated prospects of repayment. These exposures require management's close attention so as to avoid becoming undue or unwarranted credit exposures.

Substandard. Loans classified as substandard are inadequately protected by the borrower's current financial condition and payment capability or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the orderly repayment of debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or orderly repayment in full, on the basis of current existing facts, conditions and values, highly questionable and improbable. Possibility of loss is extremely high, but because of certain important and reasonably specific factors that may work to the advantage and strengthening of the exposure, its classification as an estimate loss is deferred until its more exact status may be determined.

Loss. Loans classified as loss are considered to be non-collectible and of such little value that their continuance as bankable assets is not warranted. This does not mean the loan has absolutely no recovery value, but rather it is neither practical nor desirable to defer writing off the loan, even though partial recovery may be obtained in the future. Losses are taken in the period in which they surface as uncollectible.
The following tables present the amortized cost basis, net of deferred (fees) costs of the Company's loans by class, credit quality indicator and origination year as of December 31, 2024 and 2023. Revolving loans converted to term as of and during the year ended December 31, 2024 and 2023 were not material to the total loan portfolio.

Amortized Cost of Term Loans by Origination Year
(Dollars in thousands)20242023202220212020PriorAmortized Cost of Revolving LoansTotal
December 31, 2024
Commercial and industrial:
Risk Rating
Pass$167,816 $58,905 $69,576 $57,354 $21,827 $142,546 $81,876 $599,900 
Special Mention— — — 2,539 — — — 2,539 
Substandard3,372 110 922 11 — 82 — 4,497 
Subtotal171,188 59,015 70,498 59,904 21,827 142,628 81,876 606,936 
Construction:
Risk Rating
Pass10,141 33,646 35,398 19,217 11,754 34,937 118 145,211 
Subtotal10,141 33,646 35,398 19,217 11,754 34,937 118 145,211 
Residential mortgage:
Risk Rating
Pass85,844 89,118 259,516 589,118 393,633 465,032 — 1,882,261 
Substandard— — 1,599 616 1,855 6,189 — 10,259 
Subtotal85,844 89,118 261,115 589,734 395,488 471,221 — 1,892,520 
Home equity:
Risk Rating
Pass1,060 11,787 28,687 18,277 8,406 25,235 582,499 675,951 
Substandard— — — — — 1,031 — 1,031 
Subtotal1,060 11,787 28,687 18,277 8,406 26,266 582,499 676,982 
Commercial mortgage:
Risk Rating
Pass180,391 95,323 235,344 223,724 111,399 635,255 5,731 1,487,167 
Special Mention— 621 — 2,506 — 2,930 — 6,057 
Substandard— — — — — 7,456 — 7,456 
Subtotal180,391 95,944 235,344 226,230 111,399 645,641 5,731 1,500,680 
Consumer:
Risk Rating
Pass95,971 60,771 173,097 92,976 20,838 14,466 51,422 509,541 
Substandard21 90 162 144 27 478 60 982 
Subtotal95,992 60,861 173,259 93,120 20,865 14,944 51,482 510,523 
Total loans, net of deferred fees and costs$544,616 $350,371 $804,301 $1,006,482 $569,739 $1,335,637 $721,706 $5,332,852 

The following table includes gross charge-offs of loans by origination year during the year ended December 31, 2024.

Gross Charge-offs by Year of Origination
(Dollars in thousands)20242023202220212020PriorAmortized Cost of Revolving LoansTotal
Commercial and industrial:$102 $434 $438 $519 $33 $1,451 $— $2,977 
Real estate:
Residential mortgage— — 175 — — 208 — 383 
Consumer140 675 10,132 4,179 481 1,259 — 16,866 
Total gross charge-offs$242 $1,109 $10,745 $4,698 $514 $2,918 $— $20,226 
Amortized Cost of Term Loans by Origination Year
(Dollars in thousands)20232022202120202019PriorAmortized Cost of Revolving LoansTotal
December 31, 2023
Commercial and industrial:
Risk Rating
Pass$83,333 $82,649 $77,551 $32,831 $42,162 $152,940 $90,177 $561,643 
Special Mention— — 2,916 — — 944 93 3,953 
Substandard37 1,189 576 662 571 7,026 50 10,111 
Subtotal83,370 83,838 81,043 33,493 42,733 160,910 90,320 575,707 
Construction:
Risk Rating
Pass8,434 52,596 69,203 18,878 2,136 31,090 2,778 185,115 
Special Mention— — 404 — — — — 404 
Subtotal8,434 52,596 69,607 18,878 2,136 31,090 2,778 185,519 
Residential mortgage:
Risk Rating
Pass101,473 266,314 609,648 414,430 144,312 385,452 — 1,921,629 
Special Mention— — — — — 268 — 268 
Substandard— 1,057 299 931 818 2,787 — 5,892 
Subtotal101,473 267,371 609,947 415,361 145,130 388,507 — 1,927,789 
Home equity:
Risk Rating
Pass12,229 32,208 19,589 8,766 6,372 17,379 638,917 735,460 
Substandard— — — — 66 998 — 1,064 
Subtotal12,229 32,208 19,589 8,766 6,438 18,377 638,917 736,524 
Commercial mortgage:
Risk Rating
Pass96,479 256,660 202,933 115,055 112,578 566,325 6,311 1,356,341 
Special Mention— — — — 10,513 9,638 — 20,151 
Substandard— — 2,587 — 1,654 2,169 — 6,410 
Subtotal96,479 256,660 205,520 115,055 124,745 578,132 6,311 1,382,902 
Consumer:
Risk Rating
Pass88,593 261,752 144,341 36,431 27,970 10,538 59,130 628,755 
Substandard58 231 205 87 83 1,084 10 1,758 
Loss— — — — — 28 — 28 
Subtotal88,651 261,983 144,546 36,518 28,053 11,650 59,140 630,541 
Total loans, net of deferred fees and costs$390,636 $954,656 $1,130,252 $628,071 $349,235 $1,188,666 $797,466 $5,438,982 

The following table includes gross charge-offs of loans by origination year during the year ended December 31, 2023.

Gross Charge-offs by Year of Origination
(Dollars in thousands)20232022202120202019PriorAmortized Cost of Revolving LoansTotal
Commercial and industrial:$211 $314 $204 $— $276 $957 $— $1,962 
Consumer111 8,282 5,997 1,148 833 874 — 17,245 
Total gross charge-offs$322 $8,596 $6,201 $1,148 $1,109 $1,831 $— $19,207 
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES AND RESERVE FOR OFF-BALANCE SHEET CREDIT EXPOSURES
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
ALLOWANCE FOR CREDIT LOSSES AND RESERVE FOR OFF-BALANCE SHEET CREDIT EXPOSURES
4. ALLOWANCE FOR CREDIT LOSSES AND RESERVE FOR OFF-BALANCE SHEET CREDIT EXPOSURES
 
The following tables present the activity in the ACL for loans by class for the years ended December 31, 2024, 2023 and 2022:

Real Estate
(Dollars in thousands)Commercial & IndustrialConstructionResidential
Mortgage		Home
Equity		Commercial
Mortgage		ConsumerTotal
Year ended December 31, 2024
Beginning balance$7,181 $4,004 $14,626 $3,501 $17,543 $17,079 $63,934 
Provision (credit) for credit losses on loans2,373 (1,688)988 (1,172)1,339 9,122 10,962 
Subtotal9,554 2,316 15,614 2,329 18,882 26,201 74,896 
Charge-offs2,977 — 383 — — 16,866 20,226 
Recoveries536 — 36 6 — 3,934 4,512 
Net charge-offs (recoveries)2,441 — 347 (6)— 12,932 15,714 
Ending balance$7,113 $2,316 $15,267 $2,335 $18,882 $13,269 $59,182 

Real Estate
(Dollars in thousands)Commercial & IndustrialConstructionResidential
Mortgage		Home
Equity		Commercial
Mortgage		ConsumerTotal
Year ended December 31, 2023
Beginning balance$6,824 $2,867 $11,804 $4,114 $17,902 $20,227 $63,738 
Provision (credit) for credit losses on loans1,599 1,136 2,745 (670)(359)10,784 15,235 
Subtotal8,423 4,003 14,549 3,444 17,543 31,011 78,973 
Charge-offs1,962 — — — — 17,245 19,207 
Recoveries720 1 77 57 — 3,313 4,168 
Net charge-offs (recoveries)1,242 (1)(77)(57)— 13,932 15,039 
Ending balance$7,181 $4,004 $14,626 $3,501 $17,543 $17,079 $63,934 

Real Estate
(Dollars in thousands)Commercial & IndustrialConstructionResidential
Mortgage		Home
Equity		Commercial
Mortgage		ConsumerTotal
Year ended December 31, 2022
Beginning balance$10,391 $3,908 $12,463 $4,509 $18,411 $18,415 $68,097 
Provision (credit) for credit losses on loans(2,593)(1,117)(954)(431)(509)5,892 288 
Subtotal7,798 2,791 11,509 4,078 17,902 24,307 68,385 
Charge-offs1,969 — — — — 6,399 8,368 
Recoveries995 76 295 36 — 2,319 3,721 
Net charge-offs974 (76)(295)(36)— 4,080 4,647 
Ending balance$6,824 $2,867 $11,804 $4,114 $17,902 $20,227 $63,738 

The following table presents the activity in the reserve for off-balance sheet credit exposures, included in other liabilities, under ASC 326 during the years ended December 31, 2024, 2023 and 2022.

Year Ended December 31,
(Dollars in thousands)202420232022
Balance, beginning of year$3,706 $3,243 $4,804 
Provision (credit) for off-balance sheet credit exposures(1,136)463 (1,561)
Balance, end of year$2,570 $3,706 $3,243 

In accordance with GAAP, loans held for sale and other real estate assets are not included in our assessment of the ACL.
In determining the amount of our ACL, the Company relies on an analysis of its loan portfolio, experience and evaluation of general economic conditions, as well as regulatory requirements and input. If assumptions prove to be incorrect, the current ACL may not be sufficient to cover future credit losses and the Company may experience significant increases to the provision.
v3.25.0.1
PREMISES AND EQUIPMENT
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PREMISES AND EQUIPMENT
5. PREMISES AND EQUIPMENT

Premises and equipment consisted of the following as of December 31, 2024 and 2023:

December 31,
(Dollars in thousands)20242023
Land$22,564 $22,564 
Office buildings and improvements161,712 148,362 
Furniture, fixtures and equipment39,302 38,867 
Gross premises and equipment223,578 209,793 
Accumulated depreciation and amortization(119,236)(113,609)
Net premises and equipment$104,342 $96,184 

Depreciation and amortization of premises and equipment were charged to the following operating expenses during the periods presented:

Year Ended December 31,
(Dollars in thousands)202420232022
Net occupancy$4,740 $4,813 $4,720 
Equipment2,138 2,130 2,145 
Total$6,878 $6,943 $6,865 
v3.25.0.1
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES
 12 Months Ended
Dec. 31, 2024
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES
6. INVESTMENTS IN UNCONSOLIDATED ENTITIES

Investments in unconsolidated entities consisted of the following components as of December 31, 2024 and 2023:

December 31,
(Dollars in thousands)20242023
Investments in low income housing tax credit partnerships$48,730 $37,838 
Investments in common securities of statutory trusts1,547 1,547 
Investments in affiliates90 111 
Other2,050 2,050 
Total$52,417 $41,546 

The Company invests in low income housing tax credit ("LIHTC") partnerships. As of December 31, 2024 and 2023, the Company had $19.1 million and $22.0 million, respectively, in unfunded commitments related to the LIHTC partnerships, which is included in other liabilities in the Company's consolidated balance sheets.

The expected payments for the unfunded commitments related to the Company's investments in unconsolidated entities as of December 31, 2024 are as follows:

(Dollars in thousands)LIHTCOther
Year Ending December 31:PartnershipsPartnershipsTotal
2025$11,027 $803 $11,830 
20267,564 — 7,564 
202736 — 36 
202830 — 30 
202936 — 36 
Thereafter387 — 387 
Total commitments$19,080 $803 $19,883 
The following table presents amortization expense and tax credits recognized associated with our investments in LIHTC partnerships for the periods presented:

Year Ended December 31,
(Dollars in thousands)202420232022
Proportional amortization method:
Amortization expense recognized in income tax expense$4,794 $3,101 $2,566 
Federal and state tax credits recognized in income tax expense5,632 3,400 2,938 

In 2021, the Company committed $2.0 million in the JAM FINTOP Banktech Fund, L.P. The Company does not have the ability to exercise significant influence over the JAM FINTOP Banktech Fund, L.P. and the investment does not have a readily determinable fair value. As a result, the Company determined that the cost method of accounting for the investment was appropriate. The investment is included in investment in unconsolidated entities in the Company's consolidated balance sheets. As of December 31, 2024, the Company had an unfunded commitment of $0.8 million related to the investment, which is expected to be paid in 2025. The unfunded commitment is included in other liabilities in the Company's consolidated balance sheets.

During the third quarter of 2023, the Company entered into a transaction with Swell Financial, Inc. ("Swell") whereby Swell repurchased the Company’s entire preferred and common stock equity investment in exchange for $0.5 million in cash and certain intangible assets. The intangible assets totaling $1.5 million are included in other assets in the Company's consolidated balance sheet at December 31, 2023. During the fourth quarter of 2024, the Company performed an impairment analysis and determined that the carrying value of the intangible assets would not be recoverable. As a result, the Company recorded impairment of $1.3 million on the intangible assets. The carrying value of the intangible assets was zero as of December 31, 2024.
v3.25.0.1
MORTGAGE SERVICING RIGHTS
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
MORTGAGE SERVICING RIGHTS
7. MORTGAGE SERVICING RIGHTS

Loans serviced for others totaled $1.18 billion and $1.22 billion as of December 31, 2024 and 2023, respectively.

The following table presents changes in our mortgage servicing rights for the periods presented:
 
(Dollars in thousands)Mortgage
Servicing
Rights
Balance as of December 31, 2022$9,074 
Additions327 
Amortization(705)
Balance as of December 31, 20238,696 
Additions553 
Amortization(776)
Balance as of December 31, 2024$8,473 

The gross carrying value, accumulated amortization, and net carrying value related to our mortgage servicing rights as of December 31, 2024 and 2023 are presented below:

 December 31, 2024December 31, 2023
(Dollars in thousands)Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value		Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
Mortgage servicing rights$70,293 $(61,820)$8,473 $69,740 $(61,044)$8,696 
 
Based on our mortgage servicing rights held as of December 31, 2024, estimated amortization expense for the next five succeeding fiscal years and all years thereafter are as follows:

(Dollars in thousands)
Year Ending December 31:
2025$928 
2026887 
2027788 
2028699 
2029612 
Thereafter4,559 
Total$8,473 

The Company utilizes the amortization method to measure our mortgage servicing rights. Under the amortization method, mortgage servicing rights are amortized in proportion to and over the period of net servicing income. Income generated as the result of new mortgage servicing rights is reported as a component of mortgage banking income and totaled $0.6 million, $0.3 million, and $0.6 million in 2024, 2023 and 2022, respectively. Amortization of the servicing rights is reported as a component of mortgage banking income in the Company's consolidated statements of income. Ancillary income is recorded in other income. Mortgage servicing rights are recorded when loans are sold to third-parties with servicing of those loans retained, and are classified and pooled into buckets of homogeneous characteristics.

Initial fair value of the servicing right is calculated by a discounted cash flow model prepared by a third-party service provider based on market value assumptions at the time of origination. The servicing right is assessed for impairment using current market value assumptions at each reporting period. Critical assumptions used in the discounted cash flow model include mortgage prepayment speeds, discount rates, and servicing income and costs. Variations in our assumptions could materially affect the estimated fair values. Changes to our assumptions are made when current trends and market data indicate that new trends have developed. Current market value assumptions based on loan product types (fixed-rate, adjustable-rate and government FHA loans) include average discount rates, servicing costs and ancillary income. Many of these assumptions are subjective and require a high level of management judgment. The Company's mortgage servicing rights portfolio and valuation assumptions are periodically reviewed by management.

Prepayment speeds may be affected by economic factors such as home price appreciation, market interest rates, availability of other credit products to our borrowers and customer payment patterns. Prepayment speeds include the impact of all borrower prepayments, including full payoffs, additional principal payments and the impact of loans paid off due to foreclosure liquidations. As market interest rates decline, prepayment speeds will generally increase as customers refinance existing mortgages under more favorable interest rate terms. As prepayment speeds increase, anticipated cash flows will generally decline resulting in a potential reduction, or impairment, to the fair value of the capitalized mortgage servicing rights. Alternatively, an increase in market interest rates may cause a decrease in prepayment speeds and therefore an increase in fair value of mortgage servicing rights.

The following table presents the fair market value and key assumptions used in determining the fair market value of our mortgage servicing rights:

 Year Ended December 31,
(Dollars in thousands)20242023
Fair market value, beginning of period$12,185 $12,061 
Fair market value, end of period12,387 12,185 
Weighted-average discount rate9.5 %9.5 %
Weighted-average prepayment speed assumption10.2 %11.2 %
v3.25.0.1
DERIVATIVES
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES
8. DERIVATIVES

The Company utilizes various designated and undesignated derivative financial instruments to reduce our exposure to movements in interest rates. All derivatives are measured at fair value on the Company's consolidated balance sheet. In each reporting period, we record the derivative instruments in other assets or other liabilities depending on whether the derivatives are in an asset or liability position. For derivative instruments that are designated as hedging instruments, the effective portion
of the changes in the fair value of the derivative are reported in AOCI, net of tax, until earnings are affected by the variability of cash flows of the hedged transaction. The portion of the gain or loss in the fair value of the derivative that represents hedge ineffectiveness is immediately recognized in current period earnings. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivative are included in current period earnings.

Derivative financial instruments are subject to credit and counterparty risk, which is defined as the risk of financial loss if a borrower or counterparty is either unable or unwilling to repay borrowings or settle transactions in accordance with the underlying contractual terms. Credit and counterparty risks associated with derivative financial instruments are similar to those relating to traditional financial instruments. The Company manages derivative credit and counterparty risk by evaluating the creditworthiness of each borrower or counterparty and requiring collateral where appropriate.

Interest Rate Lock and Forward Sale Commitments

The Company enters into interest rate lock commitments on certain mortgage loans that are intended to be sold. To manage interest rate risk on interest rate lock commitments, the Company also enters into forward loan sale commitments. The interest rate lock and forward loan sale commitments are accounted for as undesignated derivatives and are recorded at their respective fair values in other assets or other liabilities, with changes in fair value recorded in current period earnings. These instruments serve to reduce our exposure to movements in interest rates. At December 31, 2024, the Company was party to forward sale commitments on $4.9 million of mortgage loans. At December 31, 2023, the Company was not party to any forward sale commitments on mortgage loans. As of December 31, 2024 and 2023, the Company had interest rate lock commitments on mortgage loans of $0.5 million and $1.8 million, respectively.

Risk Participation Agreements

From time to time, the Company may enter into credit risk participation agreements ("RPA") with financial institution counterparties for interest rate swaps related to loans in which the Company participates. The risk participation agreements entered into by the Company as a participant bank provide credit protection to the financial institution counterparties should the borrowers fail to perform on their interest rate derivative contracts with the financial institutions.

Back-to-Back Swap Agreements

The Company established a program whereby it originates a variable rate loan and enters into a variable-to-fixed interest rate swap with the customer. The Company also enters into an equal and offsetting swap with a highly rated third-party financial institution. These "back-to-back swap agreements" are intended to offset each other and allow the Company to originate a variable rate loan, while providing a contract for fixed interest payments for the customer. The net cash flow for the Company is equal to the interest income received from a variable rate loan originated with the customer. These back-to-back swap agreements are free-standing derivatives and are recorded at fair value in other assets or other liabilities on the Company's consolidated balance sheet, with changes recorded in current period earnings.

As of December 31, 2024 and 2023, the Company has entered into swaps agreements with its borrowers with a total notional amount of $50.2 million and $51.1 million, respectively, offset by swap agreements with third-party financial institutions with a total notional amount of $50.2 million and $51.1 million, respectively. As of December 31, 2024 and 2023, the Company pledged $12.9 million and $9.6 million, respectively, in cash as collateral for the back-to-back swap agreements.

Interest Rate Swaps

To mitigate interest rate risk, during the first quarter of 2022, the Company entered into a forward starting interest rate swap, with an effective date of March 31, 2024. This transaction had a notional amount totaling $115.5 million as of December 31, 2024, and was designated as a fair value hedge of certain municipal debt securities. The Company pays the counterparty a fixed rate of 2.095% and receives a floating rate based on the Federal Funds effective rate. The fair value hedge has a maturity date of March 31, 2029. The interest rate swap is carried on the Company’s consolidated balance sheet at its fair value in other assets (when the fair value is positive) or in other liabilities (when the fair value is negative). The changes in the fair value of the interest rate swap are recorded in interest income. The unrealized gains or losses due to changes in fair value of the hedged debt securities due to changes in benchmark interest rates are recorded as an adjustment to the hedged debt securities and offset in the same interest income line item.
The following table presents the location of all assets and liabilities associated with our derivative instruments within the Company's consolidated balance sheet: 
Asset DerivativesLiability Derivatives
Derivatives Not Designated asBalance SheetFair Value atFair Value atFair Value atFair Value at
Hedging InstrumentsLocationDecember 31, 2024December 31, 2023December 31, 2024December 31, 2023
(Dollars in thousands)
Interest rate lock and forward sale commitmentsOther assets / other liabilities$46 $— $4 $34 
Back-to-back swap agreementsOther assets / other liabilities3,840 3,547 3,840 3,547 

Asset DerivativesLiability Derivatives
Derivatives Designated asBalance SheetFair Value atFair Value atFair Value atFair Value at
Hedging InstrumentsLocationDecember 31, 2024December 31, 2023December 31, 2024December 31, 2023
(Dollars in thousands)
Interest rate swapOther assets / other liabilities$8,382 $6,440 $— $— 

The following table presents the impact of derivative instruments and their location within the Company's consolidated statements of income for the periods presented: 
Derivatives Not in Cash Flow Hedging RelationshipLocation of Gain (Loss) Recognized in Earnings on DerivativesAmount of Gain (Loss) Recognized in Earnings on Derivatives
(Dollars in thousands)
Year ended December 31, 2024
Interest rate lock and forward sale commitmentsMortgage banking income$77 
Loans held for saleOther income(78)
Risk participation agreementsOther service charges and fees— 
Back-to-back swap agreementsOther service charges and fees80 
Year ended December 31, 2023
Interest rate lock and forward sale commitmentsMortgage banking income(42)
Loans held for saleOther income3 
Risk participation agreementsOther service charges and fees— 
Back-to-back swap agreementsOther service charges and fees71 
Year ended December 31, 2022
Interest rate lock and forward sale commitmentsMortgage banking income8 
Loans held for saleOther income(3)
Risk participation agreementsOther service charges and fees16 
Back-to-back swap agreementsOther service charges and fees— 

Derivatives in Cash Flow Hedging RelationshipLocation of Gain (Loss) Recognized in Earnings on DerivativesAmount of Gain (Loss) Recognized in Earnings on Derivatives
(Dollars in thousands)
Year ended December 31, 2024
Interest rate swapInterest income$2,563 
Year ended December 31, 2023
Interest rate swapInterest income$(37)
Year ended December 31, 2022
Interest rate swapInterest income$(340)
v3.25.0.1
DEPOSITS
 12 Months Ended
Dec. 31, 2024
Deposits [Abstract]  
DEPOSITS
9. DEPOSITS

The Company had $1.09 billion and $1.40 billion of total time deposits as of December 31, 2024 and 2023, respectively. Contractual maturities of total time deposits as of December 31, 2024 were as follows:

(Dollars in thousands)
Year Ending December 31:
2025$1,048,873 
202624,748 
20276,581 
20282,728 
20293,908 
Thereafter347 
Total$1,087,185 

Time deposits that meet or exceed the FDIC insurance limit of $250,000 totaled $624.3 million and $899.3 million at December 31, 2024 and 2023, respectively. This includes $103.1 million and $374.6 million in government time deposits at December 31, 2024 and 2023, respectively, which are fully collateralized.

Contractual maturities of time deposits of $250,000 or more as of December 31, 2024 were as follows:

(Dollars in thousands)
Three months or less$327,050 
Over three months through six months191,786 
Over six months through twelve months92,247 
202611,867 
2027880 
2028— 
2029500 
Thereafter— 
Total$624,330 

Overdrawn deposit accounts totaling $1.3 million and $0.7 million have been reclassified as loans on the Company's consolidated balance sheets as of December 31, 2024 and 2023, respectively.
v3.25.0.1
SHORT-TERM BORROWINGS AND LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
SHORT-TERM BORROWINGS AND LONG-TERM DEBT
10. SHORT-TERM BORROWINGS AND LONG-TERM DEBT

The Bank is a member of the FHLB and maintained a $1.76 billion line of credit, of which $1.63 billion remained available as of December 31, 2024. The FHLB advances available of $1.63 billion at December 31, 2024 was secured by certain real estate loans with a carrying value of $3.14 billion in accordance with the collateral provisions of the Advances, Pledge and Security Agreement with the FHLB. There were no short-term borrowings outstanding under this arrangement at December 31, 2024 and 2023.

The FHLB provides standby letters of credit on behalf of the Bank to secure certain public deposits. If the FHLB is required to make a payment on a standby letter of credit, the payment amount is converted to an advance at the FHLB. The standby letters of credit issued on our behalf by the FHLB totaled $83.6 million and $72.0 million as of December 31, 2024 and 2023, respectively.

The Bank had additional unused borrowings available at the Federal Reserve discount window of $232.1 million and $285.8 million as of December 31, 2024 and 2023, respectively. Certain commercial real estate and commercial loans with carrying values totaling $128.3 million and $135.1 million were pledged as collateral on our line of credit with the Federal Reserve discount window as of December 31, 2024 and 2023, respectively. In addition, investment securities with a par value of $184.3 million and $196.7 million as of December 31, 2024 and 2023, respectively, were pledged to the Federal Reserve in support of the line of credit. The Federal Reserve does not have the right to sell or repledge these loans and investment securities.
Interest expense on short-term borrowings totaled $1 thousand, $1.1 million and $1.1 million in 2024, 2023 and 2022, respectively.

A summary of the Bank's short-term borrowings as of December 31, 2024, 2023 and 2022 is as follows:

Year Ended December 31,
(Dollars in thousands)202420232022
Amount outstanding at December 31,$— $— $5,000 
Average amount outstanding during year17 23,322 37,211 
Highest month-end balance during year6,000 100,000 140,000 
Weighted-average interest rate on balances outstanding at December 31,— %— %4.60 %
Weighted-average interest rate during year5.58 %4.88 %2.84 %
Long-term debt, which is based on original maturity, consisted of FHLB advances, subordinated notes and debentures totaling $156.3 million and $156.1 million at December 31, 2024 and 2023, respectively.

December 31,
(Dollars in thousands)20242023
FHLB advances$50,000 $50,000 
Subordinated debentures51,547 51,547 
Subordinated notes, net of unamortized debt issuance costs of $202 and $445
54,798 54,555 
Total$156,345 $156,102 

At December 31, 2024, future principal payments on long-term debt based on redemption date or final maturity are as follows:

(Dollars in thousands)
Year Ending December 31:
2025$25,000 
2026— 
2027— 
202825,000 
2029— 
Thereafter106,547 
Total$156,547 

FHLB Advances

The Bank had $50.0 million in FHLB long-term advances outstanding as of December 31, 2024 and 2023. Interest expense on FHLB long-term advances was $2.2 million and $1.9 million in 2024 and 2023, respectively. The Bank did not incur any interest expense on FHLB long-term advances in 2022.

Subordinated Debentures

As of December 31, 2024 and 2023, the Company had the following junior subordinated debentures outstanding:
(Dollars in thousands)
December 31, 2024 and 2023
December 31, 2024 and 2023
Name of Trust
Subordinated Debentures
Interest Rate
Trust IV$30,928 
Three-month CME Term SOFR + tenor spread adjustment of 0.26% + 2.45%
Trust V20,619 
Three-month CME Term SOFR + tenor spread adjustment of 0.26% + 1.87%
Total$51,547 

In September 2004, the Company created a wholly-owned statutory trust, CPB Capital Trust IV ("Trust IV"). Trust IV issued $30.0 million in floating rate trust preferred securities which bore an interest rate of three-month LIBOR plus 2.45% and maturing on December 15, 2034. The principal assets of Trust IV are $30.9 million of the Company's junior subordinated
debentures with an identical interest rate and maturity as the Trust IV trust preferred securities. Trust IV issued $0.9 million of common securities to the Company.

In December 2004, the Company created a wholly-owned statutory trust, CPB Statutory Trust V ("Trust V"). Trust V issued $20.0 million in floating rate trust preferred securities which bore an interest rate of three-month LIBOR plus 1.87% and maturing on December 15, 2034. The principal assets of Trust V are $20.6 million of the Company's junior subordinated debentures with an identical interest rate and maturity as the Trust V trust preferred securities. Trust V issued $0.6 million of common securities to the Company.

On July 3, 2023, after the cessation of the LIBOR benchmark rate on June 30, 2023, the Company amended its Trust IV and Trust V debt agreements to replace the LIBOR-based reference rate with an adjusted CME Term Secured Overnight Financing Rate ("SOFR") plus a tenor spread adjustment. ASC 848 allows us to account for the modification as a continuation of the existing contract without additional analysis.

The Company is not considered the primary beneficiary of Trusts IV and V and the trusts are not consolidated in the Company's financial statements. The subordinated debentures are shown as a liability on the Company's consolidated balance sheets. The Company's investment in the common securities of the trusts are included in investment in unconsolidated entities in the Company's consolidated balance sheets.

The floating rate trust preferred securities, the junior subordinated debentures that are the assets of Trusts IV and V and the common securities issued by Trusts IV and V are redeemable in whole or in part on any interest payment date on or after December 15, 2009 for Trust IV and V, or at any time in whole but not in part within 90 days following the occurrence of certain events. Our obligations with respect to the issuance of the trust preferred securities constitute a full and unconditional guarantee by the Company of each trust's obligations with respect to its trust preferred securities. Subject to certain exceptions and limitations, we may elect from time to time to defer interest payments on the subordinated debentures, which would result in a deferral of distribution payments on the related trust preferred securities, for up to 20 consecutive quarterly periods without default or penalty.

The subordinated debentures may be included in Tier 1 capital, with certain limitations applicable, under current regulatory guidelines and interpretations.

Subordinated Notes

As of December 31, 2024 and 2023, the Company had the following subordinated notes outstanding:

(Dollars in thousands)
December 31, 2024 and 2023
Name
Subordinated Notes
Interest Rate
October 2020 Private Placement$55,000 
4.75% for the first five years. Resets quarterly thereafter to the then current three-month SOFR plus 456 basis points.

On October 20, 2020, the Company completed a $55.0 million private placement of ten-year fixed-to-floating rate subordinated notes. The Company exchanged the privately placed notes for registered notes with the same terms and in the same aggregate principal amount at the end of the fourth quarter of 2020. The Notes, which have been used to support regulatory capital ratios and for general corporate purposes, bear a fixed interest rate of 4.75% for the first five years through November 1, 2025 and will reset quarterly thereafter for the remaining five years to the then current three-month Secured Overnight Financing Rate ("SOFR"), as published by the Federal Reserve Bank of New York, plus 456 basis points. The subordinated notes are callable at any time after the first five years, or November 1, 2025.
 
The subordinated notes may be included in Tier 2 capital, with certain limitations applicable, under current regulatory guidelines and interpretations. The subordinated notes had a carrying value of $54.8 million, net of unamortized debt issuance costs of $0.2 million, at December 31, 2024.
v3.25.0.1
EQUITY
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
EQUITY
11. EQUITY

As a Hawaii state-chartered bank, Central Pacific Bank may only pay dividends to the extent it has retained earnings as defined under Hawaii banking law ("Statutory Retained Earnings"), which differs from GAAP retained earnings. As of December 31, 2024 and 2023, the Bank had Statutory Retained Earnings of $196.8 million and $169.1 million, respectively.
Dividends are payable at the discretion of the Board of Directors and are subject to restrictions under federal and Hawaii law, including restrictions imposed by the FRB and covenants set forth in various agreements we are a party to, including covenants set forth in our subordinated debentures. There can be no assurance that the Board of Directors will continue to pay dividends at the same rate, or at all, in the future.

We repurchase shares of our common stock when we believe such repurchases are in the best interests of the Company.

In January 2023, the Company’s Board of Directors authorized the repurchase of up to $25.0 million of its common stock from time to time in the open market or in privately negotiated transactions, pursuant to a newly authorized share repurchase program (the "2023 Repurchase Plan"). The 2023 Repurchase Plan replaced and superseded in its entirety the share repurchase plan previously approved by the Board of Directors, which had $9.3 million in remaining repurchase authority. The Company's 2023 Repurchase Plan was subject to a one-year expiration.

In the year ended December 31, 2023, 130,010 shares of common stock, at a cost of $2.6 million, were repurchased under the Company's share repurchase programs.

In January 2024, the Company’s Board of Directors authorized the repurchase of up to $20.0 million of its common stock from time to time in the open market or in privately negotiated transactions, pursuant to a share repurchase program (the "2024 Repurchase Plan"). The 2024 Repurchase Plan replaced and superseded in its entirety the share repurchase program previously approved by the Company's Board of Directors, which had $23.4 million in remaining repurchase authority.

In the year ended December 31, 2024, a total of 49,960 shares of common stock, at a cost of $0.9 million, were repurchased under the Company's share repurchase program. A total of $19.1 million remained available for repurchase under the Company's 2024 Repurchase Plan at December 31, 2024.
v3.25.0.1
REVENUE FROM CONTRACTS WITH CUSTOMERS
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS
12. REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue Recognition

ASC 606, "Revenue from Contracts with Customers", establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts to provide goods or services to its customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services. Revenue is recognized as performance obligations are satisfied.

The Company recognizes revenues as they are earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Our principal source of revenue is derived from interest income on financial instruments, such as our loan and investment securities portfolios, as well as revenue related to our mortgage banking activities. These revenue-generating transactions are out of scope of ASC 606, but are subject to other GAAP and discussed elsewhere within our disclosures.

The Company also generates other revenue in connection with our broad range of banking products and financial services. Descriptions of our other revenue-generating activities that are within the scope of ASC 606, which are presented in the Company's consolidated statements of income as components of other operating income are as follows:

Mortgage banking income

Loan placement fees, included in mortgage banking income, primarily represent revenues earned by the Company for loan placement and underwriting. Revenues for these services are recorded at a point-in-time, upon completion of a contractually identified transaction, or when an advisory opinion is provided.

Service charges on deposit accounts

Revenue from service charges on deposit accounts includes general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed, which is generally monthly for account maintenance services or when a transaction has been completed (such as stop payment fees). Payment for such performance obligations are generally received at the time the performance obligations are satisfied.
Other Service Charges and Fees

Revenue from other service charges and fees includes fees on foreign exchange, cards and payments income, safe deposit rental income and other service charges, commissions and fees.

The Company provides foreign currency exchange services to customers, whereby cash can be converted to different foreign currencies, and vice versa. As a result of the services, a gain or loss is recognized on foreign currency transactions, as well as income related to commissions and fees earned on each transaction. Revenue from the commissions and fees earned on the transactions fall within the scope of ASC 606, and is recorded in a manner that reflects the timing of when transactions occur, and as services are provided. Realized and unrealized gains or losses related to foreign currency are out of scope of ASC 606.

Cards and payments income includes interchange fees from debit cards processed through card association networks, merchant services, and other card related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees are recognized as transactions occur. Interchange expenses related to cards and payments income are presented gross in other operating expense. Merchant services income represents account management fees and transaction fees charged to merchants for the processing of card association network transactions. Merchant services revenue is recognized as transactions occur, or as services are performed.

Other service charges, commissions and fees include automated teller machines ("ATM") surcharge and interchange fees, bill payment fees, cashier’s check and money order fees, wire transfer fees, loan brokerage fees, and commissions on sales of insurance, broker-dealer products, and letters of credit. Revenue from these fees and commissions is recorded in a manner that reflects the timing of when transactions occur, and as services are provided.

Based on the nature of the commission agreement with the broker-dealer and each insurance provider, we may recognize revenue from broker-dealer and insurance commissions over time or at a point-in-time as our performance obligation is satisfied.

Income from Fiduciary Activities

Income from fiduciary activities includes fees from wealth management, trust, custodial and escrow services provided to individual and institutional customers. Revenue is generally recognized monthly based on a minimum annual fee and/or the market value of assets in custody. Additional fees are recognized for transactional activity.

Revenue from trade execution and brokerage services is earned through commissions from trade execution on behalf of clients. Revenue from these transactions is recognized at the trade date. Any ongoing service fees are recognized on a monthly basis as services are performed.

