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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2025

FAIR VALUE MEASUREMENTS

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

Level 1

Level 2

Level 3

Total

(in thousands)

​

Inputs

​

Inputs

​

Inputs

​

Fair Value

Available for sale securities:

​

​

​

​

​

​

​

​

​

Obligations of US Government-sponsored enterprises

​

$

—

​

$

1,257

​

$

—

​

$

1,257

Mortgage-backed securities:

​

​

​

​

​

US Government-sponsored enterprises

​

​

—

​

​

179,587

​

​

—

​

​

179,587

US Government agency

​

—

​

116,962

​

—

​

116,962

Private label

​

—

​

20,292

​

—

​

20,292

Obligations of states and political subdivisions thereof

​

—

​

101,841

​

—

​

101,841

Corporate bonds

​

—

​

94,021

​

—

​

94,021

Loans held for sale

​

​

—

​

​

1,515

​

​

—

​

​

1,515

Derivative assets

​

—

​

15,037

​

114

​

15,151

Derivative liabilities

​

—

​

(13,311)

​

(8)

​

(13,319)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

Level 1

Level 2

Level 3

Total

(in thousands)

​

Inputs

​

Inputs

​

Inputs

​

Fair Value

Available for sale securities:

​

​

​

​

​

​

​

​

Obligations of US Government-sponsored enterprises

​

$

—

​

$

1,318

​

$

—

​

$

1,318

Mortgage-backed securities:

​

​

​

​

​

US Government-sponsored enterprises

​

​

—

​

​

177,316

​

​

—

​

​

177,316

US Government agency

​

—

​

103,916

​

—

​

103,916

Private label

​

—

​

39,564

​

—

​

39,564

Obligations of states and political subdivisions thereof

​

—

​

105,452

​

—

​

105,452

Corporate bonds

​

—

​

93,452

​

—

​

93,452

Loans held for sale

​

​

—

​

​

1,235

​

​

—

​

​

1,235

Derivative assets

​

—

​

18,759

​

98

​

18,857

Derivative liabilities

​

—

​

(16,565)

​

—

​

(16,565)

​

Schedule of Changes in Level 3 Assets Measured on a Recurring Basis

​

​	​	​	​	​	​	​
​	​	Assets (Liabilities)
​	​	Interest Rate Lock		​	Forward
(in thousands)		Commitments			Commitments
Three Months Ended March 31, 2025	​			​
Balance at beginning of period	​	$	85	​	$	13
Realized gain (loss) recognized in non-interest income	​		29	​		(21)
Balance at end of period	​	$	114	​	$	(8)
​	​	​	​	​	​	​
Three Months Ended March 31, 2024	​			​
Balance at beginning of period	​	$	63	​	$	(20)
Realized (loss) gain recognized in non-interest income	​		(7)	​		4
Balance at end of period	​	$	56	​	$	(16)

Schedule of Changes in Level 3 Liabilities Measured on a Recurring Basis

​

​	​	​	​	​	​	​
​	​	Assets (Liabilities)
​	​	Interest Rate Lock		​	Forward
(in thousands)		Commitments			Commitments
Three Months Ended March 31, 2025	​			​
Balance at beginning of period	​	$	85	​	$	13
Realized gain (loss) recognized in non-interest income	​		29	​		(21)
Balance at end of period	​	$	114	​	$	(8)
​	​	​	​	​	​	​
Three Months Ended March 31, 2024	​			​
Balance at beginning of period	​	$	63	​	$	(20)
Realized (loss) gain recognized in non-interest income	​		(7)	​		4
Balance at end of period	​	$	56	​	$	(16)

Schedule of Quantitative Information, Valuation, Recurring

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	Fair Value		​	​	​	​	​	Significant
​	​	March 31,		​	Valuation	​	Unobservable	​	Unobservable		​
(in thousands, except ratios)		2025			Techniques		Inputs		Input Value
Assets (Liabilities)	​		​	​		​		​		​
Interest Rate Lock Commitment		$	114	​	Pull-through Rate Analysis		Closing Ratio		​	89	%
​	​		​	​	Pricing Model	​	Origination Costs