CARTER BANKSHARES, INC., 10-K filed on 3/7/2025
Annual Report
v3.25.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 28, 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 001-39731    
Entity Registrant Name CARTER BANKSHARES, INC.    
Entity Incorporation, State or Country Code VA    
Entity Tax Identification Number 85-3365661    
Entity Address, Address Line One 1300 Kings Mountain Road,    
Entity Address, City or Town Martinsville,    
Entity Address, State or Province VA    
Entity Address, Postal Zip Code 24112    
City Area Code 276    
Local Phone Number 656-1776    
Title of 12(b) Security Common Stock, $1 par value    
Trading Symbol CARE    
Security Exchange Name NASDAQ    
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 Emerging Growth Company false    
Entity Small Business false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 342,346,178
Entity Common Stock, Shares Outstanding   23,130,924  
Documents Incorporated by Reference
Portions of the definitive Proxy Statement of Carter Bankshares, Inc., to be filed pursuant to Regulation 14A for the 2025 annual meeting of shareholders to be held May 28, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K.
    
Amendment Flag false    
Entity Central Index Key 0001829576    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor Information [Abstract]  
Auditor Name Crowe LLP
Auditor Location Washington, D.C.
Auditor Firm ID 173
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and Due From Banks, including Interest-Bearing Deposits of $91,563 at December 31, 2024 and $14,853 at December 31, 2023 $ 131,171 $ 54,529
Securities Available-for-Sale, at Fair Value (amortized cost of $800,741 and $870,546, respectively) 718,400 779,003
Equity Securities 10,041 0
Portfolio Loans 3,624,826 3,505,910
Allowance for Credit Losses (75,600) (97,052)
Portfolio Loans, net 3,549,226 3,408,858
Bank Premises and Equipment, net 74,329 73,707
Other Real Estate Owned, net 659 2,463
Federal Home Loan Bank Stock, at Cost 6,487 21,626
Bank Owned Life Insurance 59,588 58,115
Other Assets 109,288 114,238
Total Assets 4,659,189 4,512,539
Deposits:    
Noninterest-Bearing Demand 634,436 685,218
Interest-Bearing Demand 726,947 481,506
Money Market 512,162 513,664
Savings 355,506 454,876
Certificates of Deposit 1,924,370 1,586,651
Total Deposits 4,153,421 3,721,915
Federal Home Loan Bank Borrowings 70,000 393,400
Reserve for Unfunded Loan Commitments 3,186 3,193
Other Liabilities 48,269 42,788
Total Liabilities 4,274,876 4,161,296
Commitments and Contingencies
SHAREHOLDERS’ EQUITY    
Common Stock, Par Value $1.00 Per Share, Authorized 100,000,000 Shares; Outstanding - 94,094,518 shares at December 31, 2024, and 22,956,304 shares at December 31, 2023 23,069 22,957
Additional Paid-in Capital 92,159 90,642
Retained Earnings 333,606 309,083
Accumulated Other Comprehensive Loss (64,521) (71,439)
Total Shareholders’ Equity 384,313 351,243
Total Liabilities and Shareholders’ Equity $ 4,659,189 $ 4,512,539
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Interest-bearing deposits $ 91,563 $ 14,853
Amortized cost of securities available-for-sale $ 800,741 $ 870,546
Common stock, par value (in usd per share) $ 1.00 $ 1.00
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares outstanding (in shares) 23,069,175 22,956,304
v3.25.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Loans, including fees      
Taxable $ 186,001 $ 159,317 $ 135,055
Non-Taxable 2,648 3,143 3,609
Investment Securities      
Taxable 29,510 30,804 20,330
Non-Taxable 269 634 693
Federal Reserve Bank Excess Reserves 2,204 1,002 312
Interest on Bank Deposits 85 64 29
Dividend Income 1,012 1,456 154
Total Interest Income 221,729 196,420 160,182
Interest Expense      
Interest Expense on Deposits 95,431 52,628 18,616
Interest Expense on Federal Funds Purchased 0 368 188
Interest on Other Borrowings 11,841 21,114 1,450
Total Interest Expense 107,272 74,110 20,254
NET INTEREST INCOME 114,457 122,310 139,928
(Recovery) Provision for Credit Losses (5,039) 5,500 2,419
(Recovery) Provision for Unfunded Commitments (7) 901 509
Net Interest Income After (Recovery) Provision for Credit Losses 119,503 115,909 137,000
NONINTEREST INCOME      
Gains (Losses) on Sales of Securities, net 68 (1,521) 46
Service Charges, Commissions and Fees 7,393 7,155 7,168
Debit Card Interchange Fees 7,843 7,828 7,427
Insurance Commissions 3,685 1,945 1,961
Bank Owned Life Insurance Income 1,473 1,381 1,357
Commercial Loan Swap Fee Income 0 139 774
Other 906 1,351 2,985
Total Noninterest Income 21,368 18,278 21,718
NONINTEREST EXPENSE      
Salaries and Employee Benefits 57,908 55,856 52,399
Occupancy Expense, net 15,608 14,028 13,527
FDIC Insurance Expense 6,200 4,904 2,015
Other Taxes 3,559 3,292 3,319
Advertising Expense 2,540 1,693 1,434
Telephone Expense 1,393 1,842 1,781
Professional and Legal Fees 5,675 6,210 5,818
Data Processing 4,919 3,920 4,051
Debit Card Expense 3,423 2,875 2,750
Tax Credit Amortization 0 0 621
Other 8,777 10,846 9,286
Total Noninterest Expense 110,002 105,466 97,001
Income Before Income Taxes 30,869 28,721 61,717
Income Tax Provision 6,346 5,337 11,599
Net Income $ 24,523 $ 23,384 $ 50,118
Earnings per Common Share:      
Basic Earnings per Common Share (in usd per share) $ 1.06 $ 1.00 $ 2.03
Diluted Earnings per Common Share (in usd per share) $ 1.06 $ 1.00 $ 2.03
Average Shares Outstanding - Basic (in shares) 22,817,149 23,240,543 24,595,789
Average Shares Outstanding - Diluted (in shares) 22,817,149 23,240,543 24,595,789
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Other Comprehensive Income [Abstract]      
Net Income $ 24,523 $ 23,384 $ 50,118
Net Unrealized Gains (Losses) on Securities Available-for-Sale:      
Net Unrealized Gains (Losses) Arising during the Period 9,270 16,370 (111,542)
Reclassification Adjustment for (Gains) Losses included in Net Income (68) 1,521 (46)
Tax Effect (2,284) (3,714) 24,270
Net Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) 6,918 14,177 (87,318)
Other Comprehensive Income (Loss): 6,918 14,177 (87,318)
Comprehensive Income (Loss) $ 31,441 $ 37,561 $ (37,200)
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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Cumulative Effect, Period of Adoption, Adjusted Balance
Common Stock
Common Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Effect, Period of Adoption, Adjusted Balance
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance at Dec. 31, 2021 $ 407,596     $ 26,431   $ 143,988   $ 235,475     $ 1,702  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net Income 50,118             50,118        
Other Comprehensive Income (Loss), Net of Tax (87,318)                   (87,318)  
Repurchase of Common Stock (42,927)     (2,587)   (40,340)            
Forfeitures of Restricted Stock (156)     (14)   (142)            
Issuance of Restricted Stock 0     127   (127)            
Recognition of Restricted Stock Compensation Expense 1,314         1,314            
Ending balance at Dec. 31, 2022 328,627 $ 106 $ 328,733 23,957 $ 23,957 104,693 $ 104,693 285,593 $ 106 $ 285,699 (85,616) $ (85,616)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net Income 23,384             23,384        
Other Comprehensive Income (Loss), Net of Tax 14,177                   14,177  
1% Excise Tax on Stock Buybacks (153)         (153)            
Repurchase of Common Stock (16,416)     (1,132)   (15,284)            
Forfeitures of Restricted Stock (43)     (5)   (38)            
Issuance of Restricted Stock 0     137   (137)            
Recognition of Restricted Stock Compensation Expense 1,561         1,561            
Ending balance at Dec. 31, 2023 351,243     22,957   90,642   309,083     (71,439)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net Income 24,523             24,523        
Other Comprehensive Income (Loss), Net of Tax 6,918                   6,918  
Forfeitures of Restricted Stock (123)     (16)   (107)            
Issuance of Restricted Stock 0     128   (128)            
Recognition of Restricted Stock Compensation Expense 1,752         1,752            
Ending balance at Dec. 31, 2024 $ 384,313     $ 23,069   $ 92,159   $ 333,606     $ (64,521)  
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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Parenthetical) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Repurchase of Common Stock (in shares)   1,132,232 2,587,361
Forfeitures of Restricted Stock (in shares) 15,244 5,333 14,141
Issuance of Restricted Stock (in shares) 128,115 137,097 127,355
Accounting Standards Update [Extensible Enumeration]     Accounting Standards Update 2023-02 [Member]
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net Income $ 24,523,000 $ 23,384,000 $ 50,118,000
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities      
(Recovery) Provision for Credit Losses, including (Recovery) Provision for Unfunded Commitments (5,046,000) 6,401,000 2,928,000
Origination of Loans Held-for-Sale (8,953,000) (6,758,000) (8,047,000)
Proceeds From Loans Held-for-Sale 9,091,000 6,867,000 10,184,000
Depreciation/Amortization of Bank Premises and Equipment 7,055,000 6,248,000 6,063,000
Provision for Deferred Taxes 2,689,000 368,000 3,630,000
Net Amortization of Securities 3,592,000 6,354,000 5,749,000
Tax Credit Amortization 517,000 2,101,000 621,000
Gains on Sales of Loans Held-for-Sale (138,000) (109,000) (396,000)
(Gains) Losses on Sales of Securities, net (68,000) 1,521,000 (46,000)
Unrealized Gain on Equity Securities (41,000.0) 0 0
Commercial Loan Swap Derivative Loss (Income) 12,000 219,000 (605,000)
Increase in the Value of Life Insurance Contracts (1,473,000) (1,381,000) (1,357,000)
Balance Sheet Hedge Fair Value Adjustment 125,000 0 0
Recognition of Restricted Stock Compensation Expense 1,752,000 1,561,000 1,314,000
Decrease (Increase) in Other Assets 1,614,000 (3,849,000) (2,914,000)
Increase in Other Liabilities 1,687,000 3,803,000 3,549,000
Net Cash Provided By Operating Activities 36,938,000 46,730,000 70,791,000
Securities Available-for-Sale:      
Proceeds from Sales 17,953,000 43,323,000 19,777,000
Proceeds from Maturities, Redemptions, and Pay-downs 63,454,000 48,901,000 84,693,000
Purchases (15,126,000) (24,938,000) (135,634,000)
Purchase of Equity Securities (10,000,000) 0 0
Purchase of Bank Premises and Equipment, Net (8,133,000) (9,798,000) (5,890,000)
Proceeds from Sales of Bank Premises and Equipment, net 0 0 408,000
Redemption (Purchase) of Federal Home Loan Bank Stock, net 15,139,000 (11,886,000) (7,388,000)
Loan Originations, net (135,888,000) (359,407,000) (342,877,000)
Proceeds from Sales and Payments of Other Real Estate Owned 4,199,000 6,794,000 4,840,000
Net Cash Used In Investing Activities (68,402,000) (307,011,000) (382,071,000)
FINANCING ACTIVITIES      
Net Change in Demand, Money Markets and Savings Accounts 93,787,000 (235,748,000) 14,649,000
Increase (Decrease) in Certificates of Deposits 337,719,000 325,125,000 (82,792,000)
Proceeds from Federal Home Loan Bank Borrowings 1,870,000,000 3,441,685,000 300,550,000
Repayments on Federal Home Loan Bank Borrowings (2,193,400,000) (3,228,835,000) (127,000,000)
(Repayments) Proceeds from Federal Funds Purchased, net 0 (17,870,000) 17,870,000
Repurchase of Common Stock 0 (16,416,000) (42,927,000)
Net Cash Provided By Financing Activities 108,106,000 267,941,000 80,350,000
Net Increase (Decrease) in Cash and Cash Equivalents 76,642,000 7,660,000 (230,930,000)
Cash and Cash Equivalents at Beginning of Period 54,529,000 46,869,000 277,799,000
Cash and Cash Equivalents at End of Period 131,171,000 54,529,000 46,869,000
SUPPLEMENTARY DATA      
Cash Interest Paid 106,342,000 69,116,000 19,338,000
Cash Paid for Income Taxes 478,000 5,718,000 5,793,000
Transfer from Loans to Other Real Estate Owned 1,181,000 110,000 74,000
Transfer from Fixed Assets to Other Real Estate Owned 348,000 1,854,000 2,675,000
Right-of-use Asset Recorded in Exchange for Lease Liabilities 2,995,000 1,464,000 3,391,000
Stock Repurchase Excise Tax Settled in Subsequent Period 0 (153,000) 0
Loans Transferred to Held-for-Sale $ 0 $ 0 $ 1,513,000
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations and Principles of Consolidation: Carter Bankshares, Inc. (the “Company”) is a holding company headquartered in Martinsville, Virginia. The Company is the parent company of its wholly owned subsidiary of Carter Bank & Trust (the “Bank”). The holding company is regulated by the Federal Reserve Bank (“FRB”). The Bank is an insured, Virginia state-chartered commercial bank which operates branches in Virginia and North Carolina. The Bank is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and Bureau of Financial Institutions of the Virginia State Corporation Commission. The Bank has one wholly owned subsidiary, CB&T Investment Company (the “Investment Company”).
Our market coverage is primarily in Virginia and North Carolina, including Fredericksburg, Charlottesville, Lynchburg, Roanoke, Blacksburg, Martinsville, and Danville in Virginia, and Greensboro, Charlotte, Raleigh and Mooresville in North Carolina. The Company provides a full range of financial services with retail and commercial banking products and insurance.
Accounting Policies: Our financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the dates of the balance sheets and revenues and expenses for the periods then ended. Actual results could differ from those estimates. Our significant accounting policies are described below.
Principles of Consolidation: The Consolidated Financial Statements include the accounts of Carter Bankshares, Inc. and its wholly owned subsidiary. The Investment Company is a subsidiary of the Bank. All significant intercompany transactions have been eliminated in consolidation.
Reclassification: Amounts in prior years' financial statements and footnotes are reclassified whenever necessary to conform to the current year’s presentation. Reclassifications had no material effect on prior year net income or shareholders’ equity.
Use of Estimates: To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the Consolidated Financial Statements and the disclosures provided, and actual results could differ from those estimates. Information available which could affect these judgments include, but are not limited to, changes in interest rates, changes in the performance of the economy, and changes in the financial condition of borrowers.
Operating Segments: The chief decision-makers of our operating segments monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis, and operating segments are aggregated into one as operating results for all segments are similar. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment.
Cash and Cash Equivalents: The Company considers all cash on hand, amounts due from banks, federal funds sold, and FRB excess reserves as cash equivalents for the purposes of the Consolidated Statements of Cash Flows with all items having original maturities fewer than 90 days. Federal funds are customarily sold for one-day periods. The FRB pays the target fed funds rate on the FRB excess reserves.
Restrictions on Cash: Cash on hand or on deposit with the FRB is required to meet regulatory reserve and clearing requirements.
Loan Commitments and Related Financial Instruments: Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and financial standby and performance letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.
Comprehensive Income (Loss): Comprehensive income (loss) consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains (losses) on securities available-for-sale, net of tax.
Securities: The Company classifies securities into either the held-to-maturity or available-for-sale categories at the time of purchase. All securities were classified as available-for-sale at December 31, 2024 and December 31, 2023. Securities classified
as available-for-sale include securities which can be sold for liquidity, investment management, or similar reasons even if there is not a present intention of such a sale. Available-for-sale securities are reported at fair value, with unrealized gains (losses), net of tax included in accumulated other comprehensive loss, net of applicable taxes.
Premium amortization is deducted from, and discount accretion is added to, interest income on securities using the level yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses are recognized upon the sale of specific identified securities on the completed trade date.
Management evaluates debt securities for impairment on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. In determining impairment, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an impairment decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time.
When an impairment occurs, the amount of impairment recognized in earnings depends on whether an entity intends to sell the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss. If an entity intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss, the impairment shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the impairment shall be separated into the amount representing the credit loss and the amount related to all other factors. Credit-related impairment is recognized as an allowance for credit losses (“ACL”) on the balance sheet with a corresponding adjustment to (recovery) provision for credit losses in the Consolidated Statements of Income. Both the allowance and the adjustment to net income can be reversed if conditions change.
Equity Securities: Equity securities consist of our investment in a market-rate bond mutual fund that invests in high quality fixed income bonds, mainly government agency securities whose proceeds are designed to positively impact community development throughout the United States. The mutual fund focuses exclusively on providing affordable housing to low and moderate income borrowers and renters, including those in Majority Minority Census Tracts. The Company’s investment in the mutual fund is eligible for investment credit under the Community Reinvestment Act. Equity securities are carried at fair value, with changes in fair value reported within other noninterest income in the Consolidated Statements of 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 similar investment.
Loans Held-for-Sale: Loans held-for-sale arise primarily from two sources. First, we purchase mortgage loans on a short-term basis from a partner financial institution that have fully executed sales contracts to end investors. Second, we originate and close mortgages with fully executed contracts with investors to purchase shortly after closing. We then hold these mortgage loans from both sources until funded by the investor, typically a two-week period. Gains and losses on sales of mortgage loans held-for-sale are determined using the specific identification method and are included in other noninterest income in the Consolidated Statements of Income.
From time to time, certain loans are transferred from the loan portfolio to loans held-for-sale, which are carried at the lower of cost or fair value. If a loan is transferred from the loan portfolio to the held-for-sale category, any write-down in the carrying amount of the loan at the date of transfer is recorded as a charge-off against the ACL. Subsequent declines in fair value are recognized as a charge to noninterest income. The remaining unamortized fees and costs are recognized as part of the cost basis of the loan at the time it is sold. Gains and losses on sales of loans held-for-sale are included in other noninterest income in the Consolidated Statements of Income.
Loans: Loans that management have the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, discounts, and an allowance for credit losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments.
An individually evaluated loan analysis is conducted for loans that are either or both nonperforming or a restructured loan with a commitment of $1.0 million or greater and/or based on management’s discretion. Loans, including individually evaluated loans, are generally classified as nonaccrual if they are past due as to maturity or payment of principal or interest for a period of more than 90 days based on contractual terms, unless such loans are well-secured and in the process of collection. If a loan or a portion of a loan is classified as doubtful or is partially charged off, the loan is generally classified as nonaccrual. Loans that are on a current payment status or past due less than 90 days may also be classified as nonaccrual, if repayment in full of principal and/or interest is unlikely. Any interest that is accrued, but not collected is reversed against interest income when a loan is placed on nonaccrual status, which typically occurs prior to charging off all, or a portion, of a loan.
While a loan is classified as nonaccrual and the probability of collecting the recorded loan balance is doubtful, collections of interest and principal are generally applied as a reduction to principal outstanding. Payments collected on a nonaccrual loan are first applied to principal, secondly to any existing charge-offs, thirdly to interest, and lastly to any outstanding fees owed to the Company.
Loans may be returned to accrual status when all principal and interest amounts contractually due are reasonably assured of repayment within an acceptable period of time, and there is a period of a minimum of six months of satisfactory payment performance by the borrower in accordance with the contractual terms of interest and principal.
Allowance for Credit Losses: The allowance for credit losses (“ACL”) represents management’s estimate of expected credit losses over the life of the loan portfolio. The ACL includes an estimate of credit losses for pooled loans utilizing a Discounted Cash Flow (“DCF”) method. Reserves for pooled loans are estimated by calculating the amount by which the outstanding principal balance exceeds the current estimate of the present value of future cash flows discounted at the loan’s original effective interest rate. The ACL also includes an estimate of credit losses related to loans that are individually evaluated, known as Individually Evaluated Loans, or IELs. Generally, an IEL reserve is calculated as the excess of the loan's current outstanding principal balance, or general ledger balance if the loan is non-accrual, compared to the estimated fair value of the related collateral, less cost to sell, if any.
Management reserves the right to utilize alternative methods for IELs. Our CECL model introduced a modified discounted cash flow methodology based on expected cash flow changes in the future for the Other segment. A population of the Other segment was not impaired under the probable incurred loss model and therefore not subject to a collateral dependent specific reserve analysis. For the population of the Other segment that was impaired under the incurred loss model, based on collateral values, the specific reserves totaled zero.
The CECL model estimates default probabilities driven by economic metrics identified below that form the basis of the prepayment speeds and prepayment timing estimated in the DCF method. The CECL model also estimates losses based on these default. The product of the probability of default and losses given default is the estimated expected loss.
For more details, see Note 6 - Allowance for Credit Losses, in Item 8 of this Annual Report on Form 10-K.
Allowance for Credit Losses Policy
The Company’s methodology for estimating the ACL includes:
Segmentation. The Company’s loan portfolio is segmented by homogeneous loan types that behave similarly to economic cycles.
Specific Analysis. A specific reserve analysis is applied to certain individually evaluated loans (IELs). These loans are evaluated quarterly generally based on collateral value, observable market value or the present value of expected future cash flows. A specific reserve is established if the fair value is less than the loan balance. A charge-off is recognized when the loss is quantifiable and confirmed. Individually evaluated loans not specifically analyzed receive a quantitative and qualitative analysis, as described below.
Quantitative Analysis. The Company elected to use Discounted Cash Flow (“DCF”). Economic forecasts include but are not limited to Unemployment, the Consumer Price Index, the Housing Price Index and Gross Domestic Product. These forecasts are assumed to revert to the long-term average and are utilized in the model to estimate the probability of default and loss given default through regression. Model assumptions include, but are not limited to the discount rate, prepayments and curtailments.
The product of the probability of default and the loss given default is the estimated loss rate, which varies over time. The estimated loss rate is applied within the appropriate periods in the cash flow model to determine the net present value. Net present value is also impacted by assumptions related to the duration between default and recovery. The reserve is based on the difference between the summation of the principal balances taking amortized costs into consideration and the summation of the net present values.
Qualitative Analysis. Based on management’s review and analysis of internal, external and model risks, management may adjust the model output. Management reviews the peaks and troughs of the model’s calibration, taking into account economic forecasts to develop guardrails that serve as the basis for determining the reasonableness of the model’s output and makes adjustments as necessary. This process challenges unexpected variability resulting from outputs beyond the model’s calibration that appear to be unreasonable. Additionally, management may adjust the economic forecast if it is incompatible with known market conditions based on management’s experience and perspective.
“Other” Segmented Pool
CECL provides for the flexibility to model loans differently compared to the prior model. With the adoption of CECL management elected to evaluate certain loans based on shared but unique risk attributes. The loans included in the Other segment of the model were underwritten and approved based on standards that are inconsistent with our current underwriting standards. As these loans are not collateral dependent, management elected to use a modified DCF method. The modifications to DCF include assumptions with respect to the timing of cash flows and the utilization of a discount rate reflective of the inherent risk of the loans in the Other segment. A substantial change in these assumptions could cause a significant impact to the model causing volatility. Management reviews the model output for appropriateness and subjectively makes adjustments as needed. The analysis applied to this pool resulted in an allowance of $51.3 million at adoption on January 1, 2021 and is disclosed in the Other segment line item.
Charge-off Policy
Our charge-off policy for loans requires that loans and other obligations that are not collectible be promptly charged-off when the loss becomes probable, regardless of the delinquency status of the loan. The Company may elect to recognize a partial charge-off when management has determined that the value of collateral is less than the remaining investment in the loan. A loan or obligation does not need to be charged-off, regardless of delinquency status, if (i) management has determined there exists sufficient collateral to protect the remaining loan balance and (ii) there exists a strategy to liquidate the collateral. Management may also consider a number of other factors to determine when a charge-off is appropriate. These factors may include, but are not limited to:
•The status of a bankruptcy proceeding
•The value of collateral and probability of successful liquidation; and/or
•The status of adverse proceedings or litigation that may result in collection
Consumer unsecured loans and secured loans are evaluated for charge-off after the loan becomes 90 days past due. Unsecured loans are fully charged-off and secured loans are charged-off to the estimated fair value of the collateral less the cost to sell.
Closed-end installment loans, amortizing loans secured by real estate and any other loans with payments scheduled monthly are reported past due when the borrower is in arrears two or more monthly payments. Other multi-payment obligations with payments scheduled other than monthly are reported past due when one scheduled payment is due and unpaid for 30 days or more. We monitor delinquency on a monthly basis, including early stage delinquencies of 30 to 89 days past due for early identification of potential problem loans.
Refer to the “Credit Quality” and the “Allowance for Credit Losses” sections in the MD&A and Note 6, Allowance for Credit Losses, in the Notes to Consolidated Financial Statements of this Annual Report on Form 10-K for more details.
Loan Restructurings: On April 1, 2022, the Company adopted the accounting guidance in ASU No. 2022-02, effective as of January 1, 2022, which eliminates the recognition and measurement of a TDR. Due to the removal of the TDR designation, the Company evaluates all loan restructurings according to the accounting guidance for loan modifications to determine if the
restructuring results in a new loan or a continuation of the existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include situations where there is principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and combinations of the listed modifications. Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loan reaches nonaccrual status, foreclosure or repossession of the collateral to minimize economic loss to the Company.
Concentration of Credit Risk: The majority of the Company's loans, commitments and lines of credit have been granted to customers in the Company's market area. The concentrations of credit by loan classification are set forth in Note 5 - Loans, in the Notes to the Consolidated Financial Statements.
Advertising Costs: We expense all marketing-related costs, including advertising costs, as incurred. Advertising expense was $2.5 million, $1.7 million, and $1.4 million for the years ended 2024, 2023, and 2022, respectively.
Bank Owned Life Insurance: The Company has purchased life insurance policies on certain executive officers and associates. We receive the cash surrender value of each policy upon its termination or benefits are payable to us upon the death of the insured. Changes in net cash surrender value are recognized in noninterest income in the Consolidated Statements of Income.
Bank Premises and Equipment: Bank premises and equipment acquired are stated at cost, less accumulated depreciation. Depreciation is charged to operating expenses over the estimated useful life of the assets by the straight-line method. Land is carried at cost. Costs of maintenance or repairs are charged to expense as incurred and improvements are capitalized. Upon retirement or disposal of an asset, the asset and related allowance account are eliminated. Any gain or loss on such transactions is included in current operations. Depreciation expense is included under occupancy expense, net in the Consolidated Statements of Income totaling $7.1 million in 2024, $6.2 million in 2023, and $6.1 million in 2022. The estimated useful life for bank premises ranges from 5 to 40 years and equipment depreciates over a 3 to 10-year period.
Land and Land ImprovementsNon-depreciating assets
Buildings25 years-40 years
Furniture and Fixtures5 years
Computer Equipment and Software
5 years or term of license
Other Equipment5 years
Vehicles5 years
Leasehold Improvements
Lesser of estimated useful life of the asset (generally 15 years unless established otherwise) or the remaining term of the lease, including renewal options in the lease that are reasonably assured of exercise
Leases: Operating and finance leases are recorded as a right of use (“ROU”) asset and operating lease liability, included in other assets and other liabilities, respectively. Operating and finance lease ROU assets represent the right to use an underlying asset during the lease term and operating and finance lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents our incremental borrowing rate at the lease commencement date. Operating lease expense, which is comprised of amortization of the ROU asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term, and is recorded primarily in occupancy, net in the Consolidated Statements of Income. Finance lease expense is comprised of interest expense and amortization of the ROU asset, which are recorded in interest on other borrowings and other expense, respectively, in the Consolidated Statements of Income.
Federal Home Loan Bank (“FHLB”) Stock: The Company is a member of the FHLB. Members are required to own a certain amount of stock based on the level of borrowings and other factors such as asset base. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Cash dividends are reported as dividend income in the Consolidated Statements of Income.
Earnings per Common Share: Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding less average participating shares during the period. All outstanding unvested restricted stock awards are considered participating shares for the earnings per common share calculation. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to
issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.
Other Real Estate Owned (“OREO”): Real estate properties acquired through or in lieu of loan foreclosure are initially recorded at fair value less estimated selling cost at the date of foreclosure, which establishes a new cost basis. Any write-downs based on the asset's fair value at the date of acquisition are charged to the ACL. After foreclosure, these assets are carried at the lower of their new cost basis or fair value less cost to sell. In addition, any retail branch locations closed for branch operations and marketed for sale are also moved to OREO from bank premises and equipment. This real estate is initially valued based on recent comparative market values received from a real estate broker and any necessary write-downs are charged to operations. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. Valuations are periodically performed by management, and any write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its carrying value or fair value less cost to sell. OREO assets are revalued every 12 months, or more frequently when deemed necessary by management based upon changes in market or collateral conditions. For smaller OREO assets with existing carrying values less than $0.5 million, management may elect to re-value the assets, at minimum, once every 24 months based on the size of the exposure. Operating costs after acquisition are expensed.
Income Taxes: Income tax provision is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities including change in valuation allowance. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences, operating losses, and tax credit carryforwards. Deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying Consolidated Balance Sheets, along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income tax provision in the Consolidated Statements of Income.
The Company is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved new market and historic rehabilitation projects. During 2023, the Company adopted the proportional amortization method of accounting for all qualifying equity investments within these limited partnerships. These investments are included in other assets on the Consolidated Balance Sheets. These partnership investments generate a return through the realization of federal income tax credits, as well as other tax benefits, such as tax deductions from net operating losses of the investments over a period of time. The investments are accounted for under the equity method, with the expense included within income tax provision on the Consolidated Statements of Income. All of the Company's tax credit investments are evaluated for impairment at the end of each reporting period.
Transfer of Financial Assets: Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity, or the ability to unilaterally cause the transferee to return specific assets.
Retirement Benefits: The Company has established an employee benefit plan as described in Note 14 - Employee Benefit Plans to the Consolidated Financial Statements. The Company does not provide any other post-retirement benefits.
Allowance for Unfunded Commitments: In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and
interest rate risk in excess of the amount recognized in the financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby and performance letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The ACL on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur, and is included on the Company’s Consolidated Balance Sheets.
Stock-Based Compensation: The Company has issued both restricted stock to executive officers, associates and non-associate directors and performance based stock units to its executive officers. Compensation expense for restricted stock awards is based on the fair value of these awards at the date of the grant prior to September 1, 2023. Beginning September 1, 2023 the Company utilizes a trading 90-day look back period to estimate the average stock price to resolve issues of rapid stock price fluctuations.
Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company recognizes forfeitures as they occur.
For the performance stock units (“PSUs”), management evaluates the criteria quarterly to determine the probability of the performance goals being met and recognizes compensation based upon the evaluation. The PSUs vest on the third anniversary of the grant date and any vested performance units will be paid in shares of the Company's common stock.
Loss Contingencies: As disclosed in Note 18 - Commitments and Contingencies to the Consolidated Financial Statements, the Company and its subsidiaries are involved in various legal proceedings incidental to their business in the ordinary course, and the disclosure set forth in Note 18 relating to certain legal matters is incorporated by reference.
Fair Value Measurements
The Company uses fair value measurements when recording and disclosing certain financial assets and liabilities. Securities available-for-sale, equity securities, loans and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as loans held-for-sale, individually evaluated loans, OREO, and certain other assets.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances.
The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). There are three levels of inputs that may be used to measure fair values:
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that an entity has the ability to access as of the measurement date, or observable inputs.
Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. We recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred.
The following are descriptions of the valuation methodologies that the Company uses for financial instruments recorded at fair value on either a recurring or nonrecurring basis.
Recurring Basis
Securities Available-for-Sale: The fair values of securities available-for-sale are determined by obtaining quoted prices on nationally recognized securities exchanges, if available. This valuation method is classified as Level 1 in the fair value hierarchy. For securities where quoted prices are not available, fair values are calculated on market prices of similar securities, or matrix pricing, which is a mathematical technique, used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities. Matrix pricing relies on the securities’ relationship to similarly traded securities, benchmark curves, and the benchmarking of like securities. Matrix pricing utilizes observable market inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and economic events. In instances where broker quotes are used, these quotes are obtained from market makers or broker-dealers recognized to be market participants. This valuation method is classified as Level 2 in the fair value hierarchy. For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators. This valuation method is classified as Level 3 in the fair value hierarchy.
Equity Securities: The fair values of equity securities are determined by obtaining quoted prices on nationally recognized or foreign securities exchanges, if available. This valuation method is classified as Level 1 in the fair value hierarchy. As of December 31, 2024, Level 1 fair values are available for each of the Company’s equity securities.
Derivative Financial Instruments and Hedging Activities: The Company uses derivative instruments such as interest rate swaps for commercial loans with our customers. Upon entering into swaps with the borrower, the Company entered into offsetting positions with counterparties to minimize risk to the Company. The back-to-back swaps qualify as derivatives, but are not designated as hedging instruments. Interest rate swap contracts involve the risk of dealing with borrower and counterparties and their ability to meet contractual terms. We calculate the fair value for derivatives using accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Each valuation considers the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, such as interest rate curves and implied volatilities. When the fair value of a derivative instrument contract is positive, this generally indicates that the counterparty or customer owes the Company, and results in credit risk to the Company. When the fair value of a derivative instrument contract is negative, the Company owes the customer or counterparty, and, therefore, has no risk. Accordingly, interest rate swaps for commercial loans are classified as Level 2.
The Company also uses pay-fixed/receive-floating interest rate swaps (the “Pay-Fixed Swap Agreements”). The Pay-Fixed Swap Agreements were designated as fair value hedges in order to hedge the risk of changes in the fair value of the fixed rate loans included in the amortizing single family mortgages and CRE loans. These fair value hedges were utilized to convert the hedged loans from a fixed rate to a synthetic floating Secured Overnight Financing Rate (“SOFR”). As long as a hedging instrument is designated and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, 100% of the periodic changes in fair value of the hedging instrument are accounted for in net interest income. The fair value of the remaining hedge is recorded in either other assets or in other liabilities depending on the position of the hedge, and the offset is recorded in loans. This is the case whether or not economic mismatches exist in the hedging relationship. As a result, there is no periodic measurement or recognition of ineffectiveness. Rather, the full impact of hedge gains and losses is recognized in the period in which the hedged transactions impact earnings. The remaining hedge was determined to be effective during all periods presented and the Company expects them to remain effective during the remaining terms.
The Company also enters into commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans to be held-for-sale are considered to be derivatives. The period of time between issuance of a loan commitment and closing and sale of the loan generally ranges from
15 to 90 days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery commitments, whereby the Company commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on rate lock commitments due to changes in interest rates.
Nonrecurring Basis
Individually Evaluated Loans: Individually evaluated loans with commitments of $1.0 million or greater and/or based on management’s discretion are evaluated for potential specific reserves and adjusted, if a shortfall exists, to fair value less costs to sell. Fair value is measured based on the value of the underlying collateral securing the loan if repayment is expected solely from the sale or operation of the collateral or present value of estimated future cash flows discounted at the loan’s contractual interest rate if the loan is not determined to be collateral dependent. All loans with a specific reserve are classified as Level 3 in the fair value hierarchy.
Fair value for individually evaluated loans is determined using several methods. Generally, the fair value of real estate is determined based on appraisals by qualified licensed appraisers. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. These routine adjustments are made to adjust the value of a specific property relative to comparable properties for variations in qualities such as location, size, and income production capacity relative to the subject property of the appraisal. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value.
Subsequent to the initial impairment date, existing individually evaluated loans are reevaluated quarterly for additional impairment and adjustments to fair value less costs to sell are made, where appropriate. For individually evaluated loans, the first stage of our impairment analysis involves inspection of the property in question to affirm the condition has not deteriorated since the previous impairment analysis date. Management also engages in conversations with local real estate professionals and market participants to determine the likely marketing time and value range for the property. The second stage involves an assessment of current trends in the regional market. After thorough consideration of these factors, management will order a new appraisal.
For non-individually evaluated loans, the fair value is determined by updating the present value of estimated future cash flows using the loan’s existing rate to reflect the payment schedule for the remaining life of the loan.
OREO is evaluated at the time of acquisition and is recorded at fair value as determined by an appraisal or evaluation, less costs to sell. After acquisition, most OREO assets are revalued every twelve months, or more frequently when deemed necessary by management based upon changes in market or collateral conditions. For smaller OREO assets with existing carrying values less than $0.5 million, management may elect to re-value the assets, at minimum, once every twenty-four months based on the size of the exposure. Fair value, when recorded, is generally based upon appraisals by approved, independent state certified appraisers. Appraisals on OREO may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or other information available to us. OREO and other repossessed assets marked to fair value are classified as Level 3. At December 31, 2024 OREO assets were in compliance with the OREO policy as set forth above, and substantially all of the assets were listed for sale with credible third-party real estate brokers.
Financial Instruments
In addition to financial instruments recorded at fair value in our financial statements, fair value accounting guidance requires disclosure of the fair value of all of an entity’s assets and liabilities that are considered financial instruments. The majority of our assets and liabilities are considered financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and willing seller engaged in an exchange transaction. Also, it is our general practice and intent to hold our financial instruments to maturity and to not engage in trading or sales activities with respect to such financial instruments. For fair value disclosure purposes, we substantially utilize the fair value measurement criteria as required and explained above. In cases where quoted fair values are not available, we use present value methods to determine the fair value of our financial instruments.
Recent Accounting Pronouncements and Developments
Newly Adopted Pronouncements in 2024
On November 27, 2023, the FASB issued ASU 2023-07. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which changes disclosures relating to reportable segments. The ASU expands the disclosure requirements relating to reportable segments, including requiring entities to disclose information about a reportable segment’s significant expenses, among other changes. The ASU does not change how an entity identifies reportable segments or the accounting for segments. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024, with early adoption permitted. The Company has one reporting segment therefore, will not impact our Consolidated Financial Statements; however, this ASU requires disclosure of the title and position of the chief operating decision maker and an explanation of how resources are allocated. The adoption of this ASU 2023-07 was effective for the Company on December 31, 2024 and did not have an impact to our Consolidated Financial Statements, See Note 22 - Segment Reporting to our Consolidated Financial Statements.
On June 30, 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The FASB issued this ASU to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) amend a related illustrative example, and (3) introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in this ASU also require the following disclosures for equity securities subject to contractual sale restrictions: (1) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; (2) the nature and remaining duration of the restriction(s); and (3) the circumstances that could cause a lapse in the restriction(s). For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The adoption of this ASU was effective for the Company on March 31, 2024, but was first applied on June 30, 2024, concurrent with the purchase of equity securities, and did not have a significant impact to our Consolidated Financial Statements.
Accounting Statements Issued but Not Yet Adopted
Accounting Standards Update 2024-04 “Debt - Debt with Conversion and Other Options (Subtopic 470-20)” (“ASU 2024-04”) clarifies wither the settlement of convertible debt, including debt containing cash conversion features at terms that are different from the terms included in the existing debt instrument, should be accounted for as an induced conversion or a debt extinguishment. Updates permit an entity to apply the new guidance on either a prospective or a retrospective basis. ASU 2024-04 is effective for public business entities January 1, 2026 and is not expected to have a significant impact on the Company’s financial statements.
In November 2024, the FASB issued Accounting Standards Update 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)" ("ASU 2024-03"). ASU 2024-03 requires public entities to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for the Company for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company will update its expense disclosures upon adoption.