Net Gain (Loss) on Sales of Foreclosed Assets

The Company records a gain or loss on the sale of a foreclosed property when control of the property transfers to the Company, which typically occurs at the time the deed is executed. The Company does not finance the sale of the foreclosed property.

The following presents the Company's other operating income, segregated by revenue streams that are in-scope and out-of-scope of ASC 606 for the periods presented:

Year Ended December 31, 2024
(Dollars in thousands)In-scopeOut-of-scopeTotal
Other operating income:
Mortgage banking income$917 $2,471 $3,388 
Service charges on deposit accounts8,656 — 8,656 
Other service charges and fees20,128 2,425 22,553 
Income on fiduciary activities5,761 — 5,761 
Net (losses) gains on sales of investment securities— (9,934)(9,934)
Income from bank-owned life insurance— 6,619 6,619 
Other— 1,680 1,680 
Total other operating income$35,462 $3,261 $38,723 
Year Ended December 31, 2023
(Dollars in thousands)In-scopeOut-of-scopeTotal
Other operating income:
Mortgage banking income$687 $1,905 $2,592 
Service charges on deposit accounts8,753 — 8,753 
Other service charges and fees18,605 1,926 20,531 
Income on fiduciary activities4,895 — 4,895 
Net (losses) gains on sales of investment securities— (2,074)(2,074)
Income from bank-owned life insurance— 4,870 4,870 
Other— 7,096 7,096 
Total other operating income32,940 13,723 46,663 

Year Ended December 31, 2022
(Dollars in thousands)In-scopeOut-of-scopeTotal
Other operating income:
Mortgage banking income$1,060 $2,750 $3,810 
Service charges on deposit accounts8,197 — 8,197 
Other service charges and fees16,581 2,444 19,025 
Income on fiduciary activities4,565 — 4,565 
Net (losses) gains on sales of investment securities— 8,506 8,506 
Income from bank-owned life insurance— 1,865 1,865 
Other— 1,951 1,951 
Total other operating income$30,403 $17,516 $47,919 
v3.25.0.1
SHARE-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION
13. SHARE-BASED COMPENSATION

In accordance with ASC 718, compensation expense is recognized only for those shares expected to vest, based on the Company's historical experience and future expectations. The following table summarizes the effects of share-based compensation for options and awards granted under the Company's equity incentive plans for each of the periods presented:

 Year Ended December 31,
(Dollars in thousands)202420232022
Salaries and employee benefits$2,165 $2,641 $4,567 
Directors stock awards432 399 350 
Income tax benefit(742)(957)(1,461)
Net share-based compensation effect$1,855 $2,083 $3,456 
 
Upon exercise or vesting of a share-based award, if the tax deduction exceeds the compensation cost that was previously recorded for financial statement purposes, this will result in an excess tax benefit. The Company recognizes all excess tax benefits or tax deficiencies through the income statement as income tax expense/benefit. The Company recorded income tax benefits of $0.1 million, $0.2 million, and $0.1 million in 2024, 2023, and 2022, respectively, as a result of restricted stock units vesting during the respective years.

The Company's share-based compensation arrangements are described below:

Equity Incentive Plans

The Company has adopted equity incentive plans for the purpose of granting options, restricted stock and other equity based awards for the Company's common stock to directors, officers and other key individuals. Option awards are generally granted with an exercise price equal to the market price of the Company's common stock at the date of grant; those option awards generally vest based on three or five years of continuous service and have 10-year contractual terms. Certain option and share awards provide for accelerated vesting if there is a change in control (as defined in the stock option plans below). The Company has historically issued new shares of common stock upon exercises of stock options and purchases of restricted awards.
In January 2023, the Company adopted and shareholders approved the 2023 Stock Compensation Plan ("2023 Plan") making available 1,140,000 shares for grants to employees and directors. Upon adoption of the 2023 Plan, all unissued shares from the previous plan were frozen and no new grants were granted under the previous plan. Shares may continue to be settled under the previous plan pursuant to previously outstanding awards. New shares are issued from the 2023 Plan.

A total of 950,328 and 1,108,639 shares were available for future grants under our 2023 Plan as of December 31, 2024 and 2023, respectively, and 747,332 shares were previously available for future grants under our previous stock compensation plan as of December 31, 2022.
v3.25.0.1
RETIREMENT BENEFITS
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
RETIREMENT BENEFITS
14. RETIREMENT BENEFITS

Defined Benefit Retirement Plan

The Bank had a defined benefit retirement plan that covered substantially all of its employees who were employed during the period that the plan was in effect. Effective December 31, 2002, the Bank curtailed its defined benefit retirement plan, and accordingly, plan benefits were fixed as of that date.

The Company completed the termination and settlement of its defined benefit retirement plan in the second quarter of 2022 and recognized a one-time noncash settlement expense of $4.9 million, which was recorded in other operating expense.

With the termination of the defined benefit retirement plan in the second quarter of 2022, there were no plan assets, further defined benefit retirement plan liability or ongoing pension expense recognition remaining as of December 31, 2022 and no activity in 2023 and 2024.
401(k) Retirement Savings Plan

The Company maintains a 401(k) Retirement Savings Plan ("Retirement Savings Plan"), a defined contribution plan, that covers substantially all employees of the Company. The Retirement Savings Plan allows employees to direct their own investments among a selection of investment alternatives and is funded by employee elective deferrals, employer matching contributions and employer discretionary contributions.

The Company has the option of making regular matching contributions on employee's elective deferrals. The Company has sole discretion in determining the percentage to be matched, subject to limitations of the Internal Revenue Code.

From January 1, 2022 through December 31, 2024, the Company matched 100% of an employees effective deferrals, up to 4% of the employee's pay each pay period.

The Company also has the option of making discretionary contributions into the Retirement Savings Plan and has sole discretion in determining the discretionary contribution, subject to limitations of the Internal Revenue Code. The Company did not make any discretionary contributions in 2024, 2023 and 2022.

Total contributions to the Retirement Savings Plan totaled $2.3 million, $2.4 million and $2.4 million in 2024, 2023 and 2022, respectively.
v3.25.0.1
OPERATING LEASES
 12 Months Ended
Dec. 31, 2024
Leases, Operating [Abstract]  
OPERATING LEASES
15. OPERATING LEASES

The Company leases certain property and equipment with lease terms expiring through 2045. In some instances, a lease may contain renewal options for periods ranging from five to fifteen years. All renewal options are likely to be exercised and therefore have been recognized as part of our right-of-use assets and lease liabilities in accordance with ASC 842, "Leases". Certain leases also contain variable payments that are primarily determined based on common area maintenance costs and Hawaii state tax rates. All leases are operating leases and any short-term leases are not included in the calculation of the right-of-use assets and lease liabilities. The most significant assumption related to the Company’s application of ASC 842 was the discount rate assumption. As most of the Company’s lease agreements do not provide for an implicit interest rate, the Company uses the collateralized interest rate that the Company would have to pay to borrow over a similar term to estimate the Company’s lease liability.
Total lease cost, cash flow information, weighted-average remaining lease term and weighted-average discount rate are summarized below for the periods presented:
Year Ended December 31,
(Dollars in thousands)202420232022
Lease cost:
Operating lease cost$5,233 $5,108 $5,495 
Variable lease cost3,229 3,751 3,278 
Less: sublease income— (34)(48)
Total lease cost$8,462 8,825 8,725 
Other information:
Operating cash flows from operating leases$(5,073)$(5,095)$(5,896)
Weighted-average remaining lease term - operating leases 10.25 years10.64 years11.22 years
Weighted-average discount rate - operating leases4.07 %3.96 %3.95 %

The following is a schedule of annual undiscounted cash flows for our operating leases and a reconciliation of those cash flows to the operating lease liabilities for the next five succeeding fiscal years and all years thereafter:

(Dollars in thousands)
Year Ending December 31, Undiscounted Cash FlowsLease Liability ExpenseLease Liability Reduction
2025$5,048 $1,210 $3,838 
20265,002 1,065 3,937 
20274,199 926 3,273 
20283,443 811 2,632 
20293,062 710 2,352 
Thereafter18,957 2,964 15,993 
Total $39,711 $7,686 $32,025 

In addition, the Company leases certain properties that it owns as lessor. All of these leases are operating leases. The following represents lease income related to these leases that was recognized for the periods presented:
Year Ended December 31,
(Dollars in thousands)202420232022
Total rental income recognized$2,059 2,132 2,228 

Based on the Company's leases as lessor as of December 31, 2024, estimated lease payments for the next five succeeding fiscal years and all years thereafter are as follows:

(Dollars in thousands)
Year Ending December 31,
2025$1,441 
20261,289 
20271,170 
2028716 
2029640 
Thereafter1,294 
Total$6,550 
OPERATING LEASES
15. OPERATING LEASES

The Company leases certain property and equipment with lease terms expiring through 2045. In some instances, a lease may contain renewal options for periods ranging from five to fifteen years. All renewal options are likely to be exercised and therefore have been recognized as part of our right-of-use assets and lease liabilities in accordance with ASC 842, "Leases". Certain leases also contain variable payments that are primarily determined based on common area maintenance costs and Hawaii state tax rates. All leases are operating leases and any short-term leases are not included in the calculation of the right-of-use assets and lease liabilities. The most significant assumption related to the Company’s application of ASC 842 was the discount rate assumption. As most of the Company’s lease agreements do not provide for an implicit interest rate, the Company uses the collateralized interest rate that the Company would have to pay to borrow over a similar term to estimate the Company’s lease liability.
Total lease cost, cash flow information, weighted-average remaining lease term and weighted-average discount rate are summarized below for the periods presented:
Year Ended December 31,
(Dollars in thousands)202420232022
Lease cost:
Operating lease cost$5,233 $5,108 $5,495 
Variable lease cost3,229 3,751 3,278 
Less: sublease income— (34)(48)
Total lease cost$8,462 8,825 8,725 
Other information:
Operating cash flows from operating leases$(5,073)$(5,095)$(5,896)
Weighted-average remaining lease term - operating leases 10.25 years10.64 years11.22 years
Weighted-average discount rate - operating leases4.07 %3.96 %3.95 %

The following is a schedule of annual undiscounted cash flows for our operating leases and a reconciliation of those cash flows to the operating lease liabilities for the next five succeeding fiscal years and all years thereafter:

(Dollars in thousands)
Year Ending December 31, Undiscounted Cash FlowsLease Liability ExpenseLease Liability Reduction
2025$5,048 $1,210 $3,838 
20265,002 1,065 3,937 
20274,199 926 3,273 
20283,443 811 2,632 
20293,062 710 2,352 
Thereafter18,957 2,964 15,993 
Total $39,711 $7,686 $32,025 

In addition, the Company leases certain properties that it owns as lessor. All of these leases are operating leases. The following represents lease income related to these leases that was recognized for the periods presented:
Year Ended December 31,
(Dollars in thousands)202420232022
Total rental income recognized$2,059 2,132 2,228 

Based on the Company's leases as lessor as of December 31, 2024, estimated lease payments for the next five succeeding fiscal years and all years thereafter are as follows:

(Dollars in thousands)
Year Ending December 31,
2025$1,441 
20261,289 
20271,170 
2028716 
2029640 
Thereafter1,294 
Total$6,550 
v3.25.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
16. INCOME TAXES

Components of income tax expense (benefit) for the years ended December 31, 2024, 2023 and 2022 were as follows:

Year Ended December 31,
(Dollars in thousands)202420232022
Current expense (benefit):
Federal$5,744 $5,538 $996 
State112 1,404 (1,965)
Total current5,856 6,942 (969)
Deferred expense:
Federal6,800 9,300 18,854 
State1,971 1,911 6,956 
Total deferred8,771 11,211 25,810 
Provision for income taxes$14,627 $18,153 $24,841 

Income tax expense (benefit) for the periods presented differed from the "expected" tax expense (computed by applying the U.S. federal corporate tax rate of 21% for the years ended December 31, 2024, 2023 and 2022, to income before income taxes) for the following reasons:

Year Ended December 31,
(Dollars in thousands)202420232022
Computed "expected" tax expense$14,288 $16,133 $20,741 
Increase (decrease) in taxes resulting from:  
Tax-exempt interest income(868)(702)(692)
Other tax-exempt income(1,370)(1,023)(392)
Low-income housing tax credits(940)(508)(530)
State income taxes, net of Federal income tax effect, excluding impact of deferred tax valuation allowance3,354 3,827 4,982 
Change in the valuation allowance for deferred tax assets allocated to income tax expense(1,340)1,048 39 
Prior year deferred adjustments611 (1,043)348 
Other, net892 421 345 
Total$14,627 $18,153 $24,841 
The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows:

December 31,
(Dollars in thousands)20242023
Deferred tax assets  
Lease liability$8,530 $8,162 
Allowance for credit losses12,643 13,643 
Accrued expenses2,576 1,804 
Employee retirement benefits1,765 1,926 
Federal and state tax credit carryforwards1,590 2,208 
Federal net operating loss carryforwards— 1,644 
State net operating loss carryforwards2,890 4,503 
Deferred compensation4,207 3,976 
Premises and equipment4,460 4,161 
Available-for-sale and held-to-maturity investment securities— 2,309 
Other1,667 3,370 
Total deferred tax assets40,328 47,706 
Deferred tax liabilities 
Right-of-use lease asset8,210 7,918 
Intangible assets2,257 2,317 
Available-for-sale and held-to-maturity investment securities5,749 — 
Other3,180 3,489 
Total deferred tax liabilities19,396 13,724 
Less: Deferred tax valuation allowance3,106 4,446 
Net deferred tax assets$17,826 $29,536 

In assessing the realizability of our net DTA, management considers whether it is more likely than not that some portion or all of the DTA will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income and tax-planning strategies in making this assessment.

As of December 31, 2024, the valuation allowance on our net DTA totaled $3.1 million, which related to our DTA from net apportioned net operating loss ("NOL") carryforwards for California state income tax purposes as the Company does not expect to generate sufficient income in California to utilize the DTA. The net change in the valuation allowance was a decrease of $1.3 million in 2024, compared to an increase of $1.0 million in 2023.

Net of this valuation allowance, the Company's net DTA totaled $17.8 million as of December 31, 2024, compared to a net DTA of $29.5 million as of December 31, 2023, and is included in other assets in the Company's consolidated balance sheets.

The U.S. Federal and most of the state NOL carryforwards, except for California, have been utilized as of December 31, 2024. At December 31, 2024, the Company had NOL carryforwards for California state income tax purposes of $33.7 million, which are available to offset future taxable income. The California state NOL carryforwards will begin to expire if not utilized beginning in 2031. In addition, the Company has low-income housing tax credit carryforwards of approximately $0.4 million and $1.6 million for U.S. Federal and Hawaii state income tax purposes, respectively. If not utilized, the U.S. Federal tax credit carryforwards will begin to expire in 2044. The Hawaii state credit can be carried forward indefinitely.

Utilization of the NOL carryforwards and credits may be subject to annual limitations due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitations may result in
the expiration of net operating losses and credits before they are able to be utilized. The Company does not expect any previous ownership changes, as defined under Sections 382 and 383 of the Internal Revenue Code, to result in an ultimate limitation that will materially reduce the total amount of net operating loss carryforwards that can be utilized.

At December 31, 2024, the Company did not have any material unrecognized tax benefits that, if recognized would favorably affect the effective income tax rate in future periods. The Company does not expect our unrecognized tax benefits to change significantly over the next 12 months.

The Company is subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. As of December 31, 2024, the Company’s federal and state tax returns for 2020 and earlier, were no longer subject to examination by the taxing authorities. However, tax periods closed in a prior period may be subject to audit and re-examination by tax authorities for which tax carryforwards are utilized in subsequent years.
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
17. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the components of other comprehensive income (loss) for the years ended December 31, 2024, 2023 and 2022, by component:

(Dollars in thousands)Before TaxTax EffectNet of Tax
Year ended December 31, 2024   
Net change in fair value of investment securities:   
Net unrealized losses on investment securities arising during the period$(8,310)$(2,170)$(6,140)
Less: Reclassification adjustment for losses realized in net income9,934 2,620 7,314 
Less: Amortization of unrealized losses on investment securities transferred to HTM7,159 1,902 5,257 
Net change in fair value of investment securities8,783 2,352 6,431 
Net change in fair value of derivative:
Net unrealized gains arising during the period1,988 523 1,465 
Net change in fair value of derivative1,988 523 1,465 
SERPs:   
Net actuarial gains arising during the period379 99 280 
Amortization of net actuarial gains(2)— (2)
SERPs377 99 278 
Other comprehensive income$11,148 $2,974 $8,174 
(Dollars in thousands)Before TaxTax EffectNet of Tax
Year ended December 31, 2023   
Net change in fair value of investment securities:   
Net unrealized gains on investment securities arising during the period$19,762 $5,437 $14,325 
Less: Reclassification adjustment for losses realized in net income2,074 547 1,527 
Less: Amortization of unrealized losses on investment securities transferred to HTM7,440 2,105 5,335 
Net change in fair value of investment securities29,276 8,089 21,187 
Net change in fair value of derivative:
Net unrealized gains arising during the period491 107 384 
Net change in fair value of derivative491 107 384 
SERPs:   
Net actuarial losses arising during the period(182)(48)(134)
Amortization of net actuarial losses(74)(20)(54)
Amortization of net transition obligation7 2 5 
SERPs(249)(66)(183)
Other comprehensive income$29,518 $8,130 $21,388 

(Dollars in thousands)Before TaxTax EffectNet of Tax
Year ended December 31, 2022   
Net change in fair value of investment securities:   
Net unrealized losses on investment securities arising during the period$(204,250)$(54,109)$(150,141)
Less: Amortization of unrealized losses on investment securities transferred to HTM6,218 1,520 4,698 
Net change in fair value of investment securities(198,032)(52,589)(145,443)
Net change in fair value of derivative:
Net unrealized gains arising during the period6,326 1,681 4,645 
Net change in fair value of derivative6,326 1,681 4,645 
Defined benefit retirement plan and SERPs:   
Net actuarial gains arising during the period2,007 537 1,470 
Amortization of net actuarial losses304 81 223 
Amortization of net transition obligation18 4 14 
Settlement4,884 1,817 3,067 
Defined benefit retirement plan and SERPs7,213 2,439 4,774 
Other comprehensive loss$(184,493)$(48,469)$(136,024)
The following table presents the changes in each component of AOCI, net of tax, for the years ended December 31, 2024, 2023 and 2022:

(Dollars in thousands)Investment
Securities		DerivativesDefined
Benefit
Plans		AOCI
Year ended December 31, 2024    
Balance at beginning of period$(127,922)$5,029 $297 $(122,596)
Other comprehensive (loss) income before reclassifications(6,140)1,465 280 (4,395)
Amounts reclassified from AOCI12,571 — (2)12,569 
Net other comprehensive income6,431 1,465 278 8,174 
Balance at end of period$(121,491)$6,494 $575 $(114,422)

(Dollars in thousands)Investment
Securities		DerivativesDefined
Benefit
Plans		AOCI
Year ended December 31, 2023    
Balance at beginning of period$(149,109)$4,645 $480 $(143,984)
Other comprehensive income (loss) before reclassifications14,325 384 (134)14,575 
Amounts reclassified from AOCI6,862 — (49)6,813 
Net other comprehensive income (loss)21,187 384 (183)21,388 
Balance at end of period$(127,922)$5,029 $297 $(122,596)

(Dollars in thousands)Investment
Securities		DerivativesDefined
Benefit
Plans		AOCI
Year ended December 31, 2022    
Balance at beginning of period$(3,666)$— $(4,294)$(7,960)
Other comprehensive (loss) income before reclassifications(150,141)4,645 1,470 (144,026)
Amounts reclassified from AOCI4,698 — 3,304 8,002 
Net other comprehensive (loss) income(145,443)4,645 4,774 (136,024)
Balance at end of period$(149,109)$4,645 $480 $(143,984)
The following table presents the amounts reclassified out of each component of AOCI for the years ended December 31, 2024, 2023 and 2022:

 Amount Reclassified from AOCIAffected Line Item in the
Year ended December 31, Statement Where Net
Details about AOCI Components202420232022Income is Presented
(Dollars in thousands)
Sale of available-for-sale investment securities:
Realized loss on sale of available-for-sale investment securities$9,934 $2,074 $— Net loss on sales of investment securities
Tax effect(2,620)(547)— Income tax benefit
Net of tax$7,314 $1,527 $— 
Amortization of unrealized losses on investment securities transferred to HTM$7,159 $7,440 $6,218 Interest and dividends on investment securities
Tax effect(1,902)(2,105)(1,520)Income tax benefit
Net of tax$5,257 $5,335 $4,698 
Defined benefit plan items:    
Amortization of net actuarial (gains) losses$(2)$(74)$304 
Other operating expense - other (1)
Amortization of net transition obligation— 7 18 
Other operating expense - other (1)
Settlement— — 4,884 
Other operating expense - other (1)
Total before tax(2)(67)5,206 
Tax effect1 18 (1,902)Income tax expense (benefit)
Net of tax$(1)$(49)$3,304 
Total reclassifications, net of tax$12,570 $6,813 $8,002 

(1)These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 14 - Retirement Benefits for additional details).
v3.25.0.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
18. EARNINGS PER SHARE

The table below presents the information used to compute basic and diluted earnings per share for the years ended December 31, 2024, 2023 and 2022:

 Year Ended December 31,
(In thousands, except per share data)202420232022
Net income$53,412 $58,669 $73,928 
Weighted-average shares outstanding for basic earnings per share27,057,329 27,027,681 27,398,445 
Add: Dilutive effect of employee stock options and awards99,791 52,837 169,335 
Weighted-average shares outstanding for diluted earnings per share27,157,120 27,080,518 27,567,780 
Basic earnings per share$1.97 $2.17 $2.70 
Diluted earnings per share$1.97 $2.17 $2.68 
Anti-dilutive employee stock options and awards58 19,030 — 
v3.25.0.1
CONTINGENT LIABILITIES AND OTHER COMMITMENTS
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENT LIABILITIES AND OTHER COMMITMENTS
19. CONTINGENT LIABILITIES AND OTHER COMMITMENTS

The Company and its subsidiaries are involved in legal actions arising in the ordinary course of business. Management, after consultation with legal counsel, believes the ultimate disposition of those matters will not have a material adverse effect on our consolidated financial statements.

In the normal course of business there are outstanding contingent liabilities and other commitments such as unused letters of credit and items held for collections, which are not reflected in the accompanying consolidated financial statements. Management does not anticipate any material losses as a result of these transactions.
v3.25.0.1
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK
 12 Months Ended
Dec. 31, 2024
Investments, All Other Investments [Abstract]  
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK
20. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK

The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and financial guarantees written, forward foreign exchange contracts, interest rate contracts, risk participation agreements, and back-to-back swap agreements. Those instruments involve, to varying degrees, elements of credit, interest rate and foreign exchange risk in excess of the amounts recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement we have in particular classes of financial instruments.

Exposure to credit loss in the event of nonperformance by the counter-party to the financial instrument for commitments to extend credit and standby letters of credit and financial guarantees written is represented by the contractual amount of those instruments. For forward foreign exchange contracts and interest rate contracts, the contract amounts do not represent exposure to credit loss. The Company controls the credit risk of these contracts through credit approvals, limits and monitoring procedures. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management's credit evaluation of the counter-party. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties.

Standby letters of credit and financial guarantees written are conditional commitments issued by us to guarantee the performance of a customer to a third-party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company holds collateral for those commitments in which collateral is deemed necessary.

Interest rate options issued on residential mortgage loans expose us to interest rate risk, which is economically hedged with forward interest rate contracts. These derivatives are carried at fair value with changes in fair value recorded as a component of mortgage banking income in other operating income in the consolidated statements of income. The amount of interest rate options fluctuates based on residential mortgage volume.

Forward interest rate contracts represent commitments to purchase or sell loans at a future date at a specified price. The Company enters into forward interest rate contracts on our residential mortgage held for sale loans. These derivatives are carried at fair value with changes in fair value recorded as a component of mortgage banking income in other operating income in the consolidated statements of income. Risks arise from the possible inability of counter-parties to meet the terms of their contracts and from movements in market rates. Management reviews and approves the creditworthiness of the counter-parties to its forward interest rate contracts.

Risk participation agreements represent agreements with a financial institution counterparty for interest rate swaps related to loans in which we participate. These derivatives are carried at fair value with changes in fair value recorded as a component of other service charges and fees. The risk participation agreements entered into by us as a participant bank provide credit protection to the financial institution counterparty should the borrowers fail to perform on their interest rate derivative contracts with that financial institution.

The Company established a program whereby it originates a variable rate loan and enters into a variable-to-fixed interest rate swap with the customer. The Company also enters into an equal and offsetting swap with a highly rated third-party financial
institution. These "back-to-back swap agreements" are intended to offset each other and allows the Company to originate a variable rate loan, while providing a contract for fixed interest payments for the customer. The net cash flow for the Company is equal to the interest income received from a variable rate loan originated with the customer. These back-to-back swap agreements are free-standing derivatives and are recorded at fair value on the Company's consolidated balance sheet in other assets or other liabilities, and changes to the fair value recorded in other service charges and fees on the consolidated statement of income.

Forward foreign exchange contracts represent commitments to purchase or sell foreign currencies at a future date at a specified price. These derivatives are carried at fair value with changes in fair value recorded as a component of other operating income in the consolidated statements of income. Risks arise from the possible inability of counter-parties to meet the terms of their contracts and from movements in foreign currency exchange rates. Management reviews and approves the creditworthiness of its forward foreign exchange counter-parties. At December 31, 2024 and 2023, the Company did not have any forward foreign exchange contracts.

During the first quarter of 2022, the Company entered into a forward starting interest rate swap, with an effective date of March 31, 2024. This transaction had a notional amount totaling $115.5 million as of December 31, 2024 and 2023, and was designated as a fair value hedge of certain municipal debt securities. The Company pays the counterparty a fixed rate of 2.095% and receives a floating rate based on the Federal Funds effective rate. The fair value hedge has a maturity date of March 31, 2029. The interest rate swap is carried on the Company’s consolidated balance sheet at its fair value in other assets (when the fair value is positive) or in other liabilities (when the fair value is negative). The changes in the fair value of the interest rate swap are recorded in interest income. The unrealized gains or losses due to changes in fair value of the hedged debt securities due to changes in benchmark interest rates are recorded as an adjustment to the hedged debt securities and offset in the same interest income line item.

At December 31, 2024 and 2023, financial instruments with off-balance sheet risk were as follows:

December 31,
(Dollars in thousands)20242023
Notional amount of:
Financial instruments whose contract amounts represent credit risk:  
Commitments to extend credit:
Fixed rate$30,212 $30,660 
Variable rate1,189,325 1,244,671 
Total$1,219,537 $1,275,331 
Standby letters of credit and financial guarantees written$2,702 $3,301 
Notional amount of:
Financial instruments whose contract amounts exceed the amount of credit risk: 
Back-to-back swap agreements:
Assets$50,202 $51,059 
Liabilities50,202 51,059 
Interest rate lock commitments469 1,807 
Forward interest rate contracts4,909 — 
Risk participation agreements35,183 36,022 
Interest rate swap agreements115,545 115,545 
v3.25.0.1
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
21. FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES

Disclosures about Fair Value of Financial Instruments

Fair value estimates, methods and assumptions are set forth below for our financial instruments.

Short-Term Financial Instruments

The carrying values of short-term financial instruments are deemed to approximate fair values. Such instruments are considered readily convertible to cash and include cash and due from financial institutions, interest-bearing deposits in other financial institutions, accrued interest receivable, the majority of FHLB advances and other short-term borrowings, and accrued interest payable.

Investment Securities

The fair value of investment securities is based on market price quotations received from third-party pricing services. The third-party pricing services utilize pricing models supported with timely market data information. Where quoted market prices are not available, fair values are based on quoted market prices of comparable securities.

Loans

Fair values of loans are estimated based on discounted cash flows of portfolios of loans with similar financial characteristics including the type of loan, interest terms and repayment history. Fair values are calculated by discounting scheduled cash flows through estimated maturities using estimated market discount rates. Estimated market discount rates are reflective of credit and interest rate risks inherent in the Company’s various loan types and are derived from available market information, as well as specific borrower information. The weighted-average discount rate used in the valuation of loans was 7.07% and 6.86% as of December 31, 2024 and 2023, respectively. In accordance with ASU 2016-01, the fair value of loans are based on the notion of exit price as of December 31, 2024 and 2023.

Loans Held for Sale

The fair value of loans classified as held for sale are generally based upon quoted prices for similar assets in active markets, acceptance of firm offer letters with agreed upon purchase prices, discounted cash flow models that take into account market observable assumptions, or independent appraisals of the underlying collateral securing the loans. The fair values of Hawaii and U.S. Mainland construction and commercial real estate loans, if any, are reported net of applicable selling costs on the Company's consolidated balance sheets.

Deposit Liabilities

The fair values of deposits with no stated maturity, such as noninterest-bearing demand deposits and interest-bearing demand and savings accounts, are equal to the amount payable on demand. The fair value of time deposits is estimated using discounted cash flow analyses. The fair value of time deposits is estimated by discounting future cash flows using rates currently offered for FHLB advances of similar remaining maturities. The weighted-average discount rate used in the valuation of time deposits was 4.50% and 5.48% as of December 31, 2024 and 2023, respectively.

Long-Term Debt

The fair value of our long-term debt is estimated by discounting scheduled cash flows over the contractual borrowing period at the estimated market rate for similar borrowing arrangements. The weighted-average discount rate used in the valuation of long-term debt was 6.68% and 6.83% as of December 31, 2024 and 2023, respectively.

Derivatives

The fair values of derivative financial instruments are based upon current market values, if available. If there are no relevant comparables, fair values are based on pricing models using current assumptions for interest rate swaps and options.
Off-Balance Sheet Financial Instruments

The fair values of off-balance sheet financial instruments are estimated based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties, current settlement values or quoted market prices of comparable instruments.

Limitations

Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument. Because no market exists for a significant portion of our financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of future business and the value of assets and liabilities that are not considered financial instruments. For example, significant assets and liabilities that are not considered financial assets or liabilities include deferred tax assets and liabilities and premises and equipment.

Fair Value Measurement Using
(Dollars in thousands)Carrying
Amount		Estimated
Fair Value		Quoted Prices
in Active 
Markets for 
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2024     
Financial assets:     
Cash and due from financial institutions$77,774 $77,774 $77,774 $— $— 
Interest-bearing deposits in other financial institutions303,167 303,167 303,167 — — 
Investment securities1,334,588 1,244,339 59,498 1,177,994 6,847 
Loans held for sale5,662 5,662 — 5,662 — 
Loans5,332,852 4,916,765 — — 4,916,765 
Accrued interest receivable23,378 23,378 462 4,607 18,309 
Financial liabilities:
Deposits:
Noninterest-bearing deposits1,888,937 1,888,937 1,888,937 — — 
Interest-bearing demand and savings deposits3,667,889 3,667,889 3,667,889 — — 
Time deposits1,087,185 1,079,275 — — 1,079,275 
Long-term debt156,345 153,760 — — 153,760 
Accrued interest payable10,051 10,051 113 — 9,938 
Fair Value Measurement Using
(Dollars in thousands)Notional
Amount		Carrying
Amount		Estimated
Fair Value		Quoted Prices
in Active 
Markets for 
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2024     
Off-balance sheet financial instruments:
Commitments to extend credit$1,219,537 $— $1,167 $— $1,167 $— 
Standby letters of credit and financial guarantees written2,702 — 41 — 41 — 
Derivatives:
Back-to-back swap agreements:
Assets50,202 3,840 3,840 — — 3,840 
Liabilities(50,202)(3,840)(3,840)— — (3,840)
Interest rate lock commitments469 (4)(4)— (4)— 
Forward sale commitments4,909 46 46 — 46 — 
Risk participation agreements35,183 — — — — — 
Interest rate swap agreements115,545 8,382 8,382 — 8,382 — 

Fair Value Measurement Using
(Dollars in thousands)Carrying
Amount		Estimated
Fair Value		Quoted Prices
in Active 
Markets for 
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2023     
Financial assets:     
Cash and due from financial institutions$116,181 $116,181 $116,181 $— $— 
Interest-bearing deposits in other financial institutions406,256 406,256 406,256 — — 
Investment securities1,279,548 1,212,388 — 1,205,238 7,150 
Loans held for sale1,778 1,778 — 1,778 — 
Loans5,438,982 5,089,292 — — 5,089,292 
Accrued interest receivable21,511 21,511 342 4,043 17,126 
Financial liabilities:     
Deposits:     
Noninterest-bearing deposits1,913,379 1,913,379 1,913,379 — — 
Interest-bearing demand and savings deposits3,538,922 3,538,922 3,538,922 — — 
Time deposits1,395,291 1,385,473 — — 1,385,473 
Long-term debt156,102 153,073 — — 153,073 
Accrued interest payable18,948 18,948 85 — 18,863 
Fair Value Measurement Using
(Dollars in thousands)Notional
Amount		Carrying
Amount		Estimated
Fair Value		Quoted Prices
in Active 
Markets for 
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2023
Off-balance sheet financial instruments:   
Commitments to extend credit$1,275,331 $— $1,210 $— $1,210 $— 
Standby letters of credit and financial guarantees written3,301 — 50 — 50 — 
Derivatives:
Back-to-back swap agreements:
Assets51,059 3,547 3,547 — — 3,547 
Liabilities(51,059)(3,547)(3,547)— — (3,547)
Interest rate lock commitments1,807 (34)(34)— (34)— 
Risk participation agreements36,022 — — — — — 
Interest rate swap agreements115,545 6,440 6,440 — — 6,440 

Fair Value Measurements

Financial assets and liabilities are grouped at fair value into three levels based on the markets in which the financial assets and liabilities are traded and the reliability of the assumptions used to determine fair value as follows:

•Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities traded in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available.

•Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

•Level 3 — Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of discounted cash flow models and similar techniques that require the use of significant judgment or estimation.

Fair values are based on the price that the Company would expect to receive if an asset were sold or pay to transfer a liability in an orderly transaction between market participants at the measurement date. When developing fair value measurements, the use of observable inputs are maximized and the use of unobservable inputs are minimized.

Fair value measurements are used to record adjustments to certain financial assets and liabilities and to determine fair value disclosures. Available-for-sale investment securities and derivatives are recorded at fair value on a recurring basis. From time to time, the Company may be required to record other financial assets at fair value on a nonrecurring basis such as loans held for sale, collateral dependent loans and mortgage servicing rights. These nonrecurring fair value adjustments typically involve application of the lower of cost or fair value accounting or write-downs of individual assets.

During the year ended December 31, 2024, the Company transferred an interest rate swap from Level 3 to Level 2 of the fair value hierarchy. The transfer was due to a change in the methodology used. There were no other transfers of financial assets and liabilities into and out of Level 3 of the fair value hierarchy during the year ended December 31, 2024.
The following tables below present the fair value of assets and liabilities measured on a recurring basis:

Fair Value at Reporting Date Using
(Dollars in thousands)Fair
Value		Quoted Prices
in Active 
Markets for 
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2024    
Available-for-sale investment securities:    
Debt securities:    
States and political subdivisions$116,833 $— $110,668 $6,165 
Corporate securities— — — — 
U.S. Treasury obligations and direct obligations of U.S Government agencies81,200 59,498 21,702 — 
Collateralized loan obligations31,140 31,140 — 
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises414,471 — 414,471 — 
Residential - Non-government agencies16,926 — 16,244 682 
Commercial - U.S. Government-sponsored enterprises67,161 — 67,161 — 
Commercial - Non-government agencies9,927 — 9,927 — 
Total investment securities737,658 59,498 671,313 6,847 
Derivatives:
Interest rate lock commitments(4)— (4)— 
Forward sale commitments46 — 46 — 
Interest rate swap agreements8,382 — 8,382 — 
Total derivatives8,424 — 8,424 — 
Total$746,082 $59,498 $679,737 $6,847 
Fair Value at Reporting Date Using
(Dollars in thousands)Fair
Value		Quoted Prices
in Active 
Markets for 
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2023    
Available-for-sale investment securities:    
Debt securities:    
States and political subdivisions$126,635 $— $120,199 $6,436 
Corporate securities31,414 — 31,414 — 
U.S. Treasury obligations and direct obligations of U.S Government agencies26,197 — 26,197 — 
Mortgage-backed securities:    
Residential - U.S. Government-sponsored enterprises378,386 — 378,386 — 
Residential - Non-government agencies18,708 — 17,994 714 
Commercial - U.S. Government-sponsored enterprises50,914 — 50,914 — 
Commercial - Non-government agencies14,956 — 14,956 — 
Total investment securities647,210 — 640,060 7,150 
Derivatives:
Interest rate lock commitments(34)— (34)— 
Interest rate swap agreements6,440 — — 6,440 
Total derivatives6,406 — (34)6,440 
Total$653,616 $— $640,026 $13,590 

The following table presents changes in Level 3 financial assets and liabilities measured at fair value on a recurring basis for the
periods presented:

 Available-For-Sale Debt Securities:
(Dollars in thousands)States and Political SubdivisionsResidential - Non-Government AgenciesTotal
Balance as of December 31, 2022$6,584 $684 $7,268 
Principal payments received(232)(23)(255)
Unrealized net gain included in other comprehensive income84 53 137 
Balance as of December 31, 20236,436 714 7,150 
Principal payments received(241)(24)(265)
Unrealized net (loss) gain included in other comprehensive income(30)(8)(38)
Balance as of December 31, 2024$6,165 $682 $6,847 

Based on a discounted cash flow model that calculates the present value of estimated future principal and interest payments, the estimated aggregate fair value of Level 3 financial assets and liabilities measured at fair value on a recurring basis was $6.8 million and $7.2 million as of December 31, 2024 and 2023, respectively.

