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Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2025
Fair Value Measurements  
Fair Value of Financial Instruments

Note 17 Fair Value of Financial Instruments

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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.

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The fair value of financial instruments at September 30, 2025 and December 31, 2024 are set forth below:

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Level in fair value

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September 30, 2025

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December 31, 2024

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measurement

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Carrying

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Estimated

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Carrying

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Estimated

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hierarchy

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amount

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fair value

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amount

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fair value

ASSETS

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Cash and cash equivalents

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Level 1

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$

555,560

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$

555,560

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$

127,848

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$

127,848

U.S. Treasury securities - AFS

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Level 1

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73,962

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​

73,962

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24,874

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​

24,874

U.S. Treasury securities - HTM

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Level 1

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24,840

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​

24,720

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​

49,639

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49,159

Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises available-for-sale

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Level 2

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208,517

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208,517

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135,045

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135,045

Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises available-for-sale

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Level 2

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327,527

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327,527

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364,938

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364,938

Corporate debt available-for-sale

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Level 2

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1,990

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​

1,990

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1,962

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1,962

Other available-for-sale securities

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Level 3

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723

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723

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728

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​

728

Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises held-to-maturity

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Level 2

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244,916

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219,703

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271,105

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234,286

Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises held-to-maturity

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Level 2

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419,730

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386,379

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212,364

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167,941

Equity securities with readily determinable fair values

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Level 1

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4,113

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4,113

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—

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—

FHLB and FRB stock

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Level 2

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24,635

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24,635

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27,984

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27,984

Loans receivable

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Level 3

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7,429,501

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7,291,655

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7,751,143

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7,535,875

Loans held for sale

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Level 2

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22,252

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22,252

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24,495

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24,495

Accrued interest receivable

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Level 2

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49,171

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49,171

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43,469

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43,469

Interest rate swap derivatives

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Level 2

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28,536

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28,536

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39,637

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39,637

Mortgage banking derivatives

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Level 3

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412

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412

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386

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​

386

LIABILITIES

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Deposit transaction accounts

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Level 2

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7,311,557

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7,311,557

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7,217,857

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7,217,857

Time deposits

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Level 2

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1,160,123

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1,162,530

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1,020,036

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1,021,763

Securities sold under agreements to repurchase

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Level 2

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21,303

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21,303

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18,895

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18,895

Long-term debt

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Level 2

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55,000

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52,796

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55,000

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49,168

Federal Home Loan Bank advances

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Level 2

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—

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—

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50,000

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50,000

Accrued interest payable

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Level 2

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18,629

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18,629

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15,146

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15,146

Interest rate swap derivatives

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Level 2

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11,322

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11,322

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9,076

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9,076

Mortgage banking derivatives

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Level 3

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14

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14

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10

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10

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