On March 29, 2024 the FASB issued ASU 2024-02, Codification Improvements— Amendments to Remove References to the Concepts Statements, which amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. The ASU is effective January 1, 2025 and is not expected to have a significant impact on the Company’s financial statements.
On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the required disclosures primarily related to the income tax rate reconciliation and income taxes paid. The ASU requires an entity’s income tax rate reconciliation to provide additional information for reconciling items meeting a quantitative threshold, and to disclose certain selected categories within the income tax rate reconciliation. The ASU also requires entities to disclose the amount of income taxes paid, disaggregated by federal, state and foreign taxes. The ASU is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. The Company is currently evaluating the impact of this guidance on its Consolidated Financial Statements.
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EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
Basic earnings per common share is calculated by dividing net income allocated to common shareholders by the weighted average number of shares of common stock outstanding, less average participating shares during the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.
The following table reconciles the numerators and denominators of basic and diluted earnings per common share calculations for the periods presented:
Years ended December 31,
(Dollars in Thousands, except share and per share data)202420232022
Numerator for Earnings per Common Share – Basic and Diluted
Net Income$24,523 $23,384 $50,118 
Less: Income allocated to participating shares248 197 295 
Net Income Allocated to Common Shareholders - Basic & Diluted$24,275 $23,187 $49,823 
Denominator:
Weighted Average Shares Outstanding, including Shares Considered Participating Securities23,050,444 23,438,413 24,741,454 
Less: Average Participating Securities233,295 197,870 145,665 
Weighted Average Common Shares Outstanding - Basic & Diluted22,817,149 23,240,543 24,595,789 
Earnings per Common Share – Basic$1.06 $1.00 $2.03 
Earnings per Common Share – Diluted$1.06 $1.00 $2.03 
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RESTRICTIONS ON CASH AND DUE FROM BANK ACCOUNTS
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
RESTRICTIONS ON CASH AND DUE FROM BANK ACCOUNTS RESTRICTIONS ON CASH AND DUE FROM BANK ACCOUNTSThe Board of Governors of the FRB imposes certain reserve requirements on all depository institutions. These reserves are maintained in the form of vault cash or as an interest-bearing balance with the FRB. The Company had no required reserves for 2024, 2023 and 2022.
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INVESTMENT SECURITIES
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
The following tables present the amortized cost and fair value of available-for-sale securities as of the dates presented:
December 31, 2024
(Dollars in Thousands)Amortized
Cost		Gross
Unrealized Gains		Gross
Unrealized
Losses		Fair Value
U.S. Government Agency Securities$27,634 $36 $(720)$26,950 
Residential Mortgage-Backed Securities106,593 3 (10,443)96,153 
Commercial Mortgage-Backed Securities22,233 30 (676)21,587 
Other Commercial Mortgage-Backed Securities24,064 — (2,094)21,970 
Asset Backed Securities127,978 14 (9,471)118,521 
Collateralized Mortgage Obligations158,610 8 (10,030)148,588 
States and Political Subdivisions262,879 — (41,698)221,181 
Corporate Notes70,750 — (7,300)63,450 
Total$800,741 $91 $(82,432)$718,400 
December 31, 2023
(Dollars in Thousands)Amortized
Cost		Gross
Unrealized Gains		Gross
Unrealized
Losses		Fair Value
U.S. Government Agency Securities44,185 398 (756)43,827 
Residential Mortgage-Backed Securities110,726 — (11,576)99,150 
Commercial Mortgage-Backed Securities31,578 336 (751)31,163 
Other Commercial Mortgage-Backed Securities24,522 — (2,666)21,856 
Asset Backed Securities150,832 — (10,826)140,006 
Collateralized Mortgage Obligations174,396 — (12,863)161,533 
States and Political Subdivisions263,557 — (41,449)222,108 
Corporate Notes70,750 — (11,390)59,360 
Total$870,546 $734 $(92,277)$779,003 
The Company did not have securities classified as held-to-maturity at December 31, 2024 or December 31, 2023.
The following table shows the composition of gross and net realized gains and losses for the periods presented:
Years ended December 31,
(Dollars in Thousands)202420232022
Proceeds from Sales of Securities Available-for-Sale$17,953 $43,323 $19,777 
Gross Realized Gains$68 $129 $208 
Gross Realized Losses— (1,650)(162)
Net Realized Gains (Losses)$68 $(1,521)$46 
Tax Impact$14 $(319)$10 
Gains or losses are recognized in earnings on the trade date using the amortized cost of the specific security sold. The net realized gains (losses) above reflect reclassification adjustments in the calculation of Other Comprehensive Income (Loss). The net realized gains (losses) are included in noninterest income as gains (losses) on sales of securities, net in the Consolidated Statements of Income. The tax impact is included in income tax provision in the Consolidated Statements of Income.
The amortized cost and fair value of available-for-sale debt securities are shown below by contractual maturity as of the date presented. Expected maturities may differ from contractual maturities if borrowers 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
Cost		Fair
Value
Due in One Year or Less$35 $35 
Due after One Year through Five Years31,967 29,749 
Due after Five Years through Ten Years287,942 248,003 
Due after Ten Years41,319 33,794 
Residential Mortgage-Backed Securities106,593 96,153 
Commercial Mortgage-Backed Securities22,233 21,587 
Other Commercial Mortgage-Backed Securities24,064 21,970 
Collateralized Mortgage Obligations158,610 148,588 
Asset Backed Securities127,978 118,521 
Total$800,741 $718,400 
At December 31, 2024 and December 31, 2023, there were no holdings of securities of any one issuer, other than those securities issued by or collateralized by the U.S. Government and its Agencies, in an amount greater than 10% of shareholders’ equity. The carrying value of securities pledged for various regulatory and legal requirements was $300.1 million at December 31, 2024 and $215.5 million at December 31, 2023.
Available-for-sale securities with unrealized losses at December 31, 2024 and December 31, 2023, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, were as follows:
December 31, 2024
Less Than 12 Months12 Months or MoreTotal
(Dollars in Thousands)Number of
Securities		Fair ValueUnrealized
Losses		Number of
Securities		Fair ValueUnrealized
Losses		Number of
Securities		Fair ValueUnrealized
Losses
U.S. Government Agency Securities12 $6,574 $(60)18 $14,558 $(660)30 $21,132 $(720)
Residential Mortgage-Backed Securities1 7 — 40 95,326 (10,443)41 95,333 (10,443)
Commercial Mortgage-Backed Securities10 2,743 (8)42 13,780 (668)52 16,523 (676)
Other Commercial Mortgage-Backed Securities— — — 8 21,970 (2,094)8 21,970 (2,094)
Asset Backed Securities1 1,176 (5)27 76,333 (9,466)28 77,509 (9,471)
Collateralized Mortgage Obligations2 2,339 (2)74 132,902 (10,028)76 135,241 (10,030)
States and Political Subdivisions— — — 153 221,181 (41,698)153 221,181 (41,698)
Corporate Notes— — — 21 63,450 (7,300)21 63,450 (7,300)
Total Debt Securities26 $12,839 $(75)383 $639,500 $(82,357)409 $652,339 $(82,432)
December 31, 2023
Less Than 12 Months12 Months or MoreTotal
(Dollars in Thousands)Number of
Securities		Fair ValueUnrealized
Losses		Number of
Securities		Fair ValueUnrealized
Losses		Number of
Securities		Fair ValueUnrealized
Losses
U.S. Treasury Securities— $— $— — $— $— — $— $— 
U.S. Government Agency Securities7 6,567 (67)15 15,848 (689)22 22,415 (756)
Residential Mortgage-Backed Securities— — — 43 99,150 (11,576)43 99,150 (11,576)
Commercial Mortgage-Backed Securities3 1,073 (3)50 18,692 (748)53 19,765 (751)
Other Commercial Mortgage-Backed Securities— — — 9 21,856 (2,666)9 21,856 (2,666)
Asset Backed Securities2 2,530 (84)52 137,476 (10,742)54 140,006 (10,826)
Collateralized Mortgage Obligations— — — 85 161,533 (12,863)85 161,533 (12,863)
States and Political Subdivisions— — — 153 222,108 (41,449)153 222,108 (41,449)
Corporate Notes— — — 21 59,360 (11,390)21 59,360 (11,390)
Total Debt Securities12 $10,170 $(154)428 $736,023 $(92,123)440 $746,193 $(92,277)
The Company did not record an allowance for credit losses, (“ACL”), on its investment securities during the year ended December 31, 2024 or December 31, 2023 as the Company did not have any related impairment. The Company regularly reviews debt securities for expected credit loss using both qualitative and quantitative criteria, as necessary, based on the composition of the portfolio at period end.
As of December 31, 2024, management does not intend to sell any security in an unrealized loss position and it is not more than likely that it will be required to sell any such security before the recovery of its amortized cost basis. The unrealized losses on debt securities are primarily the result of interest rate changes, credit spread fluctuations, general financial market uncertainty and market volatility. These conditions should not prohibit the Company from receiving its contractual principal and interest payments on its debt securities. The fair value is expected to recover as the securities approach their maturity date or repricing date. It should be noted that we may occasionally sell securities to take advantage of market opportunities or as part of a strategic initiative.
The Company determined the unrealized losses detailed in the table above are not related to credit; therefore, no ACL has been recognized on the Company’s securities. Should the impairment of any of these securities become credit related, the impairment will be recognized by establishing an ACL through (recovery) provision for credit losses in the period the credit related impairment is identified, while any non-credit loss will be recognized in accumulated other comprehensive loss, net of applicable taxes. During the year ended December 31, 2024 and December 31, 2023, the Company had no credit related net investment impairment losses.
Equity Securities
During 2024, the Company purchased $10.0 million of equity securities. These securities are separately reported as “equity securities” on the Company’s Consolidated Balance Sheets. The equity securities consist of our investment in a market-rate, NASDAQ listed mutual fund that invests in high quality fixed income bonds, mainly government agency securities whose proceeds are designed to positively impact community development throughout the United States. The mutual fund mainly focuses on providing affordable housing to low-income and moderate-income borrowers and renters, including those in Majority Minority Census Tracts. The fund invests nationally, but individual bonds are designated to our bank that align with our current footprint. The Company’s investment in the mutual fund is eligible for investment credit under the Community Reinvestment Act.
During the year ended December 31, 2024, the Company recognized an unrealized fair value gain of $41.0 thousand on these equity securities. This unrealized fair value gain is recorded in Other Income on the Consolidated Statements of Income.
v3.25.0.1
LOANS
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
LOANS LOANS
The composition of the loan portfolio by dollar amount is shown in the table below:
December 31,
(Dollars in Thousands)20242023
Commercial
Commercial Real Estate$1,869,831 $1,670,631 
Commercial and Industrial230,483 271,511 
Total Commercial Loans2,100,314 1,942,142 
Consumer
Residential Mortgages777,471 787,929 
Other Consumer28,908 34,277 
Total Consumer Loans806,379 822,206 
Construction462,930 436,349 
Other255,203 305,213 
Total Loans$3,624,826 $3,505,910 
We attempt to limit our exposure to credit risk by diversifying our loan portfolio by segment, geography, collateral and industry while actively managing concentrations. When concentrations exist in certain segments, we seek to mitigate this risk by reviewing the relevant economic indicators and internal risk rating trends of the loans in these segments. The Company established transaction, relationship and specific loan segment limits in its loan policy. Total commercial real estate balances should not exceed the combination of 300% of total risk-based capital and growth in excess of 50% over the previous thirty-six months and construction loan balances should not exceed 100% of total risk-based capital. Investment real estate property types and purchased loan programs have individual dollar limits that should not be exceeded in the portfolio and are based on management’s risk tolerance relative to capital. In addition, there are specific targets for various categories of real estate loans with respect to debt service coverage ratios, loan-to-value ratios, loan terms, and amortization periods. We also have policy limits on loan-to-cost for construction projects. Although leverage is important, the Company also focuses on cash flow generation and employs stress testing to calculate a supportable loan amount.
Unsecured loans pose higher risk for the Company due to the lack of a well-defined secondary source of repayment. Commercial unsecured loans are reserved for the best quality customers with well-established businesses that operate with low financial and operating leverage. The repayment capacity of the borrower should exceed the policy and guidelines for secured loans. The Company significantly increased the standards for consumer unsecured lending by adjusting upward the required qualifying Fair Isaac Corporation (“FICO”) scores and restricting loan amounts at lower FICO scores.
Deferred costs and fees included in the portfolio balances above were $8.8 million and $7.2 million at December 31, 2024 and December 31, 2023, respectively. Discounts on purchased 1-4 family loans included in the portfolio balances above were $104.1 thousand and $133.4 thousand at December 31, 2024 and December 31, 2023, respectively.
The Company had no loans held-for-sale as of December 31, 2024 and December 31, 2023, respectively. 
Loan Restructurings
On April 1, 2022, the Company adopted the accounting guidance in ASU No. 2022-02, effective as of January 1, 2022, which eliminates the recognition and measurement of a TDR. Due to the removal of the TDR designation, the Company evaluates all loan restructurings according to the accounting guidance for loan modifications to determine if the restructuring results in a new loan or a continuation of the existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include situations where there is principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and combinations of the listed modifications. Therefore, the disclosures related to loan restructurings are only for modifications that directly affect cash flows.
A loan that is considered a restructured loan may be subject to the individually evaluated loan analysis if the commitment is $1.0 million or greater and/or based on management’s discretion; otherwise, the restructured loan remains in the appropriate segment in the ACL model. For a discussion with respect to reserve calculations regarding individually evaluated loans refer to the “Nonrecurring Basis” section in Note 7, Fair Value Measurements, in the Notes to Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K.
The following table shows the amortized cost basis as of December 31, 2024 and December 31, 2023 for the loans restructured during the twelve months ended December 31, 2024 and December 31, 2023 to borrowers experiencing financial difficulty, disaggregated by portfolio segment:

Restructured LoansRestructured Loans
Twelve Months Ended December 31, 2024Twelve Months Ended December 31, 2023
(Dollars in Thousands)Number of ContractsAmortized Cost Basis% of Total Class of Financing ReceivableNumber of ContractsAmortized Cost Basis% of Total Class of Financing Receivable
Accruing Restructured Loans
Commercial Real Estate1 $4,516 0.24 %— $— — %
Commercial and Industrial1 1,053 0.46 %— — — %
Residential Mortgages— — — %— — — %
Other Consumer— — — %— — — %
Construction— — — %— — — %
Other— — — %— — — %
Total Accruing Restructured Loans2 $5,569 0.15 %— $— — %
Nonaccrual Restructured Loans
Commercial Real Estate1 $419 0.02 %— $— — %
Commercial and Industrial1 19 0.01 %— — — %
Residential Mortgages1 2,053 0.26 %— — — %
Other Consumer— — — %— — — %
Construction— — — %— — — %
Other10 251,982 98.74 %— — — %
Total Nonaccrual Restructured Loans13 $254,473 7.02 %— $— — %
Total Restructured Loans15 $260,042 7.17 %— $— — %
The Company had no loans that were restructured during the twelve months ended December 31, 2023.
The Bank closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified during the year ended December 31, 2024:
Payment Status (Amortized Cost Basis)
(Dollars in Thousands)Current30-89 Days Past Due90+ Days Past Due
Accruing Restructured Loans
Commercial Real Estate$4,516 $— $— 
Commercial and Industrial1,053 — — 
Residential Mortgages— — — 
Other Consumer— — — 
Construction— — — 
Other— — — 
Total Accruing Restructured Loans$5,569 $— $— 
Nonaccrual Restructured Loans
Commercial Real Estate$419 $— $— 
Commercial and Industrial19 — — 
Residential Mortgages2,053 — — 
Other Consumer— — — 
Construction— — — 
Other251,982 — — 
Total Nonaccrual Restructured Loans$254,473 $— $— 
Total Restructured Loans$260,042 $— $— 
The following table presents the amortized cost of modified loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the periods presented.

Twelve Months Ended December 31, 2024
(Dollars in Thousands)Payment DelayAccelerated Maturity Date/Modified RateTerm Extension/Payment DelayTerm Extension/Payment Delay/Interest Rate ReductionTotal% of Total Class of Financing Receivable
Commercial Real Estate$4,516 $— $419 $— $4,935 0.26 %
Commercial and Industrial1,053 — 19 — 1,072 0.47 %
Residential Mortgages— 2,053 — — 2,053 0.26 %
Other— — — 251,982 251,982 98.74 %
Total$5,569 $2,053 $438 $251,982 $260,042 7.17 %
The following table describes the effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented:
Twelve Months Ended December 31, 2024
(Dollars in Thousands)Weighted-Average Payment DelayWeighted-Average Accelerated Maturity DateWeighted-Average Modified RateWeighted-Average Term Extension/Payment DelayWeighted-Average Interest Rate Reduction
Commercial Real Estate0.17 years— — %4.91 years— %
Commercial and Industrial21.83 years— — %8.03 years— %
Residential Mortgages— 19.26 years4.63 %— — %
Other— — — %2.60 years0.67 %
As of December 31, 2024 and December 31, 2023, the Bank had no commitments to lend any additional funds on restructured loans. As of December 31, 2024 and December 31, 2023 the Bank had no loans that defaulted during the period and had been modified preceding the payment default when the borrower was experiencing financial difficulty at the time of modification. For purposes of this disclosure, a default occurs when, within 12 months of the original modification, either a full or partial charge-off occurs or the loan becomes 90 days or more past due.
As of December 31, 2024 and December 31, 2023, the Company had $0.4 million and $2.0 million, respectively, of residential real estate in the process of foreclosure. We also had zero and $62 thousand in residential real estate included in OREO at December 31, 2024 and December 31, 2023, respectively.
Loans to principal officers, directors and their affiliates during 2024 were as follows:
(Dollars in Thousands)2024
Beginning Balance$2,433 
Principal Additions1,718 
Repayments(1,649)
Balance at End of Year$2,502 
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES
 12 Months Ended
Dec. 31, 2024
Credit Loss [Abstract]  
ALLOWANCE FOR CREDIT LOSSES ALLOWANCE FOR CREDIT LOSSES
The Company maintains an ACL at a level determined to be adequate to absorb expected credit losses associated with the Company’s financial instruments over the life of those instruments as of the balance sheet date. The Company develops and documents a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate (“CRE”), 2) Commercial and Industrial, (“C&I”), 3) Residential Mortgages, 4) Other Consumer, 5) Construction and 6) Other. The Company’s loan portfolio is segmented by homogeneous loan types that behave similarly to economic cycles. The following is a discussion of the key risks by portfolio segment that management assesses in preparing the ACL.
CRE loans are secured by commercial purpose real estate, including both owner occupied properties and investment properties, for various purposes such as hotels, strip malls and apartments. Operations of the individual projects as well as global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type as well as the business.
C&I loans are made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the borrower is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the borrower. Collateral for these types of loans often do not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. These loans are also made to local and state municipalities for various purposes including refinancing existing obligations, infrastructure up-fit and expansion, or to purchase new equipment. These loans may be secured by general obligations from the municipal authority or revenues generated by infrastructure and equipment financed by the Company. The primary repayment source for these loans include the tax base of the municipality, specific revenue streams related to the infrastructure financed, and other business operations of the municipal authority. The health and stability of state and local economies directly impacts each municipality’s tax basis and are important indicators of risk for this segment. The ability of each municipality to increase taxes and fees to offset debt service requirements give this type of loan a very low risk profile in the continuum of the Company’s loan portfolio.
Residential Mortgages are loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residential mortgages, including purchased money mortgages. The primary source of repayment for these loans is the income of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt.
Other Consumer loans are made to individuals and may be either secured by assets other than 1-4 family residences or unsecured. This segment includes auto loans and unsecured loans and lines. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values.
Construction loans include both commercial and consumer. Commercial loans are made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Consumer loans are made for the construction of residential homes for which a binding sales contract exists and generally are for a period of time sufficient to complete construction. Residential construction loans to individuals generally provide for the payment of interest only during the construction phase. Credit risk for residential real estate construction loans can arise from construction delays, cost overruns, failure of the contractor to complete the project to specifications and economic conditions that could impact demand for or supply of the property being constructed.
Other loans, which includes the Company’s largest lending relationship, has unique risk attributes considered inconsistent with our current underwriting standards. The ACL reserve for the Other segment is based on a discounted cash flow methodology and reserves will fluctuate based on expected cash flow changes in the future. These inconsistencies may include, but are not limited to i) transaction and/or relationship sizes that exceed limits established in 2018, ii) overreliance on secondary, tertiary or guarantor cash flow, iii) land acquisition loans without a defined source of amortization, iv) loan structures on operating lines of
credit dependent on the value of real estate rather than trading assets, and v) indirect liabilities of certain guarantees resulting from the nonpayment of financial obligations. Management continuously assesses underwriting standards, but significantly enhanced these standards in 2018.
Current Expected Credit Losses (“CECL”) Model
The CECL model is based on our best estimate of facts known with the most current information. Certain portions of the CECL model are inherently subjective and include, but are not limited to estimates with respect to: prepayment speeds, the timing of prepayments, potential losses given default, discount rates and the timing of future cash flows. Management utilizes widely published economic forecasts as the basis for the regression analysis used to estimate the probability of default in the baseline model. The peaks and troughs of these forecasts serve as guardrails for potential subjective adjustments. In addition to considering the outcomes based on the range of forecasts, management recognizes that the assumptions used in economic forecasts may not perfectly align with our market area, risk profile or unique attributes of our portfolio along with other important considerations. Severe changes in forecasts can also create significant variability and management must assess not only the absolute balance of reserves but also consider the appropriateness of the velocity of change. Therefore, management developed a framework to assess the tolerance and reasonableness of the CECL modeling process by challenging certain elements of the forecasts, when appropriate. These outcomes, known as “challenger models,” provide opportunities to examine and subjectively adjust the CECL model output and are designed to be counter cyclical, thereby reducing variability.
Credit Quality Indicators:
The Company’s portfolio grading analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled or at all. The Company’s internal credit risk grading system is based on debt service coverage, collateral values and other subjective factors. Mortgage and consumer loans are defaulted to a pass grade until a loan migrates to past due status.
The Company has a loan review policy and annual scope report that details the level of loan review for loans in a given year. The annual loan review provides the Credit Risk Committee with an independent analysis of the following: 1) credit quality of the loan portfolio, 2) compliance with the loan policy, 3) adequacy of documentation in credit files and 4) validity of risk ratings. Since 2020 and continuing through 2024, the Company used a five step approach for loan review in the following categories:
•Individual reviews of the top twenty large loan relationships (“LLRs”), which are defined as any individual commercial loan or aggregate commercial relationship totaling $2.0 million or more;
•A sampling of small LLRs, which are defined as individual commercial loans or relationships with aggregate exposure of $2.0 million or more but not included in the top twenty LLRs;
•A sampling review of Executive Loan Committee modifications, including new and existing loans to provide perspective on the appropriateness of the modification in relation to established policies and procedures;
•A sampling review of non-organic commercial loans and those commercial loans approved outside of the Executive Loan Committee; and
•Focus reviews of various segments to evaluate emerging risk rather than individual loan risk. Focus reviews are performed annually on a rotational basis.
The Company’s internally assigned grades are as follows:
Pass – The Company uses six grades of pass, including its watch rating. Generally, a pass rating indicates that the loan is currently performing and is of high quality.
Special Mention – Assets with potential weaknesses that warrant management’s close attention and if left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date.
Substandard – Assets that are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Assets so classified have a well-defined weakness, or weaknesses that jeopardize the liquidation of the debt. Such assets are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
Doubtful – Assets with all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable.
Loss – Assets considered of such little value that its continuance on the books is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future.
The ability of borrowers to repay commercial loans is dependent upon the success of their business and general economic conditions. Due to the greater potential for loss within our commercial portfolio, we monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans rated special mention or substandard have potential or well-defined weaknesses not generally found in high quality, performing loans, and require attention from management to limit loss.
The following table presents loan balances by year of origination and internally assigned risk rating for our portfolio segments as of December 31:
Risk Rating
(Dollars in Thousands)202420232022202120202019 and PriorRevolvingTotal Portfolio Loans
Commercial Real Estate
Pass$184,228 $279,983 $424,195 $241,233 $131,479 $553,289 $45,906$1,860,313 
Special Mention2,400 — — — — 60 —2,460 
Substandard— — 6,182 109 — 615 1527,058 
Total Commercial Real Estate$186,628 $279,983 $430,377 $241,342 $131,479 $553,964 $46,058$1,869,831 
YTD Gross Charge-offs— — — — — — —— 
Commercial and Industrial
Pass$1,130 $23,676 $14,268 $22,779 $19,702 $116,868 $28,989$227,412 
Special Mention— — — — — — —— 
Substandard19 — 666 1,026 33 — 1,3273,071 
Total Commercial and Industrial$1,149 $23,676 $14,934 $23,805 $19,735 $116,868 $30,316$230,483 
YTD Gross Charge-offs— — — 21 18 1 —40 
Residential Mortgages
Pass$28,491 $67,171 $251,772 $182,510 $68,182 $121,121 $53,267$772,514 
Special Mention— — — — — 92 —92 
Substandard— — 527 — 2,053 1,597 6884,865 
Total Residential Mortgages$28,491 $67,171 $252,299 $182,510 $70,235 $122,810 $53,955$777,471 
YTD Gross Charge-offs— 1 — — — 31 —32 
Other Consumer
Pass$17,896 $5,042 $2,456 $905 $2,433 $124 $32$28,888 
Special Mention— — — — — — —— 
Substandard— 1 8 11 — — —20 
Total Other Consumer$17,896 $5,043 $2,464 $916 $2,433 $124 $32$28,908 
YTD Gross Charge-offs250 119 965 378 27 20 —1,759 
Construction
Pass$97,922 $194,263 $138,982 $11,479 $2,408 $6,779 $6,390$458,223 
Special Mention— — — — 4,429 50 —4,479 
Substandard— — — 185 43 — —228 
Total Construction$97,922 $194,263 $138,982 $11,664 $6,880 $6,829 $6,390$462,930 
YTD Gross Charge-offs— — 1 — — 156 —157 
Other
Pass$— $— $— $— $— $3,221 $—$3,221 
Special Mention— — — — — — —— 
Substandard251,982 — — — — — —251,982 
Total Other Loans$251,982 $— $— $— $— $3,221 $—$255,203 
YTD Gross Charge-offs15,000 — — — — — —15,000 
Total Portfolio Loans
Pass$329,667 $570,135 $831,673 $458,906 $224,204 $801,402 $134,584$3,350,571 
Special Mention2,400 — — — 4,429 202 —7,031 
Substandard252,001 1 7,383 1,331 2,129 2,212 2,167267,224 
Total Portfolio Loans$584,068 $570,136 $839,056 $460,237 $230,762 $803,816 $136,751$3,624,826 
Current YTD Period:
YTD Gross Charge-offs$15,250 $120 $966 $399 $45 $208 $— $16,988 
Risk Rating
(Dollars in Thousands)202320222021202020192018 and PriorRevolvingTotal Portfolio Loans
Commercial Real Estate
Pass$259,171 $434,639 $173,667 $142,494 $124,176 $503,965 $30,917$1,669,029 
Special Mention— — 206 — — 72 —278 
Substandard— — — — 101 1,223 —1,324 
Total Commercial Real Estate$259,171 $434,639 $173,873 $142,494 $124,277 $505,260 $30,917$1,670,631 
YTD Gross Charge-offs— — — — — — —— 
Commercial and Industrial
Pass$24,863 $18,061 $37,566 $24,566 $2,636 $137,395 $23,535$268,622 
Special Mention— — — 2,837 — — —2,837 
Substandard— — — 18 14 1 1952 
Total Commercial and Industrial$24,863 $18,061 $37,566 $27,421 $2,650 $137,396 $23,554$271,511 
YTD Gross Charge-offs— — 45 — 16 2 —63 
Residential Mortgages
Pass$79,247 $250,603 $194,014 $77,805 $43,633 $96,238 $42,550$784,090 
Special Mention— — — — — 525 —525 
Substandard— — 1,142 — 860 1,070 2423,314 
Total Residential Mortgages$79,247 $250,603 $195,156 $77,805 $44,493 $97,833 $42,792$787,929 
YTD Gross Charge-offs— — 136 — — 67 —203 
Other Consumer
Pass$22,809 $4,494 $2,396 $3,936 $26 $187 $354$34,202 
Special Mention— — — — — — —— 
Substandard14 6 55 — — — —75 
Total Other Consumer$22,823 $4,500 $2,451 $3,936 $26 $187 $354$34,277 
YTD Gross Charge-offs232 1,451 744 83 126 29 —2,665 
Construction
Pass$118,120 $162,794 $122,087 $10,837 $5,155 $6,280 $8,048$433,321 
Special Mention— — — — — 60 —60 
Substandard— 64 — 2,090 — 814 —2,968 
Total Construction$118,120 $162,858 $122,087 $12,927 $5,155 $7,154 $8,048$436,349 
YTD Gross Charge-offs— — — — — 42 —42 
Other
Pass$— $— $— $— $— $3,300 $—$3,300 
Special Mention— — — — — — —— 
Substandard— — — — — 301,913 —301,913 
Total Other Loans$— $— $— $— $— $305,213 $—$305,213 
YTD Gross Charge-offs— — — — — — —— 
Total Portfolio Loans
Pass$504,210 $870,591 $529,730 $259,638 $175,626 $747,365 $105,404$3,192,564 
Special Mention— — 206 2,837 — 657 —3,700 
Substandard14 70 1,197 2,108 975 305,021 261309,646 
Total Portfolio Loans$504,224 $870,661 $531,133 $264,583 $176,601 $1,053,043 $105,665$3,505,910 
Current YTD Period:
YTD Gross Charge-offs$232 $1,451 $925 $83 $142 $140 $— $2,973 
The Bank’s largest credit relationship was nonperforming and rated as substandard at both December 31, 2024 and December 31, 2023 with an aggregate principal balance of $252.0 million and $301.9 million at December 31, 2024 and December 31, 2023, respectively.
The following table presents loan balances by year of origination and performing and nonperforming status for our portfolio segments as of December 31, 2024:
(Dollars in Thousands)202420232022202120202019 and PriorRevolvingTotal Portfolio Loans
Commercial Real Estate
Performing$186,628$279,983$430,076$241,233$131,479$553,350$45,906$1,868,655
Nonperforming——301109—6141521,176
Total Commercial Real Estate$186,628$279,983$430,377$241,342$131,479$553,964$46,058$1,869,831
Commercial and Industrial
Performing$1,130$23,676$14,934$22,779$19,702$116,868$30,316$229,405
Nonperforming19——1,02633——1,078
Total Commercial and Industrial$1,149$23,676$14,934$23,805$19,735$116,868$30,316$230,483
Residential Mortgages
Performing$28,491$67,171$251,772$182,510$68,182$121,213$53,267$772,606
Nonperforming——527—2,0531,5976884,865
Total Residential Mortgages$28,491$67,171$252,299$182,510$70,235$122,810$53,955$777,471
Other Consumer
Performing$17,896$5,043$2,455$905$2,433$124$32$28,888
Nonperforming——911———20
Total Other Consumer$17,896$5,043$2,464$916$2,433$124$32$28,908
Construction
Performing$97,922$194,263$138,982$11,479$6,837$6,829$6,390$462,702
Nonperforming———18543——228
Total Construction$97,922$194,263$138,982$11,664$6,880$6,829$6,390$462,930
Other
Performing$—$—$—$—$—$3,221$—$3,221
Nonperforming251,982——————251,982
Total Other Loans$251,982$—$—$—$—$3,221$—$255,203
Total Portfolio Loans
Performing$332,067$570,136$838,219$458,906$228,633$801,605$135,911$3,365,477
Nonperforming252,001—8371,3312,1292,211840259,349
Total Portfolio Loans$584,068$570,136$839,056$460,237$230,762$803,816$136,751$3,624,826
The following table presents loan balances by year of origination and performing and nonperforming status for our portfolio segments as of December 31, 2023:
(Dollars in Thousands)202320222021202020192018 and PriorRevolvingTotal Portfolio Loans
Commercial Real Estate
Performing$259,171$434,639$173,873$142,494$124,176$504,037$30,917$1,669,307
Nonperforming————1011,223—1,324
Total Commercial Real Estate$259,171$434,639$173,873$142,494$124,277$505,260$30,917$1,670,631
Commercial and Industrial
Performing$24,863$18,061$37,566$27,403$2,636$137,395$23,535$271,459
Nonperforming———181411952
Total Commercial and Industrial$24,863$18,061$37,566$27,421$2,650$137,396$23,554$271,511
Residential Mortgages
Performing$79,247$250,603$194,014$77,805$43,633$96,794$42,550$784,646
Nonperforming——1,142—8601,0392423,283
Total Residential Mortgages$79,247$250,603$195,156$77,805$44,493$97,833$42,792$787,929
Other Consumer
Performing$22,809$4,494$2,412$3,936$26$187$354$34,218
Nonperforming14639————59
Total Other Consumer$22,823$4,500$2,451$3,936$26$187$354$34,277
Construction
Performing$118,120$162,858$122,087$10,837$5,155$6,340$8,048$433,445
Nonperforming———2,090—814—2,904
Total Construction$118,120$162,858$122,087$12,927$5,155$7,154$8,048$436,349
Other
Performing$—$—$—$—$—$3,300$—$3,300
Nonperforming—————301,913—301,913
Total Other Loans$—$—$—$—$—$305,213$—$305,213
Total Portfolio Loans
Performing$504,210$870,655$529,952$262,475$175,626$748,053$105,404$3,196,375
Nonperforming1461,1812,108975304,990261309,535
Total Portfolio Loans$504,224$870,661$531,133$264,583$176,601$1,053,043$105,665$3,505,910
Age Analysis of Past-Due Loans by Class
The following tables include an aging analysis of the recorded investment of past-due portfolio loans as the periods presented:
December 31, 2024
(Dollars in Thousands)Current LoansLoans 30-59
Days Past Due		Loans 60-89
Days Past Due		Total 30-89 Days
Past Due		Nonaccrual LoansTotal Portfolio Loans
Commercial Real Estate$1,866,013 $2,642 $— $2,642 $1,176 $1,869,831 
Commercial & Industrial229,225 180 — 180 1,078 230,483 
Residential Mortgages771,689 867 50 917 4,865 777,471 
Other Consumer28,582 208 98 306 20 28,908 
Construction461,919 783 — 783 228 462,930 
Other3,221 — — — 251,982 255,203 
Total$3,360,649 $4,680 $148 $4,828 $259,349 $3,624,826 
December 31, 2023
(Dollars in Thousands)Current LoansLoans 30-59
Days Past Due		Loans 60-89
Days Past Due		Total 30-89 Days
Past Due		Nonaccrual LoansTotal Portfolio Loans
Commercial Real Estate$1,668,988 $125 $194 $319 $1,324 $1,670,631 
Commercial & Industrial271,420 5 34 39 52 271,511 
Residential Mortgages782,765 1,846 35 1,881 3,283 787,929 
Other Consumer33,813 247 158 405 59 34,277 
Construction430,057 3,388 — 3,388 2,904 436,349 
Other3,300 — — — 301,913 305,213 
Total$3,190,343 $5,611 $421 $6,032 $309,535 $3,505,910 
Loans past due 90 days or more and still accruing were zero at December 31, 2024 and 2023. Loans past due 90 days are automatically transferred to nonaccrual status.
There were no nonaccrual or past due loans related to loans held-for-sale as of December 31, 2024 and December 31, 2023, respectively.
The following table presents loans on nonaccrual status and loans past due 90 days or more and still accruing by portfolio segment of loan for the periods presented. There were no loans for the periods presented that were past due more than 90 days and still accruing.
As of and for the year ended December 31, 2024As of and for the year ended December 31, 2023
(Dollars in Thousands)
Nonaccrual without an Allowance for Credit Losses		Nonaccrual with an Allowance for Credit LossesTotal Nonaccrual
Loans		Past Due
90+ Days
Still Accruing		Nonaccrual without an Allowance for Credit LossesNonaccrual with an Allowance for Credit LossesTotal Nonaccrual
Loans		Past Due
90+ Days
Still Accruing
Commercial Real Estate$— $1,176 $1,176 $— $453 $871 $1,324 $— 
Commercial and Industrial— 1,078 1,078 — — 52 52 — 
Residential Mortgages2,053 2,812 4,865 — 1,142 2,141 3,283 — 
Other Consumer— 20 20 — — 59 59 — 
Construction— 228 228 — 2,898 6 2,904 — 
Other— 251,982 251,982 — — 301,913 301,913 — 
Total Portfolio Loans$2,053 $257,296 $259,349 $— $4,493 $305,042 $309,535 $— 
A loan is considered nonperforming when we transfer the interest methodology from accrual to nonaccrual. Nonaccrual status recognizes that the collection in full of both principal and interest is unlikely. Without applying additional scrutiny at a granular level, management believes delinquency to be a leading indicator with respect to the likelihood of collection in full of both principal and interest. Accordingly, management automatically transfers loans to nonaccrual status if they are 90 or more days’ delinquent. Management reserves the right to exercise discretion at the individual loan level. For example, we may elect to transfer a loan to nonaccrual regardless of the delinquency status if we believe the collection in full of both principal and interest to be unlikely. We may also elect to retain a loan that is 90 or more days’ delinquent in accrual status if we believe the loan is well secured and in the process of collection. Nonaccrual loans, and loans that have been characterized as restructured loans may be individually evaluated for credit losses in the Allowance for Credit Losses model if the loan commitment is $1.0 million or greater and/or based on management’s discretion; unless we elect to maintain the loan in the general pool. During the years ended December 31, 2024 and December 31, 2023, respectively, no material amount of interest income was recognized on nonperforming loans subsequent to their classification as nonperforming loans.
The following table presents the amortized cost basis of individually evaluated loans as of the periods presented. Changes in the fair value of the types of collateral and discounted cash flow modeling for individually evaluated loans are reported in the (recovery) provision for credit losses on loans in the period of change.
December 31, 2024
Collateral TypeEquipmentSingle FamilyDiscounted Cash FlowTotal
(Dollars in Thousands)Fair Value - Collateral
Commercial and Industrial$1,026 $— $— $1,026 
Residential Mortgage— 2,053 — 2,053 
Other— — 251,982 251,982 
Total$1,026 $2,053 $251,982 $255,061 

December 31, 2023
Collateral TypeOfficeSingle FamilyLandDiscounted Cash FlowTotal
(Dollars in Thousands)Fair Value - Collateral
Commercial Real Estate$453 $— $— $— $453 
Residential Mortgage— 1,142 — — 1,142 
Construction— 2,090 808 — 2,898 
Other— — — 301,913 301,913 
Total$453 $3,232 $808 $301,913 $306,406 
The following tables presents activity in the ACL for the periods presented:
December 31, 2024
(Dollars in Thousands)Commercial Real EstateCommercial & IndustrialResidential MortgagesOther ConsumerConstructionOtherTotal
Allowance for Credit Losses on Loans:
Balance, Beginning of Year$19,873 $3,286 $10,879 $868 $7,792 $54,354 $97,052 
Provision (Recovery) for Credit Losses on Loans273 (504)(489)1,078 3,662 (9,059)(5,039)
Charge-offs— (40)(32)(1,759)(157)(15,000)(16,988)
Recoveries— 49 31 495 — — 575 
Net Recoveries / (Charge-offs)— 9 (1)(1,264)(157)(15,000)(16,413)
Balance, End of Year$20,146 $2,791 $10,389 $682 $11,297 $30,295 $75,600 