Within the state and political subdivisions available-for-sale debt securities category, the Company holds two mortgage revenue bonds issued by the City and County of Honolulu with an aggregate fair value of $6.2 million and $6.4 million at December 31, 2024 and 2023, respectively. Within the residential non-government agency available-for-sale debt securities category, the Company holds two mortgage backed bonds issued by Habitat for Humanity with an aggregate fair value of $0.7 million and $0.7 million at December 31, 2024 and 2023, respectively. The Company estimates the aggregate fair value of these available-for-sale investment securities by using a discounted cash flow model to calculate the present value of estimated future principal and interest payments.
The weighted-average discount rate was used as the significant unobservable input in the fair value measurement of the Company’s available-for-sale debt securities. As of December 31, 2024 and 2023, the weighted-average discount rate utilized was 6.22% and 6.12%, respectively, which was derived by incorporating a credit spread over the FHLB Fixed-Rate Advance curve. Significant increases (decreases) in the weighted-average discount rate could result in a significantly lower (higher) fair value measurement.

There were no financial assets or liabilities measured on a nonrecurring basis as of December 31, 2024 and 2023.
v3.25.0.1
PARENT COMPANY AND REGULATORY RESTRICTIONS
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY AND REGULATORY RESTRICTIONS
23. PARENT COMPANY AND REGULATORY RESTRICTIONS
 
The retained earnings of the parent company, Central Pacific Financial Corp., included $288.4 million and $316.0 million of equity in undistributed losses of Central Pacific Bank as of December 31, 2024 and 2023.

The Company and the Bank are subject to various regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action.

Prompt corrective action regulations provide five classifications: well-capitalized, adequately capitalized, under-capitalized, significantly under-capitalized, and critically under-capitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If under-capitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. The Bank was categorized as "well-capitalized" and maintained the required capital conservation buffer under the regulatory framework for prompt corrective action as of December 31, 2024 and 2023. There are no conditions or events since then that management believes have changed the institution’s category.
The following table sets forth actual and required capital and capital ratios for the Company and the Bank, as well as the minimum capital adequacy requirements applicable generally to all financial institutions as of the dates indicated.

ActualMinimum required for
capital adequacy purposes		Minimum required to
be well-capitalized
(Dollars in thousands)AmountRatioAmount
Ratio (1)
AmountRatio
Central Pacific Financial Corp.      
As of December 31, 2024      
Tier 1 capital to avg. assets (leverage ratio)$704,045 9.3 %$301,967 4.0 %N/AN/A
Common equity tier 1 ("CET1") capital to risk-weighted assets654,045 12.3 239,366 4.5 N/AN/A
Tier 1 capital to risk-weighted assets704,045 13.2 319,155 6.0 N/AN/A
Total capital to risk-weighted assets820,796 15.4 425,540 8.0 N/AN/A
As of December 31, 2023      
Tier 1 capital to avg. assets (leverage ratio)676,536 8.8 305,843 4.0 N/AN/A
CET1 capital to risk-weighted assets626,536 11.4 246,457 4.5 N/AN/A
Tier 1 capital to risk-weighted assets676,536 12.4 328,609 6.0 N/AN/A
Total capital to risk-weighted assets799,175 14.6 438,146 8.0 N/AN/A
Central Pacific Bank      
As of December 31, 2024      
Tier 1 capital to avg. assets (leverage ratio)$731,155 9.7 %$301,410 4.0 %$376,763 5.0 %
CET1 capital to risk-weighted assets731,155 13.8 238,814 4.5 344,953 6.5 
Tier 1 capital to risk-weighted assets731,155 13.8 318,419 6.0 424,558 8.0 
Total capital to risk-weighted assets792,906 14.9 424,558 8.0 530,698 10.0 
As of December 31, 2023      
Tier 1 capital to avg. assets (leverage ratio)704,512 9.2 305,375 4.0 381,719 5.0 
CET1 capital to risk-weighted assets704,512 12.9 245,926 4.5 355,227 6.5 
Tier 1 capital to risk-weighted assets704,512 12.9 327,902 6.0 437,203 8.0 
Total capital to risk-weighted assets772,151 14.1 437,203 8.0 546,503 10.0 
(1) Under the Basel III Capital Rules, the Company and the Bank must also maintain a 2.5% Capital Conservation Buffer ("CCB") to avoid becoming subject to restrictions on capital distributions and certain discretionary bonus payments to management. The CCB is calculated as a ratio of CET1 capital to risk-weighted assets, and effectively increases the required minimum risk-based capital ratios.
Condensed financial statements of the parent company are as follows:

CENTRAL PACIFIC FINANCIAL CORP.
CONDENSED BALANCE SHEETS

 December 31,
(Dollars in thousands)20242023
Assets  
Cash and due from financial institutions$23,021 $22,059 
Investment in subsidiary bank615,441 579,601 
Other assets13,425 14,805 
Total assets$651,887 $616,465 
Liabilities and Equity  
Long-term debt$106,345 $106,102 
Other liabilities7,157 6,548 
Total liabilities113,502 112,650 
Equity:  
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at December 31, 2024 and 2023
— — 
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 27,065,570 and 27,045,033 shares at December 31, 2024 and 2023, respectively
404,494 405,439 
Additional paid-in capital105,054 102,982 
Retained earnings143,259 117,990 
Accumulated other comprehensive loss(114,422)(122,596)
Total equity538,385 503,815 
Total liabilities and equity$651,887 $616,465 
CENTRAL PACIFIC FINANCIAL CORP.
CONDENSED STATEMENTS OF INCOME

 Year Ended December 31,
(Dollars in thousands)202420232022
Income:   
Dividends from subsidiary bank$38,183 $42,540 $47,427 
Interest income:   
Interest income from subsidiary bank3 3 3 
Other income224 122 64 
Total income38,410 42,665 47,494 
Expense:   
Interest expense on long-term debt6,883 6,762 4,930 
Other expenses10,221 3,250 2,317 
Total expenses17,104 10,012 7,247 
Income before income taxes and equity in undistributed income of subsidiaries21,306 32,653 40,247 
Income tax benefit(4,440)(2,620)(1,917)
Income before equity in undistributed income of subsidiaries25,746 35,273 42,164 
Equity in undistributed income of subsidiary bank27,666 23,396 31,764 
Net income$53,412 $58,669 $73,928 
CENTRAL PACIFIC FINANCIAL CORP.
CONDENSED STATEMENTS OF CASH FLOWS

 Year Ended December 31,
(Dollars in thousands)202420232022
Cash flows from operating activities:   
Net income$53,412 $58,669 $73,928 
Adjustments to reconcile net income to net cash provided by operating activities:   
Deferred income tax expense (benefit)155 32 (26)
Equity in undistributed income of subsidiary bank(27,666)(23,396)(31,764)
Share-based compensation expense2,072 1,636 3,273 
Net change in other assets and liabilities1,897 (1,543)(20)
Net cash provided by operating activities29,870 35,398 45,391 
Cash flows from investing activities:   
Distributions from unconsolidated entities— 495 — 
Contributions to unconsolidated entities180 — — 
Net cash provided by investing activities180 495 — 
Cash flows from financing activities:   
Net proceeds from issuance of common stock and stock option exercises— — 679 
Repurchases of common stock(945)(2,632)(20,740)
Cash dividends paid on common stock(28,143)(28,117)(28,505)
Net cash used in financing activities(29,088)(30,749)(48,566)
Net increase (decrease) in cash and cash equivalents962 5,144 (3,175)
Cash and cash equivalents at beginning of year22,059 16,915 20,090 
Cash and cash equivalents at end of year$23,021 $22,059 $16,915 
v3.25.0.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
24. SUBSEQUENT EVENTS

On January 10, 2025, the Bank received final approval from the Federal Reserve to become a member of the Federal Reserve System (the “Fed Membership”). As a FRB member bank, the Bank is required to subscribe to Federal Reserve capital stock in an amount equivalent to six percent (6%) of its capital and surplus. Although the par value of such stock is $100 per share, banks pay only $50 per share at the time of purchase with the understanding that the other half of the subscription amount is subject to call at any time. On January 24, 2025, the Bank purchased 371,359 shares of Federal Reserve Bank Stock for an aggregate purchase price of $18.6 million and the Fed Membership became effective on that date. Accordingly, effective January 24, 2025, the Bank’s primary federal supervisor is the Board of Governors of the Federal Reserve System, acting through authority delegated to the Federal Reserve Bank of San Francisco.

In January 2025, the Board of Directors authorized the repurchase of up to $30.0 million of its common stock from time to time in the open market or in privately negotiated transactions, pursuant to a newly authorized share repurchase program. The share repurchase program replaced and superseded in its entirety the 2024 Repurchase Plan.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Total reclassification adjustments from AOCI for the period, net of tax $ 53,412 $ 58,669 $ 73,928
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
The Company has complex information systems used for a variety of functions by customers, employees, and vendors. In addition, third parties with which the Company does business or that facilitate business activities (e.g., vendors, exchanges, clearing houses, central depositories and financial intermediaries) could also be sources of cybersecurity risk to the Company, including breakdowns or failures of their systems, misconduct by the employees of such parties, or cyberattacks which could affect their ability to deliver a product or service to the Company.

Our systems are regularly targeted by attacks aimed at disrupting services, misusing or accessing customer data without authorization, seeking financial extortion, or executing fraudulent activities. To date, no such incidents have significantly impacted the Company’s operations or adversely affected our customers, nor have they materially influenced our operational results. Nevertheless, it is important to acknowledge that we cannot guarantee the prevention or detection of sophisticated cyber-attacks. In the event of significant service disruptions, unauthorized access leading to the misuse of customer information, or fraudulent activities affecting our or third-party systems, the Company may face operational, regulatory, legal, and reputational challenges, which could adversely affect our business and financial conditions.

The Company’s Information Security Program includes key program stakeholders who meet regularly to discuss and execute on continually improving the Company’s Information Security Program through ongoing initiatives. The Company implements a formal Information Security Program aligning to industry best practices and focuses on the following key areas to mitigate cyber risks:

i.Risk Assessment – At least annually, a risk assessment is conducted that incorporates other security assessments and testing conducted throughout the year, ongoing and completed security initiatives, evaluation of the cyber threat
landscape, compliance, incidents, etc. The assessment results are presented to executive management and the Board of Directors.
ii.Technical Safeguards – Multi-layered controls, defenses, and continuous monitoring tools are used to protect, detect, and respond to cyber threats and incidents. External independent assessments, regular threat intelligence review, and lessons learned from incident response drive continuous tool and process improvements.
iii.Incident Response and Recovery - The Company's formal Incident Response and Business Continuity Programs establish a clear, consistent, standard, and organized process by which cybersecurity incidents will be promptly responded to by the Company's incident response teams.
iv.Third-Party Risk Management – The Company's formal vendor management program includes security risk assessments requiring the vendor to meet or exceed appropriate security requirements prior to the hosting or sharing of sensitive information by third parties. The Company’s standard contract provisions obligate third-party compliance with industry standard security protections.
v.Education and Awareness - The Company conducts cybersecurity training, both formally through mandatory courses and informally through written communications and other updates. Employees are tested periodically with phishing tests to reinforce training. The Company has held webinars and also sends periodic emails to its customers with tips and suggestions to protect themselves against cybersecurity incidents.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] As a regulated financial institution, the Company must adhere to the security requirements and expectations of the applicable regulatory agencies, which include requirements related to cybersecurity, data privacy, vendor security risk management, systems availability, and business continuity planning, among others.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
As a regulated financial institution, the Company must adhere to the security requirements and expectations of the applicable regulatory agencies, which include requirements related to cybersecurity, data privacy, vendor security risk management, systems availability, and business continuity planning, among others. The regulatory agencies have established responsibility guidelines for the Board of Directors and senior management, which include establishing policy, appointing and training personnel, implementing review and testing functions, and ensuring an appropriate frequency of reporting. The Company is examined annually, and its Information Security Program, policies and standards are designed to meet regulatory requirements and industry standards to implement physical, administrative, and technical controls to comply with the Gramm-Leach-Bliley Act ("GLBA"), Sarbanes-Oxley Act ("SOX") of 2002, and industry frameworks such as the Federal Financial Institutions Examination Council ("FFIEC").

The Board of Directors overall, including the Board Risk Committee more specifically, oversees cybersecurity risk. The Executive Committee overall, and the Chief Risk Officer, Chief Legal Officer, Chief Technology Officer, and Information Security Director more specifically, manages cybersecurity risk and the associated programs at the operational level. Regular updates on cybersecurity are provided to the Management Risk Committee, to the Board Risk Committee and/or the Board of Directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board of Directors overall, including the Board Risk Committee more specifically, oversees cybersecurity risk.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Regular updates on cybersecurity are provided to the Management Risk Committee, to the Board Risk Committee and/or the Board of Directors.
Cybersecurity Risk Role of Management [Text Block]
The Board of Directors overall, including the Board Risk Committee more specifically, oversees cybersecurity risk. The Executive Committee overall, and the Chief Risk Officer, Chief Legal Officer, Chief Technology Officer, and Information Security Director more specifically, manages cybersecurity risk and the associated programs at the operational level. Regular updates on cybersecurity are provided to the Management Risk Committee, to the Board Risk Committee and/or the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Board of Directors overall, including the Board Risk Committee more specifically, oversees cybersecurity risk.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The Information Security Program, which is in compliance with banking regulations, includes a threat intelligence program, policies and procedures, multi-layered cybersecurity technical safeguards, third-party security risk assessments, a formal incident response program, mandatory trainings for employees and independent contractors upon hire and regularly thereafter, annual audits, and reviews of vendors who handle sensitive information.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Regular updates on cybersecurity are provided to the Management Risk Committee, to the Board Risk Committee and/or the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Operating Segments
Operating Segments

Effective January 1, 2024, the Company adopted Accounting Standards Update ("ASU") 2023-07 "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures". This update enhances the disclosure requirements for reportable segments by requiring additional qualitative and quantitative information about significant segment expenses, as well as interim segment disclosures. The adoption of ASU 2023-07 did not have a material impact on our consolidated financial statements.
Operations, resource allocation and financial performance are managed by the Company's Executive Committee, or its chief operating decision maker ("CODM"), on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable segment. See Note 22 - Segment Information for additional information.
Principles of Consolidation
Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

In February 2024, the Bank acquired a 50% ownership interest in a mortgage loan origination and brokerage company, One Hawaii HomeLoans, LLC ("One Hawaii"). The Bank did not fund its initial capital contribution and One Hawaii had no activity in 2024. The Bank concluded that the investment meets the consolidation requirements under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, "Consolidation" and the entity also meets the definition of a variable interest entity ("VIE") and as the Bank is the primary beneficiary of the VIE. Accordingly, the investment will be consolidated into the Company's financial statements when activity begins.

The Bank has 50% ownership interests in three other mortgage loan origination and brokerage companies which are accounted for using the equity method and are included in investment in unconsolidated entities in the Company's consolidated balance sheets: Gentry HomeLoans, LLC, Haseko HomeLoans, LLC and Island Pacific HomeLoans, LLC.

The Bank has low income housing tax credit partnership investments that are accounted for under the proportional amortization method and are included in investment in unconsolidated entities in the Company's consolidated balance sheets.

In 2021, the Company committed $2.0 million to the JAM FINTOP Banktech Fund, L.P., an investment fund designed to help develop and accelerate technology adoption at community banks across the United States. The Company does not have the ability to exercise significant influence over the JAM FINTOP Banktech Fund, L.P. and the investment does not have a readily determinable fair value. As a result, the Company determined that the cost method of accounting for the investment was appropriate. The investment is included in investment in unconsolidated entities in the Company's consolidated balance sheets.

The Company also has other non-controlling equity investments in affiliates that are accounted for under the cost method and are included in investment in unconsolidated entities in the Company's consolidated balance sheets.
Investments in unconsolidated entities accounted for under the equity, proportional amortization and cost methods were $0.1 million, $48.7 million and $3.6 million, respectively, at December 31, 2024 and $0.1 million, $37.8 million and $3.6 million, respectively, at December 31, 2023.

The Company's policy for determining impairment of these investments includes an evaluation of whether a loss in value of an investment is other than temporary. Evidence of a loss in value includes absence of an ability to recover the carrying amount of the investment or the inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment. Impairment tests are performed whenever indicators of impairment are present. If the value of an investment declines and it is considered other than temporary, the investment is written down to its respective fair value in the period in which this determination is made.

Reclassification of Prior Period Amounts

Certain prior period amounts have been reclassified to conform to the current year’s presentation. These reclassifications had no impact on previously reported total assets, total liabilities, net income, or cash flows. The changes were made to improve comparability and align with our updated financial statement presentation.
Use of Estimates
Use of Estimates

The preparation of the consolidated financial statements in conformity with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that reflect the reported amounts of assets and liabilities and disclosures of contingent assets and contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance and provision for credit losses, reserve for credit losses on off-balance sheet credit exposures, deferred income tax assets and income tax expense, valuation of investment securities, mortgage servicing rights and the related amortization thereon, the liability related to the Supplemental Executive Retirement Plans, and the fair value of certain financial instruments.
Cash and Cash Equivalents
Cash and Cash Equivalents

Cash and cash equivalents include cash and due from financial institutions, interest-bearing deposits in other financial institutions, federal funds sold and all highly liquid investments with maturities of three months or less at the time of purchase. Net cash flows are reported for customer loan and deposit transactions, interest-bearing deposits in other financial institutions, and federal funds purchased and repurchase agreements.
Investment Securities
Investment Securities

Investments in debt securities are designated as trading, available-for-sale ("AFS"), or held-to-maturity ("HTM"). Investments in debt securities are designated as HTM only if we have the positive intent and ability to hold these securities to maturity. HTM securities are reported at amortized cost in the consolidated balance sheets. Trading securities are reported at fair value, with changes in fair value included in net income. Debt securities not classified as HTM or trading are classified as AFS and are reported at fair value, with net unrealized gains and losses, net of applicable taxes, excluded from net income and included in accumulated other comprehensive income (loss) ("AOCI").

Transfers of investment securities from AFS to HTM are accounted for at fair value as of the date of the transfer. The difference between the fair value and the par value at the date of transfer is considered a premium or discount and is accounted for accordingly. Any unrealized gain or loss at the date of the transfer is reported in AOCI, and is amortized over the remaining life of the security as an adjustment of yield in a manner consistent with the amortization of any premium or discount, and will offset or mitigate the effect on interest income of the amortization of the premium or discount for that HTM security.

Equity securities with readily determinable fair values are carried at fair value, with changes in fair value included in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment.
The Company classifies its investment securities portfolio into the following major security types: mortgage-backed securities ("MBS"), other debt securities and equity securities. The Company’s MBS portfolio is comprised primarily of residential MBS issued by United States of America ("U.S.") government entities and agencies. These securities are either explicitly or implicitly guaranteed by an agency of the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The remainder of the MBS portfolio are commercial MBS issued by U.S government entities and agencies (for
which there is no minimum credit rating), non-agency residential MBS (which shall meet a minimum credit rating of AAA) and non-agency commercial MBS (which shall meet a minimum credit rating of BBB and meet minimum internal credit guidelines).

The Company’s other debt securities portfolio is comprised of obligations issued by U.S. government entities and agencies, obligations issued by states and political subdivisions (which shall meet a minimum credit rating of BBB), and collateralized loan obligations (which shall meet a minimum credit rating of AA).

Interest income on investment securities includes amortization of premiums and accretion of discounts. We amortize premiums to the earliest call date. We accrete discounts associated with investment securities using the effective interest method over the life of the respective security instrument. Gains and losses on the sale of investment securities are recorded on the trade date and determined using the specific identification method.

A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on non-accrual status is reversed against current period interest income. There were no investment securities on nonaccrual status as of December 31, 2024 and the Company did not reverse any accrued interest against interest income during the year ended December 31, 2024.

Allowance for Credit Losses (“ACL”) for AFS Debt Securities

AFS debt securities in an unrealized loss position are evaluated for impairment at least quarterly. For AFS debt securities in an unrealized loss position, the Company first assesses whether or not it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the investment security’s amortized cost basis is written down to fair value through net income.

For AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In conducting this assessment for debt securities in an unrealized loss position, management evaluates the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the investment security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any unrealized loss that has not been recorded through an ACL is recognized in AOCI.

Changes in the ACL are recorded as a provision (credit) for credit losses. Losses are charged against the ACL when management believes the uncollectibility of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

As of December 31, 2024, the declines in market values of our AFS debt securities were primarily attributable to changes in interest rates and volatility in the financial markets. Because we have no intent to sell securities in an unrealized loss position and it is not more likely than not that we will be required to sell such securities before recovery of its amortized cost basis, we do not believe a credit loss exists and an ACL was not recorded.

The Company has made a policy election to exclude accrued interest receivable from the amortized cost basis of debt securities as the Company writes off any uncollectible accrued interest receivable in a timely manner. Accrued interest receivable on AFS and HTM debt securities is reported together with accrued interest receivable on loans and other assets in the consolidated balance sheets. Accrued interest receivable on AFS debt securities totaled $3.6 million and $2.8 million as of December 31, 2024 and 2023, respectively. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses.

ACL for HTM Debt Securities

Management measures expected credit losses on HTM debt securities on a collective basis by major security type. For pools of such securities with common risk characteristics, the historical lifetime probability of default and severity of loss in the event of default is derived or obtained from external sources. Expected credit losses for these securities are estimated using a loss rate methodology which considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts.

Expected credit loss on each security in the HTM portfolio that do not share common risk characteristics with any of the pools of debt securities is individually measured based on net realizable value, or the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded amortized cost basis of the security.
Securities in the HTM portfolio are issued by or contain collateral issued by U.S. government sponsored enterprises ("GSEs") and carry implicit guarantees from the U.S. government. Due to the implicit guarantee and the long history of no credit losses, no allowance for credit losses was recorded for these securities.

Accrued interest on HTM debt securities is reported in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses.

Accrued interest receivable on HTM debt securities totaled $1.1 million and $1.2 million as of December 31, 2024 and 2023, respectively.
Loans Held for Sale
Loans Held for Sale

Loans held for sale consists of the following two types: (1) Hawaii residential mortgage loans that are originated with the intent to sell them in the secondary market and (2) non-residential mortgage loans in both Hawaii and the U.S. Mainland that were originated with the intent to be held in our portfolio but were subsequently transferred to the held for sale category. Hawaii residential mortgage loans classified as held for sale are carried at the lower of cost or fair value on an aggregate basis, while the non-residential Hawaii and U.S. Mainland loans are recorded at the lower of cost or fair value on an individual basis. Net fees and costs associated with originating and acquiring the Hawaii residential mortgage loans held for sale are deferred and included in the basis for determining the gain or loss on sales of loans held for sale.

Loans originated with the intent to be held in our portfolio are subsequently transferred to held for sale when our intent to hold for the foreseeable future has changed. At the time of a loan's transfer to the held for sale account, the loan is recorded at the lower of cost or fair value. Any reduction in the loan's value is reflected as a write-down of the recorded investment resulting in a new cost basis, with a corresponding reduction in the allowance for credit losses.

In subsequent periods, if the fair value of a loan classified as held for sale is less than its cost basis, a valuation adjustment is recognized in our consolidated statement of income in other operating expense and the carrying value of the loan is adjusted accordingly. The valuation adjustment may be recovered in the event that the fair value increases, which is also recognized in our consolidated statement of income in other operating expense.

The fair value of loans classified as held for sale are generally based upon quoted prices for similar assets in active markets, acceptance of firm offer letters with agreed upon purchase prices, discounted cash flow models that take into account market observable assumptions, or independent appraisals of the underlying collateral securing the loans. Collateral values are determined based on appraisals received from qualified valuation professionals and are obtained periodically or when indicators that property values may be impaired are present.
We sell residential mortgage loans under industry standard contractual provisions that include certain representations and warranties, which typically cover ownership of the loan, compliance with loan criteria set forth in the applicable agreement, validity of the lien securing the loan, and other similar matters. We may be required to repurchase certain loans sold with identified defects, indemnify the investor, or reimburse the investor for any credit losses incurred. Our repurchase risk generally relates to early payment defaults and borrower fraud. We establish residential mortgage repurchase reserves to reflect this risk based on our estimate of losses after considering a combination of factors, including our estimate of future repurchase activity and our projection of estimated credit losses resulting from repurchased loans.
Loans
Loans

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the unpaid principal amount outstanding, net of unamortized purchase premiums and discounts, unamortized deferred loan origination fees and costs and cumulative principal charge-offs. Purchase premiums and discounts are generally amortized into interest income over the contractual terms of the underlying loans using the effective interest method. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income over the life of the related loan as an adjustment to yield and are amortized using the interest method over the contractual term of the loan, adjusted for actual prepayments. Deferred loan fees and costs on loans paid in full are recognized as a component of interest income on loans.

Interest income on loans is accrued at the contractual rate of interest on the unpaid principal balance. Accrued interest receivable on loans totaled $17.5 million and $17.1 million at December 31, 2024 and 2023, respectively, and is reported together with accrued interest on investment securities on the consolidated balance sheets. Upon adoption of Accounting
Standards Update ("ASU") 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” the Company made the accounting policy election to not measure an estimate of credit losses on accrued interest receivable as the Company writes off any uncollectible accrued interest receivable in a timely manner.

Nonaccrual Loans

The Company determines delinquency status by considering the number of days full payments required by the contractual terms of the loan are past due. Commercial, scored small business, automobile and other consumer loans are generally placed on nonaccrual status when principal and/or interest payments are 90 days past due, or earlier should management determine that the borrowers will be unable to meet contractual principal and/or interest obligations, unless the loans are well-secured and in the process of collection. Residential mortgage and home equity loans, are generally placed on nonaccrual status when principal and/or interest payments are 120 days past due, or earlier should management determine that the borrowers will be unable to meet contractual principal and/or interest obligations, unless the loans are well-secured and in the process of collection. When a loan is placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income should management determine that the collectability of such accrued interest is doubtful. All subsequent receipts are applied to principal outstanding and no interest income is recognized unless the financial condition and payment record of the borrowers warrant such recognition and the loan is restored to accrual status. A nonaccrual loan may be restored to an accrual basis when principal and interest payments are current for a predetermined period, normally at least six months, and full payment of principal and interest is reasonably assured.

Loan Modifications for Borrowers Experiencing Financial Difficulty

Effective January 1, 2023, the Company adopted ASU 2022-02, "Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures", under the prospective transition method.

Effective as of the adoption date, loan modifications or restructurings for borrowers experiencing financial difficulty are evaluated to determine whether they result in a new loan or a continuation of an existing loan. Loan restructurings for borrowers experiencing financial difficulty are generally accounted for as a continuation of the existing loan as the terms of the restructured loans are typically not at market rates.

When a loan is restructured under ASU 2022-02, the loan is measured for impairment using the discounted cash flow method that utilizes a prepayment-adjusted discount rate based on the loan’s restructured terms. Under the previous TDR accounting model, the discount rate that was in effect prior to the restructuring to measure impairment was used. Using the interest rate that was in effect prior to the restructuring resulted in the recognition of the economic concession that was granted to borrowers as part of the loan restructuring in the ACL for loans. Using a post-restructuring interest rate does not result in the recognition of an economic concession in the ACL for loans.

As we have elected a prospective transition, the economic concession on a loan that was previously restructured and accounted for as a TDR under previous guidance will continue to be measured in our ACL for loans using the discount rate that was in effect prior to the restructuring and the economic concession may increase or decrease as the cash flow assumptions related to the expected life of the loan are updated. Further, the component of the ACL for loans representing economic concessions will decrease as the borrower makes payments in accordance with the restructured terms of the mortgage loan and as the loan is sold, liquidated, or subsequently restructured.

Troubled Debt Restructurings Prior to the Adoption of ASU 2022-02

Prior to the adoption of ASU 2022-02, a loan was accounted for and reported as a troubled debt restructuring ("TDR") when two conditions were met: 1) the borrower was experiencing financial difficulty and 2) the Company granted a concession to the borrower experiencing financial difficulty that it would not have otherwise considered for a borrower or transaction with similar credit risk characteristics. A restructuring that resulted in only an insignificant delay in payment was not considered a concession. A delay may have been considered insignificant if the payments subject to the delay were insignificant relative to the unpaid principal or collateral value and the contractual amount due, or the delay in timing of the restructured payment period was insignificant relative to the frequency of payments, the debt’s original contractual maturity or original expected duration.

TDRs that were performing and on accrual status as of the date of the modification remained on accrual status. TDRs that were nonperforming as of the date of modification generally remained as nonaccrual until the prospect of future payments in accordance with the modified loan agreement was reasonably assured, generally demonstrated when the borrower maintained compliance with the restructured terms for a predetermined period, normally at least six months. TDRs with temporary below-market concessions remained designated as a TDR regardless of the accrual or performance status until the loan was paid off.
Expected credit losses were estimated on a collective (pool) basis when they shared similar risk characteristics. If a TDR financial asset shared similar risk characteristics with other financial assets, it was evaluated with those other financial assets on a collective basis. If it did not share similar risk characteristics with other financial assets, it was evaluated individually. The Company’s ACL reflected all effects of a TDR when an individual asset was specifically identified as a reasonably expected TDR. The Company had determined that a TDR was reasonably expected no later than the point when the lender concluded that modification was the best course of action and it was at least reasonably possible that the troubled borrower would accept some form of concession from the lender to avoid a default. Reasonably expected TDRs and executed TDRs were evaluated to determine the required ACL using the same method as all other loans held for investment, except when the value of a concession could not be measured using a method other than the discounted cash flow method. When the value of a concession was measured using the discounted cash flow method, the ACL was determined by discounting the expected future cash flows at the original interest rate of the loan. Based on the underlying risk characteristics, TDRs performing in accordance with their modified contractual terms may have been collectively evaluated.
Allowance for Credit Losses for Loans
Allowance for Credit Losses for Loans

The ACL for loans is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on loans. The Company's policy is to charge off a loan against the ACL during the period in which the loan is deemed to be uncollectible and all interest previously accrued but uncollected, is reversed against current period interest income. A loan is deemed to be uncollectible when it is probable that a loss has been incurred and when it is possible to determine a reasonable estimate of the loss. Subsequent receipts, if any, are credited first to the remaining principal, then to the ACL for loans as recoveries, and finally to interest income. The ACL for loans represents management's estimate of all expected credit losses over the expected life of the Company's loan portfolio as of a given balance sheet date. Management estimates the ACL balance using relevant available information from both internal and external sources, regarding the collectability of cash flows impacted by past events, current conditions, and reasonable and supportable forecasts of future economic conditions. When the Company is unable to forecast future economic events, management may revert to historical information.

The Company's ACL model incorporates a reasonable and supportable forecast period of one year and reverts to the historical average of the macroeconomic variables being used when its forecast is no longer deemed reasonable and supportable.

The Company's ACL model may also consider other adjustments to address changes in conditions, trends, and circumstances such as local industry changes that could have a significant impact on the risk profile of the loan portfolio and provide for adjustments that may not be reflected or captured in the historical loss data. These factors include: lending policies, imprecision in forecasting future economic conditions, loan profile, lending staff, problem loan trends, loan review, collateral, credit concentration and other internal and external factors.

The Company uses Moody’s Analytics ("Moody’s"), a firm widely recognized and used for its research, analysis, and economic
forecasts, for its economic forecast assumptions. The Company generally uses Moody’s most recent Baseline forecast, which is
updated at least monthly with a variety of upside and downside economic scenarios and includes both National and Hawaii-specific economic indicators. During times of economic and market volatility or instability, the Company may include a qualitative factor for forecast imprecision.

The ACL for loans is measured on a collective or pool basis when similar risk characteristics exist. The Company segments its portfolio generally by the loans categories in the Federal Financial Institutions Examination Council ("FFIEC") Call Report. The following is a description and the risk characteristics of each segment:

Commercial and industrial loans - SBA Paycheck Protection Program

Paycheck Protection Program ("PPP") loans are considered lower risk as they are guaranteed by the Small Business Administration ("SBA") and may be forgivable in whole or in part in accordance with the requirements of the PPP.

Commercial and industrial loans - Others

Commercial and industrial loans consist primarily of term loans and lines of credit to small- and middle-market businesses and professionals. The predominant risk characteristics of this segment are the cash flows of the business we lend to, global cash flows including guarantor liquidity, as well as economic and market conditions. Although our underwriting policy and practice generally requires secondary sources of support or collateral to mitigate risk, cash flow generated from the borrower’s business is typically regarded as the principal source of repayment.
Construction loans

Construction loans include both residential and commercial development projects. Each construction project is evaluated for economic viability and construction loans pose higher credit risks than typical secured loans. Financial strength of the borrower, completion risk (the risk that the project will not be completed on time and within budget) and geographic location are the predominant risk characteristics of this segment.

Commercial real estate loans - Multi-family

Multi-family mortgage loans can comprise multi-building properties with extensive amenities or a single building with no amenities. The predominant risk characteristic of this segment is operating risk or the ability to generate sufficient rental income from the operation of the property.

Commercial real estate loans - Others

Commercial real estate loans are secured by commercial properties. The predominant risk characteristic of this segment is operating risk, which is the risk that the borrower will be unable to generate sufficient cash flows from the operation of the property. Interest rate conditions and the commercial real estate market through economic cycles also impact risk levels.

Residential mortgage loans

Residential mortgage loans primarily include fixed-rate or adjustable-rate loans secured by single-family owner-occupied primary residences in Hawaii. Economic conditions such as unemployment levels, future changes in interest rates, Hawaii home prices and other market factors impact the level of credit risk inherent in the portfolio.

Home equity lines of credit

Home equity lines of credit include fixed or floating interest rate loans and are also primarily secured by single-family owner-occupied primary residences in Hawaii. They are underwritten based on a minimum FICO score, maximum debt-to-income ratio, and maximum combined loan-to-value ratio. Home equity lines of credit are monitored based on credit score, delinquency, end of draw period and maturity.

Consumer loans - Other revolving

Other revolving consumer loans consist of unsecured consumer lines of credit. The predominant risk characteristics of this segment relate to current and projected economic conditions, as well as employment and income levels attributed to the borrower.

Consumer loans - Non-revolving
Non-revolving consumer loans consist of non-revolving (term) consumer loans, including automobile dealer loans. The predominant risk characteristics of this segment relate to current and projected economic conditions, as well as employment and income levels attributed to the borrower.

Purchased consumer loans

Purchased consumer loans consist of dealer and unsecured consumer loans. Credit risk for purchased consumer loans is managed on a pooled basis. The predominant risk characteristics of this segment include current and projected economic conditions, employment and income levels, and the quality of purchased consumer loans.
The following table presents the Company's loan portfolio segments and the methodology used to measure expected credit losses. As of December 31, 2024, the historical look-back period is 2008 to present, economic forecast length is one year and the reversion method is one year (on a straight-line basis) for all segments.

Expected Credit Loss Methodology
Loan Segment
December 31, 2024 and 2023
June 30, 2023
and prior
Historical Look-Back Period
Economic Forecast Length
Reversion Method
Commercial and industrial - SBA PPP
Zero loss
PD/LGD
2008 to present
One year
One year (straight-line basis)
Commercial and industrial - All others
DCF
PD/LGD
Construction
DCF
PD/LGD
Commercial real estate - Multi-family
DCF
PD/LGD
Commercial real estate - All others
DCF
PD/LGD
Residential mortgage
DCF
Loss-Rate Migration
Home equity
DCF
Loss-Rate Migration
Consumer - Other revolving
DCF
Loss-Rate Migration
Consumer - Non-revolving
DCF
Loss-Rate Migration
Consumer - Purchased portfolios
WARM
WARM

During the third quarter of 2023, the Company updated its methodology to measure expected credit losses from the Probability of Default/Loss Given Default ("PD/LGD") or Loss-Rate Migration methods to the Discounted Cash Flow ("DCF") method for all segments except the SBA PPP and purchased consumer loan segments. The Company believes that the DCF methodology has better alignment with the Current Expected Credit Losses ("CECL") standard for forward looking forecasting, while also factoring in more detailed assumptions. The Company is utilizing an industry leading software platform to perform the DCF analysis using a historical look back period of 2008 to present. The Company ran the ACL model under both the current and previous methodologies and noted that the changes to the ACL model and the differences in methodologies did not result in a material impact to the Company's financial statements and as a percentage of the ACL.

