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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2025
Fair Value Measurements  
Summary of assets measured and reported at estimated fair value on a recurring basis

September 30, 2025

Level 1

Level 2

Level 3

Fair Value

Assets:

(in thousands)

Available-for-sale debt securities:

U.S. Treasury securities

$

69,023

$

$

$

69,023

U.S. Government agencies

11,200

11,200

Agency mortgage-backed securities

43,847

43,847

Agency collateralized mortgage obligations

10,950

10,950

Corporate bonds

73,329

9,315

82,644

Municipal obligations

6,488

6,488

SBA securities

6,871

6,871

Total available-for-sale debt securities

$

69,023

$

152,685

$

9,315

$

231,023

Derivative assets

$

$

24,425

$

$

24,425

Liabilities:

Derivative liabilities

$

$

22,773

$

$

22,773

December 31, 2024

Level 1

Level 2

Level 3

Fair Value

Assets:

(in thousands)

Available-for-sale debt securities:

U.S. Treasury securities

$

69,084

$

$

$

69,084

U.S. Government agencies

9,007

9,007

Agency mortgage-backed securities

39,184

39,184

Agency collateralized mortgage obligations

10,833

10,833

Corporate bonds

75,147

8,898

84,045

Municipal obligations

9,806

9,806

SBA securities

6,246

6,246

Total available-for-sale debt securities

$

69,084

$

150,223

$

8,898

$

228,205

Derivative assets

$

$

27,174

$

$

27,174

Liabilities:

Derivative liabilities

$

$

27,177

$

$

27,177

Summary of assets measured at fair value on a non-recurring basis

The following table summarizes assets measured at fair value on a non-recurring basis:

September 30, 2025

    

Level 1

    

Level 2

    

Level 3

    

Fair Value

(in thousands)

Collateral-dependent loans, net of reserve

$

$

$

8,669

$

8,669

December 31, 2024

    

Level 1

    

Level 2

    

Level 3

    

Fair Value

(in thousands)

Collateral-dependent loans, net of reserve

$

$

$

10,951

$

10,951

Summary of significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities measured at fair value on a nonrecurring basis

    

Significant

    

Significant

    

    

Valuation

Observable

Unobservable

Technique

Inputs

Inputs

Collateral-dependent loans

 

Appraisal Value / Comparison Sales / Enterprise Value

 

Appraisals and/or sales of comparable properties or financial statements of the business

 

Appraisals discounted 5 to 20% for sales commission and other holding costs; Enterprise value discounts of assets, liabilities and equity

Summary of estimated fair values, related carrying amounts, and valuation level of the financial instruments

September 30, 2025

Carrying

Fair

Amount

Value

Level 1

Level 2

Level 3

(In thousands)

Financial Assets:

Cash and cash equivalents

$

295,377

$

295,377

$

295,377

$

$

Loans receivable, net

4,673,077

4,613,357

4,613,357

Accrued interest receivable

21,074

21,074

21,074

FHLB stock

11,541

11,541

11,541

FRB stock

12,831

12,831

12,831

Non-public investments

20,159

20,159

20,159

BOLI

56,342

56,342

56,342

Financial Liabilities:

Deposits, other than time deposits

$

2,418,955

$

2,418,955

$

2,418,955

$

$

Time deposits

2,146,709

2,147,754

2,147,754

FHLB borrowings

41,453

41,337

41,337

December 31, 2024

Carrying

Fair

Amount

Value

Level 1

Level 2

Level 3

(In thousands)

Financial Assets:

Cash and cash equivalents

$

363,855

$

363,855

$

363,855

$

$

Loans receivable, net

4,294,408

4,196,079

4,196,079

Accrued interest receivable

19,685

19,685

19,685

FHLB stock

6,728

6,728

6,728

FRB stock

12,142

12,142

12,142

Non-public investments

5,494

5,494

5,494

BOLI

102,785

102,785

102,785

Financial Liabilities:

Deposits, other than time deposits

$

2,214,372

$

2,214,372

$

2,214,372

$

$

Time deposits

1,963,280

1,964,801

1,964,801

FHLB borrowings

120,835

120,778

120,778