December 31, 2023
(Dollars in Thousands)Commercial Real EstateCommercial & IndustrialResidential MortgagesOther ConsumerConstructionOtherTotal
Allowance for Credit Losses on Loans:
Balance, Beginning of Year$17,992 $3,980 $8,891 $1,329 $6,942 $54,718 $93,852 
Provision (Recovery) for Credit Losses on Loans1,881 (719)2,081 1,729 892 (364)5,500 
Charge-offs— (63)(203)(2,665)(42)— (2,973)
Recoveries— 88 110 475 — — 673 
Net Recoveries / (Charge-offs)— 25 (93)(2,190)$(42)— (2,300)
Balance, End of Year$19,873 $3,286 $10,879 $868 $7,792 $54,354 $97,052 
December 31, 2022
(Dollars in Thousands)Commercial Real EstateCommercial & IndustrialResidential MortgagesOther ConsumerConstructionOtherTotal
Allowance for Credit Losses on Loans:
Balance, Beginning of Year$17,297 $4,111 $4,368 $1,493 $6,939 $61,731 $95,939 
Provision (Recovery) for Credit Losses on Loans695 3,304 4,470 1,109 (146)(7,013)2,419 
Charge-offs— (3,436)(46)(1,677)— — (5,159)
Recoveries— 1 99 404 149 — 653 
Net (Charge-offs) / Recoveries— (3,435)53 (1,273)149 — (4,506)
Balance, End of Year$17,992 $3,980 $8,891 $1,329 $6,942 $54,718 $93,852 
v3.25.0.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented:
December 31, 2024
(Dollars in Thousands)Carrying ValueQuoted Prices In Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets
Securities Available-for-Sale:
U.S. Government Agency Securities$26,950 $— $26,950 $— 
Residential Mortgage-Backed Securities96,153 — 96,153 — 
Commercial Mortgage-Backed Securities21,587 — 21,587 — 
Other Commercial Mortgage-Backed Securities21,970 — 21,970 — 
Asset Backed Securities 118,521 — 118,521 — 
Collateralized Mortgage Obligations148,588 — 148,588 — 
States and Political Subdivisions221,181 — 221,181 — 
Corporate Notes63,450 — 55,692 7,758 
Total Securities Available-for-Sale718,400 — 710,642 7,758 
Equity Securities10,041 10,041 — — 
Portfolio Loan Pool Subject to Fair Value Hedge622 — 622 — 
Derivatives17,356 — 17,356 — 
Total$746,419 $10,041 $728,620 $7,758 
Liabilities
Derivatives$17,710 $— $17,710 $— 
Total$17,710 $— $17,710 $— 
December 31, 2023
(Dollars in Thousands)Carrying ValueQuoted Prices In Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets
Securities Available-for-Sale:
U.S. Government Agency Securities$43,827 $— $43,827 $— 
Residential Mortgage-Backed Securities99,150 — 99,150 — 
Commercial Mortgage-Backed Securities31,163 — 31,163 — 
Other Commercial Mortgage-Backed Securities21,856 — 21,856 — 
Asset Backed Securities140,006 — 140,006 — 
Collateralized Mortgage Obligations161,533 — 161,533 — 
States and Political Subdivisions222,108 — 222,108 — 
Corporate Notes59,360 — 52,041 7,319 
Total Securities Available-for-Sale779,003 — 771,684 7,319 
Derivatives17,440 — 17,440 — 
Total$796,443 $— $789,124 $7,319 
Liabilities
Derivatives$17,228 $— $17,228 $— 
Total$17,228 $— $17,228 $— 
We have invested in subordinated debt of other financial institutions. We have two securities totaling $7.8 million that are considered to be Level 3 securities at December 31, 2024 and two totaling $7.3 million at December 31, 2023, attributable to the calculated change in fair value of $0.5 million. The Level 3 fair value is benchmarked to other securities that have observable market values in Level 2 using comparable financial ratio analysis specific to the industry in which the underlying company operates. The underwriting includes considerations of capital adequacy, asset quality trends, management’s ability to continue efficient and profitable operations, the institution’s core earnings ability, liquidity management platform and current on and off-balance sheet interest rate risk exposures.
Financial assets measured at fair value on a nonrecurring basis at December 31, 2024 and 2023 are summarized below:
December 31, 2024
(Dollars in Thousands)Level 1Level 2Level 3Fair Value
OREO$— $— $659 $659 
Individually Evaluated Loans$— $— $579 $579 
December 31, 2023
(Dollars in Thousands)Level 1Level 2Level 3Fair Value
OREO$— $— $2,463 $2,463 
Individually Evaluated Loans$— $— $— $— 
The Company had one C&I individually evaluated loan totaling $0.6 million measured at fair value on a nonrecurring basis as of December 31, 2024 and zero at December 31, 2023. The Company’s largest credit relationship is classified as an individually evaluated loan with a net carrying amount totaling $221.7 million at December 31, 2024 and $247.6 million at December 31, 2023. The Company utilized various cash flow and discounting assumptions in the alternative modeling, instead of fair value, which resulted in a valuation allowance of $30.7 million at December 31, 2024 and $54.3 million at December 31, 2023. When evaluating the net carrying value of this credit relationship at December 31, 2024, the Company utilized discounted cash flow valuation techniques to estimate the timing and magnitude of potential recoveries resulting from various collection processes.
OREO, which is measured at the lower of carrying or fair value less costs to sell, had a net carrying amount of $0.7 million as of December 31, 2024, compared with $2.5 million at December 31, 2023, primarily due to sales offset by transfers to OREO for loans. The Company had $0.2 million write-downs recorded on OREO for the year ended December 31, 2024 and had $1.1 million write-downs recorded on OREO for the year ended December 31, 2023.
The following tables summarize the Company’s assets that were measured at fair value on a nonrecurring basis as of December 31, 2024 and 2023:
December 31, 2024
(Dollars in Thousands)Fair ValueValuation TechniqueUnobservable InputsWeighted RangeAverage
Assets
Individually Evaluated Loans$579 AppraisalsEstimated Selling Costs3.5%3.5 %
Total Individually Evaluated Loans$579 
OREO$— AppraisalsEstimated Selling Costs—%— %
OREO143 Internal ValuationsEstimated Selling Costs5.0%5.0 %
OREO516 Discounted Internal ValuationsManagement's Subject Discount24.0%24.0 %
Total OREO$659 
December 31, 2023
(Dollars in Thousands)Fair ValueValuation TechniqueUnobservable InputsWeighted RangeAverage
Assets
OREO$130 AppraisalsEstimated Selling Costs6.0%6.0 %
OREO142 Internal ValuationsEstimated Selling Costs5.0%5.0 %
OREO2,191 Discounted Internal ValuationsManagement’s Subject Discount 0.0%—24.0%15.6 %
Total OREO$2,463 
A baseline discount rate has been established for impairment measurement. This baseline discount rate was back tested against historical OREO sales, and therefore, represents an average recovery rate based on the transaction sizes and asset types in the population examined. Management considers the unique attributes and characteristics of each specific individually evaluated loan and may use judgment to adjust the baseline discount rate when appropriate.
The carrying values and estimated fair values of our financial instruments at December 31, 2024 and December 31, 2023 are presented in the following tables. Fair values for December 31, 2024 and December 31, 2023 are estimated under the exit price notion in accordance with ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.”
GAAP requires disclosure of fair value information about financial instruments carried at book value on the Consolidated Balance Sheets. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.
Fair Value Measurements at December 31, 2024
(Dollars in Thousands)Carrying ValueLevel 1Level 2Level 3Total
Financial Assets:
Cash and Cash Equivalents$131,171 $39,608 $91,563 $— $131,171 
Securities Available-for-Sale718,400 — 710,642 7,758 718,400 
Equity Securities10,041 10,041 — — 10,041 
Portfolio Loans, net3,549,226 — — 3,379,192 3,379,192 
Federal Home Loan Bank Stock, at Cost6,487 — — NANA
Other Assets- Interest Rate Derivatives17,356 — 17,356 — 17,356 
Accrued Interest Receivable17,842 — 4,406 13,436 17,842 
Financial Liabilities:
Deposits$4,153,421 $634,436 $1,594,615 $1,937,914 $4,166,965 
Other Liabilities- Interest Rate Derivatives17,710 — 17,710 — 17,710 
FHLB Borrowings70,000 — — 69,604 69,604 
Accrued Interest Payable8,218 — 5 8,213 8,218 
Fair Value Measurements at December 31, 2023
(Dollars in Thousands)Carrying ValueLevel 1Level 2Level 3Total
Financial Assets:
Cash and Cash Equivalents$54,529 $39,676 $14,853 $— $54,529 
Securities Available-for-Sale779,003 — 771,684 7,319 779,003 
Portfolio Loans, net3,408,858 — — 3,177,715 3,177,715 
Federal Home Loan Bank Stock, at Cost21,626 — — NANA
Other Assets- Interest Rate Derivatives17,440 — 17,440 — 17,440 
Accrued Interest Receivable18,877 — 5,368 13,509 18,877 
Financial Liabilities:
Deposits$3,721,915 $685,218 $1,450,046 $1,599,043 $3,734,307 
Other Liabilities- Interest Rate Derivatives17,228 — 17,228 — 17,228 
FHLB Borrowings393,400 — — 392,696 392,696 
Accrued Interest Payable7,288 — — 7,288 7,288 
v3.25.0.1
RIGHT-OF-USE (“ROU”) ASSETS AND LEASE LIABILITIES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
RIGHT-OF-USE (“ROU”) ASSETS AND LEASE LIABILITIES RIGHT-OF-USE (“ROU”) ASSETS AND LEASE LIABILITIES
The Company has nine lease contracts, including seven finance leases and two operating leases at December 31, 2024. These leases are for our branch and loan production facilities. There were two new lease agreements entered into in 2024.
The following table presents our lease expense for finance and operating leases for the periods presented:
December 31,
(Dollars in Thousands)202420232022
Operating Lease Expense$124 $48 $— 
Amortization of ROU Assets - finance leases490 365 374 
Interest on lease liabilities - finance leases462 292 287 
Total Lease Expense$1,076 $705 $661 
ROU assets are included in other assets in the Consolidated Balance Sheets. The following table presents our ROU assets, cash flows, weighted average lease terms, discount rates for finance and operating leases and ROU assets obtained in exchange for lease liabilities for the periods presented:
December 31,
(Dollars in Thousands)20242023
Operating Leases
ROU assets$294 $419 
Operating cash flows$167 $87 
Finance Leases
ROU assets$9,560 $6,988 
Operating cash flows$462 $292 
Financing cash flows$179 $185 
Weighted Average Lease Term - Years
Operating leases2.8 years3.3 years
Finance leases16.2 years17.9 years
Weighted Average Discount Rate
Operating leases6.60 %6.60 %
Finance leases5.70 %5.20 %
ROU Assets obtained in exchange for Lease Liabilities
Operating leases$— $— 
Finance leases$2,995 $1,464 
Lease liabilities are included in other liabilities in the Consolidated Balance Sheets. The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2024:

(Dollars in Thousands)FinanceOperatingTotal
Maturity Analysis
2025$801 $131 $932 
2026862 107 969 
2027885 89 974 
2028904 — 904 
2029923 — 923 
Thereafter11,454 — 11,454 
Total15,829 327 16,156 
Less: Present value discount(5,726)(28)(5,754)
Lease Liabilities$10,103 $299 $10,402 
RIGHT-OF-USE (“ROU”) ASSETS AND LEASE LIABILITIES RIGHT-OF-USE (“ROU”) ASSETS AND LEASE LIABILITIES
The Company has nine lease contracts, including seven finance leases and two operating leases at December 31, 2024. These leases are for our branch and loan production facilities. There were two new lease agreements entered into in 2024.
The following table presents our lease expense for finance and operating leases for the periods presented:
December 31,
(Dollars in Thousands)202420232022
Operating Lease Expense$124 $48 $— 
Amortization of ROU Assets - finance leases490 365 374 
Interest on lease liabilities - finance leases462 292 287 
Total Lease Expense$1,076 $705 $661 
ROU assets are included in other assets in the Consolidated Balance Sheets. The following table presents our ROU assets, cash flows, weighted average lease terms, discount rates for finance and operating leases and ROU assets obtained in exchange for lease liabilities for the periods presented:
December 31,
(Dollars in Thousands)20242023
Operating Leases
ROU assets$294 $419 
Operating cash flows$167 $87 
Finance Leases
ROU assets$9,560 $6,988 
Operating cash flows$462 $292 
Financing cash flows$179 $185 
Weighted Average Lease Term - Years
Operating leases2.8 years3.3 years
Finance leases16.2 years17.9 years
Weighted Average Discount Rate
Operating leases6.60 %6.60 %
Finance leases5.70 %5.20 %
ROU Assets obtained in exchange for Lease Liabilities
Operating leases$— $— 
Finance leases$2,995 $1,464 
Lease liabilities are included in other liabilities in the Consolidated Balance Sheets. The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2024:

(Dollars in Thousands)FinanceOperatingTotal
Maturity Analysis
2025$801 $131 $932 
2026862 107 969 
2027885 89 974 
2028904 — 904 
2029923 — 923 
Thereafter11,454 — 11,454 
Total15,829 327 16,156 
Less: Present value discount(5,726)(28)(5,754)
Lease Liabilities$10,103 $299 $10,402 
v3.25.0.1
PREMISES AND EQUIPMENT
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PREMISES AND EQUIPMENT PREMISES AND EQUIPMENT
Premises and equipment are stated at cost less accumulated depreciation as follows:
December 31,
(Dollars in Thousands)20242023
Land$18,610 $18,826 
Bank Premises59,857 58,983 
Furniture and Equipment40,361 35,772 
Leasehold Improvements3,023 1,579 
Total Premises and Equipment121,851 115,160 
Accumulated Depreciation(47,522)(41,453)
Total$74,329 $73,707 
At both December 31, 2024 and December 31, 2023, we had no bank premises and equipment held-for-sale.
Depreciation expense is included under occupancy expense, net in the Consolidated Statements of Income totaling $7.1 million in 2024, $6.2 million in 2023, and $6.1 million in 2022.
Real estate on closed branches was valued based on recent comparative market values received from a real estate broker. The Company had $0.2 million in write-downs in 2024 and write-downs in the amount of $0.5 million and $0.6 million were recognized during 2023 and 2022, respectively. These write-downs on closed branches are included in other expense in the Consolidated Statements of Income. The net remaining carrying value of $0.7 million and $2.3 million is classified as OREO in the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively.
v3.25.0.1
OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 2024
Real Estate Owned, Disclosure of Detailed Components [Abstract]  
OTHER REAL ESTATE OWNED OTHER REAL ESTATE OWNED
The following table presents OREO activity as of the dates presented:
Year Ended December 31,
(Dollars in Thousands)202420232022
Beginning of Year Balance$2,463 $8,393 $10,916 
Loans Transferred to OREO1,181 110 74 
Transfer of Closed Retail Offices to OREO348 1,854 2,675 
Direct Write-Downs(160)(1,117)(741)
Cash Proceeds from Pay-downs— (397)(422)
Sales of OREO(3,173)(6,380)(4,109)
End of Year Balance$659 $2,463 $8,393 
At December 31, 2024, 2023, and 2022, the balance of OREO was zero, $0.2 million, and $7.3 million, respectively, of foreclosed properties recorded as a result of obtaining physical possession of the asset. At December 31, 2024 and 2023, the recorded investment of foreclosed residential real estate was zero and $62 thousand, respectively. At December 31, 2024 and 2023, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceeds are in process is $0.4 million and $2.0 million, respectively.
Income and expenses applicable to foreclosed assets include the following:
Year Ended December 31,
(Dollars in Thousands)202420232022
Provision for Losses$160 $1,117 $741 
Operating Expenses, net of Rental Income37 178 293 
Net Gain on Sales(1,026)(17)(309)
OREO (Income) Expense$(829)$1,278 $725 
v3.25.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
In accordance with applicable accounting guidance for derivatives and hedging, all derivatives are recognized as either assets or liabilities on the Consolidated Balance Sheets at fair value. Interest rate swaps are contracts in which a series of interest rate flows (fixed and variable) are exchanged over a prescribed period. The notional amounts on which the interest payments are based are not exchanged. These derivative positions relate to transactions in which the Company enters into an interest rate swap with a commercial customer while at the same time entering into an offsetting interest rate swap with another financial institution, or counterparty. In connection with each transaction, the Company originates a floating rate loan to the customer at a notional amount. In turn, the customer contracts with the counterparty to swap the stream of cash flows associated with the floating interest rate loan with the Company for a stream of fixed interest rate cash flows based on the same notional amount as the Company’s loan. The transaction allows the customer to effectively convert a variable rate loan to a fixed rate loan with the Company receiving a variable rate. These agreements could have floors or caps on the contracted interest rates.
Effective July 11, 2024, the Company entered into two related pay-fixed/receive-floating interest rate swaps (the “Pay-Fixed Swap Agreements”) for a combined notional amount of $300.0 million. The Pay-Fixed Swap Agreements were designated as fair value hedges in order to hedge the risk of changes in the fair value of the fixed rate loans included in amortizing single family mortgages and CRE loans. These fair value hedges were utilized to convert the hedged loans from a fixed rate to a synthetic floating SOFR. On December 19, 2024, the Company terminated the first Pay-Fixed Swap Agreement with an original notional value of $175.0 million that would have matured on July 11, 2029. Negative interest income adjustments related to the termination of this hedge was $154 thousand. As of December 31, 2024, the Company had one remaining Pay-Fixed Swap Agreement in place with an original notional value of $125.0 million, contractual maturity date of July 11, 2027 and a fair value of $0.6 million. Under the remaining Pay-Fixed Swap Agreement the Company will pay a fixed coupon rate of 4.188% while receiving the overnight SOFR.
As long as a hedging instrument is designated and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, 100% of the periodic changes in fair value of the hedging instrument are accounted for in net interest income. The fair value of the remaining hedge is recorded in either other assets or in other liabilities depending on the position of the hedge, and the offset is recorded in loans. This is the case whether or not economic mismatches exist in the hedging relationship. As a result, there is no periodic measurement or recognition of ineffectiveness. Rather, the full impact of hedge gains and losses is recognized in the period in which the hedged transactions impact earnings. The remaining hedge was determined to be effective during all periods presented and the Company expects them to remain effective during the remaining terms.
Pursuant to agreements with various financial institutions, the Company may receive collateral or may be required to post collateral based upon mark-to-market positions. Beyond unsecured threshold levels, collateral in the form of cash or securities may be made available to counterparties of interest rate swap transactions. Based upon current positions and related future collateral requirements relating to them, management believes any effect on our cash flow or liquidity position to be immaterial.
Derivatives contain an element of credit risk, the possibility that the Company will incur a loss because a counterparty, which may be a financial institution or a customer, fails to meet its contractual obligations. All derivative contracts with financial institutions may be executed only with counterparties approved by the Asset and Liability Committee (“ALCO”) and all derivatives with customers are approved by a team of members from senior management who have been trained to understand the risk associated with interest rate swaps and have past industry experience. Interest rate swaps are considered derivatives but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings in the Consolidated Statements of Income.
The following table indicates the amounts representing the fair value of derivative assets and derivative liabilities at December 31:
Fair Values of Derivative Instruments
Asset Derivatives (Included in Other Assets)
20242023
(Dollars in Thousands)Number of
Transactions		Notional
Amount		Fair
Value		Number of
Transactions		Notional
Amount		Fair
Value
Derivatives Designated as Hedging Instruments
Interest Rate Swaps - Balance Sheet Hedge— $— $— — $— $— 
Total Derivatives Designated as Hedging Instruments— $— $— — $— $— 
Derivatives not Designated as Hedging Instruments
Interest Rate Lock Commitments – Mortgage Loans3 $866 $2 3 $620 $3 
Interest Rate Swap Contracts – Commercial Loans56 368,850 17,354 58 387,144 17,437 
Total Derivatives not Designated as Hedging Instruments59 $369,716 $17,356 61 $387,764 $17,440 
Total Derivatives59 $369,716 $17,356 61 $387,764 $17,440 
Fair Values of Derivative Instruments
Liability Derivatives (Included in Other Liabilities)
20242023
(Dollars in Thousands)Number of
Transactions		Notional
Amount		Fair
Value		Number of
Transactions		Notional
Amount		Fair
Value
Derivatives Designated as Hedging Instruments
Interest Rate Swaps - Balance Sheet Hedge1 $125,000 $554 — $— $— 
Total Derivatives Designated as Hedging Instruments1 $125,000 $554 — $— $— 
Derivatives not Designated as Hedging Instruments
Forward Sale Contracts – Mortgage Loans3 $866 $2 3 $620 $3 
Interest Rate Swap Contracts – Commercial Loans56 368,850 17,154 58 387,144 17,225 
Total Derivatives not Designated as Hedging Instruments59 $369,716 $17,156 61 $387,764 $17,228 
Total Derivatives60 $494,716 $17,710 61 $387,764 $17,228 
The following table indicates the (loss) income recognized within “other noninterest income” in the Consolidated Statements of Income for derivatives for the years ended December 31:
(Dollars in Thousands)202420232022
Derivatives Designated as Hedging Instruments
Interest Rate Swaps - Balance Sheet Hedge$(125)$— $— 
Total Derivative Loss Designated as Hedging Instruments(125)— — 
Derivatives not Designated as Hedging Instruments
Interest Rate Lock Commitments – Mortgage Loans(1)2 1 
Forward Sale Contracts – Mortgage Loans1 (2)(1)
Interest Rate Swap Contracts – Commercial Loans(12)(219)605 
Total Derivative (Loss) Income not Designated as Hedging Instruments(12)(219)605 
Net Derivative (Loss) Income$(137)$(219)$605 
Presenting offsetting derivatives that are subject to legally enforceable netting arrangements with the same party is permitted. For example, we may have a derivative asset and a derivative liability with the same counterparty to a swap transaction and are permitted to offset the asset position and the liability position resulting in a net presentation.
The following table indicates the gross amounts of derivative assets and derivative liabilities designated as hedging instruments and not designated as hedging instruments, the amounts offset and the carrying values included in the Consolidated Balance Sheets at December 31:
Asset Derivatives (Included in Other Assets)Liability Derivatives (Included in Other Liabilities)
(Dollars in Thousands)2024202320242023
Derivatives Designated as Hedging Instruments
Gross Amounts Recognized$— $— $592 $— 
Gross Amounts Offset— — 38 — 
Net Amounts Presented in the Consolidated Balance Sheets— — 554 — 
Derivatives not Designated as Hedging Instruments
Gross Amounts Recognized17,356 17,440 17,156 17,228 
Gross Amounts Offset— — — — 
Net Amounts Presented in the Consolidated Balance Sheets17,356 17,440 17,156 17,228 
Net Amount$17,356 $17,440 $17,710 $17,228 
v3.25.0.1
DEPOSITS
 12 Months Ended
Dec. 31, 2024
Banking and Thrift, Interest [Abstract]  
DEPOSITS DEPOSITS
The following table presents the composition of deposits at December 31:
(Dollars in Thousands)20242023
Noninterest-Bearing Demand$634,436 $685,218 
Interest-Bearing Demand726,947 481,506 
Money Market512,162 513,664 
Savings355,506 454,876 
Certificates of Deposits1,924,370 1,586,651 
Total$4,153,421 $3,721,915 
All deposit accounts are insured by the FDIC up to the maximum amount allowed by law. The Dodd-Frank Act, signed into law on July 21, 2010, makes permanent the $250,000 limit for federal deposit insurance and the coverage limit applies per depositor, per insured depository institution for each account ownership. Certificates of deposits that exceed the FDIC Insurance limit of $250,000 at year-end 2024 and 2023 were $297.9 million and $305.0 million, respectively.
At December 31, 2024 and December 31, 2023, total brokered deposits (excluding the CDARS and ICS two-way) were $196.1 million and $70.0 million, respectively, which are included within the “certificates of deposit” line item in the Consolidated Balance Sheet.
Certificates of Deposit maturing as of December 31:
(Dollars in Thousands)2024
2025$1,537,107 
2026198,330 
202777,492 
202868,081 
202942,912 
Thereafter448 
Total$1,924,370 
Overdrafts reclassified to loans were $0.3 million at both December 31, 2024 and December 31, 2023, respectively.
Total deposit dollars from executive officers, directors, and their related interests at December 31, 2024 and 2023, respectively, were $2.3 million and $1.8 million.
v3.25.0.1
FEDERAL HOME LOAN BANK BORROWINGS AND FEDERAL FUNDS PURCHASED
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
FEDERAL HOME LOAN BANK BORROWINGS AND FEDERAL FUNDS PURCHASED FEDERAL HOME LOAN BANK BORROWINGS AND FEDERAL FUNDS PURCHASED
Borrowings serve as an additional source of liquidity for the Company. The Company had $70.0 million FHLB borrowings at December 31, 2024 and $393.4 million at December 31, 2023. FHLB borrowings are fixed and variable rate advances for various terms and are secured by a blanket lien on select residential mortgages, select multifamily loans, and select commercial real estate loans. Variable rate FHLB borrowings were zero and 5.6% of total borrowings at December 31, 2024 and December 31, 2023, respectively. The FHLB charges prepayment fees for advances that are repaid before maturity, which is the net present value between current market rates and the fixed rate on each borrowing. Total loans pledged as collateral were $1.6 billion at December 31, 2024 and $1.5 billion at December 31, 2023. There were no securities available-for-sale pledged as collateral at both December 31, 2024 and December 31, 2023, respectively.
At December 31, 2024, funding sources accessible to the Company include borrowing availability at the FHLB, equal to 25% of the Company’s assets or approximately $1.2 billion, subject to the amount of eligible collateral pledged, of which the Company is eligible to borrow up to an additional $735.3 million. The Company has unsecured facilities with three other correspondent financial institutions totaling $30.0 million at December 31, 2024 and $50.0 million at December 31, 2023, respectively, a fully secured facility with one other correspondent financial institution totaling $45.0 million at December 31, 2024 and zero at December 31, 2023, and access to the institutional certificate of deposit (“CD”) and brokered deposit markets. The Company did not have outstanding borrowings on these fed funds lines as of December 31, 2024 or December 31, 2023. The Company had the capacity to borrow up to an additional $480.3 million from the FHLB at December 31, 2023.
The following table represents the balance of FHLB borrowings, the weighted average interest rate, the interest expense and the borrowing availability for the years ended December 31:
(Dollars in Thousands)202420232022
FHLB Borrowings$70,000 $393,400 $180,550 
Weighted Average Interest Rate4.02 %5.20 %4.48 %
Interest Expense$11,379 $20,822 $1,163 
FHLB Availability$735,294 $480,266 $676,746 
The following table represents the balance of federal funds purchased, the weighted average interest rate, the interest expense and the borrowing availability for the years ended December 31:
(Dollars in Thousands)202420232022
Federal Funds Purchased$— $— $17,870 
Weighted Average Interest Rate— %— %4.65 %
Interest Expense$— $368 $188 
Federal Funds Purchased Availability$75,000 $50,000 $127,130 
Scheduled annual maturities and weighted average interest rates for FHLB borrowings for each of the five years subsequent to December 31, 2024 and thereafter are as follows:
(Dollars in Thousands)BalanceWeighted Average Rate
2025$25,0004.13 %
202645,0003.96 %
2027—— %
2028—— %
2029—— %
Thereafter—— %
Total FHLB Borrowings$70,0004.02 %
v3.25.0.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
The Company has adopted an integrated profit sharing plan, which allows for elective deferrals and non-elective profit sharing contributions. Associates become eligible for the elective deferrals at the beginning of the quarter after they have been employed at least a month and have reached the age of twenty years and six months. Associates are eligible for the non-elective
profit sharing contributions at the beginning of the quarter after they have been employed six months, have reached the age of twenty years and six months, and are not participating in one of the Company’s annual incentive programs. Vesting for the non-elective profit sharing contribution is based on years of service to the Company, with a year being any year an associate works a minimum of 1,000 hours.
The following table details the vesting schedule based on years of service for participants:
1 Year of Service20% Vested
2 Years of Service40% Vested
3 Years of Service60% Vested
4 Years of Service80% Vested
5 Years of Service100% Vested
Any participant who has reached the age of 62 is fully vested regardless of length of service. Each participant in the plan (who has not reached age 62) becomes 100% vested after five (5) years of service. The non-elective contribution to the plan is determined each year by the Company’s Board of Directors (the “Board”) and thus may fluctuate in amount from year to year. The contribution by the Company, which includes contributions to the nonqualified plan discussed below, was $0.5 million in 2024, $0.4 million in 2023 and $1.0 million in 2022. These amounts are included in salaries and employee benefits in the Consolidated Statements of Income.
Beginning in 2019, our integrated profit sharing plan includes a Company match based upon an associate’s elective deferral. This elective deferral is subject to dollar limits announced annually by the Internal Revenue Service (“IRS”). Elective deferrals are matched equal to 100% of the first 3% deferred and 50% of the next 2%, producing a maximum 4% match. Expense for this deferral match was $1.4 million, $1.4 million and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The Bank entered into a Nonqualified Profit Sharing Plan originally on December 30, 1996, which was subsequently amended and restated effective December 20, 2007. The purpose of the Nonqualified Profit Sharing Plan was to provide additional benefits to be paid to the executive upon the occurrence of a “Distributable Event,” which is either termination or death. The Board of Directors of the Bank (the “Bank Board”) approved the amended plan on December 20, 2007. Since its inception, the Bank’s former Chairman and Chief Executive Officer was the only executive who participated in the Nonqualified Profit Sharing Plan. In April 2017, a Distributable Event occurred, in which distributions will occur over 45 quarterly payments. The value of the plan was $0.5 million as of December 31, 2024, and was solely comprised of cash. The quarterly distributions began on January 1, 2018 and will continue to be paid out in equal quarterly installments approximating $30 thousand.
On December 15, 2020, the Bank adopted an unfunded, nonqualified deferred compensation plan, called the Nonqualified Deferred Compensation Plan, to provide (i) certain key executives of the Bank (beginning after the date of adoption) the opportunity to defer to a later year on a pre-tax basis certain compensation without being subject to the dollar limits that apply to these associates under the Bank’s tax-qualified integrated profit-sharing plan and (ii) the Bank’s non-employee directors (beginning in January 2022) the opportunity to defer to a later year on a pre-tax basis certain director fees. The compensation and fees (and related earnings) deferred under this plan are held in a grantor trust until paid to the participants and remain subject to the claims of the creditors of the Bank and Company until paid to the participants. The balance in the nonqualified deferred compensation plan at December 31, 2024 and December 31, 2023 was $596.3 thousand and $447.8 thousand, respectively.
v3.25.0.1
INCENTIVE AND RESTRICTED STOCK PLAN
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
INCENTIVE AND RESTRICTED STOCK PLAN INCENTIVE AND RESTRICTED STOCK PLAN
The Bank Board adopted the Carter Bank & Trust 2018 Omnibus Equity Incentive Plan on March 29, 2018 based on the recommendation of the Bank’s Nominating and Compensation Committee (now, a committee of the Company, the “Committee”), which became effective on June 27, 2018. In connection with the Reorganization, the Company adopted and assumed the Carter Bank & Trust 2018 Omnibus Equity Incentive Plan as its own (now the Carter Bankshares, Inc. Amended and Restated 2018 Omnibus Equity Incentive Plan, or, for purposes of this discussion, the “Plan”). The Plan reserves a total 2,000,000 shares of common stock for issuance and provides for the grant to key associates and non-employee directors of the Company and its subsidiaries of awards that may include one or more of the following: stock options, restricted stock, restricted stock units, stock appreciation rights, stock awards, performance units and performance cash awards (collectively, the “awards”). Subject to accelerated vesting under certain circumstances, the Plan requires a minimum vesting period of one year
for awards subject to time-based conditions and a minimum performance period of one year for awards subject to achievement or satisfaction of performance goals. These minimums are applicable to awards other than those granted as part of a retainer for the service of non-employee directors. The Committee will determine the vesting period on the awards. No awards may be granted under the Plan more than ten years from the effective date of the Plan. As of December 31, 2024, 1,416,491 shares of common stock were available for issuance under the Plan. For purposes of this Note 15, references to the “Company” mean the “Bank” with respect to actions prior to the Reorganization.
Restricted Stock
The Company periodically issues restricted stock to non-employee directors and key associates pursuant to the Plan. As of December 31, 2024, 607,084 shares of restricted stock had been granted under the Plan.
The Company granted 104,815 and 116,325 shares of restricted stock to key associates under the Plan during 2024 and 2023, respectively. These grants were approved by the Committee as compensation for substantial contributions to the Company’s performance. The time-based shares of restricted stock granted in 2024 to executives vest on the fifth anniversary of the grant date under the long-term incentive plan. The time-based shares of restricted stock granted in 2023 to executives vest in one-third annual installments over three years under the short-term incentive plan. The time-based shares of restricted stock to non-executives vest in one-third annual installments over three years. The closing price of our stock was used to determine the fair value on the date of the grant prior to September 1, 2023. Beginning September 1, 2023 the Company utilizes a trading 90-day look back period to estimate the average stock price to resolve issues of rapid stock price fluctuations.
The Company granted 23,300 and 20,772 shares of restricted stock to non-employee directors under the Plan during 2024 and 2023, respectively. These grants were approved by the Committee as compensation for Board service. The time-based shares of restricted stock granted in 2024 and 2023 fully vest one year after the grant date. The fair value determination price for these grants is the same method as mentioned above.
If any award granted under the Plan terminates, expires, or lapses for any reason other than by virtue of exercise or settlement of the award, or if shares issued pursuant to awards are forfeited, any stock subject to such award again shall be available for future awards under the Plan.
Compensation expense for restricted stock is recognized ratably over the period of service, generally the entire vesting period, based on fair value on the grant date. The Company recognized compensation expense of $1.8 million, $1.6 million and $1.3 million for 2024, 2023, and 2022, respectively, related to restricted stock.
As of December 31, 2024 and 2023, there was $1.9 million and $2.1 million, respectively, of total unrecognized compensation cost related to restricted stock that will be recognized as compensation expense over a weighted average period of 2.00 years and 2.01 years, respectively.
The following table provides information about restricted stock granted under the Plan for the years ended December 31:
Restricted SharesWeighted Average
Grant Date
Fair Value
Non-vested at December 31, 2022160,197 $16.05 
Granted137,097 15.56 
Forfeited/Vested(78,183)16.24 
Non-vested at December 31, 2023219,111 15.67 
Granted128,115 13.07 
Forfeited/Vested(103,826)15.59 
Non-vested at December 31, 2024243,400 $14.34 
Performance Units
The Company periodically grants performance units to executive officers pursuant to the Plan. The Company granted 46,331 target amounts of performance units in aggregate to executive officers under the Plan during 2024, but did not grant performance units during 2023. These grants are approved by the Committee as compensation for substantial contributions to
the Company’s performance. Performance criteria for the performance units granted in 2022 were not met and those units expired effective December 31, 2024, with no issuance of the Company’s common stock.
The performance units can be earned up to a maximum of 110% of the target amount. They are subject to a three-year performance period and, if the performance criteria are met, will vest on the payment date which is within 70 days following the end of the performance period. The payout for the performance units will be determined based on four weighted performance based goals: (1) the Company's return on average assets (“ROAA”) performance during the performance period compared to its selected peer group, (2) the Company's core efficiency ratio during the performance period compared to its selected peer group, (3) the Company’s Total Shareholder Return (“TSR”) during the performance period compared to its selected peer group and (4) the Company’s nonperforming assets ratio performance during the performance period compared to its selected peer group. If the performance criteria are met, the Company will pay the performance units that have vested in shares of the Company’s common stock.
If any award granted under the Plan terminates, expires, or lapses for any reason other than by virtue of exercise or settlement of the award, or if shares issued pursuant to awards are forfeited, any stock subject to such award again shall be available for future awards under the Plan.
Compensation expense for performance units is based on fair value on the grant date. The performance units are subject to the probability of attainment of meeting the above-referenced performance criteria and service requirement. Management has evaluated the performance-based criteria and has determined that the criteria was probable to be met at target, as of December 31, 2024 for the 2024 grants and at December 31, 2023, the criteria was not probable of being met at target for the 2022 grants. The Company recognized compensation expense of $0.2 million for 2024 and reversed compensation expense of $0.3 million for 2023 related to performance units.
v3.25.0.1
FEDERAL AND STATE INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
FEDERAL AND STATE INCOME TAXES FEDERAL AND STATE INCOME TAXES
The components of income tax provision were as follows:
(Dollars in Thousands)202420232022
Current$3,657 $4,969 $7,969 
Deferred2,670 (516)3,939 
Change in Valuation Allowance19 884 (309)
Income Tax Provision$6,346 $5,337 $11,599 
The following is a reconciliation of the differences between income tax provision and the amount computed by applying the statutory federal income tax rate to income before taxes:
202420232022
(Dollars in Thousands)AmountPercentAmountPercentAmountPercent
Federal Income Tax at Statutory Rate$6,482 21.0 $6,031 21.0 $12,961 21.0 
State Income Tax, net of Federal Benefit625 2.0 445 1.5 657 1.1 
Tax-exempt Interest, net of Disallowance(513)(1.7)(708)(2.5)(873)(1.4)
Federal Tax Credits, net of Basis Reduction(623)(2.0)(2,365)(8.2)(625)(1.0)
Change in Valuation Allowance19 0.1 884 3.1 (309)(0.5)
Income from Bank Owned Life Insurance(309)(1.0)(290)(1.0)(285)(0.5)
Tax Credit Amortization408 1.3 1,660 5.8 — — 
Other257 0.9 (320)(1.1)73 0.1 
Income Tax Provision and Effective Income Tax Rate$6,346 20.6 $5,337 18.6 $11,599 18.8 
The income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before taxes. The Company ordinarily generates an annual effective tax rate that is less than the statutory rate of 21% due to benefits resulting from tax-exempt interest, tax-exempt income from bank-owned life insurance, and tax benefits resulting from certain partnership investments.
The Company elected to adopt the proportional amortization method of accounting for all qualifying equity investments within the historic tax credits (“HTC”) program. The Company makes equity investments as a limited partner in various partnerships that sponsor HTC as a strategic tax initiative designed to receive income tax credits and other income tax benefits, such as deductible flow-through losses. As of December 31, 2024, the Company recognized $1.1 million in HTC equity investments recorded as a component of other assets on the Consolidated Balance Sheets.
The Company records income tax credits and other income tax benefits received from its HTC investments as a component of the income tax provision on the Consolidated Statements of Income and as a component of operating activities on the Consolidated Statements of Cash Flows.
Investments accounted for using the proportional amortization method are amortized and recorded as a component of the income tax provision on the Consolidated Statements of Income.
The Company records non-income-tax-related activity and other returns received from its HTC investments as a component of other noninterest income on the Consolidated Statements of Income and as a component of operating activities on the Consolidated Statements of Cash Flows. As of December 31, 2024, the Company has not recognized any non-income-tax-related activity from its HTC investments.
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:
(Dollars in Thousands)20242023
Deferred Tax Assets
Allowance for Credit Losses$16,667 $21,576 
Net Unrealized Loss on Available-for-sale Securities17,820 20,104 
Capital Loss Carryforward1,151 1,143 
Accrued Interest on Nonaccrual Loans1,717 132 
Operating Lease Liabilities2,293 1,718 
Other2,110 1,665 
Gross Deferred Tax Assets41,758 46,338 
Less: Valuation Allowance(903)(884)
Total Deferred Tax Assets$40,855 $45,454 
(Dollars in Thousands)20242023
Deferred Tax Liabilities
Fixed Asset Depreciation$(4,095)$(4,409)
Acquisition-Related Fair Value Adjustments(2,480)(2,686)
Deferred Loan Income(1,943)(1,607)
Operating Lease Right-of-Use Assets(2,172)(1,647)
Equity Investment in Partnerships(607)(480)
Other(343)(437)
Total Deferred Tax Liabilities(11,640)(11,266)
Net Deferred Tax Assets$29,215 $34,188 
Management assesses all available positive and negative evidence to estimate whether sufficient future taxable income of the appropriate character will be generated to utilize existing deferred tax assets. Based on this evaluation, as of December 31, 2024, a valuation allowance of $0.9 million has been recorded on deferred tax assets related to capital loss carryforwards resulting from exits of equity investments in partnerships and sales of securities.
The Company has not identified prudent and feasible strategies to generate future capital gains to offset the entirety of the capital loss carryforward prior to its expiration.
At December 31, 2024 and 2023, the Company had no ASC 740-10 unrecognized tax benefits or accrued interest and penalties recorded. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next
twelve months. The Company recognizes interest and penalties on unrecognized tax benefits as a component of income tax provision.
The Company is subject to U.S. federal income tax as well as various other state and local jurisdictions. The Company is generally no longer subject to examination by federal, state and local taxing authorities for years prior to December 31, 2021.
v3.25.0.1
TAX EFFECTS ON OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
TAX EFFECTS ON OTHER COMPREHENSIVE INCOME (LOSS) TAX EFFECTS ON OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the change in components of other comprehensive income (loss) for the years ended December 31, net of tax effects:
(Dollars in Thousands)Pre-Tax
Amount		Tax (Expense) Benefit Net of Tax
Amount
2024
Net Unrealized Gains Arising during the Period$9,270 $(2,299)$6,971 
Reclassification Adjustment for Gains included in Net Income(68)15 (53)
Other Comprehensive Income$9,202 $(2,284)$6,918 
2023
Net Unrealized Gains Arising during the Period$16,370 $(3,398)$12,972 
Reclassification Adjustment for Losses included in Net Income1,521 (316)1,205 
Other Comprehensive Income$17,891 $(3,714)$14,177 
2022
Net Unrealized Losses Arising during the Period$(111,542)$24,261 $(87,281)
Reclassification Adjustment for Gains included in Net Income(46)9 (37)
Other Comprehensive Loss$(111,588)$24,270 $(87,318)
v3.25.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Commitments to extend credit, which amounted to $833.6 million at December 31, 2024 and $702.3 million at December 31, 2023, represent agreements to lend to customers with fixed expiration dates or other termination clauses. The Company provides lines of credit to our clients to finance the completion of construction projects and revolving lines of credit to operating companies to finance their working capital needs. Lines of credit for construction projects represented $445.3 million, or 53.4%, and $452.2 million, or 64.4%, of the commitments to extend credit at December 31, 2024 and December 31, 2023, respectively. Standby letters of credit are conditional commitments issued by the Company guaranteeing the performance of a customer to a third-party. Those guarantees are primarily issued to support public and private borrowing arrangements. The Company had outstanding letters of credit totaling $16.7 million at December 31, 2024 and $19.6 million at December 31, 2023.
Our exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and unconditional obligations as it does for on-balance sheet instruments. Unless noted otherwise, collateral or other security is required to support financial instruments with credit risk.
Life-of-Loss Reserve on Unfunded Loan Commitments
We maintain a life-of-loss reserve on unfunded commercial lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The life-of-loss reserve is computed using a methodology similar to that used to determine the ACL for loans, modified to take into account the probability of a draw-down on the commitment. The life-of-loan reserve for unfunded commitments is included on our Consolidated Balance Sheets.
The following table presents activity in the life-of-loss reserve on unfunded loan commitments as of and for the years ended December 31:

(Dollars in Thousands)December 31, 2024December 31, 2023
Life-of-Loss Reserve on Unfunded Loan Commitments
Balance at beginning of period$3,193 $2,292 
(Recovery) Provision for Unfunded Commitments(7)901 
Balance at end of period$3,186 $3,193 
Amounts are added or subtracted to the (recovery) provision for unfunded commitments through a credit or charge to current earnings in the (recovery) provision for unfunded commitments. A recovery of $7 thousand was recorded for the year ended December 31, 2024 for the (recovery) provision for unfunded commitments, which resulted in a decrease of $0.9 million compared to the year ended December 31, 2023.
We have a future commitment with a third party vendor for data processing charges, which is a ten year contract that will expire at the end of 2028. Data processing expense was $4.9 million, $3.9 million and $4.1 million for 2024, 2023 and 2022, respectively.
Legal Proceedings
In the normal course of business, the Company is subject to various legal and administrative proceedings and claims. Legal and administrative proceedings are subject to inherent uncertainties and unfavorable rulings could occur, and although the timing and outcome of any legal or administrative proceeding cannot be predicted with certainty, the Company believes, based on current knowledge, that the resolution of any such matters will not have a material adverse effect on the Company. The material legal proceedings previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, were no longer pending as of 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 REVENUE FROM CONTRACTS WITH CUSTOMERS
Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, financial guarantees, derivatives, and certain credit card fees are also not in scope of the new guidance. Topic 606 is applicable to noninterest revenue streams such as trust and asset management income, deposit related fees, interchange fees, merchant income, and annuity and insurance commissions and return on investment. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Substantially all of the Company’s revenue is generated from contracts with customers. Noninterest revenue streams in-scope of Topic 606 are discussed below.
Service Charges on Deposit Accounts: Service charges on deposit accounts consist of overdraft fees, service charges on returned checks, stop payment fees, check chargeback fees, minimum balance fees, and other deposit account related fees. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on returned checks are recognized at the point in time that a check is returned. Transaction-based fees, which include services such as stop payment fees, check chargeback fees, and other deposit account related fees are recognized at the point in time the Company fulfills the customer’s request. Minimum balance fees are system-assessed at the point in time that a customer’s balance is below the required minimum for the product. Service charges on deposits are withdrawn from the customer’s account balance.
Other Fees and Other Income: Other fees and other income consists of safe deposit rents, money order fees, check cashing and cashiers’ check fees, wire transfer fees, letter of credit fees, check order income, and other miscellaneous fees. These fees are largely transaction-based; therefore, the Company’s performance obligation is satisfied and the resultant revenue is recognized at the point in time the service is rendered. Payments for transaction-based fees are generally received immediately or in the following month by a direct charge to a customer’s account.
Debit Card Interchange Fees: The Company earns interchange fees from debit cardholder transactions conducted through a card payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder.
Insurance: Commission income is earned based on customer transactions. The commission income is recognized when the transaction is complete. The Company also receives a return on its investment in Bearing Insurance Group, LLC on an annual basis based on the equity insurance company and percentage of ownership.
OREO Income: The Company occasionally owns properties acquired through foreclosure that are included in other real estate owned, net on the Consolidated Balance Sheets. If the Company rents any of those properties, the resultant income is recognized at the point of receipt since the performance obligation has been satisfied. The rents are generally received monthly.
Gains/Losses on Sales of OREO: The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is disposed and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present.
The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams for the years ended December 31:
(Dollars in Thousands)Point of Revenue
Recognition		202420232022
In-Scope Revenue Streams
Service Charges on Deposit AccountsAt  a point in time$5,856 $5,534 $5,537 
Other Fees and Other IncomeAt  a point in time1,983 1,885 3,284 
Debit Card Interchange FeesAt  a point in time7,843 7,828 7,427 
Insurance
Customer CommissionsAt  a point in time166 131 104 
Annual Commission on InvestmentOver time3,476 1,814 1,857 
Special Production PayoutOver time43 — — 
Other Real Estate Owned IncomeAt  a point in time46 75 50 
Gains on Sales and Write-downs of Bank Premises, netAt a point in time— — 73 
Gains (Losses) on Sale of Other Real Estate OwnedAt  a point in time*********
Total In-Scope Revenue Streams19,413 17,267 18,332 
Out of Scope Revenue Streams
Gains (Losses) on Sales of Securities, net68 (1,521)46 
Bank Owned Life Insurance Income1,473 1,381 1,357 
Commercial Loan Swap Fee Income— 139 774 
Other414 1,012 1,209 
Total Noninterest Income$21,368 $18,278 $21,718 
***Reported net with Losses on Sales and Write-downs of Other Real Owned in Noninterest Expense
v3.25.0.1
PARENT COMPANY CONDENSED FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY CONDENSED FINANCIAL INFORMATION PARENT COMPANY CONDENSED FINANCIAL INFORMATION
Balance Sheets
December 31,
(Dollars in Thousands)20242023
ASSETS
Cash$354 $629 
Investment in Bank Subsidiary377,395 347,429 
Other Assets6,564 3,337 
Total Assets$384,313 $351,395 
LIABILITIES
Other Liabilities$— $152 
Total Shareholders’ Equity384,313 351,243 
Total Liabilities and Shareholders’ Equity$384,313 $351,395 
Statements of Net Income
December 31,
(Dollars in Thousands)202420232022
Dividends from Subsidiaries$3,950 $14,029 $45,377 
Total Income (10)418 — 
Total Expenses(3,121)(3,011)(2,696)
Income Before Income Tax Benefit and Undistributed Net Income of Bank Subsidiary819 11,436 42,681 
Income Tax Benefit(656)(534)(577)
Income Before Undistributed Net Income of Bank Subsidiary1,475 11,970 43,258 
Equity in Undistributed Net Income of Bank Subsidiary23,048 11,414 6,860 
Net Income$24,523 $23,384 $50,118 
Comprehensive Income (Loss)$31,441 $37,561 $(37,200)
Statements of Cash Flows
December 31,
(Dollars in Thousands)202420232022
OPERATING ACTIVITIES
Net Income $24,523 $23,384 $50,118 
Equity in Undistributed Net Income of Bank Subsidiary(23,048)(11,414)(6,860)
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by
Operating Activities
Stock Compensation Expense1,752 1,561 1,314 
(Increase) Decrease in Other Assets(3,111)1,774 (3,778)
Decrease in Other Liabilities(275)(47)(460)
Net Cash (Used in) Provided by Operating Activities(159)15,258 40,334 
INVESTING ACTIVITIES
Equity Investment in Non-Subsidiary, net of distributions(116)(412)(350)
Net Cash Used in Investing Activities(116)(412)(350)
FINANCING ACTIVITIES
Repurchase of Common Stock — (16,416)(42,927)
Net Cash Used In Financing Activities— (16,416)(42,927)
Net Decrease in Cash(275)(1,570)(2,943)
Cash at Beginning of Year629 2,199 5,142 
Cash at End of Year$354 $629 $2,199 
v3.25.0.1
CAPITAL ADEQUACY
 12 Months Ended
Dec. 31, 2024
Regulatory Capital Requirements under Banking Regulations [Abstract]  
CAPITAL ADEQUACY CAPITAL ADEQUACY
The Company and the Bank are subject to various capital requirements administered by the federal banking regulators. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to bank holding companies. Quantitative measures established by regulations to ensure capital adequacy require us to maintain minimum amounts and ratios.
The Basel rules permit banking organizations with less than $15.0 billion in assets to retain, through a one-time election, existing treatment for accumulated other comprehensive loss, which currently does not affect regulatory capital. The Company elected to retain this treatment which reduces the volatility of regulatory capital levels.
The Basel III Capital Rules require the Company and the Bank to maintain minimum Common Equity Tier 1, Tier 1 and Total Capital ratios, along with a capital conservation buffer, effectively resulting in new minimum capital ratios. The capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of Common Equity Tier 1 capital to risk-weighted assets above the minimum, but below the conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. The Basel III Capital Rules also provide for a 2.5% “countercyclical capital buffer” that is applicable to only certain covered institutions and does not have any current applicability to the Company or the Bank. Management believes as of December 31, 2024, the Company and the Bank met all capital adequacy requirements to which the Company is subject and satisfied the applicable capital conservation buffer requirements.
Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At year-end 2024 and 2023, the most recent regulatory notifications categorized the Bank as well-capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category.
The following table summarizes risk-based capital amounts and ratios for the Company and the Bank, excluding the 2.5% capital conservation buffer:
ActualMinimum
Regulatory Capital
Requirements		To be Well Capitalized
Under Prompt
Corrective Action
Provisions
(Dollars in Thousands)AmountRatioAmountRatioAmountRatio
As of December 31, 2024
Leverage Ratio
Carter Bankshares, Inc.$448,834 9.56 %$187,837 4.00 %NANA
Carter Bank & Trust441,916 9.42 %187,649 4.00 %$234,561 5.00 %
Common Equity Tier 1 (to Risk-Weighted Assets)
Carter Bankshares, Inc.$448,834 10.88 %$185,721 4.50 %NANA
Carter Bank & Trust441,916 10.72 %185,422 4.50 %$267,832 6.50 %
Tier 1 Capital (to Risk-Weighted Assets)
Carter Bankshares, Inc.$448,834 10.88 %$247,628 6.00 %NANA
Carter Bank & Trust441,916 10.72 %247,230 6.00 %$329,640 8.00 %
Total Capital (to Risk-Weighted Assets)
Carter Bankshares, Inc.$500,759 12.13 %$330,171 8.00 %NANA
Carter Bank & Trust493,760 11.98 %329,640 8.00 %$412,050 10.00 %
As of December 31, 2023
Leverage Ratio
Carter Bankshares, Inc.$435,364 9.48 %$183,636 4.00 %NANA
Carter Bank & Trust431,550 9.41 %183,427 4.00 %$229,283 5.00 %
Common Equity Tier 1 (to Risk-Weighted Assets)
Carter Bankshares, Inc.$435,364 11.08 %$176,868 4.50 %NANA
Carter Bank & Trust431,550 10.99 %176,716 4.50 %$255,256 6.50 %
Tier 1 Capital (to Risk-Weighted Assets)
Carter Bankshares, Inc.$435,364 11.08 %$235,824 6.00 %NANA
Carter Bank & Trust431,550 10.99 %235,621 6.00 %$314,161 8.00 %
Total Capital (to Risk-Weighted Assets)
Carter Bankshares, Inc.$484,925 12.34 %$314,432 8.00 %NANA
Carter Bank & Trust481,070 12.25 %314,161 8.00 %$392,702 10.00 %
In December 2018, the Office of the Comptroller of the Currency, (the “OCC”), the FRB, and the FDIC, approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ implementation of CECL. The final rule provides banking organizations the option to phase in over a three-year period the Day 1 adverse effects on regulatory capital that may result from the adoption of the new accounting standard. On March 27, 2020, the regulators issued interim final rule (“IFR”), “Regulatory Capital Rule: Revised Transition of the Current Expected Credit Losses Methodology for Allowances” in response to the disrupted economic activity from the spread of COVID-19. The IFR maintains the three-year transition option in the previous rule and provides banks the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period (five-year transition option). We adopted CECL effective January 1, 2021 and elected to implement the capital transition relief over the permissible three-year period.
v3.25.0.1
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Carter Bankshares, Inc. (the “Company”) is a holding company and the parent company to its wholly-owned subsidiary Carter Bank and Trust (the “Bank”) that conducts its business solely through the Bank. As a state-chartered commercial bank, the Bank earns revenue primarily from interest on loans and securities and fees charged for financial services provided to customers. The Company operates through a single operating and reporting segment, Community Banking that offers services which include accepting a full range of deposit products and originating commercial and consumer loans. All financial information is reported on a consolidated basis and is evaluated regularly by the Chief Executive Officer, the Company’s Chief Operating Decision Maker (“CODM”) in allocating resources and assessing performance. The CODM uses the consolidated net income to benchmark the Company against it competitors. The benchmarking analysis in conjunction with monitoring of actual to budget results are used in assessment of performance and in establishing compensation. Loans, investments and deposits provide the revenues, net in the community bank’s operation. Interest expense, (recovery) provision for credit losses and salaries and benefits provide the significant expenses in the community bank’s operation. The results of operations for the Company’s single reporting segment are incorporated by reference to the Consolidated Statements of Income and Consolidated Balance Sheets.
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      
Net Income $ 24,523 $ 23,384 $ 50,118
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 developed and implemented a Cybersecurity program intended to ensure the confidentiality, integrity, and availability of the Company’s critical systems and information.
The Company has designed this Cybersecurity program based in part on the National Institute of Standards and Technology Cybersecurity Framework (“NIST”). Use of the framework does not imply that the Company meets any particular technical standards, specifications, or requirements, but rather the NIST is used as a guide to help identify, assess, and manage cybersecurity risks relevant to the Company’s business. The Company’s Cybersecurity and Information Technology programs are led by our Chief Operations Officer, (“COO”) and Information Security Manger. The COO is responsible for the oversight and implementation of both programs. Additionally, the COO and the Information Security Manager meet with the Information Technology Steering Committee (“IT Steering Committee”) on a monthly basis or more frequently as necessary to discuss, among other things, cybersecurity matters.
The Cybersecurity and Information Technology programs are aligned to the Company’s business strategy. They share common methodologies, reporting channels and governance processes that apply to other areas of enterprise risk management, including legal, compliance, strategic, operational, and financial risk. In the event of a material or potentially material cybersecurity event, senior members of management, which includes the Chief Financial Officer, are promptly informed of the event and status update, response, and disclosure efforts following the terms of a documented incident response plan. Key elements of the Cybersecurity and Information Technology programs include:
•risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader information technology (“IT”) environment;
•an incident response team principally responsible for managing cybersecurity risk assessment processes, security controls, and responses to cybersecurity incidents;
•the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls;
•training and awareness programs for team members that include periodic and ongoing assessments to drive adoption and awareness of cybersecurity processes and controls;
•a cybersecurity and IT incident response plan that includes procedures for responding to cybersecurity incidents;
•utilization of independent third parties to perform penetration testing of the Company’s environment; and
•utilization of a third party to monitor elements of our Cybersecurity and IT environment continuously.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
The Company has developed and implemented a Cybersecurity program intended to ensure the confidentiality, integrity, and availability of the Company’s critical systems and information.
The Company has designed this Cybersecurity program based in part on the National Institute of Standards and Technology Cybersecurity Framework (“NIST”). Use of the framework does not imply that the Company meets any particular technical standards, specifications, or requirements, but rather the NIST is used as a guide to help identify, assess, and manage cybersecurity risks relevant to the Company’s business.
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]
The Company’s Board of Directors recognizes the importance of cybersecurity in safeguarding the Company’s sensitive data, including with respect to its associates and customers. The Board is responsible for the consideration and oversight of risk facing the Company and is also responsible for ensuring that material risks are identified and managed appropriately, including cybersecurity risks. The COO gives a monthly report to the Company’s IT Steering Committee and Board on various information security issues. The Company has created and designated a separate committee of its Board as the Audit Committee consisting of four independent directors. The Audit Committee meets quarterly and reviews the Company’s major financial risk exposures, including cybersecurity risks, and reviews the steps management is taking to monitor and control such exposures, including results of internal and external audits.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board is responsible for the consideration and oversight of risk facing the Company and is also responsible for ensuring that material risks are identified and managed appropriately, including cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The COO gives a monthly report to the Company’s IT Steering Committee and Board on various information security issues.
Cybersecurity Risk Role of Management [Text Block]
The Company’s management has created an Incident Response Team (“IRT”), that consists of the Chief Operations Officer, a network manager, an application delivery manager, an information security manager, the IT Steering Committee, the regulatory
risk management director and an internal auditor. Our COO holds multiple cybersecurity industry-recognized certifications and has gained extensive cybersecurity knowledge and skills through over 7 years of work experience on the IT security team at the Company. Our Information Security Manager, who also holds multiple cybersecurity industry-recognized certifications and is a member of the IT Steering Committee, has 20 years of experience working in IT and cybersecurity in various roles and industries throughout his career. Additionally, leaders in the Company’s IT function receive periodic training and education on cybersecurity related topics. The IRT is governed by policies and procedures and their proactive responsibilities include implementing awareness programs for the overall cybersecurity risk management plan and for the supervision of vulnerability and penetration testing.
The Company’s IRT serves as the central point for all cybersecurity incidents and reporting, including incidents that directly target associates, customers or the Company’s internal information systems and incidents originating from third parties. The IRT evaluates each incident in terms of its impact on the Company’s operations, ability to conduct business with customers, reputational risk to the Company, reduce legal risk and the speed and degree to which the incident has been contained. The IRT is also responsible for assessing the nature and scope of the incident, and engaging third-party service providers where appropriate to support the Company through the resolution of the incident. The COO escalates incidents to the Company’s IT Steering Committee, who is responsible for cybersecurity risk oversight, and also reports to the Board on a monthly basis.
Our information security team and members of IT monitor the effectiveness of preventative measures, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which may include briefings with law enforcement, regulators, external consultants, and reports produced by security tools we have deployed in our IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
The Company’s management has created an Incident Response Team (“IRT”), that consists of the Chief Operations Officer, a network manager, an application delivery manager, an information security manager, the IT Steering Committee, the regulatory
risk management director and an internal auditor. Our COO holds multiple cybersecurity industry-recognized certifications and has gained extensive cybersecurity knowledge and skills through over 7 years of work experience on the IT security team at the Company. Our Information Security Manager, who also holds multiple cybersecurity industry-recognized certifications and is a member of the IT Steering Committee, has 20 years of experience working in IT and cybersecurity in various roles and industries throughout his career. Additionally, leaders in the Company’s IT function receive periodic training and education on cybersecurity related topics. The IRT is governed by policies and procedures and their proactive responsibilities include implementing awareness programs for the overall cybersecurity risk management plan and for the supervision of vulnerability and penetration testing.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our COO holds multiple cybersecurity industry-recognized certifications and has gained extensive cybersecurity knowledge and skills through over 7 years of work experience on the IT security team at the Company. Our Information Security Manager, who also holds multiple cybersecurity industry-recognized certifications and is a member of the IT Steering Committee, has 20 years of experience working in IT and cybersecurity in various roles and industries throughout his career.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The COO escalates incidents to the Company’s IT Steering Committee, who is responsible for cybersecurity risk oversight, and also reports to the Board on a monthly basis.
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]  
Principles of Consolidation
Principles of Consolidation: The Consolidated Financial Statements include the accounts of Carter Bankshares, Inc. and its wholly owned subsidiary. The Investment Company is a subsidiary of the Bank. All significant intercompany transactions have been eliminated in consolidation.
Reclassification
Reclassification: Amounts in prior years' financial statements and footnotes are reclassified whenever necessary to conform to the current year’s presentation. Reclassifications had no material effect on prior year net income or shareholders’ equity.
Use of Estimates
Use of Estimates: To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the Consolidated Financial Statements and the disclosures provided, and actual results could differ from those estimates. Information available which could affect these judgments include, but are not limited to, changes in interest rates, changes in the performance of the economy, and changes in the financial condition of borrowers.
Operating Segments
Operating Segments: The chief decision-makers of our operating segments monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis, and operating segments are aggregated into one as operating results for all segments are similar. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment.
Cash and Cash Equivalents and Restrictions on Cash
Cash and Cash Equivalents: The Company considers all cash on hand, amounts due from banks, federal funds sold, and FRB excess reserves as cash equivalents for the purposes of the Consolidated Statements of Cash Flows with all items having original maturities fewer than 90 days. Federal funds are customarily sold for one-day periods. The FRB pays the target fed funds rate on the FRB excess reserves.
Restrictions on Cash: Cash on hand or on deposit with the FRB is required to meet regulatory reserve and clearing requirements.
Loan Commitments and Related Financial Instruments
Loan Commitments and Related Financial Instruments: Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and financial standby and performance letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.
Comprehensive Income (Loss)
Comprehensive Income (Loss): Comprehensive income (loss) consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains (losses) on securities available-for-sale, net of tax.
Securities
Securities: The Company classifies securities into either the held-to-maturity or available-for-sale categories at the time of purchase. All securities were classified as available-for-sale at December 31, 2024 and December 31, 2023. Securities classified
as available-for-sale include securities which can be sold for liquidity, investment management, or similar reasons even if there is not a present intention of such a sale. Available-for-sale securities are reported at fair value, with unrealized gains (losses), net of tax included in accumulated other comprehensive loss, net of applicable taxes.
Premium amortization is deducted from, and discount accretion is added to, interest income on securities using the level yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses are recognized upon the sale of specific identified securities on the completed trade date.
Management evaluates debt securities for impairment on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. In determining impairment, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an impairment decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time.
When an impairment occurs, the amount of impairment recognized in earnings depends on whether an entity intends to sell the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss. If an entity intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss, the impairment shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the impairment shall be separated into the amount representing the credit loss and the amount related to all other factors. Credit-related impairment is recognized as an allowance for credit losses (“ACL”) on the balance sheet with a corresponding adjustment to (recovery) provision for credit losses in the Consolidated Statements of Income. Both the allowance and the adjustment to net income can be reversed if conditions change.
Equity Securities: Equity securities consist of our investment in a market-rate bond mutual fund that invests in high quality fixed income bonds, mainly government agency securities whose proceeds are designed to positively impact community development throughout the United States. The mutual fund focuses exclusively on providing affordable housing to low and moderate income borrowers and renters, including those in Majority Minority Census Tracts. The Company’s investment in the mutual fund is eligible for investment credit under the Community Reinvestment Act. Equity securities are carried at fair value, with changes in fair value reported within other noninterest income in the Consolidated Statements of 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 similar investment.
Loans Held-for-Sale
Loans Held-for-Sale: Loans held-for-sale arise primarily from two sources. First, we purchase mortgage loans on a short-term basis from a partner financial institution that have fully executed sales contracts to end investors. Second, we originate and close mortgages with fully executed contracts with investors to purchase shortly after closing. We then hold these mortgage loans from both sources until funded by the investor, typically a two-week period. Gains and losses on sales of mortgage loans held-for-sale are determined using the specific identification method and are included in other noninterest income in the Consolidated Statements of Income.
From time to time, certain loans are transferred from the loan portfolio to loans held-for-sale, which are carried at the lower of cost or fair value. If a loan is transferred from the loan portfolio to the held-for-sale category, any write-down in the carrying amount of the loan at the date of transfer is recorded as a charge-off against the ACL. Subsequent declines in fair value are recognized as a charge to noninterest income. The remaining unamortized fees and costs are recognized as part of the cost basis of the loan at the time it is sold. Gains and losses on sales of loans held-for-sale are included in other noninterest income in the Consolidated Statements of Income.
Loans
Loans: Loans that management have the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, discounts, and an allowance for credit losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments.
An individually evaluated loan analysis is conducted for loans that are either or both nonperforming or a restructured loan with a commitment of $1.0 million or greater and/or based on management’s discretion. Loans, including individually evaluated loans, are generally classified as nonaccrual if they are past due as to maturity or payment of principal or interest for a period of more than 90 days based on contractual terms, unless such loans are well-secured and in the process of collection. If a loan or a portion of a loan is classified as doubtful or is partially charged off, the loan is generally classified as nonaccrual. Loans that are on a current payment status or past due less than 90 days may also be classified as nonaccrual, if repayment in full of principal and/or interest is unlikely. Any interest that is accrued, but not collected is reversed against interest income when a loan is placed on nonaccrual status, which typically occurs prior to charging off all, or a portion, of a loan.
While a loan is classified as nonaccrual and the probability of collecting the recorded loan balance is doubtful, collections of interest and principal are generally applied as a reduction to principal outstanding. Payments collected on a nonaccrual loan are first applied to principal, secondly to any existing charge-offs, thirdly to interest, and lastly to any outstanding fees owed to the Company.
Loans may be returned to accrual status when all principal and interest amounts contractually due are reasonably assured of repayment within an acceptable period of time, and there is a period of a minimum of six months of satisfactory payment performance by the borrower in accordance with the contractual terms of interest and principal.
Allowance for Credit Losses: The allowance for credit losses (“ACL”) represents management’s estimate of expected credit losses over the life of the loan portfolio. The ACL includes an estimate of credit losses for pooled loans utilizing a Discounted Cash Flow (“DCF”) method. Reserves for pooled loans are estimated by calculating the amount by which the outstanding principal balance exceeds the current estimate of the present value of future cash flows discounted at the loan’s original effective interest rate. The ACL also includes an estimate of credit losses related to loans that are individually evaluated, known as Individually Evaluated Loans, or IELs. Generally, an IEL reserve is calculated as the excess of the loan's current outstanding principal balance, or general ledger balance if the loan is non-accrual, compared to the estimated fair value of the related collateral, less cost to sell, if any.
Management reserves the right to utilize alternative methods for IELs. Our CECL model introduced a modified discounted cash flow methodology based on expected cash flow changes in the future for the Other segment. A population of the Other segment was not impaired under the probable incurred loss model and therefore not subject to a collateral dependent specific reserve analysis. For the population of the Other segment that was impaired under the incurred loss model, based on collateral values, the specific reserves totaled zero.
The CECL model estimates default probabilities driven by economic metrics identified below that form the basis of the prepayment speeds and prepayment timing estimated in the DCF method. The CECL model also estimates losses based on these default. The product of the probability of default and losses given default is the estimated expected loss.
For more details, see Note 6 - Allowance for Credit Losses, in Item 8 of this Annual Report on Form 10-K.
Allowance for Credit Losses Policy
The Company’s methodology for estimating the ACL includes:
Segmentation. The Company’s loan portfolio is segmented by homogeneous loan types that behave similarly to economic cycles.
Specific Analysis. A specific reserve analysis is applied to certain individually evaluated loans (IELs). These loans are evaluated quarterly generally based on collateral value, observable market value or the present value of expected future cash flows. A specific reserve is established if the fair value is less than the loan balance. A charge-off is recognized when the loss is quantifiable and confirmed. Individually evaluated loans not specifically analyzed receive a quantitative and qualitative analysis, as described below.
Quantitative Analysis. The Company elected to use Discounted Cash Flow (“DCF”). Economic forecasts include but are not limited to Unemployment, the Consumer Price Index, the Housing Price Index and Gross Domestic Product. These forecasts are assumed to revert to the long-term average and are utilized in the model to estimate the probability of default and loss given default through regression. Model assumptions include, but are not limited to the discount rate, prepayments and curtailments.
The product of the probability of default and the loss given default is the estimated loss rate, which varies over time. The estimated loss rate is applied within the appropriate periods in the cash flow model to determine the net present value. Net present value is also impacted by assumptions related to the duration between default and recovery. The reserve is based on the difference between the summation of the principal balances taking amortized costs into consideration and the summation of the net present values.
Qualitative Analysis. Based on management’s review and analysis of internal, external and model risks, management may adjust the model output. Management reviews the peaks and troughs of the model’s calibration, taking into account economic forecasts to develop guardrails that serve as the basis for determining the reasonableness of the model’s output and makes adjustments as necessary. This process challenges unexpected variability resulting from outputs beyond the model’s calibration that appear to be unreasonable. Additionally, management may adjust the economic forecast if it is incompatible with known market conditions based on management’s experience and perspective.
“Other” Segmented Pool
CECL provides for the flexibility to model loans differently compared to the prior model. With the adoption of CECL management elected to evaluate certain loans based on shared but unique risk attributes. The loans included in the Other segment of the model were underwritten and approved based on standards that are inconsistent with our current underwriting standards. As these loans are not collateral dependent, management elected to use a modified DCF method. The modifications to DCF include assumptions with respect to the timing of cash flows and the utilization of a discount rate reflective of the inherent risk of the loans in the Other segment. A substantial change in these assumptions could cause a significant impact to the model causing volatility. Management reviews the model output for appropriateness and subjectively makes adjustments as needed. The analysis applied to this pool resulted in an allowance of $51.3 million at adoption on January 1, 2021 and is disclosed in the Other segment line item.
Charge-off Policy
Our charge-off policy for loans requires that loans and other obligations that are not collectible be promptly charged-off when the loss becomes probable, regardless of the delinquency status of the loan. The Company may elect to recognize a partial charge-off when management has determined that the value of collateral is less than the remaining investment in the loan. A loan or obligation does not need to be charged-off, regardless of delinquency status, if (i) management has determined there exists sufficient collateral to protect the remaining loan balance and (ii) there exists a strategy to liquidate the collateral. Management may also consider a number of other factors to determine when a charge-off is appropriate. These factors may include, but are not limited to:
•The status of a bankruptcy proceeding
•The value of collateral and probability of successful liquidation; and/or
•The status of adverse proceedings or litigation that may result in collection
Consumer unsecured loans and secured loans are evaluated for charge-off after the loan becomes 90 days past due. Unsecured loans are fully charged-off and secured loans are charged-off to the estimated fair value of the collateral less the cost to sell.
Closed-end installment loans, amortizing loans secured by real estate and any other loans with payments scheduled monthly are reported past due when the borrower is in arrears two or more monthly payments. Other multi-payment obligations with payments scheduled other than monthly are reported past due when one scheduled payment is due and unpaid for 30 days or more. We monitor delinquency on a monthly basis, including early stage delinquencies of 30 to 89 days past due for early identification of potential problem loans.
Refer to the “Credit Quality” and the “Allowance for Credit Losses” sections in the MD&A and Note 6, Allowance for Credit Losses, in the Notes to Consolidated Financial Statements of this Annual Report on Form 10-K for more details.
Loan Restructurings
Loan Restructurings: On April 1, 2022, the Company adopted the accounting guidance in ASU No. 2022-02, effective as of January 1, 2022, which eliminates the recognition and measurement of a TDR. Due to the removal of the TDR designation, the Company evaluates all loan restructurings according to the accounting guidance for loan modifications to determine if the
restructuring results in a new loan or a continuation of the existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include situations where there is principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and combinations of the listed modifications. Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loan reaches nonaccrual status, foreclosure or repossession of the collateral to minimize economic loss to the Company.
Concentration of Credit Risk Concentration of Credit Risk: The majority of the Company's loans, commitments and lines of credit have been granted to customers in the Company's market area.
Advertising Costs Advertising Costs: We expense all marketing-related costs, including advertising costs, as incurred.
Bank Owned Life Insurance
Bank Owned Life Insurance: The Company has purchased life insurance policies on certain executive officers and associates. We receive the cash surrender value of each policy upon its termination or benefits are payable to us upon the death of the insured. Changes in net cash surrender value are recognized in noninterest income in the Consolidated Statements of Income.
Bank Premises and Equipment Bank Premises and Equipment: Bank premises and equipment acquired are stated at cost, less accumulated depreciation. Depreciation is charged to operating expenses over the estimated useful life of the assets by the straight-line method. Land is carried at cost. Costs of maintenance or repairs are charged to expense as incurred and improvements are capitalized. Upon retirement or disposal of an asset, the asset and related allowance account are eliminated. Any gain or loss on such transactions is included in current operations.
Leases Leases: Operating and finance leases are recorded as a right of use (“ROU”) asset and operating lease liability, included in other assets and other liabilities, respectively. Operating and finance lease ROU assets represent the right to use an underlying asset during the lease term and operating and finance lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents our incremental borrowing rate at the lease commencement date. Operating lease expense, which is comprised of amortization of the ROU asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term, and is recorded primarily in occupancy, net in the Consolidated Statements of Income. Finance lease expense is comprised of interest expense and amortization of the ROU asset, which are recorded in interest on other borrowings and other expense, respectively, in the Consolidated Statements of Income.
Federal Home Loan Bank (“FHLB”) Stock
Federal Home Loan Bank (“FHLB”) Stock: The Company is a member of the FHLB. Members are required to own a certain amount of stock based on the level of borrowings and other factors such as asset base. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Cash dividends are reported as dividend income in the Consolidated Statements of Income.
Earnings per Common Share
Earnings per Common Share: Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding less average participating shares during the period. All outstanding unvested restricted stock awards are considered participating shares for the earnings per common share calculation. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to
issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.
Other Real Estate Owned (“OREO”) Other Real Estate Owned (“OREO”): Real estate properties acquired through or in lieu of loan foreclosure are initially recorded at fair value less estimated selling cost at the date of foreclosure, which establishes a new cost basis. Any write-downs based on the asset's fair value at the date of acquisition are charged to the ACL. After foreclosure, these assets are carried at the lower of their new cost basis or fair value less cost to sell. In addition, any retail branch locations closed for branch operations and marketed for sale are also moved to OREO from bank premises and equipment. This real estate is initially valued based on recent comparative market values received from a real estate broker and any necessary write-downs are charged to operations. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. Valuations are periodically performed by management, and any write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its carrying value or fair value less cost to sell. OREO assets are revalued every 12 months, or more frequently when deemed necessary by management based upon changes in market or collateral conditions.
Income Taxes
Income Taxes: Income tax provision is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities including change in valuation allowance. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences, operating losses, and tax credit carryforwards. Deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying Consolidated Balance Sheets, along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income tax provision in the Consolidated Statements of Income.
The Company is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved new market and historic rehabilitation projects. During 2023, the Company adopted the proportional amortization method of accounting for all qualifying equity investments within these limited partnerships. These investments are included in other assets on the Consolidated Balance Sheets. These partnership investments generate a return through the realization of federal income tax credits, as well as other tax benefits, such as tax deductions from net operating losses of the investments over a period of time. The investments are accounted for under the equity method, with the expense included within income tax provision on the Consolidated Statements of Income. All of the Company's tax credit investments are evaluated for impairment at the end of each reporting period.
Transfer of Financial Assets
Transfer of Financial Assets: Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity, or the ability to unilaterally cause the transferee to return specific assets.
Retirement Benefits
Retirement Benefits: The Company has established an employee benefit plan as described in Note 14 - Employee Benefit Plans to the Consolidated Financial Statements. The Company does not provide any other post-retirement benefits.
Allowance for Unfunded Commitments
Allowance for Unfunded Commitments: In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and
interest rate risk in excess of the amount recognized in the financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby and performance letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The ACL on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur, and is included on the Company’s Consolidated Balance Sheets.
Stock-Based Compensation
Stock-Based Compensation: The Company has issued both restricted stock to executive officers, associates and non-associate directors and performance based stock units to its executive officers. Compensation expense for restricted stock awards is based on the fair value of these awards at the date of the grant prior to September 1, 2023. Beginning September 1, 2023 the Company utilizes a trading 90-day look back period to estimate the average stock price to resolve issues of rapid stock price fluctuations.
Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company recognizes forfeitures as they occur.
For the performance stock units (“PSUs”), management evaluates the criteria quarterly to determine the probability of the performance goals being met and recognizes compensation based upon the evaluation. The PSUs vest on the third anniversary of the grant date and any vested performance units will be paid in shares of the Company's common stock.
Loss Contingencies
Loss Contingencies: As disclosed in Note 18 - Commitments and Contingencies to the Consolidated Financial Statements, the Company and its subsidiaries are involved in various legal proceedings incidental to their business in the ordinary course, and the disclosure set forth in Note 18 relating to certain legal matters is incorporated by reference.
Fair Value Measurements
Fair Value Measurements
The Company uses fair value measurements when recording and disclosing certain financial assets and liabilities. Securities available-for-sale, equity securities, loans and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as loans held-for-sale, individually evaluated loans, OREO, and certain other assets.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances.
The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). There are three levels of inputs that may be used to measure fair values:
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that an entity has the ability to access as of the measurement date, or observable inputs.
Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. We recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred.
The following are descriptions of the valuation methodologies that the Company uses for financial instruments recorded at fair value on either a recurring or nonrecurring basis.
Recurring Basis
Securities Available-for-Sale: The fair values of securities available-for-sale are determined by obtaining quoted prices on nationally recognized securities exchanges, if available. This valuation method is classified as Level 1 in the fair value hierarchy. For securities where quoted prices are not available, fair values are calculated on market prices of similar securities, or matrix pricing, which is a mathematical technique, used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities. Matrix pricing relies on the securities’ relationship to similarly traded securities, benchmark curves, and the benchmarking of like securities. Matrix pricing utilizes observable market inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and economic events. In instances where broker quotes are used, these quotes are obtained from market makers or broker-dealers recognized to be market participants. This valuation method is classified as Level 2 in the fair value hierarchy. For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators. This valuation method is classified as Level 3 in the fair value hierarchy.
Equity Securities: The fair values of equity securities are determined by obtaining quoted prices on nationally recognized or foreign securities exchanges, if available. This valuation method is classified as Level 1 in the fair value hierarchy. As of December 31, 2024, Level 1 fair values are available for each of the Company’s equity securities.
Derivative Financial Instruments and Hedging Activities: The Company uses derivative instruments such as interest rate swaps for commercial loans with our customers. Upon entering into swaps with the borrower, the Company entered into offsetting positions with counterparties to minimize risk to the Company. The back-to-back swaps qualify as derivatives, but are not designated as hedging instruments. Interest rate swap contracts involve the risk of dealing with borrower and counterparties and their ability to meet contractual terms. We calculate the fair value for derivatives using accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Each valuation considers the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, such as interest rate curves and implied volatilities. When the fair value of a derivative instrument contract is positive, this generally indicates that the counterparty or customer owes the Company, and results in credit risk to the Company. When the fair value of a derivative instrument contract is negative, the Company owes the customer or counterparty, and, therefore, has no risk. Accordingly, interest rate swaps for commercial loans are classified as Level 2.
The Company also uses pay-fixed/receive-floating interest rate swaps (the “Pay-Fixed Swap Agreements”). The Pay-Fixed Swap Agreements were designated as fair value hedges in order to hedge the risk of changes in the fair value of the fixed rate loans included in the amortizing single family mortgages and CRE loans. These fair value hedges were utilized to convert the hedged loans from a fixed rate to a synthetic floating Secured Overnight Financing Rate (“SOFR”). As long as a hedging instrument is designated and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, 100% of the periodic changes in fair value of the hedging instrument are accounted for in net interest income. The fair value of the remaining hedge is recorded in either other assets or in other liabilities depending on the position of the hedge, and the offset is recorded in loans. This is the case whether or not economic mismatches exist in the hedging relationship. As a result, there is no periodic measurement or recognition of ineffectiveness. Rather, the full impact of hedge gains and losses is recognized in the period in which the hedged transactions impact earnings. The remaining hedge was determined to be effective during all periods presented and the Company expects them to remain effective during the remaining terms.
The Company also enters into commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans to be held-for-sale are considered to be derivatives. The period of time between issuance of a loan commitment and closing and sale of the loan generally ranges from
15 to 90 days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery commitments, whereby the Company commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on rate lock commitments due to changes in interest rates.
Nonrecurring Basis
Individually Evaluated Loans: Individually evaluated loans with commitments of $1.0 million or greater and/or based on management’s discretion are evaluated for potential specific reserves and adjusted, if a shortfall exists, to fair value less costs to sell. Fair value is measured based on the value of the underlying collateral securing the loan if repayment is expected solely from the sale or operation of the collateral or present value of estimated future cash flows discounted at the loan’s contractual interest rate if the loan is not determined to be collateral dependent. All loans with a specific reserve are classified as Level 3 in the fair value hierarchy.
Fair value for individually evaluated loans is determined using several methods. Generally, the fair value of real estate is determined based on appraisals by qualified licensed appraisers. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. These routine adjustments are made to adjust the value of a specific property relative to comparable properties for variations in qualities such as location, size, and income production capacity relative to the subject property of the appraisal. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value.
Subsequent to the initial impairment date, existing individually evaluated loans are reevaluated quarterly for additional impairment and adjustments to fair value less costs to sell are made, where appropriate. For individually evaluated loans, the first stage of our impairment analysis involves inspection of the property in question to affirm the condition has not deteriorated since the previous impairment analysis date. Management also engages in conversations with local real estate professionals and market participants to determine the likely marketing time and value range for the property. The second stage involves an assessment of current trends in the regional market. After thorough consideration of these factors, management will order a new appraisal.
For non-individually evaluated loans, the fair value is determined by updating the present value of estimated future cash flows using the loan’s existing rate to reflect the payment schedule for the remaining life of the loan.
OREO is evaluated at the time of acquisition and is recorded at fair value as determined by an appraisal or evaluation, less costs to sell. After acquisition, most OREO assets are revalued every twelve months, or more frequently when deemed necessary by management based upon changes in market or collateral conditions. For smaller OREO assets with existing carrying values less than $0.5 million, management may elect to re-value the assets, at minimum, once every twenty-four months based on the size of the exposure. Fair value, when recorded, is generally based upon appraisals by approved, independent state certified appraisers. Appraisals on OREO may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or other information available to us. OREO and other repossessed assets marked to fair value are classified as Level 3. At December 31, 2024 OREO assets were in compliance with the OREO policy as set forth above, and substantially all of the assets were listed for sale with credible third-party real estate brokers.
Financial Instruments
In addition to financial instruments recorded at fair value in our financial statements, fair value accounting guidance requires disclosure of the fair value of all of an entity’s assets and liabilities that are considered financial instruments. The majority of our assets and liabilities are considered financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and willing seller engaged in an exchange transaction. Also, it is our general practice and intent to hold our financial instruments to maturity and to not engage in trading or sales activities with respect to such financial instruments. For fair value disclosure purposes, we substantially utilize the fair value measurement criteria as required and explained above. In cases where quoted fair values are not available, we use present value methods to determine the fair value of our financial instruments.
Recent Accounting Pronouncements and Developments
Recent Accounting Pronouncements and Developments
Newly Adopted Pronouncements in 2024
On November 27, 2023, the FASB issued ASU 2023-07. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which changes disclosures relating to reportable segments. The ASU expands the disclosure requirements relating to reportable segments, including requiring entities to disclose information about a reportable segment’s significant expenses, among other changes. The ASU does not change how an entity identifies reportable segments or the accounting for segments. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024, with early adoption permitted. The Company has one reporting segment therefore, will not impact our Consolidated Financial Statements; however, this ASU requires disclosure of the title and position of the chief operating decision maker and an explanation of how resources are allocated. The adoption of this ASU 2023-07 was effective for the Company on December 31, 2024 and did not have an impact to our Consolidated Financial Statements, See Note 22 - Segment Reporting to our Consolidated Financial Statements.
On June 30, 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The FASB issued this ASU to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) amend a related illustrative example, and (3) introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in this ASU also require the following disclosures for equity securities subject to contractual sale restrictions: (1) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; (2) the nature and remaining duration of the restriction(s); and (3) the circumstances that could cause a lapse in the restriction(s). For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The adoption of this ASU was effective for the Company on March 31, 2024, but was first applied on June 30, 2024, concurrent with the purchase of equity securities, and did not have a significant impact to our Consolidated Financial Statements.
Accounting Statements Issued but Not Yet Adopted
Accounting Standards Update 2024-04 “Debt - Debt with Conversion and Other Options (Subtopic 470-20)” (“ASU 2024-04”) clarifies wither the settlement of convertible debt, including debt containing cash conversion features at terms that are different from the terms included in the existing debt instrument, should be accounted for as an induced conversion or a debt extinguishment. Updates permit an entity to apply the new guidance on either a prospective or a retrospective basis. ASU 2024-04 is effective for public business entities January 1, 2026 and is not expected to have a significant impact on the Company’s financial statements.
In November 2024, the FASB issued Accounting Standards Update 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)" ("ASU 2024-03"). ASU 2024-03 requires public entities to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for the Company for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company will update its expense disclosures upon adoption.