The Company continues to use the Moody's baseline forecast with an economic forecast length of one year and a one-year, straight-line reversion method. We revert to the historical average of the macroeconomic variables being used. Forecast models exclude the post-2019 COVID-19 pandemic period due to abnormal and volatile behavior.

The ACL on the purchased consumer loan portfolios continues to be calculated using the Remaining Life methodology (also known as the Weighted Average Remaining Maturity or "WARM" methodology) as this portfolio is evaluated on a pooled basis. Because SBA PPP loans are guaranteed by the SBA and may be forgivable in whole or in part in accordance with the requirements of the PPP we anticipate zero losses on these loans and accordingly apply a Zero Loss methodology.

The following is a description of the methodologies utilized to measure expected credit losses from the third quarter of 2023 to present:

Discounted Cash Flow

The DCF methodology calculates CECL reserves as the difference between the amortized cost of a loan and the discounted expected value of future cash flows. Expected future cash flows are calculated based on assumptions of PD/LGD, prepayments and recovery rates, and are discounted using the loan’s effective interest rate.

Remaining Life or Weighted Average Remaining Life

Under the remaining life or WARM methodology, lifetime losses are calculated by determining the remaining life of the loan pool, and then applying a loss rate over this remaining life of the loan. The methodology considers historical loss experience to estimate credit losses for the remaining balance of the loan pool. The calculated loss rate is applied to the contractual term (adjusted for prepayments) to determine the loan pool’s current expected credit losses.
The following is a description of the methodologies utilized to measure expected credit losses as of June 30, 2023 and prior:

Probability of Default/Loss Given Default

The PD/LGD calculation is based on a cohort methodology whereby loans in the same cohort are tracked over time to identify defaults and corresponding losses. PD/LGD analysis requires a portfolio segmented into pools, and we elected to then further sub-segment by risk characteristics such as Risk Rating, loans modified for borrowers experiencing financial difficulty, TDRs prior to the adoption of ASU 2022-02 and nonaccrual status to measure losses accurately. PD measures the count or dollar amount of loans that defaulted in a given cohort. LGD measures the losses related to the loans that defaulted. Total loss rate is calculated using the formula, 'PD times LGD'.

Loss-Rate Migration

Loss-rate migration analysis is a cohort-based approach that measures cumulative net charge-offs over a defined time-horizon to calculate a loss rate that will be applied to the loan pool. Loss-rate migration analysis requires the portfolio to be segmented into pools then further sub-segmented by risk characteristics such as days past due, delinquency counters, loans modified for borrowers experiencing financial difficulty, TDRs prior to the adoption of ASU 2022-02 and nonaccrual status to measure loss rates accurately. The key inputs to run a loss-rate migration analysis are the length and frequency of the migration period, the dates for the migration periods to start and the number of migration periods used for the analysis. For each migration period, the analysis will determine the outstanding balance in each segment and/or sub-segment at the start of each period. These loans will then be followed for the length of the migration period to identify the amount of associated charge-offs and recoveries. A loss rate for each migration period is calculated using the formula: net charge-offs over the period divided by beginning loan balance.

Other

If a loan ceases to share similar risk characteristics with other loans in its segment, it will be moved to a different pool sharing similar risk characteristics. Loans that do not share risk characteristics are evaluated on an individual basis based on the fair value of the collateral or other approaches such as discounted cash flow methodology. Loans evaluated individually are not included in the collective evaluation.
Reserve for Off-Balance Sheet Credit Exposure
Reserve for Off-Balance Sheet Credit Exposures

The Company maintains a separate and distinct reserve for off-balance-sheet credit exposures which is included in other liabilities in the Company’s consolidated balance sheets. The Company estimates the amount of expected losses by calculating a commitment usage factor for letters of credit, non-revolving lines of credit, and revolving lines of credit over the remaining life during which the Company is exposed to credit risk via a contractual obligation to extend credit.

Letters of credit are generally unlikely to advance since they are typically in place only to ensure various forms of performance of the borrowers. Many of the letters of credit are cash secured. Non-revolving lines of credit are determined to be likely to advance as these are typically construction lines. Meanwhile, the likelihood of revolving lines of credit advancing varies with each individual borrower. Therefore, the future usage of each line was estimated based on the average line utilization of the revolving line of credit portfolio as a whole.

The estimate also applies the loss factors for each loan type used in the ACL for loans methodology, which is based on historical losses, economic conditions and reasonable and supportable forecasts. The reserve for off-balance sheet credit exposures is adjusted as a provision for off-balance sheet credit exposures.
Premises and Equipment
Premises and Equipment

Premises and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are included in other operating expense and are computed using the straight-line method over the shorter of the estimated useful lives of the assets or the applicable leases. Useful lives generally range from five to thirty-nine years for premises and improvements, and one to seven years for equipment. Major improvements and betterments are capitalized, while recurring maintenance and repairs are charged to operating expense. Net gains or losses on dispositions of premises and equipment are included in other operating income and operating expense.
Other Real Estate
Other Real Estate Owned

Other real estate owned is composed of properties acquired through deed-in-lieu or foreclosure proceedings and is initially recorded at fair value less estimated costs to sell the property, thereby establishing the new cost basis of other real estate. Losses arising at the time of acquisition of such properties are charged against the ACL. Subsequent to acquisition, such properties are carried at the lower of cost or fair value less estimated selling expenses, determined on an individual asset basis. Any deficiency resulting from the excess of cost over fair value less estimated selling expenses is recognized as a valuation allowance. Any subsequent increase in fair value up to its cost basis is recorded as a reduction of the valuation allowance. Increases or decreases in the valuation allowance are included in other operating expense. Net gains or losses recognized on the sale of these properties are included in other operating income.
Mortgage Servicing Rights
Mortgage Servicing Rights

Mortgage servicing rights are recorded when loans are sold to third-parties with servicing of those loans retained and we classify and pool our mortgage servicing rights into buckets of homogeneous characteristics. We utilize the amortization method to measure our mortgage servicing rights. Under the amortization method, we amortize our mortgage servicing rights in proportion to and over the period of net servicing income. Income generated as the result of new mortgage servicing rights is reported as gains on sales of loans and is a component of mortgage banking income in the other operating income section of our consolidated statements of income. Amortization of the servicing rights is also reported as a component of mortgage banking income. Ancillary income is recorded in other income.

Initial fair value of the servicing right is calculated by a discounted cash flow model prepared by a third-party service provider based on market value assumptions at the time of origination and we assess the servicing right for impairment using current market value assumptions at each reporting period. Critical assumptions used in the discounted cash flow model include mortgage prepayment speeds, discount rates, and servicing income and costs. Variations in our assumptions could materially affect the estimated fair values. Changes to our assumptions are made when current trends and market data indicate that new trends have developed. Current market value assumptions based on loan product types (fixed-rate, adjustable-rate and government FHA loans) include average discount rates, servicing cost and ancillary income. Many of these assumptions are subjective and require a high level of management judgment. Our mortgage servicing rights portfolio and valuation assumptions are periodically reviewed by management.

Prepayment speeds may be affected by economic factors such as home price appreciation, market interest rates, the availability of other credit products to our borrowers and customer payment patterns. Prepayment speeds include the impact of all borrower prepayments, including full payoffs, additional principal payments and the impact of loans paid off due to foreclosure liquidations.

We perform an impairment assessment of our mortgage servicing rights quarterly or whenever events or changes in circumstance indicate that the carrying value of those assets may not be recoverable. Our impairment assessments involve, among other valuation methods, the estimation of future cash flows and other methods of determining fair value. Estimating future cash flows and determining fair values are subject to judgments and often involve the use of significant estimates and assumptions. The variability of the factors we use to perform our impairment tests depend on a number of conditions, including the uncertainty about future events and cash flows. All such factors are interdependent and, therefore, do not change in isolation. Accordingly, our accounting estimates may materially change from period to period due to changing market factors.
As of December 31, 2024 and 2023, the Company determined its mortgage servicing rights were not impaired.
Federal Home Loan Bank of Des Moines Stock
Federal Home Loan Bank of Des Moines Stock
The Bank is a member of the Federal Home Loan Bank of Des Moines (the "FHLB") and is required to obtain and hold a specific number of shares of capital stock of the FHLB equal to the sum of a membership investment requirement and an activity-based investment requirement. The securities are reported at cost and are presented separately in the consolidated balance sheets.
Non-Controlling Interest
Non-Controlling Interest

The Company did not hold any non-controlling interest on its consolidated balance sheet at December 31, 2024 and 2023.
Share Based Compensation
Share-Based Compensation

Share-based compensation expense is measured at the grant date, based on the estimated fair value of the award. We use the Black-Scholes option-pricing expense model to determine the fair-value of stock options, and the market price of the Company's common stock at the grant date for restricted stock awards. Share-based compensation is recognized as expense over the employee's requisite service period, generally defined as the vesting period. For awards with graded vesting, we recognize compensation expense on a straight-line basis over their respective vesting period. The Company's accounting policy is to recognize forfeitures as they occur. See Note 13 - Share-Based Compensation for additional information.
Income Taxes
Income Taxes

Deferred tax assets and liabilities are recognized for the estimated future tax effects attributable to temporary differences and carryforwards. A valuation allowance may be required if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining whether a valuation allowance is necessary, we consider the level of taxable income in prior years, the extent that carrybacks are permitted under current tax laws, as well as estimates of future taxable income and tax planning strategies that could be implemented to accelerate taxable income, if necessary. If our estimates of future taxable income were materially overstated or if our assumptions regarding the tax consequences of tax planning strategies were inaccurate, some or all of our deferred tax assets may not be realized, which would result in a charge to earnings. Net deferred tax assets (liabilities) are included in other assets (liabilities) in the Company's consolidated balance sheets. We recognize interest and penalties related to income tax matters in other expense.

We establish income tax contingency reserves for potential tax liabilities related to uncertain tax positions. Tax benefits are recognized when we determine that it is more likely than not that such benefits will be realized. Where uncertainty exists due to the complexity of income tax statutes, and where the potential tax amounts are significant, we generally seek independent tax opinions to support our positions. If our evaluation of the likelihood of the realization of benefits is inaccurate, we could incur additional income tax and interest expense that would adversely impact earnings, or we could receive tax benefits greater than anticipated which would positively impact earnings.
Earnings per Share
Earnings per Share

Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period, excluding unvested restricted stock awards. Diluted earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period, increased by the dilutive effect of stock options and stock awards.
Forward Foreign Exchange Contracts
Forward Foreign Exchange Contracts

We are periodically a party to a limited amount of forward foreign exchange contracts to satisfy customer needs for foreign currencies. These contracts are not utilized for trading purposes and are carried at market value, with realized gains and losses included in fees on foreign exchange.
Derivatives and Hedging Activities
Derivatives and Hedging Activities

We recognize all derivatives on the balance sheet at fair value. On the date that we enter into a derivative contract, we designate the derivative as (1) a hedge of the fair value of an identified asset or liability ("fair value hedge"), (2) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to an identified asset or liability ("cash flow hedge") or (3) a transaction not qualifying for hedge accounting ("free standing derivative"). For a fair value hedge, changes in the fair value of the derivative and, to the extent that it is effective, changes in the fair value of the hedged asset or liability, attributable
to the hedged risk, are recorded in current period net income in the same financial statement category as the hedged item. For a cash flow hedge, changes in the fair value of the derivative, to the extent that it is effective, is recorded in other comprehensive income (loss) ("OCI"). These changes in fair value are subsequently reclassified to net income in the same periods that the hedged transaction affects net income in the same financial statement category as the hedged item. For free standing derivatives, changes in fair values are reported in current period other operating income.
Accounting Standards Adopted in 2023 And Impact of Other Recently Issued Accounting Pronouncements on Future Filings
Impact of Other Recently Issued Accounting Pronouncements on Future Filings

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". ASU 2023-09 expands existing income tax disclosures for rate reconciliations by requiring disclosure of certain specific categories in the rate reconciliation, as well as additional qualitative information about the reconciliation, and additional disaggregated information about income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and is to be applied on a prospective basis. The Company does not expect ASU 2023-09 to have a material impact on its consolidated financial statements.
Revenue
Revenue Recognition

ASC 606, "Revenue from Contracts with Customers", establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts to provide goods or services to its customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services. Revenue is recognized as performance obligations are satisfied.

The Company recognizes revenues as they are earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Our principal source of revenue is derived from interest income on financial instruments, such as our loan and investment securities portfolios, as well as revenue related to our mortgage banking activities. These revenue-generating transactions are out of scope of ASC 606, but are subject to other GAAP and discussed elsewhere within our disclosures.

The Company also generates other revenue in connection with our broad range of banking products and financial services. Descriptions of our other revenue-generating activities that are within the scope of ASC 606, which are presented in the Company's consolidated statements of income as components of other operating income are as follows:

Mortgage banking income

Loan placement fees, included in mortgage banking income, primarily represent revenues earned by the Company for loan placement and underwriting. Revenues for these services are recorded at a point-in-time, upon completion of a contractually identified transaction, or when an advisory opinion is provided.

Service charges on deposit accounts

Revenue from service charges on deposit accounts includes general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed, which is generally monthly for account maintenance services or when a transaction has been completed (such as stop payment fees). Payment for such performance obligations are generally received at the time the performance obligations are satisfied.
Other Service Charges and Fees

Revenue from other service charges and fees includes fees on foreign exchange, cards and payments income, safe deposit rental income and other service charges, commissions and fees.

The Company provides foreign currency exchange services to customers, whereby cash can be converted to different foreign currencies, and vice versa. As a result of the services, a gain or loss is recognized on foreign currency transactions, as well as income related to commissions and fees earned on each transaction. Revenue from the commissions and fees earned on the transactions fall within the scope of ASC 606, and is recorded in a manner that reflects the timing of when transactions occur, and as services are provided. Realized and unrealized gains or losses related to foreign currency are out of scope of ASC 606.

Cards and payments income includes interchange fees from debit cards processed through card association networks, merchant services, and other card related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees are recognized as transactions occur. Interchange expenses related to cards and payments income are presented gross in other operating expense. Merchant services income represents account management fees and transaction fees charged to merchants for the processing of card association network transactions. Merchant services revenue is recognized as transactions occur, or as services are performed.

Other service charges, commissions and fees include automated teller machines ("ATM") surcharge and interchange fees, bill payment fees, cashier’s check and money order fees, wire transfer fees, loan brokerage fees, and commissions on sales of insurance, broker-dealer products, and letters of credit. Revenue from these fees and commissions is recorded in a manner that reflects the timing of when transactions occur, and as services are provided.

Based on the nature of the commission agreement with the broker-dealer and each insurance provider, we may recognize revenue from broker-dealer and insurance commissions over time or at a point-in-time as our performance obligation is satisfied.

Income from Fiduciary Activities

Income from fiduciary activities includes fees from wealth management, trust, custodial and escrow services provided to individual and institutional customers. Revenue is generally recognized monthly based on a minimum annual fee and/or the market value of assets in custody. Additional fees are recognized for transactional activity.

Revenue from trade execution and brokerage services is earned through commissions from trade execution on behalf of clients. Revenue from these transactions is recognized at the trade date. Any ongoing service fees are recognized on a monthly basis as services are performed.

Net Gain (Loss) on Sales of Foreclosed Assets

The Company records a gain or loss on the sale of a foreclosed property when control of the property transfers to the Company, which typically occurs at the time the deed is executed. The Company does not finance the sale of the foreclosed property.
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Financing Receivable Portfolio Segments
The following table presents the Company's loan portfolio segments and the methodology used to measure expected credit losses. As of December 31, 2024, the historical look-back period is 2008 to present, economic forecast length is one year and the reversion method is one year (on a straight-line basis) for all segments.

Expected Credit Loss Methodology
Loan Segment
December 31, 2024 and 2023
June 30, 2023
and prior
Historical Look-Back Period
Economic Forecast Length
Reversion Method
Commercial and industrial - SBA PPP
Zero loss
PD/LGD
2008 to present
One year
One year (straight-line basis)
Commercial and industrial - All others
DCF
PD/LGD
Construction
DCF
PD/LGD
Commercial real estate - Multi-family
DCF
PD/LGD
Commercial real estate - All others
DCF
PD/LGD
Residential mortgage
DCF
Loss-Rate Migration
Home equity
DCF
Loss-Rate Migration
Consumer - Other revolving
DCF
Loss-Rate Migration
Consumer - Non-revolving
DCF
Loss-Rate Migration
Consumer - Purchased portfolios
WARM
WARM

During the third quarter of 2023, the Company updated its methodology to measure expected credit losses from the Probability of Default/Loss Given Default ("PD/LGD") or Loss-Rate Migration methods to the Discounted Cash Flow ("DCF") method for all segments except the SBA PPP and purchased consumer loan segments. The Company believes that the DCF methodology has better alignment with the Current Expected Credit Losses ("CECL") standard for forward looking forecasting, while also factoring in more detailed assumptions. The Company is utilizing an industry leading software platform to perform the DCF analysis using a historical look back period of 2008 to present. The Company ran the ACL model under both the current and previous methodologies and noted that the changes to the ACL model and the differences in methodologies did not result in a material impact to the Company's financial statements and as a percentage of the ACL.

The Company continues to use the Moody's baseline forecast with an economic forecast length of one year and a one-year, straight-line reversion method. We revert to the historical average of the macroeconomic variables being used. Forecast models exclude the post-2019 COVID-19 pandemic period due to abnormal and volatile behavior.

The ACL on the purchased consumer loan portfolios continues to be calculated using the Remaining Life methodology (also known as the Weighted Average Remaining Maturity or "WARM" methodology) as this portfolio is evaluated on a pooled basis. Because SBA PPP loans are guaranteed by the SBA and may be forgivable in whole or in part in accordance with the requirements of the PPP we anticipate zero losses on these loans and accordingly apply a Zero Loss methodology.

The following is a description of the methodologies utilized to measure expected credit losses from the third quarter of 2023 to present:

Discounted Cash Flow

The DCF methodology calculates CECL reserves as the difference between the amortized cost of a loan and the discounted expected value of future cash flows. Expected future cash flows are calculated based on assumptions of PD/LGD, prepayments and recovery rates, and are discounted using the loan’s effective interest rate.

Remaining Life or Weighted Average Remaining Life

Under the remaining life or WARM methodology, lifetime losses are calculated by determining the remaining life of the loan pool, and then applying a loss rate over this remaining life of the loan. The methodology considers historical loss experience to estimate credit losses for the remaining balance of the loan pool. The calculated loss rate is applied to the contractual term (adjusted for prepayments) to determine the loan pool’s current expected credit losses.
The following is a description of the methodologies utilized to measure expected credit losses as of June 30, 2023 and prior:

Probability of Default/Loss Given Default

The PD/LGD calculation is based on a cohort methodology whereby loans in the same cohort are tracked over time to identify defaults and corresponding losses. PD/LGD analysis requires a portfolio segmented into pools, and we elected to then further sub-segment by risk characteristics such as Risk Rating, loans modified for borrowers experiencing financial difficulty, TDRs prior to the adoption of ASU 2022-02 and nonaccrual status to measure losses accurately. PD measures the count or dollar amount of loans that defaulted in a given cohort. LGD measures the losses related to the loans that defaulted. Total loss rate is calculated using the formula, 'PD times LGD'.

Loss-Rate Migration

Loss-rate migration analysis is a cohort-based approach that measures cumulative net charge-offs over a defined time-horizon to calculate a loss rate that will be applied to the loan pool. Loss-rate migration analysis requires the portfolio to be segmented into pools then further sub-segmented by risk characteristics such as days past due, delinquency counters, loans modified for borrowers experiencing financial difficulty, TDRs prior to the adoption of ASU 2022-02 and nonaccrual status to measure loss rates accurately. The key inputs to run a loss-rate migration analysis are the length and frequency of the migration period, the dates for the migration periods to start and the number of migration periods used for the analysis. For each migration period, the analysis will determine the outstanding balance in each segment and/or sub-segment at the start of each period. These loans will then be followed for the length of the migration period to identify the amount of associated charge-offs and recoveries. A loss rate for each migration period is calculated using the formula: net charge-offs over the period divided by beginning loan balance.

Other

If a loan ceases to share similar risk characteristics with other loans in its segment, it will be moved to a different pool sharing similar risk characteristics. Loans that do not share risk characteristics are evaluated on an individual basis based on the fair value of the collateral or other approaches such as discounted cash flow methodology. Loans evaluated individually are not included in the collective evaluation.
v3.25.0.1
INVESTMENT SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of available for sale and held to maturity investment securities
The amortized cost, gross unrecognized/unrealized gains and losses, fair value and related allowance for credit losses on available-for-sale ("AFS") and held-to-maturity ("HTM") investment securities as of December 31, 2024 and 2023 are as follows:

(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		ACL
December 31, 2024
Available-for-Sale:
Debt securities:
States and political subdivisions$147,014 $2 $(30,183)$116,833 $— 
U.S. Treasury obligations and direct obligations of U.S Government agencies83,861 81 (2,742)81,200 — 
Collateralized loan obligations31,254 — (114)31,140 — 
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises472,476 42 (58,047)414,471 — 
Residential - Non-government agencies17,836 151 (1,061)16,926 — 
Commercial - U.S. Government-sponsored enterprises81,400 76 (14,315)67,161 — 
Commercial - Non-government agencies9,933 — (6)9,927 — 
Total available-for-sale investment securities$843,774 $352 $(106,468)$737,658 $— 

(Dollars in thousands)Amortized
Cost		Gross
Unrecognized
Gains		Gross
Unrecognized
Losses		Fair
Value		ACL
December 31, 2024    
Held-to-Maturity:    
Debt securities:
States and political subdivisions$42,016 $— $(8,884)$33,132 $— 
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises554,914 (81,365)473,549 — 
Total held-to-maturity investment securities$596,930 $— $(90,249)$506,681 $— 
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		ACL
December 31, 2023
Available-for-Sale:    
Debt securities:    
States and political subdivisions$156,432 $13 $(29,810)$126,635 $— 
Corporate securities35,731 — (4,317)31,414 — 
U.S. Treasury obligations and direct obligations of U.S Government agencies28,105 33 (1,941)26,197 — 
Mortgage-backed securities:   
Residential - U.S. Government-sponsored enterprises441,898 95 (63,607)378,386 — 
Residential - Non-government agencies19,322 366 (980)18,708 — 
Commercial - U.S. Government-sponsored enterprises58,318 — (7,404)50,914 — 
Commercial - Non-government agencies15,144 — (188)14,956 — 
Total available-for-sale investment securities$754,950 $507 $(108,247)$647,210 $— 

(Dollars in thousands)Amortized
Cost		Gross
Unrecognized
Gains		Gross
Unrecognized
Losses		Fair
Value		ACL
December 31, 2023    
Held-to-Maturity:    
Debt securities:
States and political subdivisions$41,959 $— $(6,706)$35,253 $— 
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises590,379 61 (60,515)529,925 — 
Total held-to-maturity investment securities$632,338 $61 $(67,221)$565,178 $— 
Schedule of amortized cost and estimated fair value of investment securities by contractual maturity
The amortized cost, estimated fair value and weighted average yield of our investment securities at December 31, 2024 by contractual maturity are shown below. Actual maturities may differ from contractual maturities as issuers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
 December 31, 2024
(Dollars in thousands)Amortized CostFair Value
Weighted Average Yield (1)
Available-for-Sale:
Debt securities:
Due in one year or less$4,237 $4,230 5.87 %
Due after one year through five years37,393 36,866 4.11 
Due after five years through ten years68,257 65,126 3.87 
Due after ten years120,988 91,811 2.42 
Collateralized loan obligations31,254 31,140 6.07 
Mortgage-backed securities
Residential - U.S. Government-sponsored enterprises472,476 414,471 2.90 
Residential - Non-government agencies17,836 16,926 4.36 
Commercial - U.S. Government-sponsored enterprises81,400 67,161 2.72 
Commercial - Non-government agencies9,933 9,927 4.76 
Total available-for-sale investment securities$843,774 $737,658 3.18 %
Held-to-Maturity:
Debt securities:
Due after ten years$42,016 $33,132 2.26 %
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises554,914 473,549 1.89 
Total held-to-maturity investment securities$596,930 $506,681 1.92 %
Total investment securities$1,440,704 $1,244,339 2.62 %

(1)Weighted-average yields are computed on an annual basis, and yields on tax-exempt obligations are computed on a taxable-equivalent basis using a federal statutory tax rate of 21%.
Schedule of investment securities in an unrealized loss position
The following table summarizes AFS and HTM securities which were in an unrealized or unrecognized loss position at December 31, 2024 and 2023, aggregated by major security type and length of time in a continuous unrealized or unrecognized loss position:

Less Than 12 Months12 Months or LongerTotal
Description of SecuritiesFair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
(Dollars in thousands)
December 31, 2024
Available-for-Sale:
Debt securities:      
States and political subdivisions$4,967 $(85)$107,267 $(30,098)$112,234 $(30,183)
U.S. Treasury obligations and direct obligations of U.S Government agencies56,139 (803)12,971 (1,939)69,110 (2,742)
Collateralized loan obligations31,140 (114)— — 31,140 (114)
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises135,224 (2,254)260,575 (55,793)395,799 (58,047)
Residential - Non-government agencies5,270 (100)7,606 (961)12,876 (1,061)
Commercial - U.S. Government-sponsored enterprises12,469 (90)48,304 (14,225)60,773 (14,315)
Commercial - Non-government agencies9,927 (6)— — 9,927 (6)
Total$255,136 $(3,452)$436,723 $(103,016)$691,859 $(106,468)

 Less Than 12 Months12 Months or LongerTotal
Description of SecuritiesFair ValueUnrecognized LossesFair ValueUnrecognized LossesFair ValueUnrecognized Losses
 (Dollars in thousands)
December 31, 2024      
Held-to-Maturity:
Debt securities:
States and political subdivisions$— $— $33,132 $(8,884)$33,132 $(8,884)
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises7,470 (19)466,079 (81,346)473,549 (81,365)
Total$7,470 $(19)$499,211 $(90,230)$506,681 $(90,249)
Less Than 12 Months12 Months or LongerTotal
Description of SecuritiesFair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
(Dollars in thousands)
December 31, 2023
Available-for-Sale:
Debt securities:      
States and political subdivisions$534 $(1)$114,601 $(29,809)$115,135 $(29,810)
Corporate securities— — 31,414 (4,317)31,414 (4,317)
U.S. Treasury obligations and direct obligations of U.S Government agencies2,893 (87)16,286 (1,854)19,179 (1,941)
Mortgage-backed securities:      
Residential - U.S. Government-sponsored enterprises— — 367,887 (63,607)367,887 (63,607)
Residential - Non-government agencies— — 8,169 (980)8,169 (980)
Commercial - U.S. Government-sponsored enterprises6,467 (1)44,447 (7,403)50,914 (7,404)
Commercial - Non-government agencies9,663 (130)5,293 (58)14,956 (188)
Total$19,557 $(219)$588,097 $(108,028)$607,654 $(108,247)

Less Than 12 Months12 Months or LongerTotal
Description of SecuritiesFair ValueUnrecognized LossesFair ValueUnrecognized LossesFair ValueUnrecognized Losses
(Dollars in thousands)
December 31, 2023
Held-to-Maturity:
Debt securities:
States and political subdivisions$— $— $35,253 $(6,706)$35,253 $(6,706)
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises8,853 (33)512,378 (60,482)521,231 (60,515)
Total$8,853 $(33)$547,631 $(67,188)$556,484 $(67,221)
v3.25.0.1
LOANS AND CREDIT QUALITY (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of loans and leases, excluding loans held for sale
Loans, net of deferred fees and costs as of December 31, 2024 and 2023 consisted of the following:

 December 31,
(Dollars in thousands)20242023
Commercial and industrial$606,936 $575,707 
Real estate:
Construction145,211 185,519 
Residential mortgage1,892,520 1,927,789 
Home equity676,982 736,524 
Commercial mortgage1,500,680 1,382,902 
Consumer510,523 630,541 
Loans, net of deferred fees and costs$5,332,852 $5,438,982 
Financing Receivable, Purchased With Credit Deterioration
The following table presents loan purchases by class for the periods presented:
Schedule of balance in the allowance for loan and lease losses and the recorded investment in loans and lease based on the impairment measurement methods, by class
In accordance with ASC 326, a loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following table presents the amortized cost basis of collateral-dependent loans by class, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans as of December 31, 2024 and 2023:

December 31, 2024
(Dollars in thousands)Secured by
1-4 Family
Residential
Properties		Secured by
Nonfarm
Nonresidential
Properties		TotalAllocated
ACL
Real estate:
Residential mortgage$9,044 $— $9,044 $— 
Home equity952 — 952 — 
Total$9,996 $— $9,996 $— 

December 31, 2023
(Dollars in thousands)Secured by
1-4 Family
Residential
Properties		Secured by
Nonfarm
Nonresidential
Properties		TotalAllocated
ACL
Real estate:
Residential mortgage$6,450 $— $6,450 $47 
Home equity834 — 834 — 
Commercial mortgage— 77 77 — 
Total$7,284 $77 $7,361 $47 
Schedule of aging of the recorded investment in past due loans and leases, by class The following tables present by class, the aging of the recorded investment in past due loans as of December 31, 2024 and 2023. The following tables also present the amortized cost of loans on nonaccrual status for which there was no related ACL as of the dates indicated:
December 31, 2024
(Dollars in thousands)Accruing
Loans
30 - 59
Days
Past Due		Accruing
Loans
60 - 89
Days
Past Due		Accruing
Loans
90+ 
Days
Past Due		Nonaccrual
Loans		Total
Past Due
and
Nonaccrual		Loans and
Leases Not
Past Due		TotalNonaccrual Loans with No ACL
Commercial and industrial$2,978 $210 $— $414 $3,602 $603,334 $606,936 $— 
Real estate:
Construction— — — — — 145,211 145,211 — 
Residential mortgage8,880 3,316 323 9,044 21,563 1,870,957 1,892,520 9,044 
Home equity943 485 78 952 2,458 674,524 676,982 952 
Commercial mortgage— — — — — 1,500,680 1,500,680 — 
Consumer5,255 1,444 373 608 7,680 502,843 510,523 — 
Total$18,056 $5,455 $774 $11,018 $35,303 $5,297,549 $5,332,852 $9,996 

December 31, 2023
(Dollars in thousands)Accruing
Loans
30 - 59
Days
Past Due		Accruing
Loans
60 - 89
Days
Past Due		Accruing
Loans
90+ 
Days
Past Due		Nonaccrual
Loans		Total
Past Due
and
Nonaccrual		Loans and
Leases Not
Past Due		TotalNonaccrual Loans with No ACL
Commercial and industrial$513 $169 $— $432 $1,114 $574,593 $575,707 $— 
Real estate:
Construction— — — — — 185,519 185,519 — 
Residential mortgage3,082 2,140 — 4,962 10,184 1,917,605 1,927,789 4,855 
Home equity804 400 229 834 2,267 734,257 736,524 834 
Commercial mortgage— — — 77 77 1,382,825 1,382,902 77 
Consumer5,677 2,329 1,083 703 9,792 620,749 630,541 — 
Total$10,076 $5,038 $1,312 $7,008 $23,434 $5,415,548 $5,438,982 $5,766 
Schedule of recorded investment in the loans and leases, by class and credit indicator
The following tables present the amortized cost basis, net of deferred (fees) costs of the Company's loans by class, credit quality indicator and origination year as of December 31, 2024 and 2023. Revolving loans converted to term as of and during the year ended December 31, 2024 and 2023 were not material to the total loan portfolio.

Amortized Cost of Term Loans by Origination Year
(Dollars in thousands)20242023202220212020PriorAmortized Cost of Revolving LoansTotal
December 31, 2024
Commercial and industrial:
Risk Rating
Pass$167,816 $58,905 $69,576 $57,354 $21,827 $142,546 $81,876 $599,900 
Special Mention— — — 2,539 — — — 2,539 
Substandard3,372 110 922 11 — 82 — 4,497 
Subtotal171,188 59,015 70,498 59,904 21,827 142,628 81,876 606,936 
Construction:
Risk Rating
Pass10,141 33,646 35,398 19,217 11,754 34,937 118 145,211 
Subtotal10,141 33,646 35,398 19,217 11,754 34,937 118 145,211 
Residential mortgage:
Risk Rating
Pass85,844 89,118 259,516 589,118 393,633 465,032 — 1,882,261 
Substandard— — 1,599 616 1,855 6,189 — 10,259 
Subtotal85,844 89,118 261,115 589,734 395,488 471,221 — 1,892,520 
Home equity:
Risk Rating
Pass1,060 11,787 28,687 18,277 8,406 25,235 582,499 675,951 
Substandard— — — — — 1,031 — 1,031 
Subtotal1,060 11,787 28,687 18,277 8,406 26,266 582,499 676,982 
Commercial mortgage:
Risk Rating
Pass180,391 95,323 235,344 223,724 111,399 635,255 5,731 1,487,167 
Special Mention— 621 — 2,506 — 2,930 — 6,057 
Substandard— — — — — 7,456 — 7,456 
Subtotal180,391 95,944 235,344 226,230 111,399 645,641 5,731 1,500,680 
Consumer:
Risk Rating
Pass95,971 60,771 173,097 92,976 20,838 14,466 51,422 509,541 
Substandard21 90 162 144 27 478 60 982 
Subtotal95,992 60,861 173,259 93,120 20,865 14,944 51,482 510,523 
Total loans, net of deferred fees and costs$544,616 $350,371 $804,301 $1,006,482 $569,739 $1,335,637 $721,706 $5,332,852 

The following table includes gross charge-offs of loans by origination year during the year ended December 31, 2024.

Gross Charge-offs by Year of Origination
(Dollars in thousands)20242023202220212020PriorAmortized Cost of Revolving LoansTotal
Commercial and industrial:$102 $434 $438 $519 $33 $1,451 $— $2,977 
Real estate:
Residential mortgage— — 175 — — 208 — 383 
Consumer140 675 10,132 4,179 481 1,259 — 16,866 
Total gross charge-offs$242 $1,109 $10,745 $4,698 $514 $2,918 $— $20,226 
Amortized Cost of Term Loans by Origination Year
(Dollars in thousands)20232022202120202019PriorAmortized Cost of Revolving LoansTotal
December 31, 2023
Commercial and industrial:
Risk Rating
Pass$83,333 $82,649 $77,551 $32,831 $42,162 $152,940 $90,177 $561,643 
Special Mention— — 2,916 — — 944 93 3,953 
Substandard37 1,189 576 662 571 7,026 50 10,111 
Subtotal83,370 83,838 81,043 33,493 42,733 160,910 90,320 575,707 
Construction:
Risk Rating
Pass8,434 52,596 69,203 18,878 2,136 31,090 2,778 185,115 
Special Mention— — 404 — — — — 404 
Subtotal8,434 52,596 69,607 18,878 2,136 31,090 2,778 185,519 
Residential mortgage:
Risk Rating
Pass101,473 266,314 609,648 414,430 144,312 385,452 — 1,921,629 
Special Mention— — — — — 268 — 268 
Substandard— 1,057 299 931 818 2,787 — 5,892 
Subtotal101,473 267,371 609,947 415,361 145,130 388,507 — 1,927,789 
Home equity:
Risk Rating
Pass12,229 32,208 19,589 8,766 6,372 17,379 638,917 735,460 
Substandard— — — — 66 998 — 1,064 
Subtotal12,229 32,208 19,589 8,766 6,438 18,377 638,917 736,524 
Commercial mortgage:
Risk Rating
Pass96,479 256,660 202,933 115,055 112,578 566,325 6,311 1,356,341 
Special Mention— — — — 10,513 9,638 — 20,151 
Substandard— — 2,587 — 1,654 2,169 — 6,410 
Subtotal96,479 256,660 205,520 115,055 124,745 578,132 6,311 1,382,902 
Consumer:
Risk Rating
Pass88,593 261,752 144,341 36,431 27,970 10,538 59,130 628,755 
Substandard58 231 205 87 83 1,084 10 1,758 
Loss— — — — — 28 — 28 
Subtotal88,651 261,983 144,546 36,518 28,053 11,650 59,140 630,541 
Total loans, net of deferred fees and costs$390,636 $954,656 $1,130,252 $628,071 $349,235 $1,188,666 $797,466 $5,438,982 

The following table includes gross charge-offs of loans by origination year during the year ended December 31, 2023.

