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FAIR VALUE OF ASSETS AND LIABILITIES (Tables)
3 Months Ended
Mar. 31, 2025
FAIR VALUE OF ASSETS AND LIABILITIES  
Schedule of assets and liabilities measured at fair value on a recurring basis

Total

    

Level 1

    

Level 2

    

Level 3

    

Fair Value

 

(in thousands)

March 31, 2025

Assets

Securities available for sale

$

$

265,644

$

$

265,644

Loans held for sale

19,304

19,304

Mortgage servicing rights

42,620

42,620

Derivatives

19,521

549

20,070

$

$

347,089

$

549

$

347,638

Liabilities

Derivatives

$

$

19,305

$

117

$

19,422

December 31, 2024

Assets

Securities available for sale

$

$

263,904

$

$

263,904

Loans held for sale

36,768

36,768

Mortgage servicing rights

44,500

44,500

Derivatives

24,173

756

24,929

$

$

369,345

$

756

$

370,101

Liabilities

Derivatives

$

$

23,481

$

65

$

23,546

Schedule of changes in Level 3 assets measured at fair value on a recurring basis

Three Months Ended March 31, 

    

2025

2024

      

(in thousands)

Assets: Derivative and Forward Loan Sale Commitments:

Balance at beginning of period

$

756

$

484

Total losses included in net income (1)

(207)

(35)

Balance at end of period

$

549

$

449

Changes in unrealized gains relating to instruments at period end

$

549

$

449

Liabilities: Derivative and Forward Loan Sale Commitments:

Balance at beginning of period

$

(65)

$

(451)

Total (losses) gains included in net income (1)

(52)

401

Balance at end of period

$

(117)

$

(50)

Changes in unrealized losses relating to instruments at period end

$

(117)

$

(50)

(1) Included in mortgage banking income on the Consolidated Statements of Income.

Schedule of changes in Level 3 liabilities measured at fair value on a recurring basis

Three Months Ended March 31, 

    

2025

2024

      

(in thousands)

Assets: Derivative and Forward Loan Sale Commitments:

Balance at beginning of period

$

756

$

484

Total losses included in net income (1)

(207)

(35)

Balance at end of period

$

549

$

449

Changes in unrealized gains relating to instruments at period end

$

549

$

449

Liabilities: Derivative and Forward Loan Sale Commitments:

Balance at beginning of period

$

(65)

$

(451)

Total (losses) gains included in net income (1)

(52)

401

Balance at end of period

$

(117)

$

(50)

Changes in unrealized losses relating to instruments at period end

$

(117)

$

(50)

(1) Included in mortgage banking income on the Consolidated Statements of Income.

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

March 31, 

December 31, 

2025

2024

    

Level 1

    

Level 2

    

Level 3

Level 1

    

Level 2

    

Level 3

(in thousands)

Collateral-dependent individually analyzed loans

$

$

$

15,037

$

$

$

47,463

Schedule of changes in Level 3 assets measured at fair value on a non-recurring basis

Fair Value

March 31, 

December 31, 

Valuation Technique

2025

2024

(in thousands)

Collateral-dependent individually analyzed loans

$

15,037

$

47,463

Appraisals of collateral (1)

(1) Fair value is generally determined through independent appraisals of the underlying collateral, which includes unobservable inputs such as adjustments for differences between the comparable properties. Appraisals are adjusted for estimated liquidation expenses of 6% when the loan is expected to be repaid through the sale of the collateral. Management may also adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values resulting from its knowledge of the collateral.

Schedule of estimated fair values and related carrying amounts of financial instruments

March 31, 2025

Carrying

Fair Value

    

Amount

    

Level 1

    

Level 2

    

Level 3

    

Total

 

(in thousands)

Financial assets:

Cash and cash equivalents

$

230,492

$

230,492

$

$

$

230,492

Securities available for sale

265,644

265,644

265,644

Securities held to maturity

19,211

19,067

19,067

Federal Home Loan Bank stock

18,330

N/A

N/A

N/A

N/A

Loans held for sale

19,304

19,304

19,304

Loans, net

4,771,710

4,581,889

4,581,889

Retirement plan annuities

15,817

15,817

15,817

Accrued interest receivable

18,158

18,158

18,158

Derivatives

20,070

19,521

549

20,070

Financial liabilities:

Deposits

4,618,721

4,618,333

4,618,333

Borrowed funds

399,547

400,102

400,102

Mortgagors' escrow accounts

10,370

10,370

10,370

Accrued interest payable

7,027

7,027

7,027

Derivatives

19,422

19,305

117

19,422

December 31, 2024

Carrying

Fair Value

    

Amount

    

Level 1

    

Level 2

    

Level 3

    

Total

 

(in thousands)

Financial assets:

Cash and cash equivalents

$

231,071

$

231,071

$

$

$

231,071

Securities available for sale

263,904

263,904

263,904

Securities held to maturity

19,627

19,285

19,285

Federal Home Loan Bank stock

23,277

N/A

N/A

N/A

N/A

Loans held for sale

36,768

36,768

36,768

Loans, net

4,796,398

4,577,140

4,577,140

Retirement plan annuities

15,698

15,698

15,698

Accrued interest receivable

18,393

18,393

18,393

Derivatives

24,929

24,173

756

24,929

Financial liabilities:

Deposits

4,550,753

4,549,755

4,549,755

Borrowed funds

516,555

516,287

516,287

Mortgagors' escrow accounts

8,537

8,537

8,537

Accrued interest payable

6,575

6,575

6,575

Derivatives

23,546

23,481

65

23,546