On March 29, 2024 the FASB issued ASU 2024-02, Codification Improvements— Amendments to Remove References to the Concepts Statements, which amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. The ASU is effective January 1, 2025 and is not expected to have a significant impact on the Company’s financial statements.
On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the required disclosures primarily related to the income tax rate reconciliation and income taxes paid. The ASU requires an entity’s income tax rate reconciliation to provide additional information for reconciling items meeting a quantitative threshold, and to disclose certain selected categories within the income tax rate reconciliation. The ASU also requires entities to disclose the amount of income taxes paid, disaggregated by federal, state and foreign taxes. The ASU is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. The Company is currently evaluating the impact of this guidance on its Consolidated Financial Statements.
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Equipment useful life
Land and Land ImprovementsNon-depreciating assets
Buildings25 years-40 years
Furniture and Fixtures5 years
Computer Equipment and Software
5 years or term of license
Other Equipment5 years
Vehicles5 years
Leasehold Improvements
Lesser of estimated useful life of the asset (generally 15 years unless established otherwise) or the remaining term of the lease, including renewal options in the lease that are reasonably assured of exercise
Premises and equipment are stated at cost less accumulated depreciation as follows:
December 31,
(Dollars in Thousands)20242023
Land$18,610 $18,826 
Bank Premises59,857 58,983 
Furniture and Equipment40,361 35,772 
Leasehold Improvements3,023 1,579 
Total Premises and Equipment121,851 115,160 
Accumulated Depreciation(47,522)(41,453)
Total$74,329 $73,707 
v3.25.0.1
EARNINGS PER COMMON SHARE (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings per Common Share
The following table reconciles the numerators and denominators of basic and diluted earnings per common share calculations for the periods presented:
Years ended December 31,
(Dollars in Thousands, except share and per share data)202420232022
Numerator for Earnings per Common Share – Basic and Diluted
Net Income$24,523 $23,384 $50,118 
Less: Income allocated to participating shares248 197 295 
Net Income Allocated to Common Shareholders - Basic & Diluted$24,275 $23,187 $49,823 
Denominator:
Weighted Average Shares Outstanding, including Shares Considered Participating Securities23,050,444 23,438,413 24,741,454 
Less: Average Participating Securities233,295 197,870 145,665 
Weighted Average Common Shares Outstanding - Basic & Diluted22,817,149 23,240,543 24,595,789 
Earnings per Common Share – Basic$1.06 $1.00 $2.03 
Earnings per Common Share – Diluted$1.06 $1.00 $2.03 
v3.25.0.1
INVESTMENT SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value for Available-for-sale Securities
The following tables present the amortized cost and fair value of available-for-sale securities as of the dates presented:
December 31, 2024
(Dollars in Thousands)Amortized
Cost		Gross
Unrealized Gains		Gross
Unrealized
Losses		Fair Value
U.S. Government Agency Securities$27,634 $36 $(720)$26,950 
Residential Mortgage-Backed Securities106,593 3 (10,443)96,153 
Commercial Mortgage-Backed Securities22,233 30 (676)21,587 
Other Commercial Mortgage-Backed Securities24,064 — (2,094)21,970 
Asset Backed Securities127,978 14 (9,471)118,521 
Collateralized Mortgage Obligations158,610 8 (10,030)148,588 
States and Political Subdivisions262,879 — (41,698)221,181 
Corporate Notes70,750 — (7,300)63,450 
Total$800,741 $91 $(82,432)$718,400 
December 31, 2023
(Dollars in Thousands)Amortized
Cost		Gross
Unrealized Gains		Gross
Unrealized
Losses		Fair Value
U.S. Government Agency Securities44,185 398 (756)43,827 
Residential Mortgage-Backed Securities110,726 — (11,576)99,150 
Commercial Mortgage-Backed Securities31,578 336 (751)31,163 
Other Commercial Mortgage-Backed Securities24,522 — (2,666)21,856 
Asset Backed Securities150,832 — (10,826)140,006 
Collateralized Mortgage Obligations174,396 — (12,863)161,533 
States and Political Subdivisions263,557 — (41,449)222,108 
Corporate Notes70,750 — (11,390)59,360 
Total$870,546 $734 $(92,277)$779,003 
Schedule of Gross and Net Realized Gains and Losses
The following table shows the composition of gross and net realized gains and losses for the periods presented:
Years ended December 31,
(Dollars in Thousands)202420232022
Proceeds from Sales of Securities Available-for-Sale$17,953 $43,323 $19,777 
Gross Realized Gains$68 $129 $208 
Gross Realized Losses— (1,650)(162)
Net Realized Gains (Losses)$68 $(1,521)$46 
Tax Impact$14 $(319)$10 
Schedule of Amortized Cost and Fair Value of Available-for-sale Debt Securities by Contractual Maturity
The amortized cost and fair value of available-for-sale debt securities are shown below by contractual maturity as of the date presented. Expected maturities may differ from contractual maturities if borrowers 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
Cost		Fair
Value
Due in One Year or Less$35 $35 
Due after One Year through Five Years31,967 29,749 
Due after Five Years through Ten Years287,942 248,003 
Due after Ten Years41,319 33,794 
Residential Mortgage-Backed Securities106,593 96,153 
Commercial Mortgage-Backed Securities22,233 21,587 
Other Commercial Mortgage-Backed Securities24,064 21,970 
Collateralized Mortgage Obligations158,610 148,588 
Asset Backed Securities127,978 118,521 
Total$800,741 $718,400 
Schedule of Available-for-sale Securities with Unrealized Losses
Available-for-sale securities with unrealized losses at December 31, 2024 and December 31, 2023, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, were as follows:
December 31, 2024
Less Than 12 Months12 Months or MoreTotal
(Dollars in Thousands)Number of
Securities		Fair ValueUnrealized
Losses		Number of
Securities		Fair ValueUnrealized
Losses		Number of
Securities		Fair ValueUnrealized
Losses
U.S. Government Agency Securities12 $6,574 $(60)18 $14,558 $(660)30 $21,132 $(720)
Residential Mortgage-Backed Securities1 7 — 40 95,326 (10,443)41 95,333 (10,443)
Commercial Mortgage-Backed Securities10 2,743 (8)42 13,780 (668)52 16,523 (676)
Other Commercial Mortgage-Backed Securities— — — 8 21,970 (2,094)8 21,970 (2,094)
Asset Backed Securities1 1,176 (5)27 76,333 (9,466)28 77,509 (9,471)
Collateralized Mortgage Obligations2 2,339 (2)74 132,902 (10,028)76 135,241 (10,030)
States and Political Subdivisions— — — 153 221,181 (41,698)153 221,181 (41,698)
Corporate Notes— — — 21 63,450 (7,300)21 63,450 (7,300)
Total Debt Securities26 $12,839 $(75)383 $639,500 $(82,357)409 $652,339 $(82,432)
December 31, 2023
Less Than 12 Months12 Months or MoreTotal
(Dollars in Thousands)Number of
Securities		Fair ValueUnrealized
Losses		Number of
Securities		Fair ValueUnrealized
Losses		Number of
Securities		Fair ValueUnrealized
Losses
U.S. Treasury Securities— $— $— — $— $— — $— $— 
U.S. Government Agency Securities7 6,567 (67)15 15,848 (689)22 22,415 (756)
Residential Mortgage-Backed Securities— — — 43 99,150 (11,576)43 99,150 (11,576)
Commercial Mortgage-Backed Securities3 1,073 (3)50 18,692 (748)53 19,765 (751)
Other Commercial Mortgage-Backed Securities— — — 9 21,856 (2,666)9 21,856 (2,666)
Asset Backed Securities2 2,530 (84)52 137,476 (10,742)54 140,006 (10,826)
Collateralized Mortgage Obligations— — — 85 161,533 (12,863)85 161,533 (12,863)
States and Political Subdivisions— — — 153 222,108 (41,449)153 222,108 (41,449)
Corporate Notes— — — 21 59,360 (11,390)21 59,360 (11,390)
Total Debt Securities12 $10,170 $(154)428 $736,023 $(92,123)440 $746,193 $(92,277)
v3.25.0.1
LOANS (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Loan Portfolio by Dollar Amount
The composition of the loan portfolio by dollar amount is shown in the table below:
December 31,
(Dollars in Thousands)20242023
Commercial
Commercial Real Estate$1,869,831 $1,670,631 
Commercial and Industrial230,483 271,511 
Total Commercial Loans2,100,314 1,942,142 
Consumer
Residential Mortgages777,471 787,929 
Other Consumer28,908 34,277 
Total Consumer Loans806,379 822,206 
Construction462,930 436,349 
Other255,203 305,213 
Total Loans$3,624,826 $3,505,910 
Schedule of Troubled Debt Restructurings
The following table shows the amortized cost basis as of December 31, 2024 and December 31, 2023 for the loans restructured during the twelve months ended December 31, 2024 and December 31, 2023 to borrowers experiencing financial difficulty, disaggregated by portfolio segment:

Restructured LoansRestructured Loans
Twelve Months Ended December 31, 2024Twelve Months Ended December 31, 2023
(Dollars in Thousands)Number of ContractsAmortized Cost Basis% of Total Class of Financing ReceivableNumber of ContractsAmortized Cost Basis% of Total Class of Financing Receivable
Accruing Restructured Loans
Commercial Real Estate1 $4,516 0.24 %— $— — %
Commercial and Industrial1 1,053 0.46 %— — — %
Residential Mortgages— — — %— — — %
Other Consumer— — — %— — — %
Construction— — — %— — — %
Other— — — %— — — %
Total Accruing Restructured Loans2 $5,569 0.15 %— $— — %
Nonaccrual Restructured Loans
Commercial Real Estate1 $419 0.02 %— $— — %
Commercial and Industrial1 19 0.01 %— — — %
Residential Mortgages1 2,053 0.26 %— — — %
Other Consumer— — — %— — — %
Construction— — — %— — — %
Other10 251,982 98.74 %— — — %
Total Nonaccrual Restructured Loans13 $254,473 7.02 %— $— — %
Total Restructured Loans15 $260,042 7.17 %— $— — %
The following table depicts the performance of loans that have been modified during the year ended December 31, 2024:
Payment Status (Amortized Cost Basis)
(Dollars in Thousands)Current30-89 Days Past Due90+ Days Past Due
Accruing Restructured Loans
Commercial Real Estate$4,516 $— $— 
Commercial and Industrial1,053 — — 
Residential Mortgages— — — 
Other Consumer— — — 
Construction— — — 
Other— — — 
Total Accruing Restructured Loans$5,569 $— $— 
Nonaccrual Restructured Loans
Commercial Real Estate$419 $— $— 
Commercial and Industrial19 — — 
Residential Mortgages2,053 — — 
Other Consumer— — — 
Construction— — — 
Other251,982 — — 
Total Nonaccrual Restructured Loans$254,473 $— $— 
Total Restructured Loans$260,042 $— $— 
The following table presents the amortized cost of modified loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the periods presented.

Twelve Months Ended December 31, 2024
(Dollars in Thousands)Payment DelayAccelerated Maturity Date/Modified RateTerm Extension/Payment DelayTerm Extension/Payment Delay/Interest Rate ReductionTotal% of Total Class of Financing Receivable
Commercial Real Estate$4,516 $— $419 $— $4,935 0.26 %
Commercial and Industrial1,053 — 19 — 1,072 0.47 %
Residential Mortgages— 2,053 — — 2,053 0.26 %
Other— — — 251,982 251,982 98.74 %
Total$5,569 $2,053 $438 $251,982 $260,042 7.17 %
The following table describes the effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented:
Twelve Months Ended December 31, 2024
(Dollars in Thousands)Weighted-Average Payment DelayWeighted-Average Accelerated Maturity DateWeighted-Average Modified RateWeighted-Average Term Extension/Payment DelayWeighted-Average Interest Rate Reduction
Commercial Real Estate0.17 years— — %4.91 years— %
Commercial and Industrial21.83 years— — %8.03 years— %
Residential Mortgages— 19.26 years4.63 %— — %
Other— — — %2.60 years0.67 %
Schedule of Financing Receivable To Principal Officers, Directors And Affiliates
Loans to principal officers, directors and their affiliates during 2024 were as follows:
(Dollars in Thousands)2024
Beginning Balance$2,433 
Principal Additions1,718 
Repayments(1,649)
Balance at End of Year$2,502 
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES (Tables)
 12 Months Ended
Dec. 31, 2024
Credit Loss [Abstract]  
Schedule of Loan Balances by Origination Year and Assigned Risk Rating
The following table presents loan balances by year of origination and internally assigned risk rating for our portfolio segments as of December 31:
Risk Rating
(Dollars in Thousands)202420232022202120202019 and PriorRevolvingTotal Portfolio Loans
Commercial Real Estate
Pass$184,228 $279,983 $424,195 $241,233 $131,479 $553,289 $45,906$1,860,313 
Special Mention2,400 — — — — 60 —2,460 
Substandard— — 6,182 109 — 615 1527,058 
Total Commercial Real Estate$186,628 $279,983 $430,377 $241,342 $131,479 $553,964 $46,058$1,869,831 
YTD Gross Charge-offs— — — — — — —— 
Commercial and Industrial
Pass$1,130 $23,676 $14,268 $22,779 $19,702 $116,868 $28,989$227,412 
Special Mention— — — — — — —— 
Substandard19 — 666 1,026 33 — 1,3273,071 
Total Commercial and Industrial$1,149 $23,676 $14,934 $23,805 $19,735 $116,868 $30,316$230,483 
YTD Gross Charge-offs— — — 21 18 1 —40 
Residential Mortgages
Pass$28,491 $67,171 $251,772 $182,510 $68,182 $121,121 $53,267$772,514 
Special Mention— — — — — 92 —92 
Substandard— — 527 — 2,053 1,597 6884,865 
Total Residential Mortgages$28,491 $67,171 $252,299 $182,510 $70,235 $122,810 $53,955$777,471 
YTD Gross Charge-offs— 1 — — — 31 —32 
Other Consumer
Pass$17,896 $5,042 $2,456 $905 $2,433 $124 $32$28,888 
Special Mention— — — — — — —— 
Substandard— 1 8 11 — — —20 
Total Other Consumer$17,896 $5,043 $2,464 $916 $2,433 $124 $32$28,908 
YTD Gross Charge-offs250 119 965 378 27 20 —1,759 
Construction
Pass$97,922 $194,263 $138,982 $11,479 $2,408 $6,779 $6,390$458,223 
Special Mention— — — — 4,429 50 —4,479 
Substandard— — — 185 43 — —228 
Total Construction$97,922 $194,263 $138,982 $11,664 $6,880 $6,829 $6,390$462,930 
YTD Gross Charge-offs— — 1 — — 156 —157 
Other
Pass$— $— $— $— $— $3,221 $—$3,221 
Special Mention— — — — — — —— 
Substandard251,982 — — — — — —251,982 
Total Other Loans$251,982 $— $— $— $— $3,221 $—$255,203 
YTD Gross Charge-offs15,000 — — — — — —15,000 
Total Portfolio Loans
Pass$329,667 $570,135 $831,673 $458,906 $224,204 $801,402 $134,584$3,350,571 
Special Mention2,400 — — — 4,429 202 —7,031 
Substandard252,001 1 7,383 1,331 2,129 2,212 2,167267,224 
Total Portfolio Loans$584,068 $570,136 $839,056 $460,237 $230,762 $803,816 $136,751$3,624,826 
Current YTD Period:
YTD Gross Charge-offs$15,250 $120 $966 $399 $45 $208 $— $16,988 
Risk Rating
(Dollars in Thousands)202320222021202020192018 and PriorRevolvingTotal Portfolio Loans
Commercial Real Estate
Pass$259,171 $434,639 $173,667 $142,494 $124,176 $503,965 $30,917$1,669,029 
Special Mention— — 206 — — 72 —278 
Substandard— — — — 101 1,223 —1,324 
Total Commercial Real Estate$259,171 $434,639 $173,873 $142,494 $124,277 $505,260 $30,917$1,670,631 
YTD Gross Charge-offs— — — — — — —— 
Commercial and Industrial
Pass$24,863 $18,061 $37,566 $24,566 $2,636 $137,395 $23,535$268,622 
Special Mention— — — 2,837 — — —2,837 
Substandard— — — 18 14 1 1952 
Total Commercial and Industrial$24,863 $18,061 $37,566 $27,421 $2,650 $137,396 $23,554$271,511 
YTD Gross Charge-offs— — 45 — 16 2 —63 
Residential Mortgages
Pass$79,247 $250,603 $194,014 $77,805 $43,633 $96,238 $42,550$784,090 
Special Mention— — — — — 525 —525 
Substandard— — 1,142 — 860 1,070 2423,314 
Total Residential Mortgages$79,247 $250,603 $195,156 $77,805 $44,493 $97,833 $42,792$787,929 
YTD Gross Charge-offs— — 136 — — 67 —203 
Other Consumer
Pass$22,809 $4,494 $2,396 $3,936 $26 $187 $354$34,202 
Special Mention— — — — — — —— 
Substandard14 6 55 — — — —75 
Total Other Consumer$22,823 $4,500 $2,451 $3,936 $26 $187 $354$34,277 
YTD Gross Charge-offs232 1,451 744 83 126 29 —2,665 
Construction
Pass$118,120 $162,794 $122,087 $10,837 $5,155 $6,280 $8,048$433,321 
Special Mention— — — — — 60 —60 
Substandard— 64 — 2,090 — 814 —2,968 
Total Construction$118,120 $162,858 $122,087 $12,927 $5,155 $7,154 $8,048$436,349 
YTD Gross Charge-offs— — — — — 42 —42 
Other
Pass$— $— $— $— $— $3,300 $—$3,300 
Special Mention— — — — — — —— 
Substandard— — — — — 301,913 —301,913 
Total Other Loans$— $— $— $— $— $305,213 $—$305,213 
YTD Gross Charge-offs— — — — — — —— 
Total Portfolio Loans
Pass$504,210 $870,591 $529,730 $259,638 $175,626 $747,365 $105,404$3,192,564 
Special Mention— — 206 2,837 — 657 —3,700 
Substandard14 70 1,197 2,108 975 305,021 261309,646 
Total Portfolio Loans$504,224 $870,661 $531,133 $264,583 $176,601 $1,053,043 $105,665$3,505,910 
Current YTD Period:
YTD Gross Charge-offs$232 $1,451 $925 $83 $142 $140 $— $2,973 
The following table presents loan balances by year of origination and performing and nonperforming status for our portfolio segments as of December 31, 2024:
(Dollars in Thousands)202420232022202120202019 and PriorRevolvingTotal Portfolio Loans
Commercial Real Estate
Performing$186,628$279,983$430,076$241,233$131,479$553,350$45,906$1,868,655
Nonperforming——301109—6141521,176
Total Commercial Real Estate$186,628$279,983$430,377$241,342$131,479$553,964$46,058$1,869,831
Commercial and Industrial
Performing$1,130$23,676$14,934$22,779$19,702$116,868$30,316$229,405
Nonperforming19——1,02633——1,078
Total Commercial and Industrial$1,149$23,676$14,934$23,805$19,735$116,868$30,316$230,483
Residential Mortgages
Performing$28,491$67,171$251,772$182,510$68,182$121,213$53,267$772,606
Nonperforming——527—2,0531,5976884,865
Total Residential Mortgages$28,491$67,171$252,299$182,510$70,235$122,810$53,955$777,471
Other Consumer
Performing$17,896$5,043$2,455$905$2,433$124$32$28,888
Nonperforming——911———20
Total Other Consumer$17,896$5,043$2,464$916$2,433$124$32$28,908
Construction
Performing$97,922$194,263$138,982$11,479$6,837$6,829$6,390$462,702
Nonperforming———18543——228
Total Construction$97,922$194,263$138,982$11,664$6,880$6,829$6,390$462,930
Other
Performing$—$—$—$—$—$3,221$—$3,221
Nonperforming251,982——————251,982
Total Other Loans$251,982$—$—$—$—$3,221$—$255,203
Total Portfolio Loans
Performing$332,067$570,136$838,219$458,906$228,633$801,605$135,911$3,365,477
Nonperforming252,001—8371,3312,1292,211840259,349
Total Portfolio Loans$584,068$570,136$839,056$460,237$230,762$803,816$136,751$3,624,826
The following table presents loan balances by year of origination and performing and nonperforming status for our portfolio segments as of December 31, 2023:
(Dollars in Thousands)202320222021202020192018 and PriorRevolvingTotal Portfolio Loans
Commercial Real Estate
Performing$259,171$434,639$173,873$142,494$124,176$504,037$30,917$1,669,307
Nonperforming————1011,223—1,324
Total Commercial Real Estate$259,171$434,639$173,873$142,494$124,277$505,260$30,917$1,670,631
Commercial and Industrial
Performing$24,863$18,061$37,566$27,403$2,636$137,395$23,535$271,459
Nonperforming———181411952
Total Commercial and Industrial$24,863$18,061$37,566$27,421$2,650$137,396$23,554$271,511
Residential Mortgages
Performing$79,247$250,603$194,014$77,805$43,633$96,794$42,550$784,646
Nonperforming——1,142—8601,0392423,283
Total Residential Mortgages$79,247$250,603$195,156$77,805$44,493$97,833$42,792$787,929
Other Consumer
Performing$22,809$4,494$2,412$3,936$26$187$354$34,218
Nonperforming14639————59
Total Other Consumer$22,823$4,500$2,451$3,936$26$187$354$34,277
Construction
Performing$118,120$162,858$122,087$10,837$5,155$6,340$8,048$433,445
Nonperforming———2,090—814—2,904
Total Construction$118,120$162,858$122,087$12,927$5,155$7,154$8,048$436,349
Other
Performing$—$—$—$—$—$3,300$—$3,300
Nonperforming—————301,913—301,913
Total Other Loans$—$—$—$—$—$305,213$—$305,213
Total Portfolio Loans
Performing$504,210$870,655$529,952$262,475$175,626$748,053$105,404$3,196,375
Nonperforming1461,1812,108975304,990261309,535
Total Portfolio Loans$504,224$870,661$531,133$264,583$176,601$1,053,043$105,665$3,505,910
Schedule of Loans Past Due
The following tables include an aging analysis of the recorded investment of past-due portfolio loans as the periods presented:
December 31, 2024
(Dollars in Thousands)Current LoansLoans 30-59
Days Past Due		Loans 60-89
Days Past Due		Total 30-89 Days
Past Due		Nonaccrual LoansTotal Portfolio Loans
Commercial Real Estate$1,866,013 $2,642 $— $2,642 $1,176 $1,869,831 
Commercial & Industrial229,225 180 — 180 1,078 230,483 
Residential Mortgages771,689 867 50 917 4,865 777,471 
Other Consumer28,582 208 98 306 20 28,908 
Construction461,919 783 — 783 228 462,930 
Other3,221 — — — 251,982 255,203 
Total$3,360,649 $4,680 $148 $4,828 $259,349 $3,624,826 
December 31, 2023
(Dollars in Thousands)Current LoansLoans 30-59
Days Past Due		Loans 60-89
Days Past Due		Total 30-89 Days
Past Due		Nonaccrual LoansTotal Portfolio Loans
Commercial Real Estate$1,668,988 $125 $194 $319 $1,324 $1,670,631 
Commercial & Industrial271,420 5 34 39 52 271,511 
Residential Mortgages782,765 1,846 35 1,881 3,283 787,929 
Other Consumer33,813 247 158 405 59 34,277 
Construction430,057 3,388 — 3,388 2,904 436,349 
Other3,300 — — — 301,913 305,213 
Total$3,190,343 $5,611 $421 $6,032 $309,535 $3,505,910 
Schedule of Nonaccrual Loans
The following table presents loans on nonaccrual status and loans past due 90 days or more and still accruing by portfolio segment of loan for the periods presented. There were no loans for the periods presented that were past due more than 90 days and still accruing.
As of and for the year ended December 31, 2024As of and for the year ended December 31, 2023
(Dollars in Thousands)
Nonaccrual without an Allowance for Credit Losses		Nonaccrual with an Allowance for Credit LossesTotal Nonaccrual
Loans		Past Due
90+ Days
Still Accruing		Nonaccrual without an Allowance for Credit LossesNonaccrual with an Allowance for Credit LossesTotal Nonaccrual
Loans		Past Due
90+ Days
Still Accruing
Commercial Real Estate$— $1,176 $1,176 $— $453 $871 $1,324 $— 
Commercial and Industrial— 1,078 1,078 — — 52 52 — 
Residential Mortgages2,053 2,812 4,865 — 1,142 2,141 3,283 — 
Other Consumer— 20 20 — — 59 59 — 
Construction— 228 228 — 2,898 6 2,904 — 
Other— 251,982 251,982 — — 301,913 301,913 — 
Total Portfolio Loans$2,053 $257,296 $259,349 $— $4,493 $305,042 $309,535 $— 
Schedule of Collateral Dependent Loans
The following table presents the amortized cost basis of individually evaluated loans as of the periods presented. Changes in the fair value of the types of collateral and discounted cash flow modeling for individually evaluated loans are reported in the (recovery) provision for credit losses on loans in the period of change.
December 31, 2024
Collateral TypeEquipmentSingle FamilyDiscounted Cash FlowTotal
(Dollars in Thousands)Fair Value - Collateral
Commercial and Industrial$1,026 $— $— $1,026 
Residential Mortgage— 2,053 — 2,053 
Other— — 251,982 251,982 
Total$1,026 $2,053 $251,982 $255,061 

December 31, 2023
Collateral TypeOfficeSingle FamilyLandDiscounted Cash FlowTotal
(Dollars in Thousands)Fair Value - Collateral
Commercial Real Estate$453 $— $— $— $453 
Residential Mortgage— 1,142 — — 1,142 
Construction— 2,090 808 — 2,898 
Other— — — 301,913 301,913 
Total$453 $3,232 $808 $301,913 $306,406 
Schedule of Activity in Allowance for Credit Losses
The following tables presents activity in the ACL for the periods presented:
December 31, 2024
(Dollars in Thousands)Commercial Real EstateCommercial & IndustrialResidential MortgagesOther ConsumerConstructionOtherTotal
Allowance for Credit Losses on Loans:
Balance, Beginning of Year$19,873 $3,286 $10,879 $868 $7,792 $54,354 $97,052 
Provision (Recovery) for Credit Losses on Loans273 (504)(489)1,078 3,662 (9,059)(5,039)
Charge-offs— (40)(32)(1,759)(157)(15,000)(16,988)
Recoveries— 49 31 495 — — 575 
Net Recoveries / (Charge-offs)— 9 (1)(1,264)(157)(15,000)(16,413)
Balance, End of Year$20,146 $2,791 $10,389 $682 $11,297 $30,295 $75,600 