Gross Charge-offs by Year of Origination
(Dollars in thousands)20232022202120202019PriorAmortized Cost of Revolving LoansTotal
Commercial and industrial:$211 $314 $204 $— $276 $957 $— $1,962 
Consumer111 8,282 5,997 1,148 833 874 — 17,245 
Total gross charge-offs$322 $8,596 $6,201 $1,148 $1,109 $1,831 $— $19,207 
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES AND RESERVE FOR OFF-BALANCE SHEET CREDIT EXPOSURES (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of activity in the allowance, by class
The following tables present the activity in the ACL for loans by class for the years ended December 31, 2024, 2023 and 2022:

Real Estate
(Dollars in thousands)Commercial & IndustrialConstructionResidential
Mortgage		Home
Equity		Commercial
Mortgage		ConsumerTotal
Year ended December 31, 2024
Beginning balance$7,181 $4,004 $14,626 $3,501 $17,543 $17,079 $63,934 
Provision (credit) for credit losses on loans2,373 (1,688)988 (1,172)1,339 9,122 10,962 
Subtotal9,554 2,316 15,614 2,329 18,882 26,201 74,896 
Charge-offs2,977 — 383 — — 16,866 20,226 
Recoveries536 — 36 6 — 3,934 4,512 
Net charge-offs (recoveries)2,441 — 347 (6)— 12,932 15,714 
Ending balance$7,113 $2,316 $15,267 $2,335 $18,882 $13,269 $59,182 

Real Estate
(Dollars in thousands)Commercial & IndustrialConstructionResidential
Mortgage		Home
Equity		Commercial
Mortgage		ConsumerTotal
Year ended December 31, 2023
Beginning balance$6,824 $2,867 $11,804 $4,114 $17,902 $20,227 $63,738 
Provision (credit) for credit losses on loans1,599 1,136 2,745 (670)(359)10,784 15,235 
Subtotal8,423 4,003 14,549 3,444 17,543 31,011 78,973 
Charge-offs1,962 — — — — 17,245 19,207 
Recoveries720 1 77 57 — 3,313 4,168 
Net charge-offs (recoveries)1,242 (1)(77)(57)— 13,932 15,039 
Ending balance$7,181 $4,004 $14,626 $3,501 $17,543 $17,079 $63,934 

Real Estate
(Dollars in thousands)Commercial & IndustrialConstructionResidential
Mortgage		Home
Equity		Commercial
Mortgage		ConsumerTotal
Year ended December 31, 2022
Beginning balance$10,391 $3,908 $12,463 $4,509 $18,411 $18,415 $68,097 
Provision (credit) for credit losses on loans(2,593)(1,117)(954)(431)(509)5,892 288 
Subtotal7,798 2,791 11,509 4,078 17,902 24,307 68,385 
Charge-offs1,969 — — — — 6,399 8,368 
Recoveries995 76 295 36 — 2,319 3,721 
Net charge-offs974 (76)(295)(36)— 4,080 4,647 
Ending balance$6,824 $2,867 $11,804 $4,114 $17,902 $20,227 $63,738 
Schedule of changes in the allowance for loan and lease losses for impaired loans
The following table presents the activity in the reserve for off-balance sheet credit exposures, included in other liabilities, under ASC 326 during the years ended December 31, 2024, 2023 and 2022.

Year Ended December 31,
(Dollars in thousands)202420232022
Balance, beginning of year$3,706 $3,243 $4,804 
Provision (credit) for off-balance sheet credit exposures(1,136)463 (1,561)
Balance, end of year$2,570 $3,706 $3,243 
v3.25.0.1
PREMISES AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of premises and equipment
Premises and equipment consisted of the following as of December 31, 2024 and 2023:

December 31,
(Dollars in thousands)20242023
Land$22,564 $22,564 
Office buildings and improvements161,712 148,362 
Furniture, fixtures and equipment39,302 38,867 
Gross premises and equipment223,578 209,793 
Accumulated depreciation and amortization(119,236)(113,609)
Net premises and equipment$104,342 $96,184 
Schedule of operating expenses to which depreciation and amortization of premises and equipment were charged
Depreciation and amortization of premises and equipment were charged to the following operating expenses during the periods presented:

Year Ended December 31,
(Dollars in thousands)202420232022
Net occupancy$4,740 $4,813 $4,720 
Equipment2,138 2,130 2,145 
Total$6,878 $6,943 $6,865 
v3.25.0.1
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES (Tables)
 12 Months Ended
Dec. 31, 2024
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Schedule of Investments in and Advances to Affiliates, Schedule of Investments
Investments in unconsolidated entities consisted of the following components as of December 31, 2024 and 2023:

December 31,
(Dollars in thousands)20242023
Investments in low income housing tax credit partnerships$48,730 $37,838 
Investments in common securities of statutory trusts1,547 1,547 
Investments in affiliates90 111 
Other2,050 2,050 
Total$52,417 $41,546 
The following table presents amortization expense and tax credits recognized associated with our investments in LIHTC partnerships for the periods presented:

Year Ended December 31,
(Dollars in thousands)202420232022
Proportional amortization method:
Amortization expense recognized in income tax expense$4,794 $3,101 $2,566 
Federal and state tax credits recognized in income tax expense5,632 3,400 2,938 
Future Commitments
The expected payments for the unfunded commitments related to the Company's investments in unconsolidated entities as of December 31, 2024 are as follows:

(Dollars in thousands)LIHTCOther
Year Ending December 31:PartnershipsPartnershipsTotal
2025$11,027 $803 $11,830 
20267,564 — 7,564 
202736 — 36 
202830 — 30 
202936 — 36 
Thereafter387 — 387 
Total commitments$19,080 $803 $19,883 
v3.25.0.1
MORTGAGE SERVICING RIGHTS (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in other intangible assets
The following table presents changes in our mortgage servicing rights for the periods presented:
 
(Dollars in thousands)Mortgage
Servicing
Rights
Balance as of December 31, 2022$9,074 
Additions327 
Amortization(705)
Balance as of December 31, 20238,696 
Additions553 
Amortization(776)
Balance as of December 31, 2024$8,473 
Schedule of gross carrying value and accumulated amortization related to intangible assets
The gross carrying value, accumulated amortization, and net carrying value related to our mortgage servicing rights as of December 31, 2024 and 2023 are presented below:

 December 31, 2024December 31, 2023
(Dollars in thousands)Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value		Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
Mortgage servicing rights$70,293 $(61,820)$8,473 $69,740 $(61,044)$8,696 
Schedule of estimated amortization expense
Based on our mortgage servicing rights held as of December 31, 2024, estimated amortization expense for the next five succeeding fiscal years and all years thereafter are as follows:

(Dollars in thousands)
Year Ending December 31:
2025$928 
2026887 
2027788 
2028699 
2029612 
Thereafter4,559 
Total$8,473 
Schedule of fair market value and key assumptions used in determining the fair market value of our mortgage servicing rights
The following table presents the fair market value and key assumptions used in determining the fair market value of our mortgage servicing rights:

 Year Ended December 31,
(Dollars in thousands)20242023
Fair market value, beginning of period$12,185 $12,061 
Fair market value, end of period12,387 12,185 
Weighted-average discount rate9.5 %9.5 %
Weighted-average prepayment speed assumption10.2 %11.2 %
v3.25.0.1
DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the location of all assets and liabilities associated with derivative instruments within the consolidated balance sheet
The following table presents the location of all assets and liabilities associated with our derivative instruments within the Company's consolidated balance sheet: 
Asset DerivativesLiability Derivatives
Derivatives Not Designated asBalance SheetFair Value atFair Value atFair Value atFair Value at
Hedging InstrumentsLocationDecember 31, 2024December 31, 2023December 31, 2024December 31, 2023
(Dollars in thousands)
Interest rate lock and forward sale commitmentsOther assets / other liabilities$46 $— $4 $34 
Back-to-back swap agreementsOther assets / other liabilities3,840 3,547 3,840 3,547 

Asset DerivativesLiability Derivatives
Derivatives Designated asBalance SheetFair Value atFair Value atFair Value atFair Value at
Hedging InstrumentsLocationDecember 31, 2024December 31, 2023December 31, 2024December 31, 2023
(Dollars in thousands)
Interest rate swapOther assets / other liabilities$8,382 $6,440 $— $— 
Schedule of the impact of derivative instruments and their location within the consolidated statements of income
The following table presents the impact of derivative instruments and their location within the Company's consolidated statements of income for the periods presented: 
Derivatives Not in Cash Flow Hedging RelationshipLocation of Gain (Loss) Recognized in Earnings on DerivativesAmount of Gain (Loss) Recognized in Earnings on Derivatives
(Dollars in thousands)
Year ended December 31, 2024
Interest rate lock and forward sale commitmentsMortgage banking income$77 
Loans held for saleOther income(78)
Risk participation agreementsOther service charges and fees— 
Back-to-back swap agreementsOther service charges and fees80 
Year ended December 31, 2023
Interest rate lock and forward sale commitmentsMortgage banking income(42)
Loans held for saleOther income3 
Risk participation agreementsOther service charges and fees— 
Back-to-back swap agreementsOther service charges and fees71 
Year ended December 31, 2022
Interest rate lock and forward sale commitmentsMortgage banking income8 
Loans held for saleOther income(3)
Risk participation agreementsOther service charges and fees16 
Back-to-back swap agreementsOther service charges and fees— 

Derivatives in Cash Flow Hedging RelationshipLocation of Gain (Loss) Recognized in Earnings on DerivativesAmount of Gain (Loss) Recognized in Earnings on Derivatives
(Dollars in thousands)
Year ended December 31, 2024
Interest rate swapInterest income$2,563 
Year ended December 31, 2023
Interest rate swapInterest income$(37)
Year ended December 31, 2022
Interest rate swapInterest income$(340)
v3.25.0.1
DEPOSITS (Tables)
 12 Months Ended
Dec. 31, 2024
Deposits [Abstract]  
Schedule of maturities of time deposits of $100,000 or more Contractual maturities of total time deposits as of December 31, 2024 were as follows:
(Dollars in thousands)
Year Ending December 31:
2025$1,048,873 
202624,748 
20276,581 
20282,728 
20293,908 
Thereafter347 
Total$1,087,185 
Contractual maturities of time deposits of $250,000 or more as of December 31, 2024 were as follows:

(Dollars in thousands)
Three months or less$327,050 
Over three months through six months191,786 
Over six months through twelve months92,247 
202611,867 
2027880 
2028— 
2029500 
Thereafter— 
Total$624,330 
v3.25.0.1
SHORT-TERM BORROWINGS AND LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of short-term borrowings
A summary of the Bank's short-term borrowings as of December 31, 2024, 2023 and 2022 is as follows:

Year Ended December 31,
(Dollars in thousands)202420232022
Amount outstanding at December 31,$— $— $5,000 
Average amount outstanding during year17 23,322 37,211 
Highest month-end balance during year6,000 100,000 140,000 
Weighted-average interest rate on balances outstanding at December 31,— %— %4.60 %
Weighted-average interest rate during year5.58 %4.88 %2.84 %
Schedule of long-term debt, based on original maturity
December 31,
(Dollars in thousands)20242023
FHLB advances$50,000 $50,000 
Subordinated debentures51,547 51,547 
Subordinated notes, net of unamortized debt issuance costs of $202 and $445
54,798 54,555 
Total$156,345 $156,102 
As of December 31, 2024 and 2023, the Company had the following subordinated notes outstanding:

(Dollars in thousands)
December 31, 2024 and 2023
Name
Subordinated Notes
Interest Rate
October 2020 Private Placement$55,000 
4.75% for the first five years. Resets quarterly thereafter to the then current three-month SOFR plus 456 basis points.
Schedule of future principal payments on long-term debt based on final maturity
At December 31, 2024, future principal payments on long-term debt based on redemption date or final maturity are as follows:

(Dollars in thousands)
Year Ending December 31:
2025$25,000 
2026— 
2027— 
202825,000 
2029— 
Thereafter106,547 
Total$156,547 
Schedule of Subordinated Borrowing
As of December 31, 2024 and 2023, the Company had the following junior subordinated debentures outstanding:
(Dollars in thousands)
December 31, 2024 and 2023
December 31, 2024 and 2023
Name of Trust
Subordinated Debentures
Interest Rate
Trust IV$30,928 
Three-month CME Term SOFR + tenor spread adjustment of 0.26% + 2.45%
Trust V20,619 
Three-month CME Term SOFR + tenor spread adjustment of 0.26% + 1.87%
Total$51,547 
v3.25.0.1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Other operating income segregated by revenue streams
The following presents the Company's other operating income, segregated by revenue streams that are in-scope and out-of-scope of ASC 606 for the periods presented:

Year Ended December 31, 2024
(Dollars in thousands)In-scopeOut-of-scopeTotal
Other operating income:
Mortgage banking income$917 $2,471 $3,388 
Service charges on deposit accounts8,656 — 8,656 
Other service charges and fees20,128 2,425 22,553 
Income on fiduciary activities5,761 — 5,761 
Net (losses) gains on sales of investment securities— (9,934)(9,934)
Income from bank-owned life insurance— 6,619 6,619 
Other— 1,680 1,680 
Total other operating income$35,462 $3,261 $38,723 
Year Ended December 31, 2023
(Dollars in thousands)In-scopeOut-of-scopeTotal
Other operating income:
Mortgage banking income$687 $1,905 $2,592 
Service charges on deposit accounts8,753 — 8,753 
Other service charges and fees18,605 1,926 20,531 
Income on fiduciary activities4,895 — 4,895 
Net (losses) gains on sales of investment securities— (2,074)(2,074)
Income from bank-owned life insurance— 4,870 4,870 
Other— 7,096 7,096 
Total other operating income32,940 13,723 46,663 

Year Ended December 31, 2022
(Dollars in thousands)In-scopeOut-of-scopeTotal
Other operating income:
Mortgage banking income$1,060 $2,750 $3,810 
Service charges on deposit accounts8,197 — 8,197 
Other service charges and fees16,581 2,444 19,025 
Income on fiduciary activities4,565 — 4,565 
Net (losses) gains on sales of investment securities— 8,506 8,506 
Income from bank-owned life insurance— 1,865 1,865 
Other— 1,951 1,951 
Total other operating income$30,403 $17,516 $47,919 
v3.25.0.1
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of the effects of share-based compensation to options and awards granted under the Company's equity incentive plans The following table summarizes the effects of share-based compensation for options and awards granted under the Company's equity incentive plans for each of the periods presented:
 Year Ended December 31,
(Dollars in thousands)202420232022
Salaries and employee benefits$2,165 $2,641 $4,567 
Directors stock awards432 399 350 
Income tax benefit(742)(957)(1,461)
Net share-based compensation effect$1,855 $2,083 $3,456 
Schedule of activity of restricted stock awards and units
The table below presents the activity of RSUs and PSUs for each of the periods presented:

Number
of Units		Weighted
Average
Grant Date
Fair Value		Fair Value
of RSUs
and PSUs That
Vested During
The Year
(in thousands)
Unvested as of December 31, 2021485,339 $21.95 
Changes during the year:
Granted99,887 28.99 
Forfeited(53,980)25.66 
Vested(178,781)21.91 $4,787 
Unvested as of December 31, 2022352,465 23.40 
Changes during the year:
Granted115,992 22.76 
Forfeited(53,041)25.09 
Vested(190,837)20.93 3,942 
Unvested as of December 31, 2023224,579 24.76 
Changes during the year:  
Granted137,911 19.41 
Forfeited(1,648)20.59 
Vested(76,691)23.68 1,515 
Unvested as of December 31, 2024284,151 22.48 
v3.25.0.1
RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of information pertaining to the defined benefit retirement plan
The following tables set forth information pertaining to the SERP for the periods presented:

Year Ended December 31,
(Dollars in thousands)20242023
Change in benefit obligation  
Benefit obligation at beginning of year$9,274 $9,220 
Interest cost434 448 
Actuarial (gains) losses(378)181 
Benefits paid(575)(575)
Benefit obligation at end of year8,755 9,274 
Change in plan assets  
Fair value of plan assets at beginning of year— — 
Employer contributions575 575 
Benefits paid(575)(575)
Fair value of plan assets at end of year— — 
Funded status at end of year$(8,755)$(9,274)
Amounts recognized in AOCI 
Net actuarial losses$426 $106 
Total amounts recognized in AOCI$426 $106 
Benefit obligation actuarial assumptions  
Weighted-average discount rate5.2 %4.8 %
Year Ended December 31,
(Dollars in thousands)202420232022
Components of net periodic benefit cost
Interest cost$432 $448 $301 
Amortization of net actuarial (gains) losses(2)(74)79 
Amortization of net transition obligation— 7 18 
Net periodic benefit cost$430 $381 $398 
Net periodic cost actuarial assumptions
Weighted-average discount rate4.9 %5.1 %2.7 %
Schedule of estimated future benefit payments
Estimated future benefit payments reflecting expected future service for the SERP in each of the next five years and thereafter are as follows:

(Dollars in thousands)
Year Ending December 31:
2025$574 
2026569 
2027563 
2028954 
20291,026 
Thereafter5,069 
Total$8,755 
v3.25.0.1
OPERATING LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases, Operating [Abstract]  
Schedule of Lease Cost
Total lease cost, cash flow information, weighted-average remaining lease term and weighted-average discount rate are summarized below for the periods presented:
Year Ended December 31,
(Dollars in thousands)202420232022
Lease cost:
Operating lease cost$5,233 $5,108 $5,495 
Variable lease cost3,229 3,751 3,278 
Less: sublease income— (34)(48)
Total lease cost$8,462 8,825 8,725 
Other information:
Operating cash flows from operating leases$(5,073)$(5,095)$(5,896)
Weighted-average remaining lease term - operating leases 10.25 years10.64 years11.22 years
Weighted-average discount rate - operating leases4.07 %3.96 %3.95 %
Lessee, Operating Lease, Liability, Maturity
The following is a schedule of annual undiscounted cash flows for our operating leases and a reconciliation of those cash flows to the operating lease liabilities for the next five succeeding fiscal years and all years thereafter:

(Dollars in thousands)
Year Ending December 31, Undiscounted Cash FlowsLease Liability ExpenseLease Liability Reduction
2025$5,048 $1,210 $3,838 
20265,002 1,065 3,937 
20274,199 926 3,273 
20283,443 811 2,632 
20293,062 710 2,352 
Thereafter18,957 2,964 15,993 
Total $39,711 $7,686 $32,025 
Operating Lease, Lease Income The following represents lease income related to these leases that was recognized for the periods presented:
Year Ended December 31,
(Dollars in thousands)202420232022
Total rental income recognized$2,059 2,132 2,228 
Schedule of future minimum rental income for noncancellable operating leases that had initial lease terms in excess of one year
Based on the Company's leases as lessor as of December 31, 2024, estimated lease payments for the next five succeeding fiscal years and all years thereafter are as follows:

(Dollars in thousands)
Year Ending December 31,
2025$1,441 
20261,289 
20271,170 
2028716 
2029640 
Thereafter1,294 
Total$6,550 
v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense (benefit)
Components of income tax expense (benefit) for the years ended December 31, 2024, 2023 and 2022 were as follows:

Year Ended December 31,
(Dollars in thousands)202420232022
Current expense (benefit):
Federal$5,744 $5,538 $996 
State112 1,404 (1,965)
Total current5,856 6,942 (969)
Deferred expense:
Federal6,800 9,300 18,854 
State1,971 1,911 6,956 
Total deferred8,771 11,211 25,810 
Provision for income taxes$14,627 $18,153 $24,841 
Schedule of the reasons of difference between the income tax expense (benefit) and the expected tax expense
Income tax expense (benefit) for the periods presented differed from the "expected" tax expense (computed by applying the U.S. federal corporate tax rate of 21% for the years ended December 31, 2024, 2023 and 2022, to income before income taxes) for the following reasons:

Year Ended December 31,
(Dollars in thousands)202420232022
Computed "expected" tax expense$14,288 $16,133 $20,741 
Increase (decrease) in taxes resulting from:  
Tax-exempt interest income(868)(702)(692)
Other tax-exempt income(1,370)(1,023)(392)
Low-income housing tax credits(940)(508)(530)
State income taxes, net of Federal income tax effect, excluding impact of deferred tax valuation allowance3,354 3,827 4,982 
Change in the valuation allowance for deferred tax assets allocated to income tax expense(1,340)1,048 39 
Prior year deferred adjustments611 (1,043)348 
Other, net892 421 345 
Total$14,627 $18,153 $24,841 
Schedule of the tax effects of temporary differences giving rise to significant portions of the deferred tax assets and deferred tax liabilities
The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows:

December 31,
(Dollars in thousands)20242023
Deferred tax assets  
Lease liability$8,530 $8,162 
Allowance for credit losses12,643 13,643 
Accrued expenses2,576 1,804 
Employee retirement benefits1,765 1,926 
Federal and state tax credit carryforwards1,590 2,208 
Federal net operating loss carryforwards— 1,644 
State net operating loss carryforwards2,890 4,503 
Deferred compensation4,207 3,976 
Premises and equipment4,460 4,161 
Available-for-sale and held-to-maturity investment securities— 2,309 
Other1,667 3,370 
Total deferred tax assets40,328 47,706 
Deferred tax liabilities 
Right-of-use lease asset8,210 7,918 
Intangible assets2,257 2,317 
Available-for-sale and held-to-maturity investment securities5,749 — 
Other3,180 3,489 
Total deferred tax liabilities19,396 13,724 
Less: Deferred tax valuation allowance3,106 4,446 
Net deferred tax assets$17,826 $29,536 
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of components of other comprehensive income (loss)
The following table presents the components of other comprehensive income (loss) for the years ended December 31, 2024, 2023 and 2022, by component:

(Dollars in thousands)Before TaxTax EffectNet of Tax
Year ended December 31, 2024   
Net change in fair value of investment securities:   
Net unrealized losses on investment securities arising during the period$(8,310)$(2,170)$(6,140)
Less: Reclassification adjustment for losses realized in net income9,934 2,620 7,314 
Less: Amortization of unrealized losses on investment securities transferred to HTM7,159 1,902 5,257 
Net change in fair value of investment securities8,783 2,352 6,431 
Net change in fair value of derivative:
Net unrealized gains arising during the period1,988 523 1,465 
Net change in fair value of derivative1,988 523 1,465 
SERPs:   
Net actuarial gains arising during the period379 99 280 
Amortization of net actuarial gains(2)— (2)
SERPs377 99 278 
Other comprehensive income$11,148 $2,974 $8,174 
(Dollars in thousands)Before TaxTax EffectNet of Tax
Year ended December 31, 2023   
Net change in fair value of investment securities:   
Net unrealized gains on investment securities arising during the period$19,762 $5,437 $14,325 
Less: Reclassification adjustment for losses realized in net income2,074 547 1,527 
Less: Amortization of unrealized losses on investment securities transferred to HTM7,440 2,105 5,335 
Net change in fair value of investment securities29,276 8,089 21,187 
Net change in fair value of derivative:
Net unrealized gains arising during the period491 107 384 
Net change in fair value of derivative491 107 384 
SERPs:   
Net actuarial losses arising during the period(182)(48)(134)
Amortization of net actuarial losses(74)(20)(54)
Amortization of net transition obligation7 2 5 
SERPs(249)(66)(183)
Other comprehensive income$29,518 $8,130 $21,388 

(Dollars in thousands)Before TaxTax EffectNet of Tax
Year ended December 31, 2022   
Net change in fair value of investment securities:   
Net unrealized losses on investment securities arising during the period$(204,250)$(54,109)$(150,141)
Less: Amortization of unrealized losses on investment securities transferred to HTM6,218 1,520 4,698 
Net change in fair value of investment securities(198,032)(52,589)(145,443)
Net change in fair value of derivative:
Net unrealized gains arising during the period6,326 1,681 4,645 
Net change in fair value of derivative6,326 1,681 4,645 
Defined benefit retirement plan and SERPs:   
Net actuarial gains arising during the period2,007 537 1,470 
Amortization of net actuarial losses304 81 223 
Amortization of net transition obligation18 4 14 
Settlement4,884 1,817 3,067 
Defined benefit retirement plan and SERPs7,213 2,439 4,774 
Other comprehensive loss$(184,493)$(48,469)$(136,024)
Schedule of changes in each component of AOCI, net of tax
The following table presents the changes in each component of AOCI, net of tax, for the years ended December 31, 2024, 2023 and 2022:

(Dollars in thousands)Investment
Securities		DerivativesDefined
Benefit
Plans		AOCI
Year ended December 31, 2024    
Balance at beginning of period$(127,922)$5,029 $297 $(122,596)
Other comprehensive (loss) income before reclassifications(6,140)1,465 280 (4,395)
Amounts reclassified from AOCI12,571 — (2)12,569 
Net other comprehensive income6,431 1,465 278 8,174 
Balance at end of period$(121,491)$6,494 $575 $(114,422)

(Dollars in thousands)Investment
Securities		DerivativesDefined
Benefit
Plans		AOCI
Year ended December 31, 2023    
Balance at beginning of period$(149,109)$4,645 $480 $(143,984)
Other comprehensive income (loss) before reclassifications14,325 384 (134)14,575 
Amounts reclassified from AOCI6,862 — (49)6,813 
Net other comprehensive income (loss)21,187 384 (183)21,388 
Balance at end of period$(127,922)$5,029 $297 $(122,596)

(Dollars in thousands)Investment
Securities		DerivativesDefined
Benefit
Plans		AOCI
Year ended December 31, 2022    
Balance at beginning of period$(3,666)$— $(4,294)$(7,960)
Other comprehensive (loss) income before reclassifications(150,141)4,645 1,470 (144,026)
Amounts reclassified from AOCI4,698 — 3,304 8,002 
Net other comprehensive (loss) income(145,443)4,645 4,774 (136,024)
Balance at end of period$(149,109)$4,645 $480 $(143,984)
Schedule of amounts reclassified out of each component of AOCI
The following table presents the amounts reclassified out of each component of AOCI for the years ended December 31, 2024, 2023 and 2022:

 Amount Reclassified from AOCIAffected Line Item in the
Year ended December 31, Statement Where Net
Details about AOCI Components202420232022Income is Presented
(Dollars in thousands)
Sale of available-for-sale investment securities:
Realized loss on sale of available-for-sale investment securities$9,934 $2,074 $— Net loss on sales of investment securities
Tax effect(2,620)(547)— Income tax benefit
Net of tax$7,314 $1,527 $— 
Amortization of unrealized losses on investment securities transferred to HTM$7,159 $7,440 $6,218 Interest and dividends on investment securities
Tax effect(1,902)(2,105)(1,520)Income tax benefit
Net of tax$5,257 $5,335 $4,698 
Defined benefit plan items:    
Amortization of net actuarial (gains) losses$(2)$(74)$304 
Other operating expense - other (1)
Amortization of net transition obligation— 7 18 
Other operating expense - other (1)
Settlement— — 4,884 
Other operating expense - other (1)
Total before tax(2)(67)5,206 
Tax effect1 18 (1,902)Income tax expense (benefit)
Net of tax$(1)$(49)$3,304 
Total reclassifications, net of tax$12,570 $6,813 $8,002 
v3.25.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of information used to compute basic and diluted earnings per share
The table below presents the information used to compute basic and diluted earnings per share for the years ended December 31, 2024, 2023 and 2022:

 Year Ended December 31,
(In thousands, except per share data)202420232022
Net income$53,412 $58,669 $73,928 
Weighted-average shares outstanding for basic earnings per share27,057,329 27,027,681 27,398,445 
Add: Dilutive effect of employee stock options and awards99,791 52,837 169,335 
Weighted-average shares outstanding for diluted earnings per share27,157,120 27,080,518 27,567,780 
Basic earnings per share$1.97 $2.17 $2.70 
Diluted earnings per share$1.97 $2.17 $2.68 
Anti-dilutive employee stock options and awards58 19,030 — 
v3.25.0.1
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, All Other Investments [Abstract]  
Schedule of financial instruments with off-balance sheet risk
At December 31, 2024 and 2023, financial instruments with off-balance sheet risk were as follows:

December 31,
(Dollars in thousands)20242023
Notional amount of:
Financial instruments whose contract amounts represent credit risk:  
Commitments to extend credit:
Fixed rate$30,212 $30,660 
Variable rate1,189,325 1,244,671 
Total$1,219,537 $1,275,331 
Standby letters of credit and financial guarantees written$2,702 $3,301 
Notional amount of:
Financial instruments whose contract amounts exceed the amount of credit risk: 
Back-to-back swap agreements:
Assets$50,202 $51,059 
Liabilities50,202 51,059 
Interest rate lock commitments469 1,807 
Forward interest rate contracts4,909 — 
Risk participation agreements35,183 36,022 
Interest rate swap agreements115,545 115,545 
v3.25.0.1
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of carrying amount and estimated fair value of financial instruments
Fair Value Measurement Using
(Dollars in thousands)Carrying
Amount		Estimated
Fair Value		Quoted Prices
in Active 
Markets for 
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2024     
Financial assets:     
Cash and due from financial institutions$77,774 $77,774 $77,774 $— $— 
Interest-bearing deposits in other financial institutions303,167 303,167 303,167 — — 
Investment securities1,334,588 1,244,339 59,498 1,177,994 6,847 
Loans held for sale5,662 5,662 — 5,662 — 
Loans5,332,852 4,916,765 — — 4,916,765 
Accrued interest receivable23,378 23,378 462 4,607 18,309 
Financial liabilities:
Deposits:
Noninterest-bearing deposits1,888,937 1,888,937 1,888,937 — — 
Interest-bearing demand and savings deposits3,667,889 3,667,889 3,667,889 — — 
Time deposits1,087,185 1,079,275 — — 1,079,275 
Long-term debt156,345 153,760 — — 153,760 
Accrued interest payable10,051 10,051 113 — 9,938 
Fair Value Measurement Using
(Dollars in thousands)Notional
Amount		Carrying
Amount		Estimated
Fair Value		Quoted Prices
in Active 
Markets for 
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2024     
Off-balance sheet financial instruments:
Commitments to extend credit$1,219,537 $— $1,167 $— $1,167 $— 
Standby letters of credit and financial guarantees written2,702 — 41 — 41 — 
Derivatives:
Back-to-back swap agreements:
Assets50,202 3,840 3,840 — — 3,840 
Liabilities(50,202)(3,840)(3,840)— — (3,840)
Interest rate lock commitments469 (4)(4)— (4)— 
Forward sale commitments4,909 46 46 — 46 — 
Risk participation agreements35,183 — — — — — 
Interest rate swap agreements115,545 8,382 8,382 — 8,382 — 

Fair Value Measurement Using
(Dollars in thousands)Carrying
Amount		Estimated
Fair Value		Quoted Prices
in Active 
Markets for 
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2023     
Financial assets:     
Cash and due from financial institutions$116,181 $116,181 $116,181 $— $— 
Interest-bearing deposits in other financial institutions406,256 406,256 406,256 — — 
Investment securities1,279,548 1,212,388 — 1,205,238 7,150 
Loans held for sale1,778 1,778 — 1,778 — 
Loans5,438,982 5,089,292 — — 5,089,292 
Accrued interest receivable21,511 21,511 342 4,043 17,126 
Financial liabilities:     
Deposits:     
Noninterest-bearing deposits1,913,379 1,913,379 1,913,379 — — 
Interest-bearing demand and savings deposits3,538,922 3,538,922 3,538,922 — — 
Time deposits1,395,291 1,385,473 — — 1,385,473 
Long-term debt156,102 153,073 — — 153,073 
Accrued interest payable18,948 18,948 85 — 18,863 
Fair Value Measurement Using
(Dollars in thousands)Notional
Amount		Carrying
Amount		Estimated
Fair Value		Quoted Prices
in Active 
Markets for 
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2023
Off-balance sheet financial instruments:   
Commitments to extend credit$1,275,331 $— $1,210 $— $1,210 $— 
Standby letters of credit and financial guarantees written3,301 — 50 — 50 — 
Derivatives:
Back-to-back swap agreements:
Assets51,059 3,547 3,547 — — 3,547 
Liabilities(51,059)(3,547)(3,547)— — (3,547)
Interest rate lock commitments1,807 (34)(34)— (34)— 
Risk participation agreements36,022 — — — — — 
Interest rate swap agreements115,545 6,440 6,440 — — 6,440 
Schedule of balances of assets and liabilities measured at fair value on a recurring basis
The following tables below present the fair value of assets and liabilities measured on a recurring basis:

Fair Value at Reporting Date Using
(Dollars in thousands)Fair
Value		Quoted Prices
in Active 
Markets for 
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2024    
Available-for-sale investment securities:    
Debt securities:    
States and political subdivisions$116,833 $— $110,668 $6,165 
Corporate securities— — — — 
U.S. Treasury obligations and direct obligations of U.S Government agencies81,200 59,498 21,702 — 
Collateralized loan obligations31,140 31,140 — 
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises414,471 — 414,471 — 
Residential - Non-government agencies16,926 — 16,244 682 
Commercial - U.S. Government-sponsored enterprises67,161 — 67,161 — 
Commercial - Non-government agencies9,927 — 9,927 — 
Total investment securities737,658 59,498 671,313 6,847 
Derivatives:
Interest rate lock commitments(4)— (4)— 
Forward sale commitments46 — 46 — 
Interest rate swap agreements8,382 — 8,382 — 
Total derivatives8,424 — 8,424 — 
Total$746,082 $59,498 $679,737 $6,847 
Fair Value at Reporting Date Using
(Dollars in thousands)Fair
Value		Quoted Prices
in Active 
Markets for 
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2023    
Available-for-sale investment securities:    
Debt securities:    
States and political subdivisions$126,635 $— $120,199 $6,436 
Corporate securities31,414 — 31,414 — 
U.S. Treasury obligations and direct obligations of U.S Government agencies26,197 — 26,197 — 
Mortgage-backed securities:    
Residential - U.S. Government-sponsored enterprises378,386 — 378,386 — 
Residential - Non-government agencies18,708 — 17,994 714 
Commercial - U.S. Government-sponsored enterprises50,914 — 50,914 — 
Commercial - Non-government agencies14,956 — 14,956 — 
Total investment securities647,210 — 640,060 7,150 
Derivatives:
Interest rate lock commitments(34)— (34)— 
Interest rate swap agreements6,440 — — 6,440 
Total derivatives6,406 — (34)6,440 
Total$653,616 $— $640,026 $13,590 
Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis
The following table presents changes in Level 3 financial assets and liabilities measured at fair value on a recurring basis for the
periods presented:

 Available-For-Sale Debt Securities:
(Dollars in thousands)States and Political SubdivisionsResidential - Non-Government AgenciesTotal
Balance as of December 31, 2022$6,584 $684 $7,268 
Principal payments received(232)(23)(255)
Unrealized net gain included in other comprehensive income84 53 137 
Balance as of December 31, 20236,436 714 7,150 
Principal payments received(241)(24)(265)
Unrealized net (loss) gain included in other comprehensive income(30)(8)(38)
Balance as of December 31, 2024$6,165 $682 $6,847 
v3.25.0.1
PARENT COMPANY AND REGULATORY RESTRICTIONS (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule of actual and required capital ratios as well as the minimum capital adequacy requirements applicable generally to all financial institutions
The following table sets forth actual and required capital and capital ratios for the Company and the Bank, as well as the minimum capital adequacy requirements applicable generally to all financial institutions as of the dates indicated.

