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Fair Value of Financial Instruments | 9 Months Ended
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Sep. 30, 2024
Fair Value Measurements |
Fair Value of Financial Instruments | Note 18 Fair Value of Financial Instruments ​ The fair value of a financial instrument is the amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is determined based upon quoted market prices to the extent possible; however, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques that may be significantly impacted by the assumptions used, including the discount rate and estimates of future cash flows. Changes in any of these assumptions could significantly affect the fair value estimates. The fair value of the financial instruments listed below does not reflect a premium or discount that could result from offering all of the Company’s holdings of financial instruments at one time, nor does it reflect the underlying value of the Company, as ASC Topic 825 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies and are based on the exit price concept within ASC Topic 825 and applied to this disclosure on a prospective basis. Considerable judgment is required to interpret market data in order to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. ​ The fair value of financial instruments at September 30, 2024 and December 31, 2023 are set forth below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Level in fair value | ​ | September 30, 2024 | ​ | December 31, 2023
​ | ​ | measurement | ​ | Carrying | ​ | Estimated | ​ | Carrying | ​ | Estimated
​ | ​ | hierarchy | ​ | amount | ​ | fair value | ​ | amount | ​ | fair value
ASSETS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | Level 1 | ​ | $ | 180,796 | ​ | $ | 180,796 | ​ | $ | 190,826 | ​ | $ | 190,826
U.S. Treasury securities - AFS | ​ | Level 1 | ​ | ​ | 49,190 | ​ | ​ | 49,190 | ​ | ​ | 73,044 | ​ | ​ | 73,044
U.S. Treasury securities - HTM | ​ | Level 1 | ​ | ​ | 49,563 | ​ | ​ | 49,157 | ​ | ​ | 49,338 | ​ | ​ | 48,334
Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises available-for-sale | ​ | Level 2 | ​ | ​ | 196,530 | ​ | ​ | 196,530 | ​ | ​ | 201,809 | ​ | ​ | 201,809
Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises available-for-sale | ​ | Level 2 | ​ | ​ | 460,496 | ​ | ​ | 460,496 | ​ | ​ | 351,242 | ​ | ​ | 351,242
Municipal securities available-for-sale | ​ | Level 2 | ​ | ​ | 80 | ​ | ​ | 80 | ​ | ​ | 79 | ​ | ​ | 79
Corporate debt available-for-sale | ​ | Level 2 | ​ | ​ | 1,962 | ​ | ​ | 1,962 | ​ | ​ | 1,843 | ​ | ​ | 1,843
Other available-for-sale securities | ​ | Level 3 | ​ | ​ | 729 | ​ | ​ | 729 | ​ | ​ | 812 | ​ | ​ | 812
Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises held-to-maturity | ​ | Level 2 | ​ | ​ | 270,518 | ​ | ​ | 242,837 | ​ | ​ | 299,337 | ​ | ​ | 265,011
Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises held-to-maturity | ​ | Level 2 | ​ | ​ | 218,076 | ​ | ​ | 178,780 | ​ | ​ | 236,377 | ​ | ​ | 190,983
FHLB and FRB stock | ​ | Level 2 | ​ | ​ | 24,629 | ​ | ​ | 24,629 | ​ | ​ | 40,890 | ​ | ​ | 40,890
Loans receivable | ​ | Level 3 | ​ | ​ | 7,714,495 | ​ | ​ | 7,678,735 | ​ | ​ | 7,698,758 | ​ | ​ | 7,411,687
Loans held for sale | ​ | Level 2 | ​ | ​ | 16,765 | ​ | ​ | 16,765 | ​ | ​ | 18,854 | ​ | ​ | 18,854
Accrued interest receivable | ​ | Level 2 | ​ | ​ | 49,025 | ​ | ​ | 49,025 | ​ | ​ | 44,944 | ​ | ​ | 44,944
Interest rate swap derivatives | ​ | Level 2 | ​ | ​ | 30,459 | ​ | ​ | 30,459 | ​ | ​ | 37,408 | ​ | ​ | 37,408
Mortgage banking derivatives | ​ | Level 3 | ​ | ​ | 640 | ​ | ​ | 640 | ​ | ​ | 287 | ​ | ​ | 287
LIABILITIES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposit transaction accounts | ​ | Level 2 | ​ | ​ | 7,444,679 | ​ | ​ | 7,444,679 | ​ | ​ | 7,208,421 | ​ | ​ | 7,208,421
Time deposits | ​ | Level 2 | ​ | ​ | 1,052,449 | ​ | ​ | 1,048,454 | ​ | ​ | 981,970 | ​ | ​ | 972,793
Securities sold under agreements to repurchase | ​ | Level 2 | ​ | ​ | 19,517 | ​ | ​ | 19,517 | ​ | ​ | 19,627 | ​ | ​ | 19,627
Long-term debt | ​ | Level 2 | ​ | ​ | 55,000 | ​ | ​ | 52,592 | ​ | ​ | 55,000 | ​ | ​ | 43,760
Federal Home Loan Bank advances | ​ | Level 2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 340,000 | ​ | ​ | 340,000
Accrued interest payable | ​ | Level 2 | ​ | ​ | 18,044 | ​ | ​ | 18,044 | ​ | ​ | 12,239 | ​ | ​ | 12,239
Interest rate swap derivatives | ​ | Level 2 | ​ | ​ | 13,377 | ​ | ​ | 13,377 | ​ | ​ | 15,284 | ​ | ​ | 15,284
Mortgage banking derivatives | ​ | Level 3 | ​ | ​ | 74 | ​ | ​ | 74 | ​ | ​ | 115 | ​ | ​ | 115
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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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