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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Fair Value Assets and Liabilities Measured on Nonrecurring Basis Valuation Techniques

($ in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

September 30, 2025

IRLCs – net asset

$

215

Market Approach

Range of pull through rate

79% - 100%

Average pull through rate

89%

($ in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

December 31, 2024

IRLCs – net asset

$

113

Market Approach

Range of pull through rate

78% - 100%

Average pull through rate

89%

Summary of Derivative Asset at Fair Value

The following table presents activity in the IRLCs – net asset for the three and nine months ended September 30, 2025.

($ in thousands)						Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
Beginning balance						$	426					$	113
Valuation adjustment						(211)						102
Ending balance						$	215					$	215

Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis

The following tables present the recorded amount of assets measured at fair value on a recurring basis at September 30, 2025 and December 31, 2024. No assets were transferred from one hierarchy level to another during the nine months ended September 30, 2025 or 2024.

($ in thousands)						Fair Value						Quoted Prices (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
September 30, 2025
Assets:
Available for sale securities:
U.S. government agency securities						$	20,565					$	—					$	20,565					$	—
Mortgage-backed securities						156,442						—						156,442						—
Other debt securities						4,713						—						4,713						—
Total available for sale securities						181,720						—						181,720						—
Equity securities						6,113						—						6,113						—
TBA forward trades						38						—						38						—
Loans held for sale						21,500						—						21,500						—
IRLCs						216						—						—						216
Total assets at fair value						$	209,587					$	—					$	209,371					$	216
Liabilities:
IRLCs						$	1					$	—					$	—					$	1
TBA forward trades						47						—						47						—
Total liabilities at fair value						$	48					$	—					$	47					$	1

($ in thousands)						Fair Value						Quoted Prices (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
December 31, 2024
Assets:
Available for sale securities:
U.S. government agency securities						$	20,202					$	—					$	20,202					$	—
Mortgage-backed securities						122,384						—						122,384						—
Other debt securities						6,626						—						6,626						—
Total available for sale securities						149,212						—						149,212						—
Equity securities						5,814						—						5,814						—
TBA forward trades						164						—						164						—
Loans held for sale						19,606						—						19,606						—
IRLCs						113						—						—						113
Total assets at fair value						$	174,909					$	—					$	174,796					$	113
Liabilities:
TBA forward trades						$	23					$	—					$	23					$	—
Total liabilities at fair value						$	23					$	—					$	23					$	—

Summary of Fair Value of Assets Measured on Nonrecurring Basis

The following tables set forth the Company’s assets subject to fair value adjustments (impairment) on a nonrecurring basis at September 30, 2025 and December 31, 2024 that are valued at lower of cost or market. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Quantitative Information about Level 3 Fair Value Measurements

($ in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted-Average

September 30, 2025

Nonrecurring measurements:

Individually evaluated collateral dependent loan

Commercial real estate

$

6,781

Appraisal of collateral(1)

Appraisal adjustment(2) Liquidation expense(2)

1% - 61% 10%

26% 10%

Residential real estate

456

Appraisal of collateral(1)

Appraisal adjustment(2) Liquidation expense(2)

54% 10%

3% 10%

Commercial

112

Appraisal of collateral(1)

Appraisal adjustment(2) Liquidation expense(2)

100% 10%

2% 10%

Other real estate owned

120

Appraisal of collateral(1)

Appraisal adjustment(2)

N/A

0%

Repossessed assets

3,432

Appraisal of collateral(1)

Appraisal adjustment(2)

N/A

56%

Quantitative Information about Level 3 Fair Value Measurements

($ in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted-Average

December 31, 2024

Nonrecurring measurements:

Individually evaluated collateral dependent loan

Commercial real estate

$

2,220

Appraisal of collateral(1)

Appraisal adjustment(2) Liquidation expense(2)

62% 10%

38% 10%

Residential real estate

817

Appraisal of collateral(1)

Appraisal adjustment(2) Liquidation expense(2)

55% - 100% 10%

17% 10%

Consumer

624

Appraisal of collateral(1)

Appraisal adjustment(2) Liquidation expense(2)

80% - 86% 10%

15% 10%

Other real estate owned

179

Appraisal of collateral(1)

Appraisal adjustment(2)

N/A

0%

Repossessed assets

3,315

Appraisal of collateral(1)

Appraisal adjustment(2)

N/A

39%

Assets held for sale

900

Appraisal of collateral(1)

Appraisal adjustment(2)

N/A

0%

_________________________________

(1)Unobservable inputs were weighted by the relative fair value of the instruments. No range is presented only when one instrument was available.

(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

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Tabular disclosure of activity in the balance of derivative assets.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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