ActualMinimum required for
capital adequacy purposes		Minimum required to
be well-capitalized
(Dollars in thousands)AmountRatioAmount
Ratio (1)
AmountRatio
Central Pacific Financial Corp.      
As of December 31, 2024      
Tier 1 capital to avg. assets (leverage ratio)$704,045 9.3 %$301,967 4.0 %N/AN/A
Common equity tier 1 ("CET1") capital to risk-weighted assets654,045 12.3 239,366 4.5 N/AN/A
Tier 1 capital to risk-weighted assets704,045 13.2 319,155 6.0 N/AN/A
Total capital to risk-weighted assets820,796 15.4 425,540 8.0 N/AN/A
As of December 31, 2023      
Tier 1 capital to avg. assets (leverage ratio)676,536 8.8 305,843 4.0 N/AN/A
CET1 capital to risk-weighted assets626,536 11.4 246,457 4.5 N/AN/A
Tier 1 capital to risk-weighted assets676,536 12.4 328,609 6.0 N/AN/A
Total capital to risk-weighted assets799,175 14.6 438,146 8.0 N/AN/A
Central Pacific Bank      
As of December 31, 2024      
Tier 1 capital to avg. assets (leverage ratio)$731,155 9.7 %$301,410 4.0 %$376,763 5.0 %
CET1 capital to risk-weighted assets731,155 13.8 238,814 4.5 344,953 6.5 
Tier 1 capital to risk-weighted assets731,155 13.8 318,419 6.0 424,558 8.0 
Total capital to risk-weighted assets792,906 14.9 424,558 8.0 530,698 10.0 
As of December 31, 2023      
Tier 1 capital to avg. assets (leverage ratio)704,512 9.2 305,375 4.0 381,719 5.0 
CET1 capital to risk-weighted assets704,512 12.9 245,926 4.5 355,227 6.5 
Tier 1 capital to risk-weighted assets704,512 12.9 327,902 6.0 437,203 8.0 
Total capital to risk-weighted assets772,151 14.1 437,203 8.0 546,503 10.0 
(1) Under the Basel III Capital Rules, the Company and the Bank must also maintain a 2.5% Capital Conservation Buffer ("CCB") to avoid becoming subject to restrictions on capital distributions and certain discretionary bonus payments to management. The CCB is calculated as a ratio of CET1 capital to risk-weighted assets, and effectively increases the required minimum risk-based capital ratios.
Schedule of condensed balance sheets
 December 31,
(Dollars in thousands)20242023
Assets  
Cash and due from financial institutions$23,021 $22,059 
Investment in subsidiary bank615,441 579,601 
Other assets13,425 14,805 
Total assets$651,887 $616,465 
Liabilities and Equity  
Long-term debt$106,345 $106,102 
Other liabilities7,157 6,548 
Total liabilities113,502 112,650 
Equity:  
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at December 31, 2024 and 2023
— — 
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 27,065,570 and 27,045,033 shares at December 31, 2024 and 2023, respectively
404,494 405,439 
Additional paid-in capital105,054 102,982 
Retained earnings143,259 117,990 
Accumulated other comprehensive loss(114,422)(122,596)
Total equity538,385 503,815 
Total liabilities and equity$651,887 $616,465 
Schedule of condensed statements of operations
 Year Ended December 31,
(Dollars in thousands)202420232022
Income:   
Dividends from subsidiary bank$38,183 $42,540 $47,427 
Interest income:   
Interest income from subsidiary bank3 3 3 
Other income224 122 64 
Total income38,410 42,665 47,494 
Expense:   
Interest expense on long-term debt6,883 6,762 4,930 
Other expenses10,221 3,250 2,317 
Total expenses17,104 10,012 7,247 
Income before income taxes and equity in undistributed income of subsidiaries21,306 32,653 40,247 
Income tax benefit(4,440)(2,620)(1,917)
Income before equity in undistributed income of subsidiaries25,746 35,273 42,164 
Equity in undistributed income of subsidiary bank27,666 23,396 31,764 
Net income$53,412 $58,669 $73,928 
Schedule of condensed statements of cash flows
 Year Ended December 31,
(Dollars in thousands)202420232022
Cash flows from operating activities:   
Net income$53,412 $58,669 $73,928 
Adjustments to reconcile net income to net cash provided by operating activities:   
Deferred income tax expense (benefit)155 32 (26)
Equity in undistributed income of subsidiary bank(27,666)(23,396)(31,764)
Share-based compensation expense2,072 1,636 3,273 
Net change in other assets and liabilities1,897 (1,543)(20)
Net cash provided by operating activities29,870 35,398 45,391 
Cash flows from investing activities:   
Distributions from unconsolidated entities— 495 — 
Contributions to unconsolidated entities180 — — 
Net cash provided by investing activities180 495 — 
Cash flows from financing activities:   
Net proceeds from issuance of common stock and stock option exercises— — 679 
Repurchases of common stock(945)(2,632)(20,740)
Cash dividends paid on common stock(28,143)(28,117)(28,505)
Net cash used in financing activities(29,088)(30,749)(48,566)
Net increase (decrease) in cash and cash equivalents962 5,144 (3,175)
Cash and cash equivalents at beginning of year22,059 16,915 20,090 
Cash and cash equivalents at end of year$23,021 $22,059 $16,915 
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Premises and Equipment) (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2024
USD ($)
branch
loan
machine
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Accounting Policies [Line Items]          
Investments in unconsolidated subsidiaries accounted for under the equity methods $ 0.1   $ 0.1 $ 0.1  
Intangible assets       1.5  
Impairment, Intangible Asset, Statement Of Income Or Comprehensive Income, Extensible Enumeration, Not Disclosed, Flag impairment        
Impairment of intangible assets $ 1.3        
Proportional amortization investments 48.7   48.7 37.8  
Investments in unconsolidated subsidiaries accounted for under the cost methods $ 3.6   $ 3.6 $ 3.6  
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Accrued interest receivable   Accrued interest receivable Accrued interest receivable  
Available for sale accrued interest receivable $ 3.6   $ 3.6 $ 2.8  
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Accrued interest receivable   Accrued interest receivable Accrued interest receivable  
Held-to-maturity accrued interest receivable $ 1.1   $ 1.1 $ 1.2  
Number of types of loans held for sale | loan     2    
Accrued interest receivable on loans $ 17.5   $ 17.5 $ 17.1  
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Accrued interest receivable   Accrued interest receivable Accrued interest receivable  
Maximum | Office buildings and improvements          
Accounting Policies [Line Items]          
Useful life 39 years   39 years    
Maximum | Equipment          
Accounting Policies [Line Items]          
Useful life 7 years   7 years    
Minimum | Office buildings and improvements          
Accounting Policies [Line Items]          
Useful life 5 years   5 years    
Minimum | Equipment          
Accounting Policies [Line Items]          
Useful life 1 year   1 year    
Swell Financial, Inc.          
Accounting Policies [Line Items]          
Proceeds from intellectual property rights and platform usage fees from products     $ 1.5    
Swell Financial, Inc. | Maximum          
Accounting Policies [Line Items]          
Proceeds from sale of equity method in investment securities $ 0.5 $ 0.5      
Proceeds from intellectual property rights and platform usage fees from products   $ 1.5      
Gentry Home Loans LLC          
Accounting Policies [Line Items]          
Ownership interest 50.00%   50.00%    
Island Pacific HomeLoans, LLC          
Accounting Policies [Line Items]          
Ownership interest 50.00%   50.00%    
Haseko Home Loans LLC          
Accounting Policies [Line Items]          
Ownership interest 50.00%   50.00%    
JAM FINTOP Banktech Fund, L.P.          
Accounting Policies [Line Items]          
Investments in unconsolidated subsidiaries accounted for under the equity methods         $ 2.0
Central Bank          
Accounting Policies [Line Items]          
Number of branches | branch     27    
Number of ATMs | machine     55    
v3.25.0.1
INVESTMENT SECURITIES (Available-for-Sale) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 843,774 $ 754,950
Gross Unrecognized Gains 352 507
Gross Unrecognized Losses (106,468) (108,247)
Fair Value 737,658 647,210
ACL 0 0
States and political subdivisions    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 147,014 156,432
Gross Unrecognized Gains 2 13
Gross Unrecognized Losses (30,183) (29,810)
Fair Value 116,833 126,635
ACL 0 0
U.S. Treasury obligations and direct obligations of U.S Government agencies    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 83,861 28,105
Gross Unrecognized Gains 81 33
Gross Unrecognized Losses (2,742) (1,941)
Fair Value 81,200 26,197
ACL 0 0
Collateralized loan obligations    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 31,254  
Gross Unrecognized Gains 0  
Gross Unrecognized Losses (114)  
Fair Value 31,140  
ACL 0  
Residential - U.S. Government-sponsored enterprises    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 472,476 441,898
Gross Unrecognized Gains 42 95
Gross Unrecognized Losses (58,047) (63,607)
Fair Value 414,471 378,386
ACL 0 0
Residential - Non-Government Agencies    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 17,836 19,322
Gross Unrecognized Gains 151 366
Gross Unrecognized Losses (1,061) (980)
Fair Value 16,926 18,708
ACL 0 0
Commercial - U.S. Government-sponsored enterprises    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 81,400 58,318
Gross Unrecognized Gains 76 0
Gross Unrecognized Losses (14,315) (7,404)
Fair Value 67,161 50,914
ACL 0 0
Commercial - Non-government agencies    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 9,933 15,144
Gross Unrecognized Gains 0 0
Gross Unrecognized Losses (6) (188)
Fair Value 9,927 14,956
ACL $ 0 0
Corporate securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost   35,731
Gross Unrecognized Gains   0
Gross Unrecognized Losses   (4,317)
Fair Value   31,414
ACL   $ 0
v3.25.0.1
INVESTMENT SECURITIES (Held to Maturity Investment Securities) (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost $ 596,930,000 $ 632,338,000
Gross Unrecognized Gains 0 61,000
Gross Unrecognized Losses (90,249,000) (67,221,000)
Fair Value 506,681,000 565,178,000
ACL 0 0
States and political subdivisions    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 42,016,000 41,959,000
Gross Unrecognized Gains 0 0
Gross Unrecognized Losses (8,884,000) (6,706,000)
Fair Value 33,132,000 35,253,000
ACL 0 0
Residential - U.S. Government-sponsored enterprises    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 554,914,000 590,379,000
Gross Unrecognized Gains 61,000
Gross Unrecognized Losses (81,365,000) (60,515,000)
Fair Value 473,549,000 529,925,000
ACL $ 0 $ 0
v3.25.0.1
INVESTMENT SECURITIES (Narrative) (Details)
 1 Months Ended 12 Months Ended
Nov. 30, 2024
USD ($)
security
Dec. 31, 2023
USD ($)
security
shares
Sep. 30, 2023
USD ($)
security
Dec. 31, 2024
USD ($)
security
Dec. 31, 2023
USD ($)
investment
security
shares
Dec. 31, 2022
USD ($)
EQUITY            
Investment securities classified from available-for-sale to held-to-maturity | investment         81  
Cost basis of AFS securities sold $ 106,500,000 $ 30,000,000     $ 762,700,000  
Fair market value of AFS securities sold   $ 673,200,000     673,200,000  
Net unrealized loss from transfer of securities         89,500,000  
Amortization of unrealized losses on investment securities transferred to held-to-maturity at fair value       $ 7,159,000 7,440,000 $ 4,295,000
Number of AFS securities sold | security 24 17        
Debt securities available-for-sale, at fair value   $ 647,210,000   737,658,000 647,210,000  
Proceeds from sales of available-for-sale and equity investment securities $ 96,600,000 28,100,000        
Gross realized losses 9,900,000 1,900,000        
Gross realized gains 0 0        
Purchases of available-for-sale investment securities $ 101,600,000 $ 28,300,000   253,580,000 47,393,000 89,058,000
Gain (loss) on sale of AFS securities     $ 100,000      
Net loss on sales of investment securities       $ (9,934,000) $ (2,074,000) 8,506,000
Number of AFS investment securities in an unrealized loss position | security   208   218 208  
Number of HTM investment securities in an unrealized loss position | security   82   83 82  
Common stock, value   $ 405,439,000   $ 404,494,000 $ 405,439,000  
Common Class B | Visa            
EQUITY            
Shares owned (in shares) | shares   34,631     34,631  
Common stock, value   $ 8,500,000     $ 8,500,000  
Commercial - Non-government agencies            
EQUITY            
Cost basis of AFS securities sold     $ 1,500,000      
Number of AFS securities sold | security     2      
Debt securities available-for-sale, at fair value   14,956,000   9,927,000 14,956,000  
Proceeds from sales of available-for-sale and equity investment securities     $ 1,400,000      
Collateralized Mortgage-Backed Securities | Asset Pledged as Collateral without Right            
EQUITY            
Debt securities available-for-sale, at fair value   $ 990,400,000   756,000,000.0 990,400,000  
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Noncontrolling Interest            
EQUITY            
Amortization of unrealized losses on investment securities transferred to held-to-maturity at fair value       $ (7,159,000) $ (7,440,000) $ (6,218,000)
v3.25.0.1
INVESTMENT SECURITIES (Amortized Cost and Estimated Fair Value of Investment Securities) (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Amortized Cost    
Due in one year or less $ 4,237,000  
Due after one year through five years 37,393,000  
Due after five years through ten years 68,257,000  
Due after ten years 120,988,000  
Collateralized loan obligations 31,254,000  
Amortized Cost 843,774,000 $ 754,950,000
Fair Value    
Due in one year or less 4,230,000  
Due after one year through five years 36,866,000  
Due after five years through ten years 65,126,000  
Due after ten years 91,811,000  
Collateralized loan obligations 31,140,000  
Fair Value $ 737,658,000 647,210,000
Weighted Average Yield    
Due in one year or less (in percent) 5.87%  
Due after one year through five years (in percent) 4.11%  
Due after five years through ten years (in percent) 3.87%  
Due after ten years (in percent) 2.42%  
Collateralized loan obligations 6.07%  
Weighted Average Yield 3.18%  
Amortized Cost    
Due after ten years $ 42,016,000  
Amortized Cost 596,930,000 632,338,000
Fair Value    
Due after ten years 33,132,000  
Total held-to-maturity investment securities $ 506,681,000 565,178,000
Weighted Average Yield    
Due after ten years (in percent) 2.26%  
Total held-to-maturity investment securities 1.92%  
Investments $ 1,440,704,000  
Investment securities $ 1,244,339,000  
Total Investment Securities, Weighted Average Yield 0.0262  
Residential - U.S. Government-sponsored enterprises    
Amortized Cost    
Without single maturity date $ 472,476,000  
Amortized Cost 472,476,000 441,898,000
Fair Value    
Without single maturity date 414,471,000  
Fair Value $ 414,471,000 378,386,000
Weighted Average Yield    
Without single maturity date (in percent) 2.90%  
Amortized Cost    
Without single maturity date $ 554,914,000  
Amortized Cost 554,914,000 590,379,000
Fair Value    
Without single maturity date 473,549,000  
Total held-to-maturity investment securities $ 473,549,000 529,925,000
Weighted Average Yield    
Without single maturity date (in percent) 1.89%  
Residential - Non-Government Agencies    
Amortized Cost    
Without single maturity date $ 17,836,000  
Amortized Cost 17,836,000 19,322,000
Fair Value    
Without single maturity date 16,926,000  
Fair Value $ 16,926,000 18,708,000
Weighted Average Yield    
Without single maturity date (in percent) 4.36%  
Commercial - U.S. Government-sponsored enterprises    
Amortized Cost    
Without single maturity date $ 81,400,000  
Amortized Cost 81,400,000 58,318,000
Fair Value    
Without single maturity date 67,161,000  
Fair Value $ 67,161,000 50,914,000
Weighted Average Yield    
Without single maturity date (in percent) 2.72%  
Commercial - Non-government agencies    
Amortized Cost    
Without single maturity date $ 9,933,000  
Amortized Cost 9,933,000 15,144,000
Fair Value    
Without single maturity date 9,927,000  
Fair Value $ 9,927,000 $ 14,956,000
Weighted Average Yield    
Without single maturity date (in percent) 4.76%  
v3.25.0.1
INVESTMENT SECURITIES (Investment Securities at an Unrealized Loss Position) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 months, Fair Value $ 255,136 $ 19,557
Less Than 12 Months, Unrecognized Losses (3,452) (219)
12 Month or Longer, Fair Value 436,723 588,097
12 Month or Longer, Unrecognized Losses (103,016) (108,028)
Total Fair Value 691,859 607,654
Total Unrecognized Losses 106,468 108,247
Schedule of Held-to-Maturity Securities [Line Items]    
Less Than 12 Months, Fair Value 7,470 8,853
Less Than 12 Months, Unrecognized Losses (19) (33)
12 Month or Longer, Fair Value 499,211 547,631
12 Month or Longer, Unrecognized Losses (90,230) (67,188)
Total Fair Value 506,681 556,484
Total Unrecognized Losses (90,249) (67,221)
States and political subdivisions    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 months, Fair Value 4,967 534
Less Than 12 Months, Unrecognized Losses (85) (1)
12 Month or Longer, Fair Value 107,267 114,601
12 Month or Longer, Unrecognized Losses (30,098) (29,809)
Total Fair Value 112,234 115,135
Total Unrecognized Losses 30,183 29,810
Schedule of Held-to-Maturity Securities [Line Items]    
Less Than 12 Months, Fair Value 0 0
Less Than 12 Months, Unrecognized Losses 0 0
12 Month or Longer, Fair Value 33,132 35,253
12 Month or Longer, Unrecognized Losses (8,884) (6,706)
Total Fair Value 33,132 35,253
Total Unrecognized Losses (8,884) (6,706)
Corporate securities    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 months, Fair Value   0
Less Than 12 Months, Unrecognized Losses   0
12 Month or Longer, Fair Value   31,414
12 Month or Longer, Unrecognized Losses   (4,317)
Total Fair Value   31,414
Total Unrecognized Losses   4,317
U.S. Treasury obligations and direct obligations of U.S Government agencies    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 months, Fair Value 56,139 2,893
Less Than 12 Months, Unrecognized Losses (803) (87)
12 Month or Longer, Fair Value 12,971 16,286
12 Month or Longer, Unrecognized Losses (1,939) (1,854)
Total Fair Value 69,110 19,179
Total Unrecognized Losses 2,742 1,941
Collateralized loan obligations    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 months, Fair Value 31,140  
Less Than 12 Months, Unrecognized Losses (114)  
12 Month or Longer, Fair Value 0  
12 Month or Longer, Unrecognized Losses 0  
Total Fair Value 31,140  
Total Unrecognized Losses 114  
Residential - U.S. Government-sponsored enterprises    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 months, Fair Value 135,224 0
Less Than 12 Months, Unrecognized Losses (2,254) 0
12 Month or Longer, Fair Value 260,575 367,887
12 Month or Longer, Unrecognized Losses (55,793) (63,607)
Total Fair Value 395,799 367,887
Total Unrecognized Losses 58,047 63,607
Schedule of Held-to-Maturity Securities [Line Items]    
Less Than 12 Months, Fair Value 7,470 8,853
Less Than 12 Months, Unrecognized Losses (19) (33)
12 Month or Longer, Fair Value 466,079 512,378
12 Month or Longer, Unrecognized Losses (81,346) (60,482)
Total Fair Value 473,549 521,231
Total Unrecognized Losses (81,365) (60,515)
Residential - Non-government agencies    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 months, Fair Value 5,270 0
Less Than 12 Months, Unrecognized Losses (100) 0
12 Month or Longer, Fair Value 7,606 8,169
12 Month or Longer, Unrecognized Losses (961) (980)
Total Fair Value 12,876 8,169
Total Unrecognized Losses 1,061 980
Commercial - Non-government agencies    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 months, Fair Value 12,469 6,467
Less Than 12 Months, Unrecognized Losses (90) (1)
12 Month or Longer, Fair Value 48,304 44,447
12 Month or Longer, Unrecognized Losses (14,225) (7,403)
Total Fair Value 60,773 50,914
Total Unrecognized Losses 14,315 7,404
Commercial - Non-government agencies    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 months, Fair Value 9,927 9,663
Less Than 12 Months, Unrecognized Losses (6) (130)
12 Month or Longer, Fair Value 0 5,293
12 Month or Longer, Unrecognized Losses 0 (58)
Total Fair Value 9,927 14,956
Total Unrecognized Losses $ 6 $ 188
v3.25.0.1
LOANS AND CREDIT QUALITY (Loans and Leases) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
LOANS AND LEASES    
Loans $ 5,332,852 $ 5,438,982
Commercial and Industrial | Other    
LOANS AND LEASES    
Loans 606,936 575,707
Real Estate | Construction    
LOANS AND LEASES    
Loans 145,211 185,519
Real Estate | Residential mortgage    
LOANS AND LEASES    
Loans 1,892,520 1,927,789
Real Estate | Home equity    
LOANS AND LEASES    
Loans 676,982 736,524
Real Estate | Commercial mortgage    
LOANS AND LEASES    
Loans 1,500,680 1,382,902
Consumer | Consumer    
LOANS AND LEASES    
Loans $ 510,523 $ 630,541
v3.25.0.1
LOANS AND CREDIT QUALITY (Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
loan
segment
Dec. 31, 2023
USD ($)
loan
Dec. 31, 2022
USD ($)
LOANS AND LEASES      
Number of loans sold in period | loan 1    
Amortized cost of loan sold $ 9,700,000    
Proceeds from sales of loans originated for investment 9,397,000 $ 9,629,000 $ 0
Loss on sale of loan $ 300,000    
Number of loans transferred to the loans held for sale category | loan 1    
Net transfer of portfolio loans to loans held for sale $ 9,800,000 0  
Proceeds from sale of one loan held-for-sale 9,600,000    
Gain (loss) on sales of loans (200,000)    
Related party balance $ 33,000,000.0 $ 33,700,000  
Mortgage loans foreclosure, number | loan 0 0  
Interest income $ 100,000 $ 100,000 1,600,000
Additional interest income 600,000 300,000 200,000
Interest income collected and recognized on charged-off loans $ 200,000 400,000 $ 300,000
Number of TDRs included in nonperforming assets | segment 0    
Accruing Loans 90+  Days Past Due      
LOANS AND LEASES      
Amount of TDRs still accruing interest $ 0    
Nonperforming Financial Instruments      
LOANS AND LEASES      
Amount of TDRs still accruing interest 1,900,000 2,100,000  
Real Estate | Residential mortgage      
LOANS AND LEASES      
Loans in foreclosure 3,900,000 2,300,000  
Residential portfolio segment | Nonperforming Financial Instruments | HAWAII      
LOANS AND LEASES      
Combined principal balance of troubled debt restructurings included in nonperforming assets $ 800,000 $ 900,000  
v3.25.0.1
LOANS AND CREDIT QUALITY (Purchases) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Loans and Leases Receivable Disclosure [Line Items]    
Outstanding balance $ 47,560 $ 19,091
Purchase premium 1,883 568
Purchase price 49,443 19,659
Consumer - Unsecured    
Loans and Leases Receivable Disclosure [Line Items]    
Outstanding balance 0 3,932
Purchase premium 0 0
Purchase price 0 3,932
Consumer - Automobile    
Loans and Leases Receivable Disclosure [Line Items]    
Outstanding balance 47,560 15,159
Purchase premium 1,883 568
Purchase price $ 49,443 $ 15,727
v3.25.0.1
LOANS AND CREDIT QUALITY (Allowance for Loan and Lease Losses) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
LOANS AND LEASES    
Collateral-Dependent Financing Receivable $ 9,996 $ 7,361
Allocated ACL 0 47
Secured by 1-4 Family Residential Properties    
LOANS AND LEASES    
Collateral-Dependent Financing Receivable 9,996 7,284
Secured by Nonfarm Nonresidential Properties    
LOANS AND LEASES    
Collateral-Dependent Financing Receivable 0 77
Real Estate | Residential mortgage    
LOANS AND LEASES    
Collateral-Dependent Financing Receivable 9,044 6,450
Allocated ACL 0 47
Real Estate | Residential mortgage | Secured by 1-4 Family Residential Properties    
LOANS AND LEASES    
Collateral-Dependent Financing Receivable 9,044 6,450
Real Estate | Residential mortgage | Secured by Nonfarm Nonresidential Properties    
LOANS AND LEASES    
Collateral-Dependent Financing Receivable 0 0
Real Estate | Home equity    
LOANS AND LEASES    
Collateral-Dependent Financing Receivable 952 834
Allocated ACL 0 0
Real Estate | Home equity | Secured by 1-4 Family Residential Properties    
LOANS AND LEASES    
Collateral-Dependent Financing Receivable 952 834
Real Estate | Home equity | Secured by Nonfarm Nonresidential Properties    
LOANS AND LEASES    
Collateral-Dependent Financing Receivable $ 0 0
Real Estate | Commercial mortgage    
LOANS AND LEASES    
Collateral-Dependent Financing Receivable   77
Allocated ACL   0
Real Estate | Commercial mortgage | Secured by 1-4 Family Residential Properties    
LOANS AND LEASES    
Collateral-Dependent Financing Receivable   0
Real Estate | Commercial mortgage | Secured by Nonfarm Nonresidential Properties    
LOANS AND LEASES    
Collateral-Dependent Financing Receivable   $ 77
v3.25.0.1
LOANS AND CREDIT QUALITY (Aging of Recorded Investment) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans $ 5,332,852 $ 5,438,982
Nonaccrual Loans 11,018 7,008
Total Past Due and Nonaccrual 35,303 23,434
Nonaccrual Loans with No ACL 9,996 5,766
Accruing Loans 30 - 59 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 18,056 10,076
Accruing Loans 60 - 89 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 5,455 5,038
Accruing Loans 90+  Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 774 1,312
Financial Asset, Not Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 5,297,549 5,415,548
Commercial and industrial: | Other    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 606,936 575,707
Nonaccrual Loans 414 432
Total Past Due and Nonaccrual 3,602 1,114
Nonaccrual Loans with No ACL 0 0
Commercial and industrial: | Other | Accruing Loans 30 - 59 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 2,978 513
Commercial and industrial: | Other | Accruing Loans 60 - 89 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 210 169
Commercial and industrial: | Other | Accruing Loans 90+  Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 0 0
Commercial and industrial: | Other | Financial Asset, Not Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 603,334 574,593
Real Estate | Construction    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 145,211 185,519
Nonaccrual Loans 0 0
Total Past Due and Nonaccrual 0 0
Nonaccrual Loans with No ACL 0 0
Real Estate | Construction | Accruing Loans 30 - 59 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 0 0
Real Estate | Construction | Accruing Loans 60 - 89 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 0 0
Real Estate | Construction | Accruing Loans 90+  Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 0 0
Real Estate | Construction | Financial Asset, Not Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 145,211 185,519
Real Estate | Residential mortgage    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 1,892,520 1,927,789
Nonaccrual Loans 9,044 4,962
Total Past Due and Nonaccrual 21,563 10,184
Nonaccrual Loans with No ACL 9,044 4,855
Real Estate | Residential mortgage | Accruing Loans 30 - 59 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 8,880 3,082
Real Estate | Residential mortgage | Accruing Loans 60 - 89 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 3,316 2,140
Real Estate | Residential mortgage | Accruing Loans 90+  Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 323 0
Real Estate | Residential mortgage | Financial Asset, Not Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 1,870,957 1,917,605
Real Estate | Home equity    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 676,982 736,524
Nonaccrual Loans 952 834
Total Past Due and Nonaccrual 2,458 2,267
Nonaccrual Loans with No ACL 952 834
Real Estate | Home equity | Accruing Loans 30 - 59 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 943 804
Real Estate | Home equity | Accruing Loans 60 - 89 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 485 400
Real Estate | Home equity | Accruing Loans 90+  Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 78 229
Real Estate | Home equity | Financial Asset, Not Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 674,524 734,257
Real Estate | Commercial mortgage    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 1,500,680 1,382,902
Nonaccrual Loans 0 77
Total Past Due and Nonaccrual 0 77
Nonaccrual Loans with No ACL 0 77
Real Estate | Commercial mortgage | Accruing Loans 30 - 59 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 0 0
Real Estate | Commercial mortgage | Accruing Loans 60 - 89 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 0 0
Real Estate | Commercial mortgage | Accruing Loans 90+  Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 0 0
Real Estate | Commercial mortgage | Financial Asset, Not Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 1,500,680 1,382,825
Consumer | Consumer    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 510,523 630,541
Nonaccrual Loans 608 703
Total Past Due and Nonaccrual 7,680 9,792
Nonaccrual Loans with No ACL 0 0
Consumer | Consumer | Accruing Loans 30 - 59 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 5,255 5,677
Consumer | Consumer | Accruing Loans 60 - 89 Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 1,444 2,329
Consumer | Consumer | Accruing Loans 90+  Days Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans 373 1,083
Consumer | Consumer | Financial Asset, Not Past Due    
Aging Analysis of Accruing and Non-Accruing Loans and Leases    
Loans $ 502,843 $ 620,749
v3.25.0.1
LOANS AND CREDIT QUALITY (Class and Credit Indicator) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year $ 544,616 $ 390,636  
Fiscal year before current fiscal year 350,371 954,656  
Two years before current fiscal year 804,301 1,130,252  
Three years before current fiscal year 1,006,482 628,071  
Four years before current fiscal year 569,739 349,235  
Five years before current fiscal year 1,335,637 1,188,666  
Amortized Cost of Revolving Loans 721,706 797,466  
Loans 5,332,852 5,438,982  
Financing Receivable, Allowance For Credit Loss, Write Off, By Origination Year [Abstract]      
Year-to-date gross charge-offs, Current fiscal year 242 322  
Year-to-date gross charge-offs, fiscal year before current fiscal year 1,109 8,596  
Year-to-date gross charge-offs, two years before current fiscal year 10,745 6,201  
Year-to-date gross charge-offs, three years before current fiscal year 4,698 1,148  
Year-to-date gross charge-offs, four years before current fiscal year 514 1,109  
Year-to-date gross charge-offs, five years before current fiscal year 2,918 1,831  
Year-to-date gross charge-offs, Amortized cost of revolving loans 0 0  
Total 20,226 19,207 $ 8,368
Accruing Loans 30 - 59 Days Past Due      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Loans 18,056 10,076  
Commercial and industrial      
Financing Receivable, Allowance For Credit Loss, Write Off, By Origination Year [Abstract]      
Total 2,977 1,962 1,969
Commercial and industrial | Other      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 171,188 83,370  
Fiscal year before current fiscal year 59,015 83,838  
Two years before current fiscal year 70,498 81,043  
Three years before current fiscal year 59,904 33,493  
Four years before current fiscal year 21,827 42,733  
Five years before current fiscal year 142,628 160,910  
Amortized Cost of Revolving Loans 81,876 90,320  
Loans 606,936 575,707  
Financing Receivable, Allowance For Credit Loss, Write Off, By Origination Year [Abstract]      
Year-to-date gross charge-offs, Current fiscal year 102 211  
Year-to-date gross charge-offs, fiscal year before current fiscal year 434 314  
Year-to-date gross charge-offs, two years before current fiscal year 438 204  
Year-to-date gross charge-offs, three years before current fiscal year 519 0  
Year-to-date gross charge-offs, four years before current fiscal year 33 276  
Year-to-date gross charge-offs, five years before current fiscal year 1,451 957  
Year-to-date gross charge-offs, Amortized cost of revolving loans 0 0  
Total 2,977 1,962  
Commercial and industrial | Other | Accruing Loans 30 - 59 Days Past Due      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Loans 2,978 513  
Commercial and industrial | Other | Special Mention      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 0 0  
Fiscal year before current fiscal year 0 0  
Two years before current fiscal year 0 2,916  
Three years before current fiscal year 2,539 0  
Four years before current fiscal year 0 0  
Five years before current fiscal year 0 944  
Amortized Cost of Revolving Loans 0 93  
Loans 2,539 3,953  
Commercial and industrial | Other | Substandard      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 3,372 37  
Fiscal year before current fiscal year 110 1,189  
Two years before current fiscal year 922 576  
Three years before current fiscal year 11 662  
Four years before current fiscal year 0 571  
Five years before current fiscal year 82 7,026  
Amortized Cost of Revolving Loans 0 50  
Loans 4,497 10,111  
Commercial and industrial | Other | Pass      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 167,816 83,333  
Fiscal year before current fiscal year 58,905 82,649  
Two years before current fiscal year 69,576 77,551  
Three years before current fiscal year 57,354 32,831  
Four years before current fiscal year 21,827 42,162  
Five years before current fiscal year 142,546 152,940  
Amortized Cost of Revolving Loans 81,876 90,177  
Loans 599,900 561,643  
Real Estate | Construction      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 10,141 8,434  
Fiscal year before current fiscal year 33,646 52,596  
Two years before current fiscal year 35,398 69,607  
Three years before current fiscal year 19,217 18,878  
Four years before current fiscal year 11,754 2,136  
Five years before current fiscal year 34,937 31,090  
Amortized Cost of Revolving Loans 118 2,778  
Loans 145,211 185,519  
Financing Receivable, Allowance For Credit Loss, Write Off, By Origination Year [Abstract]      
Total 0 0 0
Real Estate | Construction | Accruing Loans 30 - 59 Days Past Due      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Loans 0 0  
Real Estate | Construction | Special Mention      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year   0  
Fiscal year before current fiscal year   0  
Two years before current fiscal year   404  
Three years before current fiscal year   0  
Four years before current fiscal year   0  
Five years before current fiscal year   0  
Amortized Cost of Revolving Loans   0  
Loans   404  
Real Estate | Construction | Pass      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 10,141 8,434  
Fiscal year before current fiscal year 33,646 52,596  
Two years before current fiscal year 35,398 69,203  
Three years before current fiscal year 19,217 18,878  
Four years before current fiscal year 11,754 2,136  
Five years before current fiscal year 34,937 31,090  
Amortized Cost of Revolving Loans 118 2,778  
Loans 145,211 185,115  
Real Estate | Residential mortgage      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 85,844 101,473  
Fiscal year before current fiscal year 89,118 267,371  
Two years before current fiscal year 261,115 609,947  
Three years before current fiscal year 589,734 415,361  
Four years before current fiscal year 395,488 145,130  
Five years before current fiscal year 471,221 388,507  
Amortized Cost of Revolving Loans 0 0  
Loans 1,892,520 1,927,789  
Financing Receivable, Allowance For Credit Loss, Write Off, By Origination Year [Abstract]      
Year-to-date gross charge-offs, Current fiscal year 0    
Year-to-date gross charge-offs, fiscal year before current fiscal year 0    
Year-to-date gross charge-offs, two years before current fiscal year 175    
Year-to-date gross charge-offs, three years before current fiscal year 0    
Year-to-date gross charge-offs, four years before current fiscal year 0    
Year-to-date gross charge-offs, five years before current fiscal year 208    
Year-to-date gross charge-offs, Amortized cost of revolving loans 0    
Total 383    
Real Estate | Residential mortgage | Special Mention      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year   0  
Fiscal year before current fiscal year   0  
Two years before current fiscal year   0  
Three years before current fiscal year   0  
Four years before current fiscal year   0  
Five years before current fiscal year   268  
Amortized Cost of Revolving Loans   0  
Loans   268  
Real Estate | Residential mortgage | Substandard      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 0 0  
Fiscal year before current fiscal year 0 1,057  
Two years before current fiscal year 1,599 299  
Three years before current fiscal year 616 931  
Four years before current fiscal year 1,855 818  
Five years before current fiscal year 6,189 2,787  
Amortized Cost of Revolving Loans 0 0  
Loans 10,259 5,892  
Real Estate | Residential mortgage | Pass      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 85,844 101,473  
Fiscal year before current fiscal year 89,118 266,314  
Two years before current fiscal year 259,516 609,648  
Three years before current fiscal year 589,118 414,430  
Four years before current fiscal year 393,633 144,312  
Five years before current fiscal year 465,032 385,452  
Amortized Cost of Revolving Loans 0 0  
Loans 1,882,261 1,921,629  
Real Estate | Home equity      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 1,060 12,229  
Fiscal year before current fiscal year 11,787 32,208  
Two years before current fiscal year 28,687 19,589  
Three years before current fiscal year 18,277 8,766  
Four years before current fiscal year 8,406 6,438  
Five years before current fiscal year 26,266 18,377  
Amortized Cost of Revolving Loans 582,499 638,917  
Loans 676,982 736,524  
Financing Receivable, Allowance For Credit Loss, Write Off, By Origination Year [Abstract]      
Total 0 0 0
Real Estate | Home equity | Accruing Loans 30 - 59 Days Past Due      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Loans 943 804  
Real Estate | Home equity | Substandard      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 0 0  
Fiscal year before current fiscal year 0 0  
Two years before current fiscal year 0 0  
Three years before current fiscal year 0 0  
Four years before current fiscal year 0 66  
Five years before current fiscal year 1,031 998  
Amortized Cost of Revolving Loans 0 0  
Loans 1,031 1,064  
Real Estate | Home equity | Pass      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 1,060 12,229  
Fiscal year before current fiscal year 11,787 32,208  
Two years before current fiscal year 28,687 19,589  
Three years before current fiscal year 18,277 8,766  
Four years before current fiscal year 8,406 6,372  
Five years before current fiscal year 25,235 17,379  
Amortized Cost of Revolving Loans 582,499 638,917  
Loans 675,951 735,460  
Real Estate | Commercial mortgage      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 180,391 96,479  
Fiscal year before current fiscal year 95,944 256,660  
Two years before current fiscal year 235,344 205,520  
Three years before current fiscal year 226,230 115,055  
Four years before current fiscal year 111,399 124,745  
Five years before current fiscal year 645,641 578,132  
Amortized Cost of Revolving Loans 5,731 6,311  
Loans 1,500,680 1,382,902  
Real Estate | Commercial mortgage | Special Mention      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 0 0  
Fiscal year before current fiscal year 621 0  
Two years before current fiscal year 0 0  
Three years before current fiscal year 2,506 0  
Four years before current fiscal year 0 10,513  
