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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

The fair value of financial instruments at March 31, 2025 and December 31, 2024 are set forth below:


	Level in fair value	March 31, 2025				December 31, 2024
	measurement	Carrying		Estimated		Carrying		Estimated
	hierarchy	amount		fair value		amount		fair value
ASSETS
Cash and cash equivalents	Level 1	$	246,298	$	246,298	$	127,848	$	127,848
U.S. Treasury securities - AFS	Level 1		73,263		73,263		24,874		24,874
U.S. Treasury securities - HTM	Level 1		49,715		49,431		49,639		49,159
Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises available-for-sale	Level 2		204,245		204,245		135,045		135,045
Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises available-for-sale	Level 2		354,169		354,169		364,938		364,938
Municipal securities available-for-sale	Level 2		—		—		—		—
Corporate debt available-for-sale	Level 2		1,973		1,973		1,962		1,962
Other available-for-sale securities	Level 3		726		726		728		728
Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises held-to-maturity	Level 2		262,594		232,140		271,105		234,286
Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises held-to-maturity	Level 2		394,603		355,234		212,364		167,941
FHLB and FRB stock	Level 2		27,687		27,687		27,984		27,984
Loans receivable	Level 3		7,646,296		7,480,541		7,751,143		7,535,875
Loans held for sale	Level 2		11,885		11,885		24,495		24,495
Accrued interest receivable	Level 2		47,925		47,925		43,469		43,469
Interest rate swap derivatives	Level 2		33,711		33,711		39,637		39,637
Mortgage banking derivatives	Level 3		684		684		386		386
LIABILITIES
Deposit transaction accounts	Level 2		7,365,530		7,365,530		7,217,857		7,217,857
Time deposits	Level 2		1,058,677		1,060,390		1,020,036		1,021,763
Securities sold under agreements to repurchase	Level 2		20,749		20,749		18,895		18,895
Long-term debt	Level 2		55,000		52,141		55,000		49,168
Federal Home Loan Bank advances	Level 2		80,000		80,000		50,000		50,000
Accrued interest payable	Level 2		15,183		15,183		15,146		15,146
Interest rate swap derivatives	Level 2		10,888		10,888		9,076		9,076
Mortgage banking derivatives	Level 3		85		85		10		10