December 31, 2023
(Dollars in Thousands)Commercial Real EstateCommercial & IndustrialResidential MortgagesOther ConsumerConstructionOtherTotal
Allowance for Credit Losses on Loans:
Balance, Beginning of Year$17,992 $3,980 $8,891 $1,329 $6,942 $54,718 $93,852 
Provision (Recovery) for Credit Losses on Loans1,881 (719)2,081 1,729 892 (364)5,500 
Charge-offs— (63)(203)(2,665)(42)— (2,973)
Recoveries— 88 110 475 — — 673 
Net Recoveries / (Charge-offs)— 25 (93)(2,190)$(42)— (2,300)
Balance, End of Year$19,873 $3,286 $10,879 $868 $7,792 $54,354 $97,052 
December 31, 2022
(Dollars in Thousands)Commercial Real EstateCommercial & IndustrialResidential MortgagesOther ConsumerConstructionOtherTotal
Allowance for Credit Losses on Loans:
Balance, Beginning of Year$17,297 $4,111 $4,368 $1,493 $6,939 $61,731 $95,939 
Provision (Recovery) for Credit Losses on Loans695 3,304 4,470 1,109 (146)(7,013)2,419 
Charge-offs— (3,436)(46)(1,677)— — (5,159)
Recoveries— 1 99 404 149 — 653 
Net (Charge-offs) / Recoveries— (3,435)53 (1,273)149 — (4,506)
Balance, End of Year$17,992 $3,980 $8,891 $1,329 $6,942 $54,718 $93,852 
v3.25.0.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Measured on a Recurring Basis
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented:
December 31, 2024
(Dollars in Thousands)Carrying ValueQuoted Prices In Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets
Securities Available-for-Sale:
U.S. Government Agency Securities$26,950 $— $26,950 $— 
Residential Mortgage-Backed Securities96,153 — 96,153 — 
Commercial Mortgage-Backed Securities21,587 — 21,587 — 
Other Commercial Mortgage-Backed Securities21,970 — 21,970 — 
Asset Backed Securities 118,521 — 118,521 — 
Collateralized Mortgage Obligations148,588 — 148,588 — 
States and Political Subdivisions221,181 — 221,181 — 
Corporate Notes63,450 — 55,692 7,758 
Total Securities Available-for-Sale718,400 — 710,642 7,758 
Equity Securities10,041 10,041 — — 
Portfolio Loan Pool Subject to Fair Value Hedge622 — 622 — 
Derivatives17,356 — 17,356 — 
Total$746,419 $10,041 $728,620 $7,758 
Liabilities
Derivatives$17,710 $— $17,710 $— 
Total$17,710 $— $17,710 $— 
December 31, 2023
(Dollars in Thousands)Carrying ValueQuoted Prices In Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets
Securities Available-for-Sale:
U.S. Government Agency Securities$43,827 $— $43,827 $— 
Residential Mortgage-Backed Securities99,150 — 99,150 — 
Commercial Mortgage-Backed Securities31,163 — 31,163 — 
Other Commercial Mortgage-Backed Securities21,856 — 21,856 — 
Asset Backed Securities140,006 — 140,006 — 
Collateralized Mortgage Obligations161,533 — 161,533 — 
States and Political Subdivisions222,108 — 222,108 — 
Corporate Notes59,360 — 52,041 7,319 
Total Securities Available-for-Sale779,003 — 771,684 7,319 
Derivatives17,440 — 17,440 — 
Total$796,443 $— $789,124 $7,319 
Liabilities
Derivatives$17,228 $— $17,228 $— 
Total$17,228 $— $17,228 $— 
Schedule of Financial Liabilities Measured on a Recurring Basis
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented:
December 31, 2024
(Dollars in Thousands)Carrying ValueQuoted Prices In Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets
Securities Available-for-Sale:
U.S. Government Agency Securities$26,950 $— $26,950 $— 
Residential Mortgage-Backed Securities96,153 — 96,153 — 
Commercial Mortgage-Backed Securities21,587 — 21,587 — 
Other Commercial Mortgage-Backed Securities21,970 — 21,970 — 
Asset Backed Securities 118,521 — 118,521 — 
Collateralized Mortgage Obligations148,588 — 148,588 — 
States and Political Subdivisions221,181 — 221,181 — 
Corporate Notes63,450 — 55,692 7,758 
Total Securities Available-for-Sale718,400 — 710,642 7,758 
Equity Securities10,041 10,041 — — 
Portfolio Loan Pool Subject to Fair Value Hedge622 — 622 — 
Derivatives17,356 — 17,356 — 
Total$746,419 $10,041 $728,620 $7,758 
Liabilities
Derivatives$17,710 $— $17,710 $— 
Total$17,710 $— $17,710 $— 
December 31, 2023
(Dollars in Thousands)Carrying ValueQuoted Prices In Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets
Securities Available-for-Sale:
U.S. Government Agency Securities$43,827 $— $43,827 $— 
Residential Mortgage-Backed Securities99,150 — 99,150 — 
Commercial Mortgage-Backed Securities31,163 — 31,163 — 
Other Commercial Mortgage-Backed Securities21,856 — 21,856 — 
Asset Backed Securities140,006 — 140,006 — 
Collateralized Mortgage Obligations161,533 — 161,533 — 
States and Political Subdivisions222,108 — 222,108 — 
Corporate Notes59,360 — 52,041 7,319 
Total Securities Available-for-Sale779,003 — 771,684 7,319 
Derivatives17,440 — 17,440 — 
Total$796,443 $— $789,124 $7,319 
Liabilities
Derivatives$17,228 $— $17,228 $— 
Total$17,228 $— $17,228 $— 
Schedule of Financial Assets Measured on a Nonrecurring Basis
Financial assets measured at fair value on a nonrecurring basis at December 31, 2024 and 2023 are summarized below:
December 31, 2024
(Dollars in Thousands)Level 1Level 2Level 3Fair Value
OREO$— $— $659 $659 
Individually Evaluated Loans$— $— $579 $579 
December 31, 2023
(Dollars in Thousands)Level 1Level 2Level 3Fair Value
OREO$— $— $2,463 $2,463 
Individually Evaluated Loans$— $— $— $— 
Schedule of Assets Measured at Fair Value on Nonrecurring Basis, Valuation Techniques
The following tables summarize the Company’s assets that were measured at fair value on a nonrecurring basis as of December 31, 2024 and 2023:
December 31, 2024
(Dollars in Thousands)Fair ValueValuation TechniqueUnobservable InputsWeighted RangeAverage
Assets
Individually Evaluated Loans$579 AppraisalsEstimated Selling Costs3.5%3.5 %
Total Individually Evaluated Loans$579 
OREO$— AppraisalsEstimated Selling Costs—%— %
OREO143 Internal ValuationsEstimated Selling Costs5.0%5.0 %
OREO516 Discounted Internal ValuationsManagement's Subject Discount24.0%24.0 %
Total OREO$659 
December 31, 2023
(Dollars in Thousands)Fair ValueValuation TechniqueUnobservable InputsWeighted RangeAverage
Assets
OREO$130 AppraisalsEstimated Selling Costs6.0%6.0 %
OREO142 Internal ValuationsEstimated Selling Costs5.0%5.0 %
OREO2,191 Discounted Internal ValuationsManagement’s Subject Discount 0.0%—24.0%15.6 %
Total OREO$2,463 
Schedule of Financial Instruments, Carrying Values and Estimated Fair Values
Fair Value Measurements at December 31, 2024
(Dollars in Thousands)Carrying ValueLevel 1Level 2Level 3Total
Financial Assets:
Cash and Cash Equivalents$131,171 $39,608 $91,563 $— $131,171 
Securities Available-for-Sale718,400 — 710,642 7,758 718,400 
Equity Securities10,041 10,041 — — 10,041 
Portfolio Loans, net3,549,226 — — 3,379,192 3,379,192 
Federal Home Loan Bank Stock, at Cost6,487 — — NANA
Other Assets- Interest Rate Derivatives17,356 — 17,356 — 17,356 
Accrued Interest Receivable17,842 — 4,406 13,436 17,842 
Financial Liabilities:
Deposits$4,153,421 $634,436 $1,594,615 $1,937,914 $4,166,965 
Other Liabilities- Interest Rate Derivatives17,710 — 17,710 — 17,710 
FHLB Borrowings70,000 — — 69,604 69,604 
Accrued Interest Payable8,218 — 5 8,213 8,218 
Fair Value Measurements at December 31, 2023
(Dollars in Thousands)Carrying ValueLevel 1Level 2Level 3Total
Financial Assets:
Cash and Cash Equivalents$54,529 $39,676 $14,853 $— $54,529 
Securities Available-for-Sale779,003 — 771,684 7,319 779,003 
Portfolio Loans, net3,408,858 — — 3,177,715 3,177,715 
Federal Home Loan Bank Stock, at Cost21,626 — — NANA
Other Assets- Interest Rate Derivatives17,440 — 17,440 — 17,440 
Accrued Interest Receivable18,877 — 5,368 13,509 18,877 
Financial Liabilities:
Deposits$3,721,915 $685,218 $1,450,046 $1,599,043 $3,734,307 
Other Liabilities- Interest Rate Derivatives17,228 — 17,228 — 17,228 
FHLB Borrowings393,400 — — 392,696 392,696 
Accrued Interest Payable7,288 — — 7,288 7,288 
v3.25.0.1
RIGHT-OF-USE (“ROU”) ASSETS AND LEASE LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease, Cost
The following table presents our lease expense for finance and operating leases for the periods presented:
December 31,
(Dollars in Thousands)202420232022
Operating Lease Expense$124 $48 $— 
Amortization of ROU Assets - finance leases490 365 374 
Interest on lease liabilities - finance leases462 292 287 
Total Lease Expense$1,076 $705 $661 
The following table presents our ROU assets, cash flows, weighted average lease terms, discount rates for finance and operating leases and ROU assets obtained in exchange for lease liabilities for the periods presented:
December 31,
(Dollars in Thousands)20242023
Operating Leases
ROU assets$294 $419 
Operating cash flows$167 $87 
Finance Leases
ROU assets$9,560 $6,988 
Operating cash flows$462 $292 
Financing cash flows$179 $185 
Weighted Average Lease Term - Years
Operating leases2.8 years3.3 years
Finance leases16.2 years17.9 years
Weighted Average Discount Rate
Operating leases6.60 %6.60 %
Finance leases5.70 %5.20 %
ROU Assets obtained in exchange for Lease Liabilities
Operating leases$— $— 
Finance leases$2,995 $1,464 
Schedule of Lessee, Operating Lease, Liability, to be Paid, Maturity The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2024:
(Dollars in Thousands)FinanceOperatingTotal
Maturity Analysis
2025$801 $131 $932 
2026862 107 969 
2027885 89 974 
2028904 — 904 
2029923 — 923 
Thereafter11,454 — 11,454 
Total15,829 327 16,156 
Less: Present value discount(5,726)(28)(5,754)
Lease Liabilities$10,103 $299 $10,402 
Schedule of Finance Lease, Liability, to be Paid, Maturity The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2024:
(Dollars in Thousands)FinanceOperatingTotal
Maturity Analysis
2025$801 $131 $932 
2026862 107 969 
2027885 89 974 
2028904 — 904 
2029923 — 923 
Thereafter11,454 — 11,454 
Total15,829 327 16,156 
Less: Present value discount(5,726)(28)(5,754)
Lease Liabilities$10,103 $299 $10,402 
v3.25.0.1
PREMISES AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Cost and Accumulated Depreciation of Premises and Equipment
Land and Land ImprovementsNon-depreciating assets
Buildings25 years-40 years
Furniture and Fixtures5 years
Computer Equipment and Software
5 years or term of license
Other Equipment5 years
Vehicles5 years
Leasehold Improvements
Lesser of estimated useful life of the asset (generally 15 years unless established otherwise) or the remaining term of the lease, including renewal options in the lease that are reasonably assured of exercise
Premises and equipment are stated at cost less accumulated depreciation as follows:
December 31,
(Dollars in Thousands)20242023
Land$18,610 $18,826 
Bank Premises59,857 58,983 
Furniture and Equipment40,361 35,772 
Leasehold Improvements3,023 1,579 
Total Premises and Equipment121,851 115,160 
Accumulated Depreciation(47,522)(41,453)
Total$74,329 $73,707 
v3.25.0.1
OTHER REAL ESTATE OWNED (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate Owned, Disclosure of Detailed Components [Abstract]  
Schedule of Other Real Estate
The following table presents OREO activity as of the dates presented:
Year Ended December 31,
(Dollars in Thousands)202420232022
Beginning of Year Balance$2,463 $8,393 $10,916 
Loans Transferred to OREO1,181 110 74 
Transfer of Closed Retail Offices to OREO348 1,854 2,675 
Direct Write-Downs(160)(1,117)(741)
Cash Proceeds from Pay-downs— (397)(422)
Sales of OREO(3,173)(6,380)(4,109)
End of Year Balance$659 $2,463 $8,393 
Schedule of Income and Expenses Related to Foreclosed Assets
Income and expenses applicable to foreclosed assets include the following:
Year Ended December 31,
(Dollars in Thousands)202420232022
Provision for Losses$160 $1,117 $741 
Operating Expenses, net of Rental Income37 178 293 
Net Gain on Sales(1,026)(17)(309)
OREO (Income) Expense$(829)$1,278 $725 
v3.25.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Assets and Liabilities
The following table indicates the amounts representing the fair value of derivative assets and derivative liabilities at December 31:
Fair Values of Derivative Instruments
Asset Derivatives (Included in Other Assets)
20242023
(Dollars in Thousands)Number of
Transactions		Notional
Amount		Fair
Value		Number of
Transactions		Notional
Amount		Fair
Value
Derivatives Designated as Hedging Instruments
Interest Rate Swaps - Balance Sheet Hedge— $— $— — $— $— 
Total Derivatives Designated as Hedging Instruments— $— $— — $— $— 
Derivatives not Designated as Hedging Instruments
Interest Rate Lock Commitments – Mortgage Loans3 $866 $2 3 $620 $3 
Interest Rate Swap Contracts – Commercial Loans56 368,850 17,354 58 387,144 17,437 
Total Derivatives not Designated as Hedging Instruments59 $369,716 $17,356 61 $387,764 $17,440 
Total Derivatives59 $369,716 $17,356 61 $387,764 $17,440 
Fair Values of Derivative Instruments
Liability Derivatives (Included in Other Liabilities)
20242023
(Dollars in Thousands)Number of
Transactions		Notional
Amount		Fair
Value		Number of
Transactions		Notional
Amount		Fair
Value
Derivatives Designated as Hedging Instruments
Interest Rate Swaps - Balance Sheet Hedge1 $125,000 $554 — $— $— 
Total Derivatives Designated as Hedging Instruments1 $125,000 $554 — $— $— 
Derivatives not Designated as Hedging Instruments
Forward Sale Contracts – Mortgage Loans3 $866 $2 3 $620 $3 
Interest Rate Swap Contracts – Commercial Loans56 368,850 17,154 58 387,144 17,225 
Total Derivatives not Designated as Hedging Instruments59 $369,716 $17,156 61 $387,764 $17,228 
Total Derivatives60 $494,716 $17,710 61 $387,764 $17,228 
Schedule of Income (Loss) Recognized in Consolidated Statement of Income (Loss) on Derivatives
The following table indicates the (loss) income recognized within “other noninterest income” in the Consolidated Statements of Income for derivatives for the years ended December 31:
(Dollars in Thousands)202420232022
Derivatives Designated as Hedging Instruments
Interest Rate Swaps - Balance Sheet Hedge$(125)$— $— 
Total Derivative Loss Designated as Hedging Instruments(125)— — 
Derivatives not Designated as Hedging Instruments
Interest Rate Lock Commitments – Mortgage Loans(1)2 1 
Forward Sale Contracts – Mortgage Loans1 (2)(1)
Interest Rate Swap Contracts – Commercial Loans(12)(219)605 
Total Derivative (Loss) Income not Designated as Hedging Instruments(12)(219)605 
Net Derivative (Loss) Income$(137)$(219)$605 
Schedule of Offsetting Assets
The following table indicates the gross amounts of derivative assets and derivative liabilities designated as hedging instruments and not designated as hedging instruments, the amounts offset and the carrying values included in the Consolidated Balance Sheets at December 31:
Asset Derivatives (Included in Other Assets)Liability Derivatives (Included in Other Liabilities)
(Dollars in Thousands)2024202320242023
Derivatives Designated as Hedging Instruments
Gross Amounts Recognized$— $— $592 $— 
Gross Amounts Offset— — 38 — 
Net Amounts Presented in the Consolidated Balance Sheets— — 554 — 
Derivatives not Designated as Hedging Instruments
Gross Amounts Recognized17,356 17,440 17,156 17,228 
Gross Amounts Offset— — — — 
Net Amounts Presented in the Consolidated Balance Sheets17,356 17,440 17,156 17,228 
Net Amount$17,356 $17,440 $17,710 $17,228 
Schedule of Offsetting Liabilities
The following table indicates the gross amounts of derivative assets and derivative liabilities designated as hedging instruments and not designated as hedging instruments, the amounts offset and the carrying values included in the Consolidated Balance Sheets at December 31:
Asset Derivatives (Included in Other Assets)Liability Derivatives (Included in Other Liabilities)
(Dollars in Thousands)2024202320242023
Derivatives Designated as Hedging Instruments
Gross Amounts Recognized$— $— $592 $— 
Gross Amounts Offset— — 38 — 
Net Amounts Presented in the Consolidated Balance Sheets— — 554 — 
Derivatives not Designated as Hedging Instruments
Gross Amounts Recognized17,356 17,440 17,156 17,228 
Gross Amounts Offset— — — — 
Net Amounts Presented in the Consolidated Balance Sheets17,356 17,440 17,156 17,228 
Net Amount$17,356 $17,440 $17,710 $17,228 
v3.25.0.1
DEPOSITS (Tables)
 12 Months Ended
Dec. 31, 2024
Banking and Thrift, Interest [Abstract]  
Schedule of Deposits
The following table presents the composition of deposits at December 31:
(Dollars in Thousands)20242023
Noninterest-Bearing Demand$634,436 $685,218 
Interest-Bearing Demand726,947 481,506 
Money Market512,162 513,664 
Savings355,506 454,876 
Certificates of Deposits1,924,370 1,586,651 
Total$4,153,421 $3,721,915 
Schedule of Maturities of Time Deposits
Certificates of Deposit maturing as of December 31:
(Dollars in Thousands)2024
2025$1,537,107 
2026198,330 
202777,492 
202868,081 
202942,912 
Thereafter448 
Total$1,924,370 
v3.25.0.1
FEDERAL HOME LOAN BANK BORROWINGS AND FEDERAL FUNDS PURCHASED (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Borrowings
The following table represents the balance of FHLB borrowings, the weighted average interest rate, the interest expense and the borrowing availability for the years ended December 31:
(Dollars in Thousands)202420232022
FHLB Borrowings$70,000 $393,400 $180,550 
Weighted Average Interest Rate4.02 %5.20 %4.48 %
Interest Expense$11,379 $20,822 $1,163 
FHLB Availability$735,294 $480,266 $676,746 
The following table represents the balance of federal funds purchased, the weighted average interest rate, the interest expense and the borrowing availability for the years ended December 31:
(Dollars in Thousands)202420232022
Federal Funds Purchased$— $— $17,870 
Weighted Average Interest Rate— %— %4.65 %
Interest Expense$— $368 $188 
Federal Funds Purchased Availability$75,000 $50,000 $127,130 
Schedule of Maturities of Long-term Debt
Scheduled annual maturities and weighted average interest rates for FHLB borrowings for each of the five years subsequent to December 31, 2024 and thereafter are as follows:
(Dollars in Thousands)BalanceWeighted Average Rate
2025$25,0004.13 %
202645,0003.96 %
2027—— %
2028—— %
2029—— %
Thereafter—— %
Total FHLB Borrowings$70,0004.02 %
v3.25.0.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Vesting
The following table details the vesting schedule based on years of service for participants:
1 Year of Service20% Vested
2 Years of Service40% Vested
3 Years of Service60% Vested
4 Years of Service80% Vested
5 Years of Service100% Vested
v3.25.0.1
INCENTIVE AND RESTRICTED STOCK PLAN (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Information about Restricted Stock
The following table provides information about restricted stock granted under the Plan for the years ended December 31:
Restricted SharesWeighted Average
Grant Date
Fair Value
Non-vested at December 31, 2022160,197 $16.05 
Granted137,097 15.56 
Forfeited/Vested(78,183)16.24 
Non-vested at December 31, 2023219,111 15.67 
Granted128,115 13.07 
Forfeited/Vested(103,826)15.59 
Non-vested at December 31, 2024243,400 $14.34 
v3.25.0.1
FEDERAL AND STATE INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Provision
The components of income tax provision were as follows:
(Dollars in Thousands)202420232022
Current$3,657 $4,969 $7,969 
Deferred2,670 (516)3,939 
Change in Valuation Allowance19 884 (309)
Income Tax Provision$6,346 $5,337 $11,599 
Schedule of Effective Income Tax Rate Reconciliation
The following is a reconciliation of the differences between income tax provision and the amount computed by applying the statutory federal income tax rate to income before taxes:
202420232022
(Dollars in Thousands)AmountPercentAmountPercentAmountPercent
Federal Income Tax at Statutory Rate$6,482 21.0 $6,031 21.0 $12,961 21.0 
State Income Tax, net of Federal Benefit625 2.0 445 1.5 657 1.1 
Tax-exempt Interest, net of Disallowance(513)(1.7)(708)(2.5)(873)(1.4)
Federal Tax Credits, net of Basis Reduction(623)(2.0)(2,365)(8.2)(625)(1.0)
Change in Valuation Allowance19 0.1 884 3.1 (309)(0.5)
Income from Bank Owned Life Insurance(309)(1.0)(290)(1.0)(285)(0.5)
Tax Credit Amortization408 1.3 1,660 5.8 — — 
Other257 0.9 (320)(1.1)73 0.1 
Income Tax Provision and Effective Income Tax Rate$6,346 20.6 $5,337 18.6 $11,599 18.8 
Schedule of Deferred Tax Assets and Liabilities
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:
(Dollars in Thousands)20242023
Deferred Tax Assets
Allowance for Credit Losses$16,667 $21,576 
Net Unrealized Loss on Available-for-sale Securities17,820 20,104 
Capital Loss Carryforward1,151 1,143 
Accrued Interest on Nonaccrual Loans1,717 132 
Operating Lease Liabilities2,293 1,718 
Other2,110 1,665 
Gross Deferred Tax Assets41,758 46,338 
Less: Valuation Allowance(903)(884)
Total Deferred Tax Assets$40,855 $45,454 
(Dollars in Thousands)20242023
Deferred Tax Liabilities
Fixed Asset Depreciation$(4,095)$(4,409)
Acquisition-Related Fair Value Adjustments(2,480)(2,686)
Deferred Loan Income(1,943)(1,607)
Operating Lease Right-of-Use Assets(2,172)(1,647)
Equity Investment in Partnerships(607)(480)
Other(343)(437)
Total Deferred Tax Liabilities(11,640)(11,266)
Net Deferred Tax Assets$29,215 $34,188 
v3.25.0.1
TAX EFFECTS ON OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Other Comprehensive Income (Loss)
The following table presents the change in components of other comprehensive income (loss) for the years ended December 31, net of tax effects:
(Dollars in Thousands)Pre-Tax
Amount		Tax (Expense) Benefit Net of Tax
Amount
2024
Net Unrealized Gains Arising during the Period$9,270 $(2,299)$6,971 
Reclassification Adjustment for Gains included in Net Income(68)15 (53)
Other Comprehensive Income$9,202 $(2,284)$6,918 
2023
Net Unrealized Gains Arising during the Period$16,370 $(3,398)$12,972 
Reclassification Adjustment for Losses included in Net Income1,521 (316)1,205 
Other Comprehensive Income$17,891 $(3,714)$14,177 
2022
Net Unrealized Losses Arising during the Period$(111,542)$24,261 $(87,281)
Reclassification Adjustment for Gains included in Net Income(46)9 (37)
Other Comprehensive Loss$(111,588)$24,270 $(87,318)
v3.25.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Life-of-loss Reserve on Unfunded Loan Commitments
The following table presents activity in the life-of-loss reserve on unfunded loan commitments as of and for the years ended December 31:

(Dollars in Thousands)December 31, 2024December 31, 2023
Life-of-Loss Reserve on Unfunded Loan Commitments
Balance at beginning of period$3,193 $2,292 
(Recovery) Provision for Unfunded Commitments(7)901 
Balance at end of period$3,186 $3,193 
v3.25.0.1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams for the years ended December 31:
(Dollars in Thousands)Point of Revenue
Recognition		202420232022
In-Scope Revenue Streams
Service Charges on Deposit AccountsAt  a point in time$5,856 $5,534 $5,537 
Other Fees and Other IncomeAt  a point in time1,983 1,885 3,284 
Debit Card Interchange FeesAt  a point in time7,843 7,828 7,427 
Insurance
Customer CommissionsAt  a point in time166 131 104 
Annual Commission on InvestmentOver time3,476 1,814 1,857 
Special Production PayoutOver time43 — — 
Other Real Estate Owned IncomeAt  a point in time46 75 50 
Gains on Sales and Write-downs of Bank Premises, netAt a point in time— — 73 
Gains (Losses) on Sale of Other Real Estate OwnedAt  a point in time*********
Total In-Scope Revenue Streams19,413 17,267 18,332 
Out of Scope Revenue Streams
Gains (Losses) on Sales of Securities, net68 (1,521)46 
Bank Owned Life Insurance Income1,473 1,381 1,357 
Commercial Loan Swap Fee Income— 139 774 
Other414 1,012 1,209 
Total Noninterest Income$21,368 $18,278 $21,718 
***Reported net with Losses on Sales and Write-downs of Other Real Owned in Noninterest Expense
v3.25.0.1
PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule of Balance Sheets
Balance Sheets
December 31,
(Dollars in Thousands)20242023
ASSETS
Cash$354 $629 
Investment in Bank Subsidiary377,395 347,429 
Other Assets6,564 3,337 
Total Assets$384,313 $351,395 
LIABILITIES
Other Liabilities$— $152 
Total Shareholders’ Equity384,313 351,243 
Total Liabilities and Shareholders’ Equity$384,313 $351,395 
Schedule of Statements of Net Income
Statements of Net Income
December 31,
(Dollars in Thousands)202420232022
Dividends from Subsidiaries$3,950 $14,029 $45,377 
Total Income (10)418 — 
Total Expenses(3,121)(3,011)(2,696)
Income Before Income Tax Benefit and Undistributed Net Income of Bank Subsidiary819 11,436 42,681 
Income Tax Benefit(656)(534)(577)
Income Before Undistributed Net Income of Bank Subsidiary1,475 11,970 43,258 
Equity in Undistributed Net Income of Bank Subsidiary23,048 11,414 6,860 
Net Income$24,523 $23,384 $50,118 
Comprehensive Income (Loss)$31,441 $37,561 $(37,200)
Schedule of Statements of Cash Flows
Statements of Cash Flows
December 31,
(Dollars in Thousands)202420232022
OPERATING ACTIVITIES
Net Income $24,523 $23,384 $50,118 
Equity in Undistributed Net Income of Bank Subsidiary(23,048)(11,414)(6,860)
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by
Operating Activities
Stock Compensation Expense1,752 1,561 1,314 
(Increase) Decrease in Other Assets(3,111)1,774 (3,778)
Decrease in Other Liabilities(275)(47)(460)
Net Cash (Used in) Provided by Operating Activities(159)15,258 40,334 
INVESTING ACTIVITIES
Equity Investment in Non-Subsidiary, net of distributions(116)(412)(350)
Net Cash Used in Investing Activities(116)(412)(350)
FINANCING ACTIVITIES
Repurchase of Common Stock — (16,416)(42,927)
Net Cash Used In Financing Activities— (16,416)(42,927)
Net Decrease in Cash(275)(1,570)(2,943)
Cash at Beginning of Year629 2,199 5,142 
Cash at End of Year$354 $629 $2,199 
v3.25.0.1
CAPITAL ADEQUACY (Tables)
 12 Months Ended
Dec. 31, 2024
Regulatory Capital Requirements under Banking Regulations [Abstract]  
Schedule of Risk-Based Capital Amounts and Ratios
The following table summarizes risk-based capital amounts and ratios for the Company and the Bank, excluding the 2.5% capital conservation buffer:
ActualMinimum
Regulatory Capital
Requirements		To be Well Capitalized
Under Prompt
Corrective Action
Provisions
(Dollars in Thousands)AmountRatioAmountRatioAmountRatio
As of December 31, 2024
Leverage Ratio
Carter Bankshares, Inc.$448,834 9.56 %$187,837 4.00 %NANA
Carter Bank & Trust441,916 9.42 %187,649 4.00 %$234,561 5.00 %
Common Equity Tier 1 (to Risk-Weighted Assets)
Carter Bankshares, Inc.$448,834 10.88 %$185,721 4.50 %NANA
Carter Bank & Trust441,916 10.72 %185,422 4.50 %$267,832 6.50 %
Tier 1 Capital (to Risk-Weighted Assets)
Carter Bankshares, Inc.$448,834 10.88 %$247,628 6.00 %NANA
Carter Bank & Trust441,916 10.72 %247,230 6.00 %$329,640 8.00 %
Total Capital (to Risk-Weighted Assets)
Carter Bankshares, Inc.$500,759 12.13 %$330,171 8.00 %NANA
Carter Bank & Trust493,760 11.98 %329,640 8.00 %$412,050 10.00 %
As of December 31, 2023
Leverage Ratio
Carter Bankshares, Inc.$435,364 9.48 %$183,636 4.00 %NANA
Carter Bank & Trust431,550 9.41 %183,427 4.00 %$229,283 5.00 %
Common Equity Tier 1 (to Risk-Weighted Assets)
Carter Bankshares, Inc.$435,364 11.08 %$176,868 4.50 %NANA
Carter Bank & Trust431,550 10.99 %176,716 4.50 %$255,256 6.50 %
Tier 1 Capital (to Risk-Weighted Assets)
Carter Bankshares, Inc.$435,364 11.08 %$235,824 6.00 %NANA
Carter Bank & Trust431,550 10.99 %235,621 6.00 %$314,161 8.00 %
Total Capital (to Risk-Weighted Assets)
Carter Bankshares, Inc.$484,925 12.34 %$314,432 8.00 %NANA
Carter Bank & Trust481,070 12.25 %314,161 8.00 %$392,702 10.00 %
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
subsidiary
source
payment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Jan. 01, 2021
USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Number of wholly owned subsidiary | subsidiary 1        
Number of operating segments | segment 1        
Number of reportable segments | segment 1        
Number of source of loan | source 2        
Allowance for credit losses $ 75,600 $ 97,052 $ 93,852 $ 95,939  
Number of monthly payments past due | payment 2        
Advertising expense $ 2,540 1,693 1,434    
Depreciation expenses $ 7,100 $ 6,200 $ 6,100    
OREO, minimum threshold to revaluation period 12 months        
OREO threshold to revalue every 24 months $ 500        
OREO, minimum threshold to revaluation period, smaller OREO assets 24 months        
Bank Premises | Minimum          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Estimated useful life 5 years        
Bank Premises | Maximum          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Estimated useful life 40 years        
Equipment | Minimum          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Estimated useful life 3 years        
Equipment | Maximum          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Estimated useful life 10 years        
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Allowance for credit losses         $ 51,300
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Life (Details)
Dec. 31, 2024
Buildings | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 25 years
Buildings | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 40 years
Furniture and Fixtures  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Computer Equipment and Software  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Other Equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Vehicles  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Leasehold Improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful life 15 years
v3.25.0.1
EARNINGS PER COMMON SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator for Earnings per Common Share – Basic and Diluted      
Net Income $ 24,523 $ 23,384 $ 50,118
Less: Income allocated to participating shares 248 197 295
Net Income Allocated to Common Shareholders - Basic 24,275 23,187 49,823
Net Income Allocated to Common Shareholders - Diluted $ 24,275 $ 23,187 $ 49,823
Denominator:      
Weighted Average Shares Outstanding, including Shares Considered Participating Securities (in shares) 23,050,444 23,438,413 24,741,454
Less: Average Participating Securities (in shares) 233,295 197,870 145,665
Weighted Average Common Shares Outstanding, Basic (in shares) 22,817,149 23,240,543 24,595,789
Weighted Average Common Shares Outstanding, Diluted (in shares) 22,817,149 23,240,543 24,595,789
Earnings per Common Share – Basic (in usd per share) $ 1.06 $ 1.00 $ 2.03
Earnings per Common Share – Diluted (in usd per share) $ 1.06 $ 1.00 $ 2.03
v3.25.0.1
RESTRICTIONS ON CASH AND DUE FROM BANK ACCOUNTS (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring and Related Activities [Abstract]      
Required reserves $ 0 $ 0 $ 0
v3.25.0.1
INVESTMENT SECURITIES - Schedule of Amortized Cost and Fair Value for Available-for-sale Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 800,741 $ 870,546
Gross Unrealized Gains 91 734
Gross Unrealized Losses (82,432) (92,277)
Fair Value 718,400 779,003
U.S. Government Agency Securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 27,634 44,185
Gross Unrealized Gains 36 398
Gross Unrealized Losses (720) (756)
Fair Value 26,950 43,827
Residential Mortgage-Backed Securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 106,593 110,726
Gross Unrealized Gains 3 0
Gross Unrealized Losses (10,443) (11,576)
Fair Value 96,153 99,150
Commercial Mortgage-Backed Securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 22,233 31,578
Gross Unrealized Gains 30 336
Gross Unrealized Losses (676) (751)
Fair Value 21,587 31,163
Other Commercial Mortgage-Backed Securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 24,064 24,522
Gross Unrealized Gains 0 0
Gross Unrealized Losses (2,094) (2,666)
Fair Value 21,970 21,856
Asset Backed Securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 127,978 150,832
Gross Unrealized Gains 14 0
Gross Unrealized Losses (9,471) (10,826)
Fair Value 118,521 140,006
Collateralized Mortgage Obligations    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 158,610 174,396
Gross Unrealized Gains 8 0
Gross Unrealized Losses (10,030) (12,863)
Fair Value 148,588 161,533
States and Political Subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 262,879 263,557
Gross Unrealized Gains 0 0
Gross Unrealized Losses (41,698) (41,449)
Fair Value 221,181 222,108
Corporate Notes    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 70,750 70,750
Gross Unrealized Gains 0 0
Gross Unrealized Losses (7,300) (11,390)
Fair Value $ 63,450 $ 59,360
v3.25.0.1
INVESTMENT SECURITIES - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]      
Held-to-maturity securities $ 0 $ 0  
Carrying value of securities pledged as collateral 300,100,000 215,500,000  
Allowance for credit losses on investment securities 0 0  
Impairment related to investment securities 0 0  
Purchase of equity securities 10,000,000 0 $ 0
Carrying value of equity securities purchased 10,041,000 0  
Unrealized fair value gain $ 41,000.0 $ 0 $ 0
v3.25.0.1
INVESTMENT SECURITIES - Schedule of Gross and Net Realized Gains and Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]      
Proceeds from Sales of Securities Available-for-Sale $ 17,953 $ 43,323 $ 19,777
Gross Realized Gains 68 129 208
Gross Realized Losses 0 (1,650) (162)
Net Realized Gains (Losses) 68 (1,521) 46
Tax Impact $ 14 $ (319) $ 10
v3.25.0.1
INVESTMENT SECURITIES - Schedule of Gross and Net Realized Gains and Losses (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Amortized Cost    
Due in One Year or Less $ 35  
Due after One Year through Five Years 31,967  
Due after Five Years through Ten Years 287,942  
Due after Ten Years 41,319  
Amortized Cost 800,741 $ 870,546
Fair Value    
Due in One Year or Less 35  
Due after One Year through Five Years 29,749  
Due after Five Years through Ten Years 248,003  
Due after Ten Years 33,794  
Fair Value 718,400 779,003
Residential Mortgage-Backed Securities    
Amortized Cost    
Without single maturity date 106,593  
Amortized Cost 106,593 110,726
Fair Value    
Without single maturity date 96,153  
Fair Value 96,153 99,150
Commercial Mortgage-Backed Securities    
Amortized Cost    
Without single maturity date 22,233  
Amortized Cost 22,233 31,578
Fair Value    
Without single maturity date 21,587  
Fair Value 21,587 31,163
Other Commercial Mortgage-Backed Securities    
Amortized Cost    
Without single maturity date 24,064  
Amortized Cost 24,064 24,522
Fair Value    
Without single maturity date 21,970  
Fair Value 21,970 21,856
Collateralized Mortgage Obligations    
Amortized Cost    
Without single maturity date 158,610  
Amortized Cost 158,610 174,396
Fair Value    
Without single maturity date 148,588  
Fair Value 148,588 161,533
Asset Backed Securities    
Amortized Cost    
Without single maturity date 127,978  
Amortized Cost 127,978 150,832
Fair Value    
Without single maturity date 118,521  
Fair Value $ 118,521 $ 140,006
v3.25.0.1
INVESTMENT SECURITIES - Schedule of Available-for-sale Securities with Unrealized Losses (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
security
Dec. 31, 2023
USD ($)
security
Debt Securities, Available-for-sale [Line Items]    
AFS, Less Than 12 Months, Number of Securities | security 26 12
AFS, Less Than 12 Months, Fair Value $ 12,839 $ 10,170
AFS, Less Than 12 Months, Unrealized Losses $ (75) $ (154)
AFS, 12 Months or More, Number of Securities | security 383 428
AFS, 12 Months or More, Fair Value $ 639,500 $ 736,023
AFS, 12 Months or More, Unrealized Losses $ (82,357) $ (92,123)
AFS, Total, Number of Securities | security 409 440
AFS, Total, Fair Value $ 652,339 $ 746,193
AFS, Total, Unrealized Losses $ (82,432) $ (92,277)
U.S. Treasury Securities    
Debt Securities, Available-for-sale [Line Items]    
AFS, Less Than 12 Months, Number of Securities | security   0
AFS, Less Than 12 Months, Fair Value   $ 0
AFS, Less Than 12 Months, Unrealized Losses   $ 0
AFS, 12 Months or More, Number of Securities | security   0
AFS, 12 Months or More, Fair Value   $ 0
AFS, 12 Months or More, Unrealized Losses   $ 0
AFS, Total, Number of Securities | security   0
AFS, Total, Fair Value   $ 0
AFS, Total, Unrealized Losses   $ 0
U.S. Government Agency Securities    
Debt Securities, Available-for-sale [Line Items]    
AFS, Less Than 12 Months, Number of Securities | security 12 7
AFS, Less Than 12 Months, Fair Value $ 6,574 $ 6,567
AFS, Less Than 12 Months, Unrealized Losses $ (60) $ (67)
AFS, 12 Months or More, Number of Securities | security 18 15
AFS, 12 Months or More, Fair Value $ 14,558 $ 15,848
AFS, 12 Months or More, Unrealized Losses $ (660) $ (689)
AFS, Total, Number of Securities | security 30 22
AFS, Total, Fair Value $ 21,132 $ 22,415
AFS, Total, Unrealized Losses $ (720) $ (756)
Residential Mortgage-Backed Securities    
Debt Securities, Available-for-sale [Line Items]    
AFS, Less Than 12 Months, Number of Securities | security 1 0
AFS, Less Than 12 Months, Fair Value $ 7 $ 0
AFS, Less Than 12 Months, Unrealized Losses $ 0 $ 0
AFS, 12 Months or More, Number of Securities | security 40 43
AFS, 12 Months or More, Fair Value $ 95,326 $ 99,150
AFS, 12 Months or More, Unrealized Losses $ (10,443) $ (11,576)
AFS, Total, Number of Securities | security 41 43
AFS, Total, Fair Value $ 95,333 $ 99,150
AFS, Total, Unrealized Losses $ (10,443) $ (11,576)
Commercial Mortgage-Backed Securities    
Debt Securities, Available-for-sale [Line Items]    
AFS, Less Than 12 Months, Number of Securities | security 10 3
AFS, Less Than 12 Months, Fair Value $ 2,743 $ 1,073
AFS, Less Than 12 Months, Unrealized Losses $ (8) $ (3)
AFS, 12 Months or More, Number of Securities | security 42 50
AFS, 12 Months or More, Fair Value $ 13,780 $ 18,692
AFS, 12 Months or More, Unrealized Losses $ (668) $ (748)
AFS, Total, Number of Securities | security 52 53
AFS, Total, Fair Value $ 16,523 $ 19,765
AFS, Total, Unrealized Losses $ (676) $ (751)
Other Commercial Mortgage-Backed Securities    
Debt Securities, Available-for-sale [Line Items]    
AFS, Less Than 12 Months, Number of Securities | security 0 0
AFS, Less Than 12 Months, Fair Value $ 0 $ 0
AFS, Less Than 12 Months, Unrealized Losses $ 0 $ 0
AFS, 12 Months or More, Number of Securities | security 8 9
AFS, 12 Months or More, Fair Value $ 21,970 $ 21,856
AFS, 12 Months or More, Unrealized Losses $ (2,094) $ (2,666)
AFS, Total, Number of Securities | security 8 9
AFS, Total, Fair Value $ 21,970 $ 21,856
AFS, Total, Unrealized Losses $ (2,094) $ (2,666)
Asset Backed Securities    
Debt Securities, Available-for-sale [Line Items]    
AFS, Less Than 12 Months, Number of Securities | security 1 2
AFS, Less Than 12 Months, Fair Value $ 1,176 $ 2,530
AFS, Less Than 12 Months, Unrealized Losses $ (5) $ (84)
AFS, 12 Months or More, Number of Securities | security 27 52
AFS, 12 Months or More, Fair Value $ 76,333 $ 137,476
AFS, 12 Months or More, Unrealized Losses $ (9,466) $ (10,742)
AFS, Total, Number of Securities | security 28 54
AFS, Total, Fair Value $ 77,509 $ 140,006
AFS, Total, Unrealized Losses $ (9,471) $ (10,826)
Collateralized Mortgage Obligations    
Debt Securities, Available-for-sale [Line Items]    
AFS, Less Than 12 Months, Number of Securities | security 2 0
AFS, Less Than 12 Months, Fair Value $ 2,339 $ 0
AFS, Less Than 12 Months, Unrealized Losses $ (2) $ 0
AFS, 12 Months or More, Number of Securities | security 74 85
AFS, 12 Months or More, Fair Value $ 132,902 $ 161,533
AFS, 12 Months or More, Unrealized Losses $ (10,028) $ (12,863)
AFS, Total, Number of Securities | security 76 85
AFS, Total, Fair Value $ 135,241 $ 161,533
AFS, Total, Unrealized Losses $ (10,030) $ (12,863)
States and Political Subdivisions    
Debt Securities, Available-for-sale [Line Items]    
AFS, Less Than 12 Months, Number of Securities | security 0 0
AFS, Less Than 12 Months, Fair Value $ 0 $ 0
AFS, Less Than 12 Months, Unrealized Losses $ 0 $ 0
AFS, 12 Months or More, Number of Securities | security 153 153
AFS, 12 Months or More, Fair Value $ 221,181 $ 222,108
AFS, 12 Months or More, Unrealized Losses $ (41,698) $ (41,449)
AFS, Total, Number of Securities | security 153 153
AFS, Total, Fair Value $ 221,181 $ 222,108
AFS, Total, Unrealized Losses $ (41,698) $ (41,449)
Corporate Notes    
Debt Securities, Available-for-sale [Line Items]    
AFS, Less Than 12 Months, Number of Securities | security 0 0
AFS, Less Than 12 Months, Fair Value $ 0 $ 0
AFS, Less Than 12 Months, Unrealized Losses $ 0 $ 0
AFS, 12 Months or More, Number of Securities | security 21 21
AFS, 12 Months or More, Fair Value $ 63,450 $ 59,360
AFS, 12 Months or More, Unrealized Losses $ (7,300) $ (11,390)
AFS, Total, Number of Securities | security 21 21
AFS, Total, Fair Value $ 63,450 $ 59,360
AFS, Total, Unrealized Losses $ (7,300) $ (11,390)
v3.25.0.1
LOANS - Schedule of Loan Portfolio by Dollar Amount (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Loans $ 3,624,826 $ 3,505,910
Commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Loans 2,100,314 1,942,142
Commercial Real Estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Loans 1,869,831 1,670,631
Commercial and Industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Loans 230,483 271,511
Consumer    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Loans 806,379 822,206
Residential Mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Loans 777,471 787,929
Other Consumer    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Loans 28,908 34,277
Construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Loans 462,930 436,349
Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Loans $ 255,203 $ 305,213
v3.25.0.1
LOANS - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
contract
Dec. 31, 2023
USD ($)
contract
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Net deferred costs and fees $ 8,800,000 $ 7,200,000    
Discount on purchase 1-4 family loans 104,100 133,400    
Loans held-for-sale 0 $ 0    
Commitment limit for restructured loan $ 1,000,000      
Number of loans that were restructured | contract 15 0    
Mortgage loans in process of foreclosure $ 400,000 $ 2,000,000    
Other Real Estate Owned, net 659,000 2,463,000 $ 8,393,000 $ 10,916,000
Residential Real Estate        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Other Real Estate Owned, net $ 0 $ 62,000    
Commercial Real Estate        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loan segment limit, percentage of total risk based capital 300.00%      
Loan segment limit, percentage of growth in excess over previous 36 months 50.00%      
Calculation period 36 months      
Construction        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loan segment limit, percentage of total risk based capital 100.00%      
v3.25.0.1
LOANS - Schedule of Troubled Debt Restructurings (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
contract
Dec. 31, 2023
USD ($)
contract
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Contracts | contract 15 0
Amortized Cost Basis $ 260,042,000 $ 0
% of Total Class of Financing Receivable 7.17% 0.00%
Portfolio Loans $ 3,624,826,000 $ 3,505,910,000
Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 3,360,649,000 3,190,343,000
30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 4,680,000 5,611,000
90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0 0
Commercial Real Estate    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 4,935,000  
% of Total Class of Financing Receivable 0.26%  
Portfolio Loans $ 1,869,831,000 1,670,631,000
Commercial Real Estate | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 1,866,013,000 1,668,988,000
Commercial Real Estate | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 2,642,000 125,000
Commercial and Industrial    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 1,072,000  
% of Total Class of Financing Receivable 0.47%  
Portfolio Loans $ 230,483,000 271,511,000
Commercial and Industrial | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 229,225,000 271,420,000
Commercial and Industrial | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 180,000 5,000
Residential Mortgages    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 2,053,000  
% of Total Class of Financing Receivable 0.26%  
Portfolio Loans $ 777,471,000 787,929,000
Residential Mortgages | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 771,689,000 782,765,000
Residential Mortgages | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 867,000 1,846,000
Other Consumer    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 28,908,000 34,277,000
Other Consumer | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 28,582,000 33,813,000
Other Consumer | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 208,000 247,000
Construction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 462,930,000 436,349,000
Construction | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 461,919,000 430,057,000
Construction | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 783,000 3,388,000
Other    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 251,982,000  
% of Total Class of Financing Receivable 98.74%  
Portfolio Loans $ 255,203,000 305,213,000
Other | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 3,221,000 3,300,000
Other | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0 $ 0
Accruing and Nonaccruing Restructured Loans | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 260,042,000  
Accruing and Nonaccruing Restructured Loans | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0  
Accruing and Nonaccruing Restructured Loans | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Accruing Restructured Loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Contracts | contract 2 0
Amortized Cost Basis $ 5,569,000 $ 0
% of Total Class of Financing Receivable 0.15% 0.00%
Accruing Restructured Loans | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 5,569,000  
Accruing Restructured Loans | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0  
Accruing Restructured Loans | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Accruing Restructured Loans | Commercial Real Estate    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Contracts | contract 1 0
Amortized Cost Basis $ 4,516,000 $ 0
% of Total Class of Financing Receivable 0.24% 0.00%
Accruing Restructured Loans | Commercial Real Estate | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 4,516,000  
Accruing Restructured Loans | Commercial Real Estate | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0  
Accruing Restructured Loans | Commercial Real Estate | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Accruing Restructured Loans | Commercial and Industrial    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Contracts | contract 1 0
Amortized Cost Basis $ 1,053,000 $ 0
% of Total Class of Financing Receivable 0.46% 0.00%
Accruing Restructured Loans | Commercial and Industrial | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 1,053,000  
Accruing Restructured Loans | Commercial and Industrial | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0  
Accruing Restructured Loans | Commercial and Industrial | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Accruing Restructured Loans | Residential Mortgages    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Contracts | contract 0 0
Amortized Cost Basis $ 0 $ 0
% of Total Class of Financing Receivable 0.00% 0.00%
Accruing Restructured Loans | Residential Mortgages | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Accruing Restructured Loans | Residential Mortgages | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0  
Accruing Restructured Loans | Residential Mortgages | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Accruing Restructured Loans | Other Consumer    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Contracts | contract 0 0
Amortized Cost Basis $ 0 $ 0
% of Total Class of Financing Receivable 0.00% 0.00%
Accruing Restructured Loans | Other Consumer | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Accruing Restructured Loans | Other Consumer | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0  
Accruing Restructured Loans | Other Consumer | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Accruing Restructured Loans | Construction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Contracts | contract 0 0
Amortized Cost Basis $ 0 $ 0
% of Total Class of Financing Receivable 0.00% 0.00%
Accruing Restructured Loans | Construction | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Accruing Restructured Loans | Construction | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0  
Accruing Restructured Loans | Construction | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Accruing Restructured Loans | Other    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Contracts | contract 0 0
Amortized Cost Basis $ 0 $ 0
% of Total Class of Financing Receivable 0.00% 0.00%
Accruing Restructured Loans | Other | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Accruing Restructured Loans | Other | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0  
Accruing Restructured Loans | Other | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Nonaccrual Restructured Loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Contracts | contract 13 0
Amortized Cost Basis $ 254,473,000 $ 0
% of Total Class of Financing Receivable 7.02% 0.00%
Nonaccrual Restructured Loans | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 254,473,000  
Nonaccrual Restructured Loans | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0  
Nonaccrual Restructured Loans | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Nonaccrual Restructured Loans | Commercial Real Estate    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Contracts | contract 1 0
Amortized Cost Basis $ 419,000 $ 0
% of Total Class of Financing Receivable 0.02% 0.00%
Nonaccrual Restructured Loans | Commercial Real Estate | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 419,000  
Nonaccrual Restructured Loans | Commercial Real Estate | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0  
Nonaccrual Restructured Loans | Commercial Real Estate | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Nonaccrual Restructured Loans | Commercial and Industrial    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Contracts | contract 1 0
Amortized Cost Basis $ 19,000 $ 0
% of Total Class of Financing Receivable 0.01% 0.00%
Nonaccrual Restructured Loans | Commercial and Industrial | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 19,000  
Nonaccrual Restructured Loans | Commercial and Industrial | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0  
Nonaccrual Restructured Loans | Commercial and Industrial | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Nonaccrual Restructured Loans | Residential Mortgages    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Contracts | contract 1 0
Amortized Cost Basis $ 2,053,000 $ 0
% of Total Class of Financing Receivable 0.26% 0.00%
Nonaccrual Restructured Loans | Residential Mortgages | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 2,053,000  
Nonaccrual Restructured Loans | Residential Mortgages | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0  
Nonaccrual Restructured Loans | Residential Mortgages | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Nonaccrual Restructured Loans | Other Consumer    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Contracts | contract 0 0
Amortized Cost Basis $ 0 $ 0
% of Total Class of Financing Receivable 0.00% 0.00%
Nonaccrual Restructured Loans | Other Consumer | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Nonaccrual Restructured Loans | Other Consumer | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0  
Nonaccrual Restructured Loans | Other Consumer | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Nonaccrual Restructured Loans | Construction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Contracts | contract 0 0
Amortized Cost Basis $ 0 $ 0
% of Total Class of Financing Receivable 0.00% 0.00%
Nonaccrual Restructured Loans | Construction | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Nonaccrual Restructured Loans | Construction | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0  
Nonaccrual Restructured Loans | Construction | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
Nonaccrual Restructured Loans | Other    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Contracts | contract 10 0
Amortized Cost Basis $ 251,982,000 $ 0
% of Total Class of Financing Receivable 98.74% 0.00%
Nonaccrual Restructured Loans | Other | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 251,982,000  
Nonaccrual Restructured Loans | Other | 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans 0  
Nonaccrual Restructured Loans | Other | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Portfolio Loans $ 0  
v3.25.0.1
LOANS - Schedule of Modified Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 260,042 $ 0
% of Total Class of Financing Receivable 7.17% 0.00%
Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 5,569  
Accelerated Maturity Date/Modified Rate    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 2,053  
Term Extension/Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 438  
Term Extension/Payment Delay/Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 251,982  
Commercial Real Estate    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 4,935  
% of Total Class of Financing Receivable 0.26%  
Weighted-Average Payment Delay 2 months 1 day  
Weighted-Average Modified Rate 0.00%  
Weighted-Average Term Extension/Payment Delay 4 years 10 months 28 days  
Weighted-Average Interest Rate Reduction 0.00%  
Commercial Real Estate | Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 4,516  
Commercial Real Estate | Accelerated Maturity Date/Modified Rate    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 0  
Commercial Real Estate | Term Extension/Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 419  
Commercial Real Estate | Term Extension/Payment Delay/Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 0  
Commercial and Industrial    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 1,072  
% of Total Class of Financing Receivable 0.47%  
Weighted-Average Payment Delay 21 years 9 months 29 days  
Weighted-Average Modified Rate 0.00%  
Weighted-Average Term Extension/Payment Delay 8 years 10 days  
Weighted-Average Interest Rate Reduction 0.00%  
Commercial and Industrial | Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 1,053  
Commercial and Industrial | Accelerated Maturity Date/Modified Rate    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 0  
Commercial and Industrial | Term Extension/Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 19  
Commercial and Industrial | Term Extension/Payment Delay/Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 0  
Residential Mortgages    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 2,053  
% of Total Class of Financing Receivable 0.26%  
Weighted-Average Accelerated Maturity Date 19 years 3 months 3 days  
Weighted-Average Modified Rate 4.63%  
Weighted-Average Interest Rate Reduction 0.00%  
Residential Mortgages | Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 0  
Residential Mortgages | Accelerated Maturity Date/Modified Rate    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 2,053  
Residential Mortgages | Term Extension/Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 0  
Residential Mortgages | Term Extension/Payment Delay/Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 0  
Other    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 251,982  
% of Total Class of Financing Receivable 98.74%  
Weighted-Average Modified Rate 0.00%  
Weighted-Average Term Extension/Payment Delay 2 years 7 months 6 days  
Weighted-Average Interest Rate Reduction 0.67%  
Other | Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 0  
Other | Accelerated Maturity Date/Modified Rate    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 0  
Other | Term Extension/Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 0  
Other | Term Extension/Payment Delay/Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 251,982  
v3.25.0.1
LOANS - Schedule of Financing Receivable To Principal Officers, Directors And Affiliates (Details) - Officers, Directors And Affiliates
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Loans and Leases Receivable, Related Parties [Roll Forward]  
Beginning Balance $ 2,433
Principal Additions 1,718
Repayments (1,649)
Balance at End of Year $ 2,502
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES - Narrative (Details)
Dec. 31, 2024
USD ($)
largeLoanRelationship
Dec. 31, 2023
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]    
Number of loans evaluated | largeLoanRelationship 20  
Total aggregate commercial relationship $ 2,000,000  
Minimum aggregate exposure 2,000,000  
Aggregate principal balance 3,624,826,000 $ 3,505,910,000
Nonaccrual Loans 259,349,000 309,535,000
Troubled debt restructured loans, individually evaluated impaired loans 1,000,000  
Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Aggregate principal balance 267,224,000 309,646,000
Nonperforming    
Financing Receivable, Credit Quality Indicator [Line Items]    
Aggregate principal balance 259,349,000 309,535,000
Largest Credit Relationship Loans | Nonperforming | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Aggregate principal balance 252,000,000.0 301,900,000
Disposal Group, Held-for-sale, Not Discontinued Operations    
Financing Receivable, Credit Quality Indicator [Line Items]    
Nonaccrual Loans 0 0
90+ Days Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
Aggregate principal balance $ 0 $ 0
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES - Schedule of Loan Balances by Origination Year and Assigned Risk Rating (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one $ 584,068 $ 504,224  
Year two 570,136 870,661  
Year three 839,056 531,133  
Year four 460,237 264,583  
Year five 230,762 176,601  
Year five and prior 803,816 1,053,043  
Revolving 136,751 105,665  
Total Portfolio Loans 3,624,826 3,505,910  
Gross charge-offs, year one 15,250 232  
Gross charge-offs, year two 120 1,451  
Gross charge-offs, year three 966 925  
Gross charge-offs, year four 399 83  
Gross charge-offs, year five 45 142  
Gross charge-offs, year five and prior 208 140  
Gross charge-offs, revolving 0 0  
Gross charge-offs 16,988 2,973 $ 5,159
Performing      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 332,067 504,210  
Year two 570,136 870,655  
Year three 838,219 529,952  
Year four 458,906 262,475  
Year five 228,633 175,626  
Year five and prior 801,605 748,053  
Revolving 135,911 105,404  
Total Portfolio Loans 3,365,477 3,196,375  
Nonperforming      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 252,001 14  
Year two 0 6  
Year three 837 1,181  
Year four 1,331 2,108  
Year five 2,129 975  
Year five and prior 2,211 304,990  
Revolving 840 261  
Total Portfolio Loans 259,349 309,535  
Pass      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 329,667 504,210  
Year two 570,135 870,591  
Year three 831,673 529,730  
Year four 458,906 259,638  
Year five 224,204 175,626  
Year five and prior 801,402 747,365  
Revolving 134,584 105,404  
Total Portfolio Loans 3,350,571 3,192,564  
Special Mention      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 2,400 0  
Year two 0 0  
Year three 0 206  
Year four 0 2,837  
Year five 4,429 0  
Year five and prior 202 657  
Revolving 0 0  
Total Portfolio Loans 7,031 3,700  
Substandard      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 252,001 14  
Year two 1 70  
Year three 7,383 1,197  
Year four 1,331 2,108  
Year five 2,129 975  
Year five and prior 2,212 305,021  
Revolving 2,167 261  
Total Portfolio Loans 267,224 309,646  
Commercial Real Estate      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 186,628 259,171  
Year two 279,983 434,639  
Year three 430,377 173,873  
Year four 241,342 142,494  
Year five 131,479 124,277  
Year five and prior 553,964 505,260  
Revolving 46,058 30,917  
Total Portfolio Loans 1,869,831 1,670,631  
Gross charge-offs, year one 0 0  
Gross charge-offs, year two 0 0  
Gross charge-offs, year three 0 0  
Gross charge-offs, year four 0 0  
Gross charge-offs, year five 0 0  
Gross charge-offs, year five and prior 0 0  
Gross charge-offs, revolving 0 0  
Gross charge-offs 0 0 0
Commercial Real Estate | Performing      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 186,628 259,171  
Year two 279,983 434,639  
Year three 430,076 173,873  
Year four 241,233 142,494  
Year five 131,479 124,176  
Year five and prior 553,350 504,037  
Revolving 45,906 30,917  
Total Portfolio Loans 1,868,655 1,669,307  
Commercial Real Estate | Nonperforming      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 0 0  
Year two 0 0  
Year three 301 0  
Year four 109 0  
Year five 0 101  
Year five and prior 614 1,223  
Revolving 152 0  
Total Portfolio Loans 1,176 1,324  
Commercial Real Estate | Pass      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 184,228 259,171  
Year two 279,983 434,639  
Year three 424,195 173,667  
Year four 241,233 142,494  
Year five 131,479 124,176  
Year five and prior 553,289 503,965  
Revolving 45,906 30,917  
Total Portfolio Loans 1,860,313 1,669,029  
Commercial Real Estate | Special Mention      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 2,400 0  
Year two 0 0  
Year three 0 206  
Year four 0 0  
Year five 0 0  
Year five and prior 60 72  
Revolving 0 0  
Total Portfolio Loans 2,460 278  
Commercial Real Estate | Substandard      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 0 0  
Year two 0 0  
Year three 6,182 0  
Year four 109 0  
Year five 0 101  
Year five and prior 615 1,223  
Revolving 152 0  
Total Portfolio Loans 7,058 1,324  
Commercial and Industrial      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 1,149 24,863  
Year two 23,676 18,061  
Year three 14,934 37,566  
Year four 23,805 27,421  
Year five 19,735 2,650  
Year five and prior 116,868 137,396  
Revolving 30,316 23,554  
Total Portfolio Loans 230,483 271,511  
Gross charge-offs, year one 0 0  
Gross charge-offs, year two 0 0  
Gross charge-offs, year three 0 45  
Gross charge-offs, year four 21 0  
Gross charge-offs, year five 18 16  
Gross charge-offs, year five and prior 1 2  
Gross charge-offs, revolving 0 0  
Gross charge-offs 40 63 3,436
Commercial and Industrial | Performing      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 1,130 24,863  
Year two 23,676 18,061  
Year three 14,934 37,566  
Year four 22,779 27,403  
Year five 19,702 2,636  
Year five and prior 116,868 137,395  
Revolving 30,316 23,535  
Total Portfolio Loans 229,405 271,459  
Commercial and Industrial | Nonperforming      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 19 0  
Year two 0 0  
Year three 0 0  
Year four 1,026 18  
Year five 33 14  
Year five and prior 0 1  
Revolving 0 19  
Total Portfolio Loans 1,078 52  
Commercial and Industrial | Pass      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 1,130 24,863  
Year two 23,676 18,061  
Year three 14,268 37,566  
Year four 22,779 24,566  
Year five 19,702 2,636  
Year five and prior 116,868 137,395  
Revolving 28,989 23,535  
Total Portfolio Loans 227,412 268,622  
Commercial and Industrial | Special Mention      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 0 0  
Year two 0 0  
Year three 0 0  
Year four 0 2,837  
Year five 0 0  
Year five and prior 0 0  
Revolving 0 0  
Total Portfolio Loans 0 2,837  
Commercial and Industrial | Substandard      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 19 0  
Year two 0 0  
Year three 666 0  
Year four 1,026 18  
Year five 33 14  
Year five and prior 0 1  
Revolving 1,327 19  
Total Portfolio Loans 3,071 52  
Residential Mortgages      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 28,491 79,247  
Year two 67,171 250,603  
Year three 252,299 195,156  
Year four 182,510 77,805  
Year five 70,235 44,493  
Year five and prior 122,810 97,833  
Revolving 53,955 42,792  
Total Portfolio Loans 777,471 787,929  
Gross charge-offs, year one 0 0  
Gross charge-offs, year two 1 0  
Gross charge-offs, year three 0 136  
Gross charge-offs, year four 0 0  
Gross charge-offs, year five 0 0  
Gross charge-offs, year five and prior 31 67  
Gross charge-offs, revolving 0 0  
Gross charge-offs 32 203 46
Residential Mortgages | Performing      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 28,491 79,247  
Year two 67,171 250,603  
Year three 251,772 194,014  
Year four 182,510 77,805  
Year five 68,182 43,633  
Year five and prior 121,213 96,794  
Revolving 53,267 42,550  
Total Portfolio Loans 772,606 784,646  
Residential Mortgages | Nonperforming      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 0 0  
Year two 0 0  
Year three 527 1,142  
Year four 0 0  
Year five 2,053 860  
Year five and prior 1,597 1,039  
Revolving 688 242  
Total Portfolio Loans 4,865 3,283  
Residential Mortgages | Pass      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 28,491 79,247  
Year two 67,171 250,603  
Year three 251,772 194,014  
Year four 182,510 77,805  
Year five 68,182 43,633  
Year five and prior 121,121 96,238  
Revolving 53,267 42,550  
Total Portfolio Loans 772,514 784,090  
Residential Mortgages | Special Mention      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 0 0  
Year two 0 0  
Year three 0 0  
Year four 0 0  
Year five 0 0  
Year five and prior 92 525  
Revolving 0 0  
Total Portfolio Loans 92 525  
Residential Mortgages | Substandard      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 0 0  
Year two 0 0  
Year three 527 1,142  
Year four 0 0  
Year five 2,053 860  
Year five and prior 1,597 1,070  
Revolving 688 242  
Total Portfolio Loans 4,865 3,314  
Other Consumer      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 17,896 22,823  
Year two 5,043 4,500  
Year three 2,464 2,451  
Year four 916 3,936  
Year five 2,433 26  
Year five and prior 124 187  
Revolving 32 354  
Total Portfolio Loans 28,908 34,277  
Gross charge-offs, year one 250 232  
Gross charge-offs, year two 119 1,451  
Gross charge-offs, year three 965 744  
Gross charge-offs, year four 378 83  
Gross charge-offs, year five 27 126  
Gross charge-offs, year five and prior 20 29  
Gross charge-offs, revolving 0 0  
Gross charge-offs 1,759 2,665 1,677
Other Consumer | Performing      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 17,896 22,809  
Year two 5,043 4,494  
Year three 2,455 2,412  
Year four 905 3,936  
Year five 2,433 26  
Year five and prior 124 187  
Revolving 32 354  
Total Portfolio Loans 28,888 34,218  
Other Consumer | Nonperforming      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 0 14  
Year two 0 6  
Year three 9 39  
Year four 11 0  
Year five 0 0  
Year five and prior 0 0  
Revolving 0 0  
Total Portfolio Loans 20 59  
Other Consumer | Pass      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 17,896 22,809  
Year two 5,042 4,494  
Year three 2,456 2,396  
Year four 905 3,936  
Year five 2,433 26  
Year five and prior 124 187  
Revolving 32 354  
Total Portfolio Loans 28,888 34,202  
Other Consumer | Special Mention      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 0 0  
Year two 0 0  
Year three 0 0  
Year four 0 0  
Year five 0 0  
Year five and prior 0 0  
Revolving 0 0  
Total Portfolio Loans 0 0  
Other Consumer | Substandard      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 0 14  
Year two 1 6  
Year three 8 55  
Year four 11 0  
Year five 0 0  
Year five and prior 0 0  
Revolving 0 0  
Total Portfolio Loans 20 75  
Construction      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 97,922 118,120  
Year two 194,263 162,858  
Year three 138,982 122,087  
Year four 11,664 12,927  
Year five 6,880 5,155  
Year five and prior 6,829 7,154  
Revolving 6,390 8,048  
Total Portfolio Loans 462,930 436,349  
Gross charge-offs, year one 0 0  
Gross charge-offs, year two 0 0  
Gross charge-offs, year three 1 0  
Gross charge-offs, year four 0 0  
Gross charge-offs, year five 0 0  
Gross charge-offs, year five and prior 156 42  
Gross charge-offs, revolving 0 0  
Gross charge-offs 157 42 0
Construction | Performing      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 97,922 118,120  
Year two 194,263 162,858  
Year three 138,982 122,087  
Year four 11,479 10,837  
Year five 6,837 5,155  
Year five and prior 6,829 6,340  
Revolving 6,390 8,048  
Total Portfolio Loans 462,702 433,445  
Construction | Nonperforming      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 0 0  
Year two 0 0  
Year three 0 0  
Year four 185 2,090  
Year five 43 0  
Year five and prior 0 814  
Revolving 0 0  
Total Portfolio Loans 228 2,904  
Construction | Pass      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 97,922 118,120  
Year two 194,263 162,794  
Year three 138,982 122,087  
Year four 11,479 10,837  
Year five 2,408 5,155  
Year five and prior 6,779 6,280  
Revolving 6,390 8,048  
Total Portfolio Loans 458,223 433,321  
Construction | Special Mention      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 0 0  
Year two 0 0  
Year three 0 0  
Year four 0 0  
Year five 4,429 0  
Year five and prior 50 60  
Revolving 0 0  
Total Portfolio Loans 4,479 60  
Construction | Substandard      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 0 0  
Year two 0 64  
Year three 0 0  
Year four 185 2,090  
Year five 43 0  
Year five and prior 0 814  
Revolving 0 0  
Total Portfolio Loans 228 2,968  
Other      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 251,982 0  
Year two 0 0  
Year three 0 0  
Year four 0 0  
Year five 0 0  
Year five and prior 3,221 305,213  
Revolving 0 0  
Total Portfolio Loans 255,203 305,213  
Gross charge-offs, year one 15,000 0  
Gross charge-offs, year two 0 0  
Gross charge-offs, year three 0 0  
Gross charge-offs, year four 0 0  
Gross charge-offs, year five 0 0  
Gross charge-offs, year five and prior 0 0  
Gross charge-offs, revolving 0 0  
Gross charge-offs 15,000 0 $ 0
Other | Performing      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 0 0  
Year two 0 0  
Year three 0 0  
Year four 0 0  
Year five 0 0  
Year five and prior 3,221 3,300  
Revolving 0 0  
Total Portfolio Loans 3,221 3,300  
Other | Nonperforming      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 251,982 0  
Year two 0 0  
Year three 0 0  
Year four 0 0  
Year five 0 0  
Year five and prior 0 301,913  
Revolving 0 0  
Total Portfolio Loans 251,982 301,913  
Other | Pass      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 0 0  
Year two 0 0  
Year three 0 0  
Year four 0 0  
Year five 0 0  
Year five and prior 3,221 3,300  
Revolving 0 0  
Total Portfolio Loans 3,221 3,300  
Other | Special Mention      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 0 0  
Year two 0 0  
Year three 0 0  
Year four 0 0  
Year five 0 0  
Year five and prior 0 0  
Revolving 0 0  
Total Portfolio Loans 0 0  
Other | Substandard      
Financing Receivable, Credit Quality Indicator [Line Items]      
Year one 251,982 0  
Year two 0 0  
Year three 0 0  
Year four 0 0  
Year five 0 0  
Year five and prior 0 301,913  
Revolving 0 0  
Total Portfolio Loans $ 251,982 $ 301,913  
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES - Schedule of Loans Past Due (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Past Due [Line Items]    
Portfolio Loans $ 3,624,826 $ 3,505,910
Nonaccrual Loans 259,349 309,535
Current Loans    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 3,360,649 3,190,343
Total 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 4,828 6,032
30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 4,680 5,611
Loans 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 148 421
Commercial Real Estate    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 1,869,831 1,670,631
Nonaccrual Loans 1,176 1,324
Commercial Real Estate | Current Loans    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 1,866,013 1,668,988
Commercial Real Estate | Total 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 2,642 319
Commercial Real Estate | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 2,642 125
Commercial Real Estate | Loans 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 0 194
Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 230,483 271,511
Nonaccrual Loans 1,078 52
Commercial and Industrial | Current Loans    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 229,225 271,420
Commercial and Industrial | Total 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 180 39
Commercial and Industrial | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 180 5
Commercial and Industrial | Loans 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 0 34
Residential Mortgages    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 777,471 787,929
Nonaccrual Loans 4,865 3,283
Residential Mortgages | Current Loans    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 771,689 782,765
Residential Mortgages | Total 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 917 1,881
Residential Mortgages | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 867 1,846
Residential Mortgages | Loans 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 50 35
Other Consumer    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 28,908 34,277
Nonaccrual Loans 20 59
Other Consumer | Current Loans    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 28,582 33,813
Other Consumer | Total 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 306 405
Other Consumer | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 208 247
Other Consumer | Loans 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 98 158
Construction    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 462,930 436,349
Nonaccrual Loans 228 2,904
Construction | Current Loans    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 461,919 430,057
Construction | Total 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 783 3,388
Construction | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 783 3,388
Construction | Loans 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 0 0
Other    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 255,203 305,213
Nonaccrual Loans 251,982 301,913
Other | Current Loans    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 3,221 3,300
Other | Total 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 0 0
Other | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans 0 0
Other | Loans 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Portfolio Loans $ 0 $ 0
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES - Schedule of Nonaccrual Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual without an Allowance for Credit Losses $ 2,053 $ 4,493
Nonaccrual with an Allowance for Credit Losses 257,296 305,042
Total Nonaccrual Loans 259,349 309,535
Past Due 90+ Days Still Accruing 0 0
Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual without an Allowance for Credit Losses 0 453
Nonaccrual with an Allowance for Credit Losses 1,176 871
Total Nonaccrual Loans 1,176 1,324
Past Due 90+ Days Still Accruing 0 0
Commercial and Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual without an Allowance for Credit Losses 0 0
Nonaccrual with an Allowance for Credit Losses 1,078 52
Total Nonaccrual Loans 1,078 52
Past Due 90+ Days Still Accruing 0 0
Residential Mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual without an Allowance for Credit Losses 2,053 1,142
Nonaccrual with an Allowance for Credit Losses 2,812 2,141
Total Nonaccrual Loans 4,865 3,283
Past Due 90+ Days Still Accruing 0 0
Other Consumer    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual without an Allowance for Credit Losses 0 0
Nonaccrual with an Allowance for Credit Losses 20 59
Total Nonaccrual Loans 20 59
Past Due 90+ Days Still Accruing 0 0
Construction    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual without an Allowance for Credit Losses 0 2,898
Nonaccrual with an Allowance for Credit Losses 228 6
Total Nonaccrual Loans 228 2,904
Past Due 90+ Days Still Accruing 0 0
Other    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual without an Allowance for Credit Losses 0 0
Nonaccrual with an Allowance for Credit Losses 251,982 301,913
Total Nonaccrual Loans 251,982 301,913
Past Due 90+ Days Still Accruing $ 0 $ 0
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES - Schedule of Collateral Dependent Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans $ 3,624,826 $ 3,505,910
Commercial and Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 230,483 271,511
Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 1,869,831 1,670,631
Residential Mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 777,471 787,929
Construction    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 462,930 436,349
Other    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 255,203 305,213
Total    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 255,061 306,406
Total | Commercial and Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 1,026  
Total | Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   453
Total | Residential Mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 2,053 1,142
Total | Construction    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   2,898
Total | Other    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 251,982 301,913
Equipment    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 1,026  
Equipment | Commercial and Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 1,026  
Equipment | Residential Mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 0  
Equipment | Other    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 0  
Office    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   453
Office | Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   453
Office | Residential Mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   0
Office | Construction    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   0
Office | Other    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   0
Single Family    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 2,053 3,232
Single Family | Commercial and Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 0  
Single Family | Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   0
Single Family | Residential Mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 2,053 1,142
Single Family | Construction    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   2,090
Single Family | Other    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 0 0
Land    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   808
Land | Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   0
Land | Residential Mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   0
Land | Construction    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   808
Land | Other    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   0
Discounted Cash Flow    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 251,982 301,913
Discounted Cash Flow | Commercial and Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 0  
Discounted Cash Flow | Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   0
Discounted Cash Flow | Residential Mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans 0 0
Discounted Cash Flow | Construction    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans   0
Discounted Cash Flow | Other    
Financing Receivable, Nonaccrual [Line Items]    
Portfolio Loans $ 251,982 $ 301,913
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES - Schedule of Activity in Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, Beginning of Year $ 97,052 $ 93,852 $ 95,939
Provision (Recovery) for Credit Losses on Loans (5,039) 5,500 2,419
Charge-offs (16,988) (2,973) (5,159)
Recoveries 575 673 653
Net Recoveries / (Charge-offs) (16,413) (2,300) (4,506)
Balance, End of Year 75,600 97,052 93,852
Commercial Real Estate      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, Beginning of Year 19,873 17,992 17,297
Provision (Recovery) for Credit Losses on Loans 273 1,881 695
Charge-offs 0 0 0
Recoveries 0 0 0
Net Recoveries / (Charge-offs) 0 0 0
Balance, End of Year 20,146 19,873 17,992
Commercial and Industrial      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, Beginning of Year 3,286 3,980 4,111
Provision (Recovery) for Credit Losses on Loans (504) (719) 3,304
Charge-offs (40) (63) (3,436)
Recoveries 49 88 1
Net Recoveries / (Charge-offs) 9 25 (3,435)
Balance, End of Year 2,791 3,286 3,980
Residential Mortgages      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, Beginning of Year 10,879 8,891 4,368
Provision (Recovery) for Credit Losses on Loans (489) 2,081 4,470
Charge-offs (32) (203) (46)
Recoveries 31 110 99
Net Recoveries / (Charge-offs) (1) (93) 53
Balance, End of Year 10,389 10,879 8,891
Other Consumer      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, Beginning of Year 868 1,329 1,493
Provision (Recovery) for Credit Losses on Loans 1,078 1,729 1,109
Charge-offs (1,759) (2,665) (1,677)
Recoveries 495 475 404
Net Recoveries / (Charge-offs) (1,264) (2,190) (1,273)
Balance, End of Year 682 868 1,329
Construction      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, Beginning of Year 7,792 6,942 6,939
Provision (Recovery) for Credit Losses on Loans 3,662 892 (146)
Charge-offs (157) (42) 0
Recoveries 0 0 149
Net Recoveries / (Charge-offs) (157) (42) 149
Balance, End of Year 11,297 7,792 6,942
Other      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, Beginning of Year 54,354 54,718 61,731
Provision (Recovery) for Credit Losses on Loans (9,059) (364) (7,013)
Charge-offs (15,000) 0 0
Recoveries 0 0 0
Net Recoveries / (Charge-offs) (15,000) 0 0
Balance, End of Year $ 30,295 $ 54,354 $ 54,718
v3.25.0.1
FAIR VALUE MEASUREMENTS - Schedule of Financial Assets Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Securities Available-for-Sale $ 718,400 $ 779,003
Equity Securities 10,041 0
Derivatives 17,356 17,440
Liabilities    
Derivatives 17,710 17,228
U.S. Government Agency Securities    
Assets    
Securities Available-for-Sale 26,950 43,827
Residential Mortgage-Backed Securities    
Assets    
Securities Available-for-Sale 96,153 99,150
Commercial Mortgage-Backed Securities    
Assets    
Securities Available-for-Sale 21,587 31,163
Other Commercial Mortgage-Backed Securities    
Assets    
Securities Available-for-Sale 21,970 21,856
Asset Backed Securities    
Assets    
Securities Available-for-Sale 118,521 140,006
Collateralized Mortgage Obligations    
Assets    
Securities Available-for-Sale 148,588 161,533
States and Political Subdivisions    
Assets    
Securities Available-for-Sale 221,181 222,108
Corporate Notes    
Assets    
Securities Available-for-Sale 63,450 59,360
Fair Value, Recurring    
Assets    
Securities Available-for-Sale 718,400 779,003
Equity Securities 10,041  
Portfolio Loan Pool Subject to Fair Value Hedge 622  
Derivatives 17,356 17,440
Total 746,419 796,443
Liabilities    
Derivatives 17,710 17,228
Total 17,710 17,228
Fair Value, Recurring | U.S. Government Agency Securities    
Assets    
Securities Available-for-Sale 26,950 43,827
Fair Value, Recurring | Residential Mortgage-Backed Securities    
Assets    
Securities Available-for-Sale 96,153 99,150
Fair Value, Recurring | Commercial Mortgage-Backed Securities    
Assets    
Securities Available-for-Sale 21,587 31,163
Fair Value, Recurring | Other Commercial Mortgage-Backed Securities    
Assets    
Securities Available-for-Sale 21,970 21,856
Fair Value, Recurring | Asset Backed Securities    
Assets    
Securities Available-for-Sale 118,521 140,006
Fair Value, Recurring | Collateralized Mortgage Obligations    
Assets    
Securities Available-for-Sale 148,588 161,533
Fair Value, Recurring | States and Political Subdivisions    
Assets    
Securities Available-for-Sale 221,181 222,108
Fair Value, Recurring | Corporate Notes    
Assets    
Securities Available-for-Sale 63,450 59,360
Fair Value, Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1)    
Assets    
Securities Available-for-Sale 0 0
Equity Securities 10,041  
Portfolio Loan Pool Subject to Fair Value Hedge 0  
Derivatives 0 0
Total 10,041 0
Liabilities    
Derivatives 0 0
Total 0 0
Fair Value, Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | U.S. Government Agency Securities    
Assets    
Securities Available-for-Sale 0 0
Fair Value, Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Residential Mortgage-Backed Securities    
Assets    
Securities Available-for-Sale 0 0
Fair Value, Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Commercial Mortgage-Backed Securities    
Assets    
Securities Available-for-Sale 0 0
Fair Value, Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Other Commercial Mortgage-Backed Securities    
Assets    
Securities Available-for-Sale 0 0
Fair Value, Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Asset Backed Securities    
Assets    
Securities Available-for-Sale 0 0
Fair Value, Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Collateralized Mortgage Obligations    
Assets    
Securities Available-for-Sale 0 0
Fair Value, Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | States and Political Subdivisions    
Assets    
Securities Available-for-Sale 0 0
Fair Value, Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Corporate Notes    
Assets    
Securities Available-for-Sale 0 0
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Assets    
Securities Available-for-Sale 710,642 771,684
Equity Securities 0  
Portfolio Loan Pool Subject to Fair Value Hedge 622  
Derivatives 17,356 17,440
Total 728,620 789,124
Liabilities    
Derivatives 17,710 17,228
Total 17,710 17,228
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Government Agency Securities    
Assets    
Securities Available-for-Sale 26,950 43,827
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Residential Mortgage-Backed Securities    
Assets    
Securities Available-for-Sale 96,153 99,150
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Commercial Mortgage-Backed Securities    
Assets    
Securities Available-for-Sale 21,587 31,163
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Other Commercial Mortgage-Backed Securities    
Assets    
Securities Available-for-Sale 21,970 21,856
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Asset Backed Securities    
Assets    
Securities Available-for-Sale 118,521 140,006
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Collateralized Mortgage Obligations    
Assets    
Securities Available-for-Sale 148,588 161,533
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | States and Political Subdivisions    
Assets    
Securities Available-for-Sale 221,181 222,108
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Corporate Notes    
Assets    
Securities Available-for-Sale 55,692 52,041
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Assets    
Securities Available-for-Sale 7,758 7,319
Equity Securities 0  
Portfolio Loan Pool Subject to Fair Value Hedge 0  
Derivatives 0 0
Total 7,758 7,319
Liabilities    
Derivatives 0 0
Total 0 0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Government Agency Securities    
Assets    
Securities Available-for-Sale 0 0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Residential Mortgage-Backed Securities    
Assets    
Securities Available-for-Sale 0 0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Commercial Mortgage-Backed Securities    
Assets    
Securities Available-for-Sale 0 0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Other Commercial Mortgage-Backed Securities    
Assets    
Securities Available-for-Sale 0 0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Asset Backed Securities    
Assets    
Securities Available-for-Sale 0 0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized Mortgage Obligations    
Assets    
Securities Available-for-Sale 0 0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | States and Political Subdivisions    
Assets    
Securities Available-for-Sale 0 0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Corporate Notes    
Assets    
Securities Available-for-Sale $ 7,758 $ 7,319
v3.25.0.1
FAIR VALUE MEASUREMENTS - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
security
Dec. 31, 2023
USD ($)
security
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Impaired loans with specific valuation allowance $ 221,700 $ 247,600    
OREO 659 2,463 $ 8,393 $ 10,916
OREO write-downs 200 1,100    
Fair Value, Nonrecurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Impaired loans with specific valuation allowance 579 0    
Related allowance 30,700 54,300    
OREO 659 2,463    
Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Impaired loans with specific valuation allowance 579 0    
OREO $ 659 $ 2,463    
Significant Unobservable Inputs (Level 3) | Corporate Notes | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Number of securities | security 2 2    
Fair value level 3 security $ 7,800 $ 7,300    
Change in fair value   $ 500    
v3.25.0.1
FAIR VALUE MEASUREMENTS - Schedule of Assets Measured on a Nonrecurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO $ 659 $ 2,463 $ 8,393 $ 10,916
Individually Evaluated Loans 221,700 247,600    
Fair Value, Nonrecurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO 659 2,463    
Individually Evaluated Loans 579 0    
Fair Value, Nonrecurring | Quoted Prices In Active Markets for Identical Assets (Level 1)        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO 0 0    
Individually Evaluated Loans 0 0    
Fair Value, Nonrecurring | Significant Other Observable Inputs (Level 2)        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO 0 0    
Individually Evaluated Loans 0 0    
Fair Value, Nonrecurring | Significant Unobservable Inputs (Level 3)        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO 659 2,463    
Individually Evaluated Loans $ 579 $ 0    
v3.25.0.1
FAIR VALUE MEASUREMENTS - Schedule of Assets Measured at Fair Value on Nonrecurring Basis, Valuation Techniques (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Individually Evaluated Loans $ 221,700 $ 247,600    
OREO $ 659 $ 2,463 $ 8,393 $ 10,916
Appraisals | Estimated Selling Costs        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Individually Evaluated Loans, measurement input 0.035      
Appraisals | Estimated Selling Costs | Weighted Average        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Individually Evaluated Loans, measurement input 0.035      
Appraisals | Estimated Selling Costs | OREO 1        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO, measurement input 0 0.060    
Appraisals | Estimated Selling Costs | OREO 1 | Weighted Average        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO, measurement input 0 0.060    
Internal Valuations | Estimated Selling Costs | OREO 2        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO, measurement input 0.050 0.050    
Internal Valuations | Estimated Selling Costs | OREO 2 | Weighted Average        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO, measurement input 0.050 0.050    
Discounted Internal Valuations | Management's Subject Discount | OREO 3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO, measurement input 0.240      
Discounted Internal Valuations | Management's Subject Discount | OREO 3 | Minimum        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO, measurement input   0.000    
Discounted Internal Valuations | Management's Subject Discount | OREO 3 | Maximum        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO, measurement input   0.240    
Discounted Internal Valuations | Management's Subject Discount | OREO 3 | Weighted Average        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO, measurement input 0.240 0.156    
Fair Value        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Individually Evaluated Loans $ 579 $ 0    
OREO 659 2,463    
Fair Value | OREO 1        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO 0 130    
Fair Value | OREO 2        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO 143 142    
Fair Value | OREO 3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
OREO $ 516 $ 2,191    
v3.25.0.1
FAIR VALUE MEASUREMENTS - Schedule of Financial Instruments, Carrying Values and Estimated Fair Values (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financial Assets:    
Securities Available-for-Sale $ 718,400 $ 779,003
Equity Securities 10,041 0
Federal Home Loan Bank Stock, at Cost 6,487 21,626
Carrying Value    
Financial Assets:    
Cash and Cash Equivalents 131,171 54,529
Securities Available-for-Sale 718,400 779,003
Equity Securities 10,041  
Portfolio Loans, net 3,549,226 3,408,858
Federal Home Loan Bank Stock, at Cost 6,487 21,626
Other Assets- Interest Rate Derivatives 17,356 17,440
Accrued Interest Receivable 17,842 18,877
Financial Liabilities:    
Deposits 4,153,421 3,721,915
Other Liabilities- Interest Rate Derivatives 17,710 17,228
FHLB Borrowings 70,000 393,400
Accrued Interest Payable 8,218 7,288
Estimate of Fair Value Measurement    
Financial Assets:    
Cash and Cash Equivalents 131,171 54,529
Securities Available-for-Sale 718,400 779,003
Equity Securities 10,041  
Portfolio Loans, net 3,379,192 3,177,715
Other Assets- Interest Rate Derivatives 17,356 17,440
Accrued Interest Receivable 17,842 18,877
Financial Liabilities:    
Deposits 4,166,965 3,734,307
Other Liabilities- Interest Rate Derivatives 17,710 17,228
FHLB Borrowings 69,604 392,696
Accrued Interest Payable 8,218 7,288
Estimate of Fair Value Measurement | Level 1    
Financial Assets:    
Cash and Cash Equivalents 39,608 39,676
Securities Available-for-Sale 0 0
Equity Securities 10,041  
Portfolio Loans, net 0 0
Federal Home Loan Bank Stock, at Cost 0 0
Other Assets- Interest Rate Derivatives 0 0
Accrued Interest Receivable 0 0
Financial Liabilities:    
Deposits 634,436 685,218
Other Liabilities- Interest Rate Derivatives 0 0
FHLB Borrowings 0 0
Accrued Interest Payable 0 0
Estimate of Fair Value Measurement | Level 2    
Financial Assets:    
Cash and Cash Equivalents 91,563 14,853
Securities Available-for-Sale 710,642 771,684
Equity Securities 0  
Portfolio Loans, net 0 0
Federal Home Loan Bank Stock, at Cost 0 0
Other Assets- Interest Rate Derivatives 17,356 17,440
Accrued Interest Receivable 4,406 5,368
Financial Liabilities:    
Deposits 1,594,615 1,450,046
Other Liabilities- Interest Rate Derivatives 17,710 17,228
FHLB Borrowings 0 0
Accrued Interest Payable 5 0
Estimate of Fair Value Measurement | Level 3    
Financial Assets:    
Cash and Cash Equivalents 0 0
Securities Available-for-Sale 7,758 7,319
Equity Securities 0  
Portfolio Loans, net 3,379,192 3,177,715
Other Assets- Interest Rate Derivatives 0 0
Accrued Interest Receivable 13,436 13,509
Financial Liabilities:    
Deposits 1,937,914 1,599,043
Other Liabilities- Interest Rate Derivatives 0 0
FHLB Borrowings 69,604 392,696
Accrued Interest Payable $ 8,213 $ 7,288
v3.25.0.1
RIGHT-OF-USE (“ROU”) ASSETS AND LEASE LIABILITIES - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
lease
Leases [Abstract]  
Number of lease contracts 9
Number of finance leases 7
Number of operating leases 2
Number of new lease agreements 2
v3.25.0.1
RIGHT-OF-USE (“ROU”) ASSETS AND LEASE LIABILITIES - Schedule of Lease, Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lease, Cost [Abstract]      
Operating Lease Expense $ 124 $ 48 $ 0
Amortization of ROU Assets - finance leases 490 365 374
Interest on lease liabilities - finance leases 462 292 287
Total Lease Expense 1,076 705 661
Operating Leases      
ROU assets $ 294 $ 419  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets  
Operating cash flows $ 167 $ 87  
Finance Leases      
ROU assets $ 9,560 $ 6,988  
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets  
Operating cash flows $ 462 $ 292  
Financing cash flows $ 179 $ 185  
Weighted Average Lease Term - Years      
Operating leases 2 years 9 months 18 days 3 years 3 months 18 days  
Finance leases 16 years 2 months 12 days 17 years 10 months 24 days  
Weighted Average Discount Rate      
Operating leases 6.60% 6.60%  
Finance leases 5.70% 5.20%  
ROU Assets obtained in exchange for Lease Liabilities      
Operating leases $ 0 $ 0  
Finance leases $ 2,995 $ 1,464 $ 3,391
v3.25.0.1
RIGHT-OF-USE (“ROU”) ASSETS AND LEASE LIABILITIES - Schedule of Maturity Analysis Of Lease Liabilities For Finance And Operating Leases (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Finance  
2025 $ 801
2026 862
2027 885
2028 904
2029 923
Thereafter 11,454
Total 15,829
Less: Present value discount (5,726)
Lease Liabilities $ 10,103
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities
Operating  
2025 $ 131
2026 107
2027 89
2028 0
2029 0
Thereafter 0
Total 327
Less: Present value discount (28)
Lease Liabilities $ 299
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities
Total  
2025 $ 932
2026 969
2027 974
2028 904
2029 923
Thereafter 11,454
Total 16,156
Less: Present value discount (5,754)
Lease Liabilities $ 10,402
v3.25.0.1
PREMISES AND EQUIPMENT - Schedule of Cost and Accumulated Depreciation of Premises and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Total Premises and Equipment $ 121,851 $ 115,160
Accumulated Depreciation (47,522) (41,453)
Total 74,329 73,707
Land    
Property, Plant and Equipment [Line Items]    
Total Premises and Equipment 18,610 18,826
Bank Premises    
Property, Plant and Equipment [Line Items]    
Total Premises and Equipment 59,857 58,983
Furniture and Equipment    
Property, Plant and Equipment [Line Items]    
Total Premises and Equipment 40,361 35,772
Leasehold Improvements    
Property, Plant and Equipment [Line Items]    
Total Premises and Equipment $ 3,023 $ 1,579
v3.25.0.1
PREMISES AND EQUIPMENT - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Property plant and equipment $ 74,329,000 $ 73,707,000  
Depreciation expenses 7,100,000 6,200,000 $ 6,100,000
Impairment of long-lived assets to be disposed of 200,000 500,000 $ 600,000
Held-for-sale in OREO 700,000 2,300,000  
Disposal Group, Held-for-sale, Not Discontinued Operations | Buildings and Equipment      
Property, Plant and Equipment [Line Items]      
Property plant and equipment $ 0 $ 0  
v3.25.0.1
OTHER REAL ESTATE OWNED - Schedule of Other Real Estate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Real Estate [Roll Forward]      
Beginning of Year Balance $ 2,463 $ 8,393 $ 10,916
Loans Transferred to OREO 1,181 110 74
Transfer of Closed Retail Offices to OREO 348 1,854 2,675
Direct Write-Downs (160) (1,117) (741)
Cash Proceeds from Pay-downs 0 (397) (422)
Sales of OREO (3,173) (6,380) (4,109)
End of Year Balance $ 659 $ 2,463 $ 8,393
v3.25.0.1
OTHER REAL ESTATE OWNED - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Real Estate [Line Items]      
Repossessed assets $ 0 $ 200 $ 7,300
Mortgage loans in process of foreclosure 400 2,000  
Residential Real Estate      
Real Estate [Line Items]      
Investment in foreclosed residential real estate 0 62  
Mortgage loans in process of foreclosure $ 400 $ 2,000  
v3.25.0.1
OTHER REAL ESTATE OWNED - Schedule of Income and Expenses Related to Foreclosed Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Real Estate Owned, Disclosure of Detailed Components [Abstract]      
Provision for Losses $ 160 $ 1,117 $ 741
Operating Expenses, net of Rental Income 37 178 293
Net Gain on Sales (1,026) (17) (309)
OREO (Income) Expense $ (829) $ 1,278 $ 725
v3.25.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 19, 2024
USD ($)
Jul. 11, 2024
USD ($)
swap
Dec. 31, 2023
USD ($)
Derivative [Line Items]        
Fair Value $ 17,710     $ 17,228
Derivatives Designated as Hedging Instruments        
Derivative [Line Items]        
Fair Value 554     0
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts        
Derivative [Line Items]        
Number of derivative instruments | swap     2  
Notional amount     $ 300,000  
Fair Value 554     $ 0
Derivatives Designated as Hedging Instruments | Interest Rate Swap, Maturing 2029        
Derivative [Line Items]        
Notional value terminated   $ 175,000    
Interest income adjustments     $ 154  
Derivatives Designated as Hedging Instruments | Interest Rate Swap, Maturing 2027        
Derivative [Line Items]        
Notional amount $ 125,000      
Fixed interest rate     4.188%  
v3.25.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Assets and Liabilities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
transaction
Dec. 31, 2023
USD ($)
transaction
Fair Values of Derivative Instruments Asset Derivatives (Included in Other Assets)    
Number of Transactions | transaction 59 61
Notional Amount $ 369,716 $ 387,764
Fair Value $ 17,356 $ 17,440
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets
Fair Values of Derivative Instruments Liability Derivatives (Included in Other Liabilities)    
Number of Transactions | transaction 60 61
Notional Amount $ 494,716 $ 387,764
Fair Value $ 17,710 $ 17,228
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities Other Liabilities
Derivatives Designated as Hedging Instruments    
Fair Values of Derivative Instruments Asset Derivatives (Included in Other Assets)    
Number of Transactions | transaction 0 0
Notional Amount $ 0 $ 0
Fair Value $ 0 $ 0
Fair Values of Derivative Instruments Liability Derivatives (Included in Other Liabilities)    
Number of Transactions | transaction 1 0
Notional Amount $ 125,000 $ 0
Fair Value $ 554 $ 0
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts    
Fair Values of Derivative Instruments Asset Derivatives (Included in Other Assets)    
Number of Transactions | transaction 0 0
Notional Amount $ 0 $ 0
Fair Value $ 0 $ 0
Fair Values of Derivative Instruments Liability Derivatives (Included in Other Liabilities)    
Number of Transactions | transaction 1 0
Notional Amount $ 125,000 $ 0
Fair Value $ 554 $ 0
Derivatives not Designated as Hedging Instruments    
Fair Values of Derivative Instruments Asset Derivatives (Included in Other Assets)    
Number of Transactions | transaction 59 61
Notional Amount $ 369,716 $ 387,764
Fair Value $ 17,356 $ 17,440
Fair Values of Derivative Instruments Liability Derivatives (Included in Other Liabilities)    
Number of Transactions | transaction 59 61
Notional Amount $ 369,716 $ 387,764
Fair Value $ 17,156 $ 17,228
Derivatives not Designated as Hedging Instruments | Interest Rate Swap Contracts    
Fair Values of Derivative Instruments Asset Derivatives (Included in Other Assets)    
Number of Transactions | transaction 56 58
Notional Amount $ 368,850 $ 387,144
Fair Value $ 17,354 $ 17,437
Fair Values of Derivative Instruments Liability Derivatives (Included in Other Liabilities)    
Number of Transactions | transaction 56 58
Notional Amount $ 368,850 $ 387,144
Fair Value $ 17,154 $ 17,225
Derivatives not Designated as Hedging Instruments | Interest Rate Lock Commitments    
Fair Values of Derivative Instruments Asset Derivatives (Included in Other Assets)    
Number of Transactions | transaction 3 3
Notional Amount $ 866 $ 620
Fair Value $ 2 $ 3
Derivatives not Designated as Hedging Instruments | Forward Sale Contracts    
Fair Values of Derivative Instruments Liability Derivatives (Included in Other Liabilities)    
Number of Transactions | transaction 3 3
Notional Amount $ 866 $ 620
Fair Value $ 2 $ 3
v3.25.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Income (Loss) Recognized in Consolidated Statement of Income (Loss) on Derivatives (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
Total Derivative (Loss) Income not Designated as Hedging Instruments $ (137) $ (219) $ 605
Derivatives Designated as Hedging Instruments      
Derivative [Line Items]      
Total Derivative (Loss) Income not Designated as Hedging Instruments (125) 0 0
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts      
Derivative [Line Items]      
Total Derivative (Loss) Income not Designated as Hedging Instruments (125) 0 0
Derivatives not Designated as Hedging Instruments      
Derivative [Line Items]      
Total Derivative (Loss) Income not Designated as Hedging Instruments (12) (219) 605
Derivatives not Designated as Hedging Instruments | Interest Rate Lock Commitments      
Derivative [Line Items]      
Total Derivative (Loss) Income not Designated as Hedging Instruments (1) 2 1
Derivatives not Designated as Hedging Instruments | Forward Sale Contracts      
Derivative [Line Items]      
Total Derivative (Loss) Income not Designated as Hedging Instruments 1 (2) (1)
Derivatives not Designated as Hedging Instruments | Interest Rate Swap Contracts      
Derivative [Line Items]      
Total Derivative (Loss) Income not Designated as Hedging Instruments $ (12) $ (219) $ 605
v3.25.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Offsetting Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Asset Derivatives (Included in Other Assets)    
Net Amounts Presented in the Consolidated Balance Sheets $ 17,356 $ 17,440
Liability Derivatives (Included in Other Liabilities)    
Net Amounts Presented in the Consolidated Balance Sheets 17,710 17,228
Derivatives Designated as Hedging Instruments    
Asset Derivatives (Included in Other Assets)    
Gross Amounts Recognized 0 0
Gross Amounts Offset 0 0
Net Amounts Presented in the Consolidated Balance Sheets 0 0
Liability Derivatives (Included in Other Liabilities)    
Gross Amounts Recognized 592 0
Gross Amounts Offset 38 0
Net Amounts Presented in the Consolidated Balance Sheets 554 0
Derivatives not Designated as Hedging Instruments    
Asset Derivatives (Included in Other Assets)    
Gross Amounts Recognized 17,356 17,440
Gross Amounts Offset 0 0
Net Amounts Presented in the Consolidated Balance Sheets 17,356 17,440
Liability Derivatives (Included in Other Liabilities)    
Gross Amounts Recognized 17,156 17,228
Gross Amounts Offset 0 0
Net Amounts Presented in the Consolidated Balance Sheets $ 17,156 $ 17,228
v3.25.0.1
DEPOSITS - Schedule of Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Banking and Thrift, Interest [Abstract]    
Noninterest-Bearing Demand $ 634,436 $ 685,218
Interest-Bearing Demand 726,947 481,506
Money Market 512,162 513,664
Savings 355,506 454,876
Certificates of Deposits 1,924,370 1,586,651
Total Deposits $ 4,153,421 $ 3,721,915
v3.25.0.1
DEPOSITS - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Banking and Thrift, Interest [Abstract]    
Time deposits, at or above FDIC insurance limit $ 297.9 $ 305.0
Brokered deposits 196.1 70.0
Overdraft reclassified to loans 0.3 0.3
Deposits with related parties $ 2.3 $ 1.8
v3.25.0.1
DEPOSITS - Schedule of Maturities of Time Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Banking and Thrift, Interest [Abstract]    
2025 $ 1,537,107  
2026 198,330  
2027 77,492  
2028 68,081  
2029 42,912  
Thereafter 448  
Total $ 1,924,370 $ 1,586,651
v3.25.0.1
FEDERAL HOME LOAN BANK BORROWINGS AND FEDERAL FUNDS PURCHASED - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
financialInstitution
Dec. 31, 2023
USD ($)
financialInstitution
Dec. 31, 2022
USD ($)
Debt Instrument [Line Items]      
Total FHLB Borrowings $ 70,000,000 $ 393,400,000 $ 180,550,000
Interest rate 0.00% 5.60%  
Maximum amount available, percentage of total assets 25.00%    
Maximum borrowing capacity $ 1,200,000,000    
FHLB Availability $ 735,294,000 $ 480,266,000 $ 676,746,000
Number of financial institutions entity has unsecured facilities with | financialInstitution 3    
Unsecured facilities amount with financial institutions $ 30,000,000.0 $ 50,000,000.0  
Number of financial institutions entity has fully secured facilities | financialInstitution 1 1  
Fully secured facilities amount with financial institutions $ 45,000,000.0 $ 0  
Loans Receivable      
Debt Instrument [Line Items]      
Assets pledged as collateral 1,600,000,000 1,500,000,000  
Debt Securities Available For Sale      
Debt Instrument [Line Items]      
Assets pledged as collateral $ 0 $ 0  
v3.25.0.1
FEDERAL HOME LOAN BANK BORROWINGS AND FEDERAL FUNDS PURCHASED - Schedule of Long-term Borrowings (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]      
FHLB Borrowings $ 70,000 $ 393,400 $ 180,550
Weighted Average Interest Rate 4.02% 5.20% 4.48%
Interest Expense $ 11,379 $ 20,822 $ 1,163
FHLB Availability 735,294 480,266 676,746
Federal Funds Purchased $ 0 $ 0 $ 17,870
Weighted Average Interest Rate 0.00% 0.00% 4.65%
Interest Expense $ 0 $ 368 $ 188
Federal Funds Purchased Availability $ 75,000 $ 50,000 $ 127,130
v3.25.0.1
FEDERAL HOME LOAN BANK BORROWINGS AND FEDERAL FUNDS PURCHASED - Schedule of Maturities and Weighted Average Interest Rates (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Balance      
2025 $ 25,000    
2026 45,000    
2027 0    
2028 0    
2029 0    
Thereafter 0    
Total FHLB Borrowings $ 70,000 $ 393,400 $ 180,550
Weighted Average Rate      
2025 4.13%    
2026 3.96%    
2027 0.00%    
2028 0.00%    
2029 0.00%    
Thereafter 0.00%    
Total FHLB Borrowings 4.02% 5.20% 4.48%
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Narrative (Details)
 1 Months Ended 12 Months Ended
Jan. 01, 2018
USD ($)
Apr. 30, 2017
payment
Dec. 31, 2024
USD ($)
hour
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2018
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]            
Vesting percent     100.00%      
Deferred Profit Sharing            
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]            
Employee minimum working hours | hour     1,000      
Vesting percent     100.00%      
Maximum contractual term     5 years      
Contributions to the plan     $ 500,000 $ 400,000 $ 1,000,000.0  
Maximum contribution, percent           0.04
Matching deferral expense     1,400,000 1,400,000 $ 1,300,000  
Deferred Profit Sharing | Nonqualified Deferred Compensation Plan            
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]            
Value of the plan     596,300 $ 447,800    
Deferred Profit Sharing | Chief Executive Officer | Nonqualified Profit Sharing Plan            
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]            
Value of the plan     $ 500,000      
Number of quarterly payments | payment   45        
Quarterly distribution paid $ 30,000          
Deferred Profit Sharing | First Three Percent            
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]            
Matching percent of contribution, employer           1
Percent of deferred employee gross pay           0.03
Deferred Profit Sharing | Next Two Percent            
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]            
Matching percent of contribution, employer           0.50
Percent of deferred employee gross pay           0.02
Non-Elective            
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]            
Requisite service period     6 months      
Elective            
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]            
Requisite service period     1 month      
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Schedule of Vesting (Details)
 12 Months Ended
Dec. 31, 2024
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]  
Vesting percent 100.00%
1 Year of Service  
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]  
Vesting percent 20.00%
2 Years of Service  
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]  
Vesting percent 40.00%
3 Years of Service  
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]  
Vesting percent 60.00%
4 Years of Service  
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]  
Vesting percent 80.00%
v3.25.0.1
INCENTIVE AND RESTRICTED STOCK PLAN - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 27, 2018
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted (in shares)   128,115 137,097  
Compensation expense (reversed)   $ 1.8 $ 1.6 $ 1.3
Unrecognized compensation cost   $ 1.9 $ 2.1  
Unrecognized compensation cost, period for recognition   2 years 2 years 3 days  
Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized (in shares) 2,000,000      
Vesting period 1 year      
Performance period 1 year      
Plan expiration period 10 years      
Number of shares available for issuance (in shares)   1,416,491    
Plan | Restricted Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   1 year 1 year  
Granted (in shares)   607,084    
Plan | Restricted Stock | Key Associates        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   3 years 3 years  
Granted (in shares)   104,815 116,325  
Plan | Restricted Stock | Key Associates | Year One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting percentage   33.33% 33.33%  
Plan | Restricted Stock | Key Associates | Year Two        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting percentage   33.33% 33.33%  
Plan | Restricted Stock | Key Associates | Year Three        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting percentage   33.33% 33.33%  
Plan | Restricted Stock | Director        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted (in shares)   23,300 20,772  
Plan | Performance Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   70 days    
Granted (in shares)   46,331 0  
Compensation expense (reversed)   $ 0.2 $ (0.3)  
Performance units targeted percentage   110.00%    
Performance units performance period   3 years    
v3.25.0.1
INCENTIVE AND RESTRICTED STOCK PLAN - Schedule of Information about Restricted Stock (Details) - Restricted Stock - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Restricted Shares    
Beginning balance (in shares) 219,111 160,197
Granted (in shares) 128,115 137,097
Forfeited/Vested (in shares) (103,826) (78,183)
Ending balance (in shares) 243,400 219,111
Weighted Average Grant Date Fair Value    
Beginning balance (in usd per share) $ 15.67 $ 16.05
Granted (in usd per share) 13.07 15.56
Forfeited/Vested (in shares) 15.59 16.24
Ending balance (in usd per share) $ 14.34 $ 15.67
v3.25.0.1
FEDERAL AND STATE INCOME TAXES - Schedule of Components of Income Tax Provision (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Current $ 3,657 $ 4,969 $ 7,969
Deferred 2,670 (516) 3,939
Change in Valuation Allowance 19 884 (309)
Income Tax Provision $ 6,346 $ 5,337 $ 11,599
v3.25.0.1
FEDERAL AND STATE INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Amount      
Federal Income Tax at Statutory Rate $ 6,482 $ 6,031 $ 12,961
State Income Tax, net of Federal Benefit 625 445 657
Tax-exempt Interest, net of Disallowance (513) (708) (873)
Federal Tax Credits, net of Basis Reduction (623) (2,365) (625)
Change in Valuation Allowance 19 884 (309)
Income from Bank Owned Life Insurance (309) (290) (285)
Tax Credit Amortization 408 1,660 0
Other 257 (320) 73
Income Tax Provision $ 6,346 $ 5,337 $ 11,599
Percent      
Federal Income Tax at Statutory Rate 21.00% 21.00% 21.00%
State Income Tax, net of Federal Benefit 2.00% 1.50% 1.10%
Tax-exempt Interest, net of Disallowance (1.70%) (2.50%) (1.40%)
Federal Tax Credits, net of Basis Reduction (2.00%) (8.20%) (1.00%)
Change in Valuation Allowance 0.10% 3.10% (0.50%)
Income from Bank Owned Life Insurance (1.00%) (1.00%) (0.50%)
Tax Credit Amortization 1.30% 5.80% 0.00%
Other 0.90% (1.10%) 0.10%
Income Tax Provision and Effective Income Tax Rate 20.60% 18.60% 18.80%
v3.25.0.1
FEDERAL AND STATE INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Income Tax Contingency [Line Items]    
Valuation allowance $ 903 $ 884
HTC Program Investments    
Income Tax Contingency [Line Items]    
Equity investments recognized $ 1,100  
v3.25.0.1
FEDERAL AND STATE INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred Tax Assets    
Allowance for Credit Losses $ 16,667 $ 21,576
Net Unrealized Loss on Available-for-sale Securities 17,820 20,104
Capital Loss Carryforward 1,151 1,143
Accrued Interest on Nonaccrual Loans 1,717 132
Operating Lease Liabilities 2,293 1,718
Other 2,110 1,665
Gross Deferred Tax Assets 41,758 46,338
Less: Valuation Allowance (903) (884)
Total Deferred Tax Assets 40,855 45,454
Deferred Tax Liabilities    
Fixed Asset Depreciation (4,095) (4,409)
Acquisition-Related Fair Value Adjustments (2,480) (2,686)
Deferred Loan Income (1,943) (1,607)
Operating Lease Right-of-Use Assets (2,172) (1,647)
Equity Investment in Partnerships (607) (480)
Other (343) (437)
Total Deferred Tax Liabilities (11,640) (11,266)
Net Deferred Tax Assets $ 29,215 $ 34,188
v3.25.0.1
TAX EFFECTS ON OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other Comprehensive Income (Loss), Pre-Tax Amount $ 9,202 $ 17,891 $ (111,588)
Other Comprehensive Income (Loss), Tax (Expense) Benefit (2,284) (3,714) 24,270
Other Comprehensive Income (Loss): 6,918 14,177 (87,318)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Net Unrealized Gains (Losses) Arising during the Period, Pre-Tax Amount 9,270 16,370 (111,542)
Net Unrealized Gains (Losses) Arising during the Period, Tax (Expense) Benefit (2,299) (3,398) 24,261
Net Unrealized Gains (Losses) Arising during the Period, Net of Tax Amount 6,971 12,972 (87,281)
Reclassification Adjustment for Gains (Losses) included in Net Income, Pre-Tax Amount (68) 1,521 (46)
Reclassification Adjustment for Gains (Losses) included in Net Income, Tax (Expense) Benefit 15 (316) 9
Reclassification Adjustment for Gains (Losses) included in Net Income, Net of Tax Amount $ (53) $ 1,205 $ (37)
v3.25.0.1
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Commitments [Line Items]      
Commitments to extend credit $ 833,600 $ 702,300  
(Recovery) Provision for Unfunded Commitments $ (7) 901 $ 509
Data processing contract term 10 years    
Data processing expense $ 4,919 3,920 $ 4,051
Financial Standby Letter of Credit      
Other Commitments [Line Items]      
Guarantee, letter of credit outstanding 16,700 19,600  
Construction      
Other Commitments [Line Items]      
Commitments to extend credit $ 445,300 $ 452,200  
Commitments to extend credit, percent to total 53.40% 64.40%  
Unfunded Loan Commitment      
Other Commitments [Line Items]      
(Recovery) Provision for Unfunded Commitments $ (7)    
Increase (decrease) in unfunded commitments $ (900)    
v3.25.0.1
COMMITMENTS AND CONTINGENCIES - Schedule of Life-of-loss Reserve on Unfunded Loan Commitments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Life-of-Loss Reserve on Unfunded Loan Commitments      
Balance at beginning of period $ 3,193 $ 2,292  
(Recovery) Provision for Unfunded Commitments (7) 901 $ 509
Balance at end of period $ 3,186 $ 3,193 $ 2,292
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
Disaggregation of Revenue [Line Items]      
In-Scope Revenue Streams $ 19,413 $ 17,267 $ 18,332
Total Noninterest Income 21,368 18,278 21,718
Service Charges on Deposit Accounts | At  a point in time      
Disaggregation of Revenue [Line Items]      
In-Scope Revenue Streams 5,856 5,534 5,537
Other Fees and Other Income | At  a point in time      
Disaggregation of Revenue [Line Items]      
In-Scope Revenue Streams 1,983 1,885 3,284
Debit Card Interchange Fees | At  a point in time      
Disaggregation of Revenue [Line Items]      
In-Scope Revenue Streams 7,843 7,828 7,427
Customer Commissions | At  a point in time      
Disaggregation of Revenue [Line Items]      
In-Scope Revenue Streams 166 131 104
Annual Commission on Investment | Over time      
Disaggregation of Revenue [Line Items]      
In-Scope Revenue Streams 3,476 1,814 1,857
Special Production Payout | Over time      
Disaggregation of Revenue [Line Items]      
In-Scope Revenue Streams 43 0 0
Other Real Estate Owned Income | At  a point in time      
Disaggregation of Revenue [Line Items]      
In-Scope Revenue Streams 46 75 50
Gains on Sales and Write-downs of Bank Premises, net | At  a point in time      
Disaggregation of Revenue [Line Items]      
In-Scope Revenue Streams 0 0 73
Gains (Losses) on Sales of Securities, net      
Disaggregation of Revenue [Line Items]      
Out of Scope Revenue Streams 68 (1,521) 46
Bank Owned Life Insurance Income      
Disaggregation of Revenue [Line Items]      
Out of Scope Revenue Streams 1,473 1,381 1,357
Commercial Loan Swap Fee Income      
Disaggregation of Revenue [Line Items]      
Out of Scope Revenue Streams 0 139 774
Other      
Disaggregation of Revenue [Line Items]      
Out of Scope Revenue Streams $ 414 $ 1,012 $ 1,209
v3.25.0.1
PARENT COMPANY CONDENSED FINANCIAL INFORMATION - Schedule of Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
ASSETS        
Other Assets $ 109,288 $ 114,238    
Total Assets 4,659,189 4,512,539    
LIABILITIES        
Other Liabilities 48,269 42,788    
Total Shareholders’ Equity 384,313 351,243 $ 328,627 $ 407,596
Total Liabilities and Shareholders’ Equity 4,659,189 4,512,539    
Carter Bankshares, Inc.        
ASSETS        
Cash 354 629    
Investment in Bank Subsidiary 377,395 347,429    
Other Assets 6,564 3,337    
Total Assets 384,313 351,395    
LIABILITIES        
Other Liabilities 0 152    
Total Shareholders’ Equity 384,313 351,243    
Total Liabilities and Shareholders’ Equity $ 384,313 $ 351,395    
v3.25.0.1
PARENT COMPANY CONDENSED FINANCIAL INFORMATION - Schedule of Statements of Net Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Income Statements, Captions [Line Items]      
Dividend Income $ 1,012 $ 1,456 $ 154
Total Income 221,729 196,420 160,182
Income Tax Benefit 6,346 5,337 11,599
Net Income 24,523 23,384 50,118
Comprehensive Income (Loss) 31,441 37,561 (37,200)
Carter Bankshares, Inc.      
Condensed Income Statements, Captions [Line Items]      
Total Income (10) 418 0
Total Expenses (3,121) (3,011) (2,696)
Income Before Income Tax Benefit and Undistributed Net Income of Bank Subsidiary 819 11,436 42,681
Income Tax Benefit (656) (534) (577)
Income Before Undistributed Net Income of Bank Subsidiary 1,475 11,970 43,258
Equity in Undistributed Net Income of Bank Subsidiary 23,048 11,414 6,860
Net Income 24,523 23,384 50,118
Comprehensive Income (Loss) 31,441 37,561 (37,200)
Carter Bankshares, Inc. | Investment, Affiliated Issuer      
Condensed Income Statements, Captions [Line Items]      
Dividend Income $ 3,950 $ 14,029 $ 45,377
v3.25.0.1
PARENT COMPANY CONDENSED FINANCIAL INFORMATION - Schedule of Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net Income $ 24,523 $ 23,384 $ 50,118
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by      
Stock Compensation Expense 1,752 1,561 1,314
Net Cash Provided By Operating Activities 36,938 46,730 70,791
INVESTING ACTIVITIES      
Net Cash Used In Investing Activities (68,402) (307,011) (382,071)
FINANCING ACTIVITIES      
Repurchase of Common Stock 0 (16,416) (42,927)
Net Cash Provided By Financing Activities 108,106 267,941 80,350
Net Increase (Decrease) in Cash and Cash Equivalents 76,642 7,660 (230,930)
Cash and Cash Equivalents at Beginning of Period 54,529 46,869 277,799
Cash and Cash Equivalents at End of Period 131,171 54,529 46,869
Carter Bankshares, Inc.      
OPERATING ACTIVITIES      
Net Income 24,523 23,384 50,118
Equity in Undistributed Net Income of Bank Subsidiary (23,048) (11,414) (6,860)
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by      
Stock Compensation Expense 1,752 1,561 1,314
(Increase) Decrease in Other Assets (3,111) 1,774 (3,778)
Decrease in Other Liabilities (275) (47) (460)
Net Cash Provided By Operating Activities (159) 15,258 40,334
INVESTING ACTIVITIES      
Equity Investment in Non-Subsidiary, net of distributions (116) (412) (350)
Net Cash Used In Investing Activities (116) (412) (350)
FINANCING ACTIVITIES      
Repurchase of Common Stock 0 (16,416) (42,927)
Net Cash Provided By Financing Activities 0 (16,416) (42,927)
Net Increase (Decrease) in Cash and Cash Equivalents (275) (1,570) (2,943)
Cash and Cash Equivalents at Beginning of Period 629 2,199 5,142
Cash and Cash Equivalents at End of Period $ 354 $ 629 $ 2,199
v3.25.0.1
CAPITAL ADEQUACY - Schedule of Risk-Based Capital Amounts and Ratios (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Carter Bankshares, Inc.    
Leverage Ratio    
Actual Amount $ 448,834 $ 435,364
Actual Ratio 0.0956 0.0948
Minimum Regulatory Capital Requirements Amount $ 187,837 $ 183,636
Minimum Regulatory Capital Requirements Ratio 0.0400 0.0400
Common Equity Tier 1 (to Risk-Weighted Assets)    
Actual Amount $ 448,834 $ 435,364
Actual Ratio 0.1088 0.1108
Minimum Regulatory Capital Requirements Amount $ 185,721 $ 176,868
Minimum Regulatory Capital Requirements Ratio 0.0450 0.0450
Tier 1 Capital (to Risk-Weighted Assets)    
Actual Amount $ 448,834 $ 435,364
Actual Ratio 0.1088 0.1108
Minimum Regulatory Capital Requirements Amount $ 247,628 $ 235,824
Minimum Regulatory Capital Requirements Ratio 0.0600 0.0600
Total Capital (to Risk-Weighted Assets)    
Actual Amount $ 500,759 $ 484,925
Actual Ratio 0.1213 0.1234
Minimum Regulatory Capital Requirements Amount $ 330,171 $ 314,432
Minimum Regulatory Capital Requirements Ratio 0.0800 0.0800
Carter Bank & Trust    
Leverage Ratio    
Actual Amount $ 441,916 $ 431,550
Actual Ratio 0.0942 0.0941
Minimum Regulatory Capital Requirements Amount $ 187,649 $ 183,427
Minimum Regulatory Capital Requirements Ratio 0.0400 0.0400
To be Well Capitalized Under Prompt Corrective Action Provisions Amount $ 234,561 $ 229,283
To be Well Capitalized Under Prompt Corrective Action Provisions Ratio 0.0500 0.0500
Common Equity Tier 1 (to Risk-Weighted Assets)    
Actual Amount $ 441,916 $ 431,550
Actual Ratio 0.1072 0.1099
Minimum Regulatory Capital Requirements Amount $ 185,422 $ 176,716
Minimum Regulatory Capital Requirements Ratio 0.0450 0.0450
To be Well Capitalized Under Prompt Corrective Action Provisions Amount $ 267,832 $ 255,256
To be Well Capitalized Under Prompt Corrective Action Provisions Ratio 0.0650 0.0650
Tier 1 Capital (to Risk-Weighted Assets)    
Actual Amount $ 441,916 $ 431,550
Actual Ratio 0.1072 0.1099
Minimum Regulatory Capital Requirements Amount $ 247,230 $ 235,621
Minimum Regulatory Capital Requirements Ratio 0.0600 0.0600
To be Well Capitalized Under Prompt Corrective Action Provisions Amount $ 329,640 $ 314,161
To be Well Capitalized Under Prompt Corrective Action Provisions Ratio 0.0800 0.0800
Total Capital (to Risk-Weighted Assets)    
Actual Amount $ 493,760 $ 481,070
Actual Ratio 0.1198 0.1225
Minimum Regulatory Capital Requirements Amount $ 329,640 $ 314,161
Minimum Regulatory Capital Requirements Ratio 0.0800 0.0800
To be Well Capitalized Under Prompt Corrective Action Provisions Amount $ 412,050 $ 392,702
To be Well Capitalized Under Prompt Corrective Action Provisions Ratio 0.1000 0.1000
v3.25.0.1
SEGMENT REPORTING (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1