Five years before current fiscal year 2,930 9,638  
Amortized Cost of Revolving Loans 0 0  
Loans 6,057 20,151  
Real Estate | Commercial mortgage | Substandard      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 0 0  
Fiscal year before current fiscal year 0 0  
Two years before current fiscal year 0 2,587  
Three years before current fiscal year 0 0  
Four years before current fiscal year 0 1,654  
Five years before current fiscal year 7,456 2,169  
Amortized Cost of Revolving Loans 0 0  
Loans 7,456 6,410  
Real Estate | Commercial mortgage | Pass      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 180,391 96,479  
Fiscal year before current fiscal year 95,323 256,660  
Two years before current fiscal year 235,344 202,933  
Three years before current fiscal year 223,724 115,055  
Four years before current fiscal year 111,399 112,578  
Five years before current fiscal year 635,255 566,325  
Amortized Cost of Revolving Loans 5,731 6,311  
Loans 1,487,167 1,356,341  
Real Estate | Consumer      
Financing Receivable, Allowance For Credit Loss, Write Off, By Origination Year [Abstract]      
Year-to-date gross charge-offs, Current fiscal year 140 111  
Year-to-date gross charge-offs, fiscal year before current fiscal year 675 8,282  
Year-to-date gross charge-offs, two years before current fiscal year 10,132 5,997  
Year-to-date gross charge-offs, three years before current fiscal year 4,179 1,148  
Year-to-date gross charge-offs, four years before current fiscal year 481 833  
Year-to-date gross charge-offs, five years before current fiscal year 1,259 874  
Year-to-date gross charge-offs, Amortized cost of revolving loans 0 0  
Total 16,866 17,245  
Consumer | Consumer      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 95,992 88,651  
Fiscal year before current fiscal year 60,861 261,983  
Two years before current fiscal year 173,259 144,546  
Three years before current fiscal year 93,120 36,518  
Four years before current fiscal year 20,865 28,053  
Five years before current fiscal year 14,944 11,650  
Amortized Cost of Revolving Loans 51,482 59,140  
Loans 510,523 630,541  
Financing Receivable, Allowance For Credit Loss, Write Off, By Origination Year [Abstract]      
Total 16,866 17,245 $ 6,399
Consumer | Consumer | Substandard      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 21 58  
Fiscal year before current fiscal year 90 231  
Two years before current fiscal year 162 205  
Three years before current fiscal year 144 87  
Four years before current fiscal year 27 83  
Five years before current fiscal year 478 1,084  
Amortized Cost of Revolving Loans 60 10  
Loans 982 1,758  
Consumer | Consumer | Loss      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year   0  
Fiscal year before current fiscal year   0  
Two years before current fiscal year   0  
Three years before current fiscal year   0  
Four years before current fiscal year   0  
Five years before current fiscal year   28  
Amortized Cost of Revolving Loans   0  
Loans   28  
Consumer | Consumer | Pass      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Current fiscal year 95,971 88,593  
Fiscal year before current fiscal year 60,771 261,752  
Two years before current fiscal year 173,097 144,341  
Three years before current fiscal year 92,976 36,431  
Four years before current fiscal year 20,838 27,970  
Five years before current fiscal year 14,466 10,538  
Amortized Cost of Revolving Loans 51,422 59,130  
Loans 509,541 628,755  
Consumer | Consumer      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Loans 510,523 630,541  
Consumer | Consumer | Accruing Loans 30 - 59 Days Past Due      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Loans $ 5,255 $ 5,677  
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES AND RESERVE FOR OFF-BALANCE SHEET CREDIT EXPOSURES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes in the allowance      
Beginning balance $ 63,934 $ 63,738 $ 68,097
Provision (credit) for credit losses on loans 10,962 15,235 288
Subtotal 74,896 78,973 68,385
Charge-offs 20,226 19,207 8,368
Recoveries 4,512 4,168 3,721
Net charge-offs (recoveries) 15,714 15,039 4,647
Ending balance 59,182 63,934 63,738
Commercial and industrial:      
Changes in the allowance      
Beginning balance 7,181 6,824 10,391
Provision (credit) for credit losses on loans 2,373 1,599 (2,593)
Subtotal 9,554 8,423 7,798
Charge-offs 2,977 1,962 1,969
Recoveries 536 720 995
Net charge-offs (recoveries) 2,441 1,242 974
Ending balance 7,113 7,181 6,824
Commercial and industrial: | Other      
Changes in the allowance      
Charge-offs 2,977 1,962  
Real Estate | Construction      
Changes in the allowance      
Beginning balance 4,004 2,867 3,908
Provision (credit) for credit losses on loans (1,688) 1,136 (1,117)
Subtotal 2,316 4,003 2,791
Charge-offs 0 0 0
Recoveries 0 1 76
Net charge-offs (recoveries) 0 (1) (76)
Ending balance 2,316 4,004 2,867
Real Estate | Residential mortgage      
Changes in the allowance      
Beginning balance 14,626 11,804 12,463
Provision (credit) for credit losses on loans 988 2,745 (954)
Subtotal 15,614 14,549 11,509
Charge-offs 383 0 0
Recoveries 36 77 295
Net charge-offs (recoveries) 347 (77) (295)
Ending balance 15,267 14,626 11,804
Real Estate | Home equity      
Changes in the allowance      
Beginning balance 3,501 4,114 4,509
Provision (credit) for credit losses on loans (1,172) (670) (431)
Subtotal 2,329 3,444 4,078
Charge-offs 0 0 0
Recoveries 6 57 36
Net charge-offs (recoveries) (6) (57) (36)
Ending balance 2,335 3,501 4,114
Real Estate | Commercial mortgage      
Changes in the allowance      
Beginning balance 17,543 17,902 18,411
Provision (credit) for credit losses on loans 1,339 (359) (509)
Subtotal 18,882 17,543 17,902
Charge-offs 0 0 0
Recoveries 0 0 0
Net charge-offs (recoveries) 0 0 0
Ending balance 18,882 17,543 17,902
Consumer | Consumer      
Changes in the allowance      
Beginning balance 17,079 20,227 18,415
Provision (credit) for credit losses on loans 9,122 10,784 5,892
Subtotal 26,201 31,011 24,307
Charge-offs 16,866 17,245 6,399
Recoveries 3,934 3,313 2,319
Net charge-offs (recoveries) 12,932 13,932 4,080
Ending balance $ 13,269 $ 17,079 $ 20,227
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES AND RESERVE FOR OFF-BALANCE SHEET CREDIT EXPOSURES (Reserve For Off-Balance Sheet Credit Exposure) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
LOANS AND LEASES        
Reserve for off-balance sheet credit exposures (included in other liabilities) $ 2,570 $ 3,706 $ 3,243 $ 4,804
Adjusted balance at beginning of period        
LOANS AND LEASES        
Provision (credit) for off-balance sheet credit exposures $ (1,136) $ 463 $ (1,561)  
v3.25.0.1
PREMISES AND EQUIPMENT (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Premises and Equipment    
Gross premises and equipment $ 223,578 $ 209,793
Accumulated depreciation and amortization (119,236) (113,609)
Net premises and equipment 104,342 96,184
Land    
Premises and Equipment    
Gross premises and equipment 22,564 22,564
Office buildings and improvements    
Premises and Equipment    
Gross premises and equipment 161,712 148,362
Furniture, fixtures and equipment    
Premises and Equipment    
Gross premises and equipment $ 39,302 $ 38,867
v3.25.0.1
PREMISES AND EQUIPMENT (Depreciation and Amortization) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Premises and Equipment      
Depreciation and amortization of premises and equipment $ 6,878 $ 6,943 $ 6,865
Net occupancy      
Premises and Equipment      
Depreciation and amortization of premises and equipment 4,740 4,813 4,720
Equipment      
Premises and Equipment      
Depreciation and amortization of premises and equipment $ 2,138 $ 2,130 $ 2,145
v3.25.0.1
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]    
Investments in low income housing tax credit partnerships $ 48,730 $ 37,838
Investments in common securities of statutory trusts 1,547 1,547
Investments in affiliates 90 111
Other 2,050 2,050
Total $ 52,417 $ 41,546
v3.25.0.1
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments in and Advances to Affiliates [Line Items]          
Investments in unconsolidated subsidiaries accounted for under the equity methods $ 100   $ 100 $ 100  
Unfunded commitment 19,883   19,883    
Impairment of intangible assets 1,300        
Swell Financial, Inc.          
Investments in and Advances to Affiliates [Line Items]          
Proceeds from intellectual property rights and platform usage fees from products     1,500    
Swell Financial, Inc. | Maximum          
Investments in and Advances to Affiliates [Line Items]          
Proceeds from sale of equity method in investment securities 500 $ 500      
Proceeds from intellectual property rights and platform usage fees from products   $ 1,500      
Other Partnerships          
Investments in and Advances to Affiliates [Line Items]          
Unfunded commitment 803   803    
JAM FINTOP Banktech Fund, L.P.          
Investments in and Advances to Affiliates [Line Items]          
Investments in unconsolidated subsidiaries accounted for under the equity methods         $ 2,000
Unfunded Loan Commitment          
Investments in and Advances to Affiliates [Line Items]          
Unfunded low income housing commitment $ 19,100   $ 19,100 $ 22,000  
v3.25.0.1
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES (Future Commitments) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Other Commitments [Line Items]  
2025 $ 11,830
2026 7,564
2027 36
2028 30
2029 36
Thereafter 387
Other Commitment 19,883
Low Income Housing Tax Credit  
Other Commitments [Line Items]  
2025 11,027
2026 7,564
2027 36
2028 30
2029 36
Thereafter 387
Other Commitment 19,080
Other Partnerships  
Other Commitments [Line Items]  
2025 803
2026 0
2027 0
2028 0
2029 0
Thereafter 0
Other Commitment $ 803
v3.25.0.1
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES (Amortization Expense and Tax Credits Recognized With Investments in LIHTC) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments in and Advances to Affiliates [Abstract]      
Amortization expense recognized in income tax expense $ 4,794 $ 3,101 $ 2,566
Federal and state tax credits recognized in income tax expense $ 5,632 $ 3,400 $ 2,938
v3.25.0.1
MORTGAGE SERVICING RIGHTS (Changes In Mortgage Servicing Rights) (Details) - Mortgage servicing rights - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Changes in other intangible assets    
Balance, beginning of period $ 8,696 $ 9,074
Additions 553 327
Amortization (776) (705)
Balance, end of period $ 8,473 $ 8,696
v3.25.0.1
MORTGAGE SERVICING RIGHTS (Gross Carrying Value, Accumulated Amortization, Net Carrying Value) (Details) - Mortgage servicing rights - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Gross carrying value, accumulated amortization and net carrying value related to intangible assets      
Gross Carrying Value $ 70,293 $ 69,740  
Accumulated Amortization (61,820) (61,044)  
Net Carrying Value $ 8,473 $ 8,696 $ 9,074
v3.25.0.1
MORTGAGE SERVICING RIGHTS (Estimated Amortization Expense) (Details) - Mortgage servicing rights - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Estimated Amortization Expense      
2025 $ 928    
2026 887    
2027 788    
2028 699    
2029 612    
Thereafter 4,559    
Total $ 8,473 $ 8,696 $ 9,074
v3.25.0.1
MORTGAGE SERVICING RIGHTS (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Loans serviced for others $ 1,180,000 $ 1,220,000  
Mortgage banking income 3,388 2,592 $ 3,810
Mortgage servicing rights      
Finite-Lived Intangible Assets [Line Items]      
Mortgage banking income $ 600 $ 300 $ 600
v3.25.0.1
MORTGAGE SERVICING RIGHTS (Fair Market Value And Key Assumptions Used In Determining Fair Market Value of Mortgage Servicing Rights) (Details) - Mortgage servicing rights
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Finite-Lived Intangible Assets [Line Items]      
Fair market value $ 12,387 $ 12,185 $ 12,061
Weighted-average discount rate      
Finite-Lived Intangible Assets [Line Items]      
Debt Instrument, Measurement Input 0.095 0.095  
Weighted-average prepayment speed assumption      
Finite-Lived Intangible Assets [Line Items]      
Debt Instrument, Measurement Input 0.102 0.112  
v3.25.0.1
DERIVATIVES (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Forward interest rate contracts | Derivative instruments not designated as hedging instruments    
DERIVATIVES    
Mortgage loans hedged $ 4.9  
Interest rate lock commitments | Derivative instruments not designated as hedging instruments    
DERIVATIVES    
Mortgage loans hedged 0.5 $ 1.8
Back-to-back swap agreements | Derivative instruments not designated as hedging instruments    
DERIVATIVES    
Notional amount 50.2 51.1
Cash collateral 12.9 $ 9.6
Interest rate swap | Designated as Hedging Instrument    
DERIVATIVES    
Notional amount $ 115.5  
Fixed interest rate (in percent) 2.095%  
v3.25.0.1
DERIVATIVES (Balance Sheet) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Derivative instruments not designated as hedging instruments | Derivatives - Interest rate contracts    
Asset Derivatives    
Fair Value $ 46 $ 0
Liability Derivatives    
Fair Value 4 34
Derivative instruments not designated as hedging instruments | Back-to-back swap agreements    
Asset Derivatives    
Fair Value 3,840 3,547
Liability Derivatives    
Fair Value 3,840 3,547
Designated as Hedging Instrument | Interest rate swap    
Asset Derivatives    
Fair Value 8,382 6,440
Liability Derivatives    
Fair Value $ 0 $ 0
v3.25.0.1
DERIVATIVES (Income Statement) (Details) - Derivatives Not in Cash Flow Hedging Relationship - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative instruments not designated as hedging instruments | Interest rate lock and forward sale commitments      
DERIVATIVES      
Location of Gain (Loss) Recognized in Earnings on Derivatives Mortgage banking income Mortgage banking income Mortgage banking income
Amount of Gain (Loss) Recognized in Earnings on Derivatives $ 77 $ (42) $ 8
Derivative instruments not designated as hedging instruments | Loans held for sale      
DERIVATIVES      
Location of Gain (Loss) Recognized in Earnings on Derivatives Other Other Other
Amount of Gain (Loss) Recognized in Earnings on Derivatives $ (78) $ 3 $ (3)
Derivative instruments not designated as hedging instruments | Risk participation agreements      
DERIVATIVES      
Location of Gain (Loss) Recognized in Earnings on Derivatives Other service charges and fees Other service charges and fees Other service charges and fees
Amount of Gain (Loss) Recognized in Earnings on Derivatives $ 0 $ 0 $ 16
Derivative instruments not designated as hedging instruments | Back-to-back swap agreements      
DERIVATIVES      
Location of Gain (Loss) Recognized in Earnings on Derivatives Other service charges and fees Other service charges and fees Other service charges and fees
Amount of Gain (Loss) Recognized in Earnings on Derivatives $ 80 $ 71 $ 0
Designated as Hedging Instrument | Interest rate swap      
DERIVATIVES      
Location of Gain (Loss) Recognized in Earnings on Derivatives Interest Income (Expense), Operating Interest Income (Expense), Operating Interest Income (Expense), Operating
Amount of Gain (Loss) Recognized in Earnings on Derivatives $ 2,563 $ (37) $ (340)
v3.25.0.1
DEPOSITS (Narrative) (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Transfers and Servicing [Abstract]    
Time deposits $ 1,087,185,000 $ 1,395,291,000
FDIC insurance limit 250,000  
Time deposits, $250,000 or more 624,330,000 899,300,000
Collagenized government time deposits 103,100,000 374,600,000
Overdrawn deposit accounts $ 1,300,000 $ 700,000
v3.25.0.1
DEPOSITS (Current Maturities of Time Deposits) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deposits [Abstract]    
2025 $ 1,048,873  
2026 24,748  
2027 6,581  
2028 2,728  
2029 3,908  
Thereafter 347  
Total $ 1,087,185 $ 1,395,291
v3.25.0.1
DEPOSITS (Current Maturities of Time Deposits of $250,000 Or More) (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Transfers and Servicing [Abstract]    
FDIC insurance limit $ 250,000  
Three months or less 327,050,000  
Over three months through six months 191,786,000  
Over six months through twelve months 92,247,000  
2026 11,867,000  
2027 880,000  
2028 0  
2029 500,000  
Thereafter 0  
Total $ 624,330,000 $ 899,300,000
v3.25.0.1
SHORT-TERM BORROWINGS AND LONG-TERM DEBT (Narrative) (Details)
 1 Months Ended 12 Months Ended
Oct. 20, 2020
USD ($)
Dec. 31, 2004
USD ($)
Sep. 30, 2004
USD ($)
Dec. 31, 2024
USD ($)
period
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
SHORT-TERM BORROWINGS            
Maximum borrowing capacity       $ 1,760,000,000    
FHLB advances and other short-term borrowings       0 $ 0 $ 5,000,000
Investments       1,440,704,000    
Interest on short-term borrowings       1,000 1,139,000 1,055,000
Long-term debt, net of unamortized debt issuance costs of $202 at December 31, 2024 and $445 at December 31, 2023       156,345,000 156,102,000  
Interest on long-term debt       9,079,000 8,633,000 4,930,000
Unamortized debt issuance costs       202,000 445,000  
Central Bank | Federal Reserve Bank Advances            
SHORT-TERM BORROWINGS            
Additional unused borrowings available       232,100,000 285,800,000  
Federal Home Loan Bank Borrowings            
SHORT-TERM BORROWINGS            
Standby letters of credit issued       83,600,000 72,000,000.0  
Federal Home Loan Bank Borrowings | Asset Pledged as Collateral            
SHORT-TERM BORROWINGS            
Loans       3,140,000,000    
Federal Reserve Bank Advances | Asset Pledged as Collateral            
SHORT-TERM BORROWINGS            
Loans       128,300,000 135,100,000  
Investments       184,300,000 196,700,000  
FHLB advances            
SHORT-TERM BORROWINGS            
Additional unused borrowings available       1,630,000,000    
Long-term debt, net of unamortized debt issuance costs of $202 at December 31, 2024 and $445 at December 31, 2023       50,000,000 50,000,000  
Interest on long-term debt       2,200,000 1,900,000 $ 0
Junior Subordinated Debt | Trust IV            
SHORT-TERM BORROWINGS            
Long-term debt, net of unamortized debt issuance costs of $202 at December 31, 2024 and $445 at December 31, 2023       30,900,000    
Trust preferred securities issued     $ 30,000,000.0      
Variable rate basis     three-month LIBOR      
Basis spread on variable rate     2.45%      
Common securities issued to the Company     $ 900,000      
Junior Subordinated Debt | Trust V            
SHORT-TERM BORROWINGS            
Long-term debt, net of unamortized debt issuance costs of $202 at December 31, 2024 and $445 at December 31, 2023       20,600,000    
Trust preferred securities issued   $ 20,000,000.0        
Variable rate basis   three-month LIBOR        
Basis spread on variable rate   1.87%        
Common securities issued to the Company   $ 600,000        
Subordinated debentures            
SHORT-TERM BORROWINGS            
Long-term debt, net of unamortized debt issuance costs of $202 at December 31, 2024 and $445 at December 31, 2023       $ 51,547,000 51,547,000  
Number of consecutive quarterly periods for which payments of interest can be deferred without default or penalty (up to) | period       20    
Subordinated debentures | Maximum            
SHORT-TERM BORROWINGS            
Redemption period of trust preferred securities, the subordinated debentures and the common securities, following the occurrence of certain events       90 days    
Senior Subordinated Notes            
SHORT-TERM BORROWINGS            
Long-term debt, net of unamortized debt issuance costs of $202 at December 31, 2024 and $445 at December 31, 2023       $ 54,798,000 54,555,000  
Unamortized debt issuance costs       202,000 $ 445,000  
Senior Subordinated Notes | Subordinated Notes            
SHORT-TERM BORROWINGS            
Long-term debt, net of unamortized debt issuance costs of $202 at December 31, 2024 and $445 at December 31, 2023       $ 54,800,000    
Basis spread on variable rate 4.56%     4.56% 4.56%  
Debt face amount $ 55,000,000          
Debt instrument, term 10 years          
Stated interest rate, first five years 4.75%     4.75% 4.75%  
Unamortized debt issuance costs       $ 200,000    
v3.25.0.1
SHORT-TERM BORROWINGS AND LONG-TERM DEBT (Summary Of Short-Term Borrowings) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]      
Amount outstanding at December 31, $ 0 $ 0 $ 5,000,000
Average amount outstanding during year 17,000 23,322,000 37,211,000
Highest month-end balance during year $ 6,000,000 $ 100,000,000 $ 140,000,000
Weighted-average interest rate on balances outstanding at December 31, 0.00% 0.00% 4.60%
Weighted-average interest rate during year 5.58% 4.88% 2.84%
v3.25.0.1
SHORT-TERM BORROWINGS AND LONG-TERM DEBT (Summary Of Long Term Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt, net of unamortized debt issuance costs of $202 at December 31, 2024 and $445 at December 31, 2023 $ 156,345 $ 156,102
Unamortized debt issuance costs 202 445
FHLB advances    
Debt Instrument [Line Items]    
Long-term debt, net of unamortized debt issuance costs of $202 at December 31, 2024 and $445 at December 31, 2023 50,000 50,000
Subordinated debentures    
Debt Instrument [Line Items]    
Long-term debt, net of unamortized debt issuance costs of $202 at December 31, 2024 and $445 at December 31, 2023 51,547 51,547
Senior Subordinated Notes    
Debt Instrument [Line Items]    
Long-term debt, net of unamortized debt issuance costs of $202 at December 31, 2024 and $445 at December 31, 2023 54,798 54,555
Unamortized debt issuance costs 202 $ 445
Senior Subordinated Notes | Subordinated Notes    
Debt Instrument [Line Items]    
Long-term debt, net of unamortized debt issuance costs of $202 at December 31, 2024 and $445 at December 31, 2023 54,800  
Unamortized debt issuance costs $ 200  
v3.25.0.1
SHORT-TERM BORROWINGS AND LONG-TERM DEBT (Future Principal Payments) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]  
2025 $ 25,000
2026 0
2027 0
2028 25,000
2029 0
Thereafter 106,547
Total $ 156,547
v3.25.0.1
SHORT-TERM BORROWINGS AND LONG-TERM DEBT - Subordinated Debentures (Details) - Junior Subordinated Debt - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2004
Sep. 30, 2004
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]        
Subordinated Debentures     $ 51,547 $ 51,547
Trust IV        
Debt Instrument [Line Items]        
Subordinated Debentures     $ 30,928 30,928
Basis spread on variable rate   2.45%    
Trust IV | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate     0.26%  
Trust IV | Tenor Spread Adjustment        
Debt Instrument [Line Items]        
Basis spread on variable rate     2.45%  
Trust V        
Debt Instrument [Line Items]        
Subordinated Debentures     $ 20,619 $ 20,619
Basis spread on variable rate 1.87%      
Trust V | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate     0.26%  
Trust V | Tenor Spread Adjustment        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.87%  
v3.25.0.1
SHORT-TERM BORROWINGS AND LONG-TERM DEBT (Subordinated Notes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 20, 2020
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Subordinated notes   $ 156,547  
Subordinated Notes | Senior Subordinated Notes      
Debt Instrument [Line Items]      
Subordinated notes   $ 55,000 $ 55,000
Stated interest rate, first five years 4.75% 4.75% 4.75%
Basis spread on variable rate 4.56% 4.56% 4.56%
v3.25.0.1
EQUITY (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jan. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jan. 31, 2024
EQUITY          
Amount authorized under the Repurchase Plan $ 25,000       $ 20,000
Remaining amount available for repurchase $ 9,300       $ 23,400
Repurchase plan expiration period 1 year        
Number of shares in remaining available for repurchase   19,100,000      
Common stock repurchased   $ 945 $ 2,632 $ 20,740  
Common Stock          
EQUITY          
Common stock repurchased   $ 945 $ 2,632 $ 20,740  
Common Shares Outstanding          
EQUITY          
Number of shares repurchased or acquired through tender offer   49,960 130,010 868,613  
Existing Share Repurchase Plan | Common Stock          
EQUITY          
Number of shares repurchased or acquired through tender offer   49,960      
Value of shares repurchased or acquired through tender offer   $ 900      
Central Bank          
EQUITY          
Retained earnings   $ 196,800 $ 169,100    
v3.25.0.1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from External Customer [Line Items]      
In-scope $ 35,462 $ 32,940 $ 30,403
Out-of-scope 3,261 13,723 17,516
Total 38,723 46,663 47,919
Mortgage banking income      
Revenue from External Customer [Line Items]      
In-scope 917 687 1,060
Out-of-scope 2,471 1,905 2,750
Total 3,388 2,592 3,810
Service charges on deposit accounts      
Revenue from External Customer [Line Items]      
In-scope 8,656 8,753 8,197
Out-of-scope 0 0 0
Total 8,656 8,753 8,197
Other service charges and fees      
Revenue from External Customer [Line Items]      
In-scope 20,128 18,605 16,581
Out-of-scope 2,425 1,926 2,444
Total 22,553 20,531 19,025
Income on fiduciary activities      
Revenue from External Customer [Line Items]      
In-scope 5,761 4,895 4,565
Out-of-scope 0 0 0
Total 5,761 4,895 4,565
Net (losses) gains on sales of investment securities      
Revenue from External Customer [Line Items]      
In-scope 0 0 0
Out-of-scope (9,934) (2,074) 8,506
Total (9,934) (2,074) 8,506
Income from bank-owned life insurance      
Revenue from External Customer [Line Items]      
In-scope 0 0 0
Out-of-scope 6,619 4,870 1,865
Total 6,619 4,870 1,865
Other      
Revenue from External Customer [Line Items]      
In-scope 0 0 0
Out-of-scope 1,680 7,096 1,951
Total $ 1,680 $ 7,096 $ 1,951
v3.25.0.1
SHARE-BASED COMPENSATION (Net Share-Based Compensation Effect) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SHARE-BASED COMPENSATION      
Net share-based compensation effect $ 1,855 $ 2,083 $ 3,456
Salaries and employee benefits      
SHARE-BASED COMPENSATION      
Net share-based compensation effect 2,165 2,641 4,567
Directors stock awards      
SHARE-BASED COMPENSATION      
Net share-based compensation effect 432 399 350
Income tax benefit      
SHARE-BASED COMPENSATION      
Net share-based compensation effect $ (742) $ (957) $ (1,461)
v3.25.0.1
SHARE-BASED COMPENSATION (Narrative) (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Jan. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SHARE-BASED COMPENSATION        
Income tax benefit due to vesting of restricted stock   $ 0.1 $ 0.2 $ 0.1
Contractual term (in years)   10 years    
Option exercised in period (in shares)     (47,440)  
Option aggregate intrinsic value     $ 0.7  
Stock Option | 2023 Stock Compensation Plan        
SHARE-BASED COMPENSATION        
Authorized for grants (in shares) 1,140,000      
Available for future grants (in shares)   950,328    
Stock Option | Stock Option 2013 Plan        
SHARE-BASED COMPENSATION        
Options granted (in shares) 0      
Available for future grants (in shares)     1,108,639 747,332
Restricted Stock Units ("RSUs") and Performance Stock Units ("PSUs")        
SHARE-BASED COMPENSATION        
Unrecognized compensation costs   $ 2.7    
Weighted-average period for recognition of compensation cost not yet recognized (in years)   1 year 9 months 18 days    
Restricted Stock Units ("RSUs") and Performance Stock Units ("PSUs") | Share-Based Payment Arrangement, Tranche Three        
SHARE-BASED COMPENSATION        
Vesting period (in years)   5 years    
Minimum | Stock Option        
SHARE-BASED COMPENSATION        
Vesting period (in years)   3 years    
Maximum | Stock Option        
SHARE-BASED COMPENSATION        
Vesting period (in years)   5 years    
v3.25.0.1
SHARE-BASED COMPENSATION (Restricted and Performance Stock Unit Activity) (Details) - Restricted Stock Units ("RSUs") and Performance Stock Units ("PSUs") - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Activity of nonvested shares      
Unvested at the beginning of the period (in shares) 224,579 352,465 485,339
Changes during the year:      
Granted (in shares) 137,911 115,992 99,887
Forfeited (in shares) (1,648) (53,041) (53,980)
Vested (in shares) (76,691) (190,837) (178,781)
Unvested at the end of the period (in shares) 284,151 224,579 352,465
Weighted Average Grant Date Fair Value      
Unvested at the beginning of the period (in dollars per share) $ 24.76 $ 23.40 $ 21.95
Changes during the year:      
Granted (in dollars per share) 19.41 22.76 28.99
Forfeited (in dollars per share) 20.59 25.09 25.66
Vested (in dollars per share) 23.68 20.93 21.91
Unvested at the end of the period (in dollars per share) $ 22.48 $ 24.76 $ 23.40
Additional disclosures      
Fair Value of RSUs and PSUs That Vested During The Year (in thousands) $ 1,515 $ 3,942 $ 4,787
v3.25.0.1
RETIREMENT BENEFITS (Narrative) (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended 24 Months Ended
Nov. 30, 2021
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS          
Employee's elective deferrals         100.00%
Matching contributions by employer (up to)         4.00%
Employer matching contributions to the Retirement Savings Plan   $ 2.3 $ 2.4 $ 2.4  
Maximum | Pension Plan          
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS          
Settlement $ 4.9        
v3.25.0.1
RETIREMENT BENEFITS (Defined Benefit Retirement Plan) (Details) - SERPs - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Change in benefit obligation:      
Benefit obligation at beginning of year $ 9,274 $ 9,220  
Interest cost 434 448  
Actuarial gains (378) 181  
Benefits paid (575) (575)  
Benefit obligation at end of the year 8,755 9,274 $ 9,220
Change in plan assets, at fair value:      
Fair value of plan assets at beginning of year 0 0  
Employer contributions 575 575  
Benefits paid (575) (575)  
Fair value of plan assets at end of year 0 0 0
Funded status at end of year (8,755) (9,274)  
Amounts recognized in AOCI:      
Net actuarial losses 426 106  
Total amounts recognized in AOCI $ 426 $ 106  
Benefit obligation actuarial assumptions:      
Weighted-average discount rate 5.20% 4.80%  
Components of net periodic benefit cost:      
Interest cost $ 432 $ 448 301
Amortization of net actuarial (gains) losses (2) (74) 79
Amortization of net transition obligation 0 7 18
Net periodic benefit cost $ 430 $ 381 $ 398
Net periodic cost actuarial assumptions:      
Weighted-average discount rate 4.90% 5.10% 2.70%
v3.25.0.1
RETIREMENT BENEFITS (Amortization of AOCI and Estimated Future Benefit Payments) (Details) - SERPs
$ in Thousands
Dec. 31, 2024
USD ($)
Estimated future benefit payments  
2025 $ 574
2026 569
2027 563
2028 954
2029 1,026
Thereafter 5,069
Total $ 8,755
v3.25.0.1
OPERATING LEASES (Narrative) (Details)
Dec. 31, 2024
Minimum  
OPERATING LEASES  
Periods for renewal options (in years) 5 years
Maximum  
OPERATING LEASES  
Periods for renewal options (in years) 15 years
v3.25.0.1
OPERATING LEASES (Lease Cost and Other Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 30, 2024
Lease cost:        
Operating lease cost $ 5,233 $ 5,108 $ 5,495  
Variable lease cost 3,229 3,751 3,278  
Less: sublease income 0 (34) (48)  
Total lease cost 8,462 8,825 8,725  
Operating cash flows from operating leases $ (5,073) $ (5,095) $ (5,896)  
Weighted-average remaining lease term - operating leases 10 years 3 months 10 years 7 months 20 days 11 years 2 months 19 days  
Weighted-average discount rate - operating leases   3.96% 3.95% 4.07%
v3.25.0.1
OPERATING LEASES (Undiscounted Cash Flows And Reconciliation To Operating Lease Liabilities) (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
Undiscounted Cash Flows  
2025 $ 5,048
2026 5,002
2027 4,199
2028 3,443
2029 3,062
Thereafter 18,957
Total 39,711
Lease Liability Discount on Cash Flows  
2025 1,210
2026 1,065
2027 926
2028 811
2029 710
Thereafter 2,964
Total 7,686
Lease Liability  
2025 3,838
2026 3,937
2027 3,273
2028 2,632
2029 2,352
Thereafter 15,993
Total $ 32,025
v3.25.0.1
OPERATING LEASES (Operating Lease Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases, Operating [Abstract]      
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Net occupancy Net occupancy  
Total rental income recognized $ 2,059 $ 2,132 $ 2,228
v3.25.0.1
OPERATING LEASES (Future Minimum Rental Income) (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
Future minimum rental income for those noncancellable operating leases that had initial lease terms in excess of one year  
2025 $ 1,441
2026 1,289
2027 1,170
2028 716
2029 640
Thereafter 1,294
Total $ 6,550
v3.25.0.1
INCOME TAXES (Income Tax Expense (Benefit)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current expense (benefit):      
Federal $ 5,744 $ 5,538 $ 996
State 112 1,404 (1,965)
Total current 5,856 6,942 (969)
Deferred expense:      
Federal 6,800 9,300 18,854
State 1,971 1,911 6,956
Total deferred 8,771 11,211 25,810
Total $ 14,627 18,153 24,841
Reconciliation between the income tax benefit and the expected tax benefit      
U.S. Federal corporate tax rate 21.00%    
Computed "expected" tax expense $ 14,288 16,133 20,741
Increase (decrease) in taxes resulting from:      
Tax-exempt interest income (868) (702) (692)
Other tax-exempt income (1,370) (1,023) (392)
Low-income housing tax credits (940) (508) (530)
State income taxes, net of Federal income tax effect, excluding impact of deferred tax valuation allowance 3,354 3,827 4,982
Change in the valuation allowance for deferred tax assets allocated to income tax expense (1,340) 1,048 39
Prior year deferred adjustments 611 (1,043) 348
Other, net 892 421 345
Total $ 14,627 $ 18,153 $ 24,841
v3.25.0.1
INCOME TAXES (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets    
Lease liability $ 8,530 $ 8,162
Allowance for credit losses 12,643 13,643
Accrued expenses 2,576 1,804
Employee retirement benefits 1,765 1,926
Federal and state tax credit carryforwards 1,590 2,208
Federal net operating loss carryforwards 0 1,644
State net operating loss carryforwards 2,890 4,503
Deferred compensation 4,207 3,976
Premises and equipment 4,460 4,161
Available-for-sale and held-to-maturity investment securities 0 2,309
Other 1,667 3,370
Total deferred tax assets 40,328 47,706
Deferred tax liabilities    
Right-of-use lease asset 8,210 7,918
Intangible assets 2,257 2,317
Available-for-sale and held-to-maturity investment securities 5,749 0
Other 3,180 3,489
Total deferred tax liabilities 19,396 13,724
Less: Deferred tax valuation allowance 3,106 4,446
Net deferred tax assets $ 17,826 $ 29,536
v3.25.0.1
INCOME TAXES (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating loss carryforwards    
Less: Deferred tax valuation allowance $ 3,106,000 $ 4,446,000
Valuation allowance, increase (decrease) (1,300,000) 1,000,000.0
Net of valuation allowance 17,800,000 $ 29,500,000
Unrecognized tax benefits that, if recognized would favorably affect the effective income tax rate 0  
Domestic Tax Jurisdiction    
Operating loss carryforwards    
Tax credit carryforwards 400,000  
State    
Operating loss carryforwards    
Net operating loss carryforwards 33,700,000  
State | HAWAII    
Operating loss carryforwards    
Tax credit carryforwards $ 1,600,000  
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Components of Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net change in fair value of investment securities:      
Less: Reclassification adjustment for losses (gains) realized in net income $ 9,934    
Less: Amortization of unrealized losses on investment securities transferred to HTM (7,159) $ (7,440) $ (4,295)
Other comprehensive income (loss) 11,148 29,518 (184,493)
Defined benefit plans, Before Tax      
Net actuarial gains (losses) arising during the period 379 (182) 2,007
Net change in fair value of investment securities:      
Less: Reclassification adjustment for losses (gains) realized in net income 2,620    
Other comprehensive income (loss) 2,974 8,130 (48,469)
Defined benefit plans, Tax Effect      
Net actuarial gains (losses) arising during the period 99 (48) 537
Net change in fair value of investment securities:      
Less: Reclassification adjustment for losses (gains) realized in net income (7,314)    
Net change in fair value of investment securities 1,174 15,852 (150,141)
Total other comprehensive income (loss), net of tax 8,174 21,388 (136,024)
Defined benefit plans, Net of Tax      
Net actuarial gains arising during the period 280 (134) 1,470
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Noncontrolling Interest      
Net change in fair value of investment securities:      
Net unrealized gains (losses) on investment securities arising during the period (8,310) 19,762 (204,250)
Less: Reclassification adjustment for losses (gains) realized in net income   2,074  
Less: Amortization of unrealized losses on investment securities transferred to HTM 7,159 7,440 6,218
Net change in fair value of investment securities 8,783 29,276 (198,032)
Net change in fair value of investment securities:      
Net unrealized gains (losses) on investment securities arising during the period (2,170) 5,437 (54,109)
Less: Reclassification adjustment for losses (gains) realized in net income   547  
Less: Amortization of unrealized losses on investment securities transferred to HTM 1,902 2,105 1,520
Net change in fair value of investment securities 2,352 8,089 (52,589)
Net change in fair value of investment securities:      
Net unrealized gains (losses) on investment securities arising during the period (6,140) 14,325 (150,141)
Less: Reclassification adjustment for losses (gains) realized in net income   (1,527)  
Less: Amortization of unrealized losses on investment securities transferred to HTM (5,257) (5,335) (4,698)
Net change in fair value of investment securities 6,431 21,187 (145,443)
Gain (Loss) On Unrealized Losses On Derivative Instruments      
Net change in fair value of investment securities:      
Net unrealized gains arising during the period 1,988 491 6,326
Other comprehensive income (loss) 1,988 491 6,326
Net change in fair value of investment securities:      
Net unrealized gains arising during the period 523 107 1,681
Other comprehensive income (loss) 523 107 1,681
Net change in fair value of investment securities:      
Other comprehensive (loss) income before reclassifications 1,465 384 4,645
Total other comprehensive income (loss), net of tax 1,465 384 4,645
Amortization of net actuarial (gains) losses      
Defined benefit plans, Before Tax      
Amortization (2) 74 (304)
Defined benefit plans, Tax Effect      
Amortization 0 20 (81)
Defined benefit plans, Net of Tax      
Amortization (2) 54 (223)
Amortization of net transition obligation      
Defined benefit plans, Before Tax      
Amortization   7 (18)
Defined benefit plans, Tax Effect      
Amortization   2 (4)
Defined benefit plans, Net of Tax      
Amortization   5 (14)
Settlement      
Defined benefit plans, Before Tax      
Amortization     (4,884)
Defined benefit plans, Tax Effect      
Amortization     (1,817)
Defined benefit plans, Net of Tax      
Amortization     (3,067)
Defined Benefit Plans      
Net change in fair value of investment securities:      
Other comprehensive income (loss) 377 (249) 7,213
Net change in fair value of investment securities:      
Other comprehensive income (loss) 99 (66) 2,439
Net change in fair value of investment securities:      
Other comprehensive (loss) income before reclassifications 280 (134) 1,470
Total other comprehensive income (loss), net of tax 278 (183) 4,774
Defined benefit plans, Net of Tax      
Amortization $ 2 $ 49 $ (3,304)
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Changes in AOCI) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes in each component of accumulated other comprehensive income (loss), net of tax      
Beginning balance $ 503,815 $ 452,871 $ 558,267
Total other comprehensive income (loss), net of tax 8,174 21,388 (136,024)
Ending balance 538,385 503,815 452,871
Investment Securities      
Changes in each component of accumulated other comprehensive income (loss), net of tax      
Beginning balance (127,922) (149,109) (3,666)
Other comprehensive (loss) income before reclassifications (6,140) 14,325 (150,141)
Amounts reclassified from AOCI 12,571 6,862 4,698
Total other comprehensive income (loss), net of tax 6,431 21,187 (145,443)
Ending balance (121,491) (127,922) (149,109)
Derivatives      
Changes in each component of accumulated other comprehensive income (loss), net of tax      
Beginning balance 5,029 4,645 0
Other comprehensive (loss) income before reclassifications 1,465 384 4,645
Amounts reclassified from AOCI 0 0 0
Total other comprehensive income (loss), net of tax 1,465 384 4,645
Ending balance 6,494 5,029 4,645
Defined Benefit Plans      
Changes in each component of accumulated other comprehensive income (loss), net of tax      
Beginning balance 297 480 (4,294)
Other comprehensive (loss) income before reclassifications 280 (134) 1,470
Amounts reclassified from AOCI (2) (49) 3,304
Total other comprehensive income (loss), net of tax 278 (183) 4,774
Ending balance 575 297 480
AOCI      
Changes in each component of accumulated other comprehensive income (loss), net of tax      
Beginning balance (122,596) (143,984) (7,960)
Other comprehensive (loss) income before reclassifications (4,395) 14,575 (144,026)
Amounts reclassified from AOCI 12,569 6,813 8,002
Total other comprehensive income (loss), net of tax 8,174 21,388 (136,024)
Ending balance $ (114,422) $ (122,596) $ (143,984)
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclassified out of AOCI) (LOSS) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Amounts reclassified out of each component of accumulated other comprehensive income      
Net loss on sales of investment securities $ (9,934) $ (2,074) $ 8,506
Income tax (expenses) benefit (14,627) (18,153) (24,841)
Amortization of unrealized losses on investment securities transferred to HTM 7,159 7,440 4,295
Total reclassification adjustments from AOCI for the period, net of tax 53,412 58,669 73,928
Investment Securities      
Amounts reclassified out of each component of accumulated other comprehensive income      
Amounts reclassified from AOCI (12,571) (6,862) (4,698)
Amortization of net actuarial (gains) losses      
Amounts reclassified out of each component of accumulated other comprehensive income      
Amortization (2) 74 (304)
Tax effect 0 (20) 81
Amounts reclassified from AOCI (2) 54 (223)
Amortization of net transition obligation      
Amounts reclassified out of each component of accumulated other comprehensive income      
Amortization   7 (18)
Tax effect   (2) 4
Amounts reclassified from AOCI   5 (14)
Defined Benefit Plans      
Amounts reclassified out of each component of accumulated other comprehensive income      
Amounts reclassified from AOCI 2 49 (3,304)
Amount Reclassified from AOCI      
Amounts reclassified out of each component of accumulated other comprehensive income      
Total reclassification adjustments from AOCI for the period, net of tax 12,570 6,813 8,002
Amount Reclassified from AOCI | Investment Securities      
Amounts reclassified out of each component of accumulated other comprehensive income      
Net loss on sales of investment securities 9,934 2,074 0
Income tax (expenses) benefit (2,620) (547) 0
Net of tax 7,314 1,527 0
Amount Reclassified from AOCI | Accumulated Net Unrealized Loss on Held To Maturity Securities      
Amounts reclassified out of each component of accumulated other comprehensive income      
Amortization of unrealized losses on investment securities transferred to HTM 7,159 7,440 6,218
Tax effect (1,902) (2,105) (1,520)
Less: Amortization of unrealized losses on investment securities transferred to HTM 5,257 5,335 4,698
Amount Reclassified from AOCI | Amortization of net actuarial (gains) losses      
Amounts reclassified out of each component of accumulated other comprehensive income      
Amortization (2) (74) 304
Amount Reclassified from AOCI | Amortization of net transition obligation      
Amounts reclassified out of each component of accumulated other comprehensive income      
Amortization 0 7 18
Amount Reclassified from AOCI | Settlement      
Amounts reclassified out of each component of accumulated other comprehensive income      
Amortization 0 0 4,884
Amount Reclassified from AOCI | Defined Benefit Plans      
Amounts reclassified out of each component of accumulated other comprehensive income      
Amortization (2) (67) 5,206
Tax effect 1 18 (1,902)
Amounts reclassified from AOCI $ (1) $ (49) $ 3,304
v3.25.0.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SHARE-BASED COMPENSATION      
Net income $ 53,412 $ 58,669 $ 73,928
Weighted average shares outstanding - basic (in shares) 27,057,329 27,027,681 27,398,445
Weighted average shares outstanding - diluted (in shares) 27,157,120 27,080,518 27,567,780
Basic earnings per share (in dollars per share) $ 1.97 $ 2.17 $ 2.70
Diluted earnings per share (in dollars per share) $ 1.97 $ 2.17 $ 2.68
Antidilutive securities excluded from the dilutive share calculation (in shares) 58 19,030 0
Stock Option      
SHARE-BASED COMPENSATION      
Dilutive effect of share-based compensation arrangements (in shares) 99,791 52,837 169,335
v3.25.0.1
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Commitments to Extend Credit    
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK    
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability $ 1,219,537 $ 1,275,331
Commitments to Extend Credit, Fixed Rate    
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK    
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability 30,212 30,660
Commitments to Extend Credit, Variable Rate    
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK    
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability 1,189,325 1,244,671
Standby letters of credit and financial guarantees written    
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK    
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability 2,702 3,301
Assets    
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK    
Notional amount 50,202 51,059
Liabilities    
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK    
Notional amount 50,202 51,059
Forward interest rate contracts    
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK    
Notional amount 4,909  
Not Designated as Hedging Instrument | Assets    
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK    
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability 50,202 51,059
Not Designated as Hedging Instrument | Liabilities    
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK    
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability 50,202 51,059
Derivatives - Interest rate contracts | Not Designated as Hedging Instrument | Interest rate lock commitments    
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK    
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability 469 1,807
Forward interest rate contracts | Not Designated as Hedging Instrument | Forward interest rate contracts    
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK    
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability 4,909 0
Risk participation agreements | Not Designated as Hedging Instrument    
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK    
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability 35,183 36,022
Interest rate swap | Not Designated as Hedging Instrument    
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK    
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability 115,545 $ 115,545
Interest rate swap | Designated as Hedging Instrument    
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK    
Notional amount $ 115,500  
Fixed interest rate (in percent) 2.095%  
v3.25.0.1
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
security
bond
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES      
Loans, weighted average discount rate, percent 7.07% 6.86%  
Time deposits, weighted average discount rate, percent 4.50% 5.48%  
Long -term debt, weighted average discount rate, percent 6.68% 6.83%  
Transfers of financial assets (liability) out of Level 3 $ 0    
Transfers of financial assets (liability) into Level 3 $ 0    
Mortgage revenue bonds      
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES      
Number of investment securities held | bond 2    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value $ 6,847,000 $ 7,150,000 $ 7,268,000
Mortgage revenue bonds | Weighted average | Weighted-average discount rate      
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES      
Debt Instrument, Measurement Input 0.0622 0.0612  
Mortgage revenue bonds | States and political subdivisions      
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES      
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value $ 6,165,000 $ 6,436,000 6,584,000
Mortgage revenue bonds | Residential - Non-Government Agencies      
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES      
Number of investment securities held | security 2    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value $ 682,000 $ 714,000 $ 684,000
v3.25.0.1
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Carrying Amount and Estimated Fair Value of Financial Instruments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financial assets:    
Cash and due from financial institutions $ 77,774 $ 116,181
Interest-bearing deposits in other financial institutions 303,167 406,256
Investment securities 1,244,339  
Loans held for sale 5,662 1,778
Accrued interest receivable 23,378 21,511
Financial liabilities:    
Noninterest-bearing demand 1,888,937 1,913,379
Time 1,087,185 1,395,291
Accrued interest payable 10,051 18,948
Quoted Prices in Active  Markets for  Identical Assets (Level 1)    
Financial assets:    
Cash and due from financial institutions 77,774 116,181
Interest-bearing deposits in other financial institutions 303,167 406,256
Investment securities 59,498 0
Loans held for sale 0 0
Loans, net of ACL 0 0
Accrued interest receivable 462 342
Financial liabilities:    
Noninterest-bearing demand 1,888,937 1,913,379
Interest-bearing demand and savings deposits 3,667,889 3,538,922
Time 0 0
Long-term debt 0 0
Accrued interest payable 113 85
Significant Other Observable Inputs (Level 2)    
Financial assets:    
Cash and due from financial institutions 0 0
Interest-bearing deposits in other financial institutions 0 0
Investment securities 1,177,994 1,205,238
Loans held for sale 5,662 1,778
Loans, net of ACL 0 0
Accrued interest receivable 4,607 4,043
Financial liabilities:    
Noninterest-bearing demand 0 0
Interest-bearing demand and savings deposits 0 0
Time 0 0
Long-term debt 0 0
Accrued interest payable 0 0
Significant Unobservable Inputs (Level 3)    
Financial assets:    
Cash and due from financial institutions 0 0
Interest-bearing deposits in other financial institutions 0 0
Investment securities 6,847 7,150
Loans held for sale 0 0
Loans, net of ACL 4,916,765 5,089,292
Accrued interest receivable 18,309 17,126
Financial liabilities:    
Noninterest-bearing demand 0 0
Interest-bearing demand and savings deposits 0 0
Time 1,079,275 1,385,473
Long-term debt 153,760 153,073
Accrued interest payable 9,938 18,863
Carrying Amount    
Financial assets:    
Cash and due from financial institutions 77,774 116,181
Interest-bearing deposits in other financial institutions 303,167 406,256
Investment securities 1,334,588 1,279,548
Loans held for sale 5,662 1,778
Loans, net of ACL 5,332,852 5,438,982
Accrued interest receivable 23,378 21,511
Financial liabilities:    
Noninterest-bearing demand 1,888,937 1,913,379
Interest-bearing demand and savings deposits 3,667,889 3,538,922
Time 1,087,185 1,395,291
Long-term debt 156,345 156,102
Accrued interest payable 10,051 18,948
Estimated Fair Value    
Financial assets:    
Cash and due from financial institutions 77,774 116,181
Interest-bearing deposits in other financial institutions 303,167 406,256
Investment securities 1,244,339 1,212,388
Loans held for sale 5,662 1,778
Loans, net of ACL 4,916,765 5,089,292
Accrued interest receivable 23,378 21,511
Financial liabilities:    
Noninterest-bearing demand 1,888,937 1,913,379
Interest-bearing demand and savings deposits 3,667,889 3,538,922
Time 1,079,275 1,385,473
Long-term debt 153,760 153,073
Accrued interest payable 10,051 18,948
Commitments to Extend Credit    
Financial liabilities:    
Off-balance sheet financial instruments, Notional Amount 1,219,537 1,275,331
Off-balance sheet financial instruments: 1,219,537 1,275,331
Commitments to Extend Credit | Quoted Prices in Active  Markets for  Identical Assets (Level 1)    
Financial liabilities:    
Off-balance sheet financial instruments: 0 0
Commitments to Extend Credit | Significant Other Observable Inputs (Level 2)    
Financial liabilities:    
Off-balance sheet financial instruments: 1,167 1,210
Commitments to Extend Credit | Significant Unobservable Inputs (Level 3)    
Financial liabilities:    
Off-balance sheet financial instruments: 0 0
Commitments to Extend Credit | Carrying Amount    
Financial liabilities:    
Off-balance sheet financial instruments: 0 0
Commitments to Extend Credit | Estimated Fair Value    
Financial liabilities:    
Off-balance sheet financial instruments: 1,167 1,210
Standby letters of credit and financial guarantees written    
Financial liabilities:    
Off-balance sheet financial instruments, Notional Amount 2,702 3,301
Off-balance sheet financial instruments: 2,702 3,301
Standby letters of credit and financial guarantees written | Quoted Prices in Active  Markets for  Identical Assets (Level 1)    
Financial liabilities:    
Off-balance sheet financial instruments: 0 0
Standby letters of credit and financial guarantees written | Significant Other Observable Inputs (Level 2)    
Financial liabilities:    
Off-balance sheet financial instruments: 41 50
Standby letters of credit and financial guarantees written | Significant Unobservable Inputs (Level 3)    
Financial liabilities:    
Off-balance sheet financial instruments: 0 0
Standby letters of credit and financial guarantees written | Carrying Amount    
Financial liabilities:    
Off-balance sheet financial instruments: 0 0
Standby letters of credit and financial guarantees written | Estimated Fair Value    
Financial liabilities:    
Off-balance sheet financial instruments: 41 50
Assets    
Financial liabilities:    
Notional Amount (50,202) (51,059)
Assets | Quoted Prices in Active  Markets for  Identical Assets (Level 1)    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure 0 0
Assets | Significant Other Observable Inputs (Level 2)    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure 0 0
Assets | Significant Unobservable Inputs (Level 3)    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure (3,840) (3,547)
Assets | Carrying Amount    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure (3,840) (3,547)
Assets | Estimated Fair Value    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure (3,840) (3,547)
Liabilities    
Financial liabilities:    
Notional Amount (50,202) (51,059)
Financial Liabilities Fair Value Disclosure (3,840) (3,547)
Liabilities | Quoted Prices in Active  Markets for  Identical Assets (Level 1)    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure 0 0
Liabilities | Significant Other Observable Inputs (Level 2)    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure 0 0
Liabilities | Significant Unobservable Inputs (Level 3)    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure (3,840) (3,547)
Forward interest rate contracts    
Financial liabilities:    
Notional Amount (4,909)  
Risk participation agreements    
Financial liabilities:    
Notional Amount (35,183) (36,022)
Interest rate options    
Financial liabilities:    
Notional Amount (469) (1,807)
Interest rate options | Quoted Prices in Active  Markets for  Identical Assets (Level 1)    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure 0 0
Interest rate options | Significant Other Observable Inputs (Level 2)    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure (4) (34)
Interest rate options | Significant Unobservable Inputs (Level 3)    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure 0 0
Interest rate options | Carrying Amount    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure (4) (34)
Interest rate options | Estimated Fair Value    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure (4) (34)
Interest rate swap    
Financial liabilities:    
Notional Amount (115,545) (115,545)
Interest rate swap | Quoted Prices in Active  Markets for  Identical Assets (Level 1)    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure   0
Interest rate swap | Significant Other Observable Inputs (Level 2)    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure   0
Interest rate swap | Significant Unobservable Inputs (Level 3)    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure   (6,440)
Interest rate swap | Carrying Amount    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure   (6,440)
Interest rate swap | Estimated Fair Value    
Financial liabilities:    
Financial Liabilities Fair Value Disclosure   (6,440)
Recurring basis | Forward interest rate contracts | Quoted Prices in Active  Markets for  Identical Assets (Level 1)    
Financial liabilities:    
Assets, Fair Value Disclosure, Recurring 0  
Recurring basis | Forward interest rate contracts | Significant Other Observable Inputs (Level 2)    
Financial liabilities:    
Assets, Fair Value Disclosure, Recurring 46  
Recurring basis | Forward interest rate contracts | Significant Unobservable Inputs (Level 3)    
Financial liabilities:    
Assets, Fair Value Disclosure, Recurring 0  
Recurring basis | Forward interest rate contracts | Carrying Amount    
Financial liabilities:    
Assets, Fair Value Disclosure, Recurring 46  
Recurring basis | Forward interest rate contracts | Estimated Fair Value    
Financial liabilities:    
Assets, Fair Value Disclosure, Recurring 46  
Recurring basis | Risk participation agreements | Quoted Prices in Active  Markets for  Identical Assets (Level 1)    
Financial liabilities:    
Assets, Fair Value Disclosure, Recurring 0 0
Recurring basis | Risk participation agreements | Significant Other Observable Inputs (Level 2)    
Financial liabilities:    
Assets, Fair Value Disclosure, Recurring 0 0
Recurring basis | Risk participation agreements | Significant Unobservable Inputs (Level 3)    
Financial liabilities:    
Assets, Fair Value Disclosure, Recurring 0 0
Recurring basis | Risk participation agreements | Carrying Amount    
Financial liabilities:    
Assets, Fair Value Disclosure, Recurring 0 0
Recurring basis | Risk participation agreements | Estimated Fair Value    
Financial liabilities:    
Assets, Fair Value Disclosure, Recurring 0 $ 0
Recurring basis | Interest rate swap | Quoted Prices in Active  Markets for  Identical Assets (Level 1)    
Financial liabilities:    
Assets, Fair Value Disclosure, Recurring 0  
Recurring basis | Interest rate swap | Significant Other Observable Inputs (Level 2)    
Financial liabilities:    
Assets, Fair Value Disclosure, Recurring 8,382  
Recurring basis | Interest rate swap | Significant Unobservable Inputs (Level 3)    
Financial liabilities:    
Assets, Fair Value Disclosure, Recurring 0  
Recurring basis | Interest rate swap | Carrying Amount    
Financial liabilities:    
Assets, Fair Value Disclosure, Recurring 8,382  
Recurring basis | Interest rate swap | Estimated Fair Value    
Financial liabilities:    
Assets, Fair Value Disclosure, Recurring $ 8,382  
v3.25.0.1
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value $ 737,658 $ 647,210
States and political subdivisions    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 116,833 126,635
Corporate securities    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value   31,414
U.S. Treasury obligations and direct obligations of U.S Government agencies    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 81,200 26,197
Residential - U.S. Government-sponsored enterprises    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 414,471 378,386
Commercial - U.S. Government-sponsored enterprises    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 67,161 50,914
Residential - Non-Government Agencies    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 16,926 18,708
Commercial - Non-government agencies    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 9,927 14,956
Collateralized loan obligations    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 31,140  
Recurring basis    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 737,658 647,210
Derivatives 8,424 6,406
Total 746,082 653,616
Recurring basis | Interest rate lock commitments    
Assets and liabilities measured at fair value    
Derivatives (4) (34)
Recurring basis | Forward interest rate contracts    
Assets and liabilities measured at fair value    
Derivatives 46  
Recurring basis | Interest rate swap    
Assets and liabilities measured at fair value    
Derivatives 8,382 6,440
Recurring basis | States and political subdivisions    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 116,833 126,635
Recurring basis | Corporate securities    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 0 31,414
Recurring basis | U.S. Treasury obligations and direct obligations of U.S Government agencies    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 81,200 26,197
Recurring basis | Residential - U.S. Government-sponsored enterprises    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 414,471 378,386
Recurring basis | Commercial - U.S. Government-sponsored enterprises    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 16,926 50,914
Recurring basis | Residential - Non-Government Agencies    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 67,161 18,708
Recurring basis | Commercial - Non-government agencies    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 9,927 14,956
Recurring basis | Collateralized loan obligations    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 31,140  
Quoted Prices in Active  Markets for  Identical Assets (Level 1) | Recurring basis    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 59,498 0
Derivatives 0 0
Total 59,498 0
Quoted Prices in Active  Markets for  Identical Assets (Level 1) | Recurring basis | Interest rate lock commitments    
Assets and liabilities measured at fair value    
Derivatives 0 0
Quoted Prices in Active  Markets for  Identical Assets (Level 1) | Recurring basis | Forward interest rate contracts    
Assets and liabilities measured at fair value    
Derivatives 0  
Quoted Prices in Active  Markets for  Identical Assets (Level 1) | Recurring basis | Interest rate swap    
Assets and liabilities measured at fair value    
Derivatives 0 0
Quoted Prices in Active  Markets for  Identical Assets (Level 1) | Recurring basis | States and political subdivisions    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 0 0
Quoted Prices in Active  Markets for  Identical Assets (Level 1) | Recurring basis | Corporate securities    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 0 0
Quoted Prices in Active  Markets for  Identical Assets (Level 1) | Recurring basis | U.S. Treasury obligations and direct obligations of U.S Government agencies    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 59,498 0
Quoted Prices in Active  Markets for  Identical Assets (Level 1) | Recurring basis | Residential - U.S. Government-sponsored enterprises    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 0 0
Quoted Prices in Active  Markets for  Identical Assets (Level 1) | Recurring basis | Commercial - U.S. Government-sponsored enterprises    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 0 0
Quoted Prices in Active  Markets for  Identical Assets (Level 1) | Recurring basis | Residential - Non-Government Agencies    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 0 0
Quoted Prices in Active  Markets for  Identical Assets (Level 1) | Recurring basis | Commercial - Non-government agencies    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 0 0
Quoted Prices in Active  Markets for  Identical Assets (Level 1) | Recurring basis | Collateralized loan obligations    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value  
Significant Other Observable Inputs (Level 2) | Recurring basis    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 671,313 640,060
Derivatives 8,424 (34)
Total 679,737 640,026
Significant Other Observable Inputs (Level 2) | Recurring basis | Interest rate lock commitments    
Assets and liabilities measured at fair value    
Derivatives (4) (34)
Significant Other Observable Inputs (Level 2) | Recurring basis | Forward interest rate contracts    
Assets and liabilities measured at fair value    
Derivatives 46  
Significant Other Observable Inputs (Level 2) | Recurring basis | Interest rate swap    
Assets and liabilities measured at fair value    
Derivatives 8,382 0
Significant Other Observable Inputs (Level 2) | Recurring basis | States and political subdivisions    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 110,668 120,199
Significant Other Observable Inputs (Level 2) | Recurring basis | Corporate securities    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 0 31,414
Significant Other Observable Inputs (Level 2) | Recurring basis | U.S. Treasury obligations and direct obligations of U.S Government agencies    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 21,702 26,197
Significant Other Observable Inputs (Level 2) | Recurring basis | Residential - U.S. Government-sponsored enterprises    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 414,471 378,386
Significant Other Observable Inputs (Level 2) | Recurring basis | Commercial - U.S. Government-sponsored enterprises    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 16,244 50,914
Significant Other Observable Inputs (Level 2) | Recurring basis | Residential - Non-Government Agencies    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 67,161 17,994
Significant Other Observable Inputs (Level 2) | Recurring basis | Commercial - Non-government agencies    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 9,927 14,956
Significant Other Observable Inputs (Level 2) | Recurring basis | Collateralized loan obligations    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 31,140  
Significant Unobservable Inputs (Level 3) | Recurring basis    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 6,847 7,150
Derivatives 0 6,440
Total 6,847 13,590
Significant Unobservable Inputs (Level 3) | Recurring basis | Interest rate lock commitments    
Assets and liabilities measured at fair value    
Derivatives 0 0
Significant Unobservable Inputs (Level 3) | Recurring basis | Forward interest rate contracts    
Assets and liabilities measured at fair value    
Derivatives 0  
Significant Unobservable Inputs (Level 3) | Recurring basis | Interest rate swap    
Assets and liabilities measured at fair value    
Derivatives 0 6,440
Significant Unobservable Inputs (Level 3) | Recurring basis | States and political subdivisions    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 6,165 6,436
Significant Unobservable Inputs (Level 3) | Recurring basis | Corporate securities    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 0 0
Significant Unobservable Inputs (Level 3) | Recurring basis | U.S. Treasury obligations and direct obligations of U.S Government agencies    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 0 0
Significant Unobservable Inputs (Level 3) | Recurring basis | Residential - U.S. Government-sponsored enterprises    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 0 0
Significant Unobservable Inputs (Level 3) | Recurring basis | Commercial - U.S. Government-sponsored enterprises    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 682 0
Significant Unobservable Inputs (Level 3) | Recurring basis | Residential - Non-Government Agencies    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 0 714
Significant Unobservable Inputs (Level 3) | Recurring basis | Commercial - Non-government agencies    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value 0 $ 0
Significant Unobservable Inputs (Level 3) | Recurring basis | Collateralized loan obligations    
Assets and liabilities measured at fair value    
Debt securities available-for-sale, at fair value $ 0  
v3.25.0.1
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Level 3 Assets and Liabilities) (Details) - Mortgage revenue bonds - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis    
Aggregate fair value / Balance at the beginning of the period $ 7,150 $ 7,268
Principal payments received (265) (255)
Unrealized net gain included in other comprehensive income (38) 137
Aggregate fair value / Balance at the end of the period 6,847 7,150
States and political subdivisions    
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis    
Aggregate fair value / Balance at the beginning of the period 6,436 6,584
Principal payments received (241) (232)
Unrealized net gain included in other comprehensive income (30) 84
Aggregate fair value / Balance at the end of the period 6,165 6,436
Residential - Non-Government Agencies    
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis    
Aggregate fair value / Balance at the beginning of the period 714 684
Principal payments received (24) (23)
Unrealized net gain included in other comprehensive income (8) 53
Aggregate fair value / Balance at the end of the period $ 682 $ 714
v3.25.0.1
PARENT COMPANY AND REGULATORY RESTRICTIONS (Required Capital and Capital Ratios) (Details)
$ in Thousands
 12 Months Ended
Jan. 01, 2019
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Leverage capital      
Actual Amount   $ 704,045 $ 676,536
Actual Ratio   0.093 0.088
Minimum amount required to be adequately capitalized   $ 301,967 $ 305,843
Minimum ratio required to be adequately capitalized   0.040 0.040
Tier 1 risk-based capital      
Actual Amount   $ 704,045 $ 676,536
Actual Ratio   0.132 0.124
Minimum amount required to be adequately capitalized   $ 319,155 $ 328,609
Minimum ratio required to be adequately capitalized   0.060 0.060
Total risk-based capital      
Actual Amount   $ 820,796 $ 799,175
Actual Ratio   0.154 0.146
Minimum amount required to be adequately capitalized   $ 425,540 $ 438,146
Minimum ratio required to be adequately capitalized   0.080 0.080
CET1 risk-based capital      
Actual Amount   $ 654,045 $ 626,536
Actual Ratio   12.30% 11.40%
Minimum amount required for capital adequacy purposes   $ 239,366 $ 246,457
Minimum ratio required for capital adequacy purposes   4.50% 4.50%
Capital Conservation Buffer, Year Three 2.50%    
Central Bank      
PARENT COMPANY AND REGULATORY RESTRICTIONS      
Equity in undistributed losses   $ (288,400) $ (316,000)
Leverage capital      
Actual Amount   $ 731,155 $ 704,512
Actual Ratio   0.097 0.092
Minimum amount required to be adequately capitalized   $ 301,410 $ 305,375
Minimum ratio required to be adequately capitalized   0.040 0.040
Minimum amount required to be well-capitalized   $ 376,763 $ 381,719
Minimum ratio required to be well-capitalized   0.050 0.050
Tier 1 risk-based capital      
Actual Amount   $ 731,155 $ 704,512
Actual Ratio   0.138 0.129
Minimum amount required to be adequately capitalized   $ 318,419 $ 327,902
Minimum ratio required to be adequately capitalized   0.060 0.060
Minimum amount required to be well-capitalized   $ 424,558 $ 437,203
Minimum ratio required to be well-capitalized   0.080 0.080
Total risk-based capital      
Actual Amount   $ 792,906 $ 772,151
Actual Ratio   0.149 0.141
Minimum amount required to be adequately capitalized   $ 424,558 $ 437,203
Minimum ratio required to be adequately capitalized   0.080 0.080
Minimum amount required to be well-capitalized   $ 530,698 $ 546,503
Minimum ratio required to be well-capitalized   0.100 0.100
CET1 risk-based capital      
Actual Amount   $ 731,155 $ 704,512
Actual Ratio   13.80% 12.90%
Minimum amount required for capital adequacy purposes   $ 238,814 $ 245,926
Minimum ratio required for capital adequacy purposes   4.50% 4.50%
Minimum amount equired to be well-capitalized   $ 344,953 $ 355,227
Minimum ratio required to be well-capitalized   6.50% 6.50%
v3.25.0.1
PARENT COMPANY AND REGULATORY RESTRICTIONS (Condensed Balance Sheets) (Details) - USD ($)
$ / shares in Units, $ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Assets        
Total assets $ 7,472,096 $ 7,642,796    
Liabilities and Shareholders' Equity        
Long-term debt, net of unamortized debt issuance costs of $202 at December 31, 2024 and $445 at December 31, 2023 156,345 156,102    
Other liabilities 91,279 85,705    
Total liabilities 6,933,711 7,138,981    
Shareholders' equity:        
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at December 31, 2024, and December 31, 2023 0 0    
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding 27,065,570 and 27,045,033 shares at December 31, 2024 and 2023, respectively 404,494 405,439    
Additional paid-in capital 105,054 102,982    
Retained earnings 143,259 117,990    
Accumulated other comprehensive loss (114,422) (122,596)    
Total shareholders' equity 538,385 503,815 $ 452,871 $ 558,267
Total liabilities and equity $ 7,472,096 $ 7,642,796    
Preferred stock, par value (in dollars per share) $ 0 $ 0    
Preferred stock, authorized (in shares) 1,000,000 1,000,000    
Preferred stock, issued (in shares) 0 0    
Preferred stock, outstanding (in shares) 0 0    
Common stock, par value (in dollars per share) $ 0 $ 0    
Common stock, authorized (in shares) 185,000,000 185,000,000    
Common stock, issued (in shares) 27,065,570 27,045,033    
Common stock, outstanding (in shares) 27,065,570 27,045,033    
Parent        
Assets        
Cash and due from financial institutions $ 23,021 $ 22,059    
Investment in subsidiary bank 615,441 579,601    
Other assets 13,425 14,805    
Total assets 651,887 616,465    
Liabilities and Shareholders' Equity        
Long-term debt, net of unamortized debt issuance costs of $202 at December 31, 2024 and $445 at December 31, 2023 106,345 106,102    
Other liabilities 7,157 6,548    
Total liabilities 113,502 112,650    
Shareholders' equity:        
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at December 31, 2024, and December 31, 2023 0 0    
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding 27,065,570 and 27,045,033 shares at December 31, 2024 and 2023, respectively 404,494 405,439    
Additional paid-in capital 105,054 102,982    
Retained earnings 143,259 117,990    
Accumulated other comprehensive loss (114,422) (122,596)    
Total shareholders' equity 538,385 503,815    
Total liabilities and equity $ 651,887 $ 616,465    
Preferred stock, par value (in dollars per share) $ 0 $ 0    
Preferred stock, authorized (in shares) 1,000,000 1,000,000    
Preferred stock, issued (in shares) 0 0    
Preferred stock, outstanding (in shares) 0 0    
Common stock, par value (in dollars per share) $ 0 $ 0    
Common stock, authorized (in shares) 185,000,000 185,000,000    
Common stock, issued (in shares) 27,065,570 27,045,033    
Common stock, outstanding (in shares) 27,065,570 27,045,033    
v3.25.0.1
PARENT COMPANY AND REGULATORY RESTRICTIONS (Condensed Statements of Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest income:      
Total $ 38,723 $ 46,663 $ 47,919
Expense:      
Interest on long-term debt 9,079 8,633 4,930
Income tax expense 14,627 18,153 24,841
Net income 53,412 58,669 73,928
Parent      
Other operating income:      
Dividends from subsidiary bank 38,183 42,540 47,427
Interest income:      
Interest income from subsidiary bank 3 3 3
Other income 224 122 64
Total 38,410 42,665 47,494
Expense:      
Interest on long-term debt 6,883 6,762 4,930
Other expenses 10,221 3,250 2,317
Total expenses 17,104 10,012 7,247
Income before income taxes and equity in undistributed income of subsidiaries 21,306 32,653 40,247
Income tax expense (4,440) (2,620) (1,917)
Income before equity in undistributed income of subsidiaries 25,746 35,273 42,164
Equity in undistributed income of subsidiary bank 27,666 23,396 31,764
Net income $ 53,412 $ 58,669 $ 73,928
v3.25.0.1
PARENT COMPANY AND REGULATORY RESTRICTIONS (Condensed Statements of Cash Flows) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 53,412 $ 58,669 $ 73,928
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax expense (benefit) 8,771 11,211 25,810
Share-based compensation expense 2,072 1,636 3,273
Net Cash Provided by (Used in) Investing Activities [Abstract]      
Distributions from unconsolidated entities 0 495 0
Contributions to unconsolidated entities (18,822) (1,645) (10,249)
Cash flows from financing activities:      
Net proceeds from issuance of common stock and stock option exercises 0 0 679
Repurchases of common stock (945) (2,632) (20,740)
Cash dividends paid on common stock (28,143) (28,117) (28,505)
Cash and cash equivalents at beginning of year 522,437 112,044 328,907
Cash and cash equivalents at end of year 380,941 522,437 112,044
Parent      
Cash flows from operating activities      
Net income 53,412 58,669 73,928
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax expense (benefit) 155 32 (26)
Equity in undistributed income of subsidiary bank (27,666) (23,396) (31,764)
Share-based compensation expense 2,072 1,636 3,273
Net change in other assets and liabilities 1,897 (1,543) (20)
Net cash provided by operating activities 29,870 35,398 45,391
Net Cash Provided by (Used in) Investing Activities [Abstract]      
Distributions from unconsolidated entities 0 495 0
Contributions to unconsolidated entities 180 0 0
Net cash provided by investing activities 180 495 0
Cash flows from financing activities:      
Net proceeds from issuance of common stock and stock option exercises 0 0 679
Repurchases of common stock (945) (2,632) (20,740)
Cash dividends paid on common stock (28,143) (28,117) (28,505)
Net cash used in financing activities (29,088) (30,749) (48,566)
Net increase (decrease) in cash and cash equivalents 962 5,144 (3,175)
Cash and cash equivalents at beginning of year 22,059 16,915 20,090
Cash and cash equivalents at end of year $ 23,021 $ 22,059 $ 16,915
v3.25.0.1
SUBSEQUENT EVENTS (Details) - USD ($)
$ in Millions
Jan. 24, 2025
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Subsequent events        
Authorized amount repurchased common stock     $ 20.0 $ 25.0
Subsequent Event        
Subsequent events        
Federal Reserve Bank Stock, shares acquired (in shares) 371,359      
Payments to acquire Federal Reserve Bank Stock $ 18.6      
Authorized amount repurchased common stock   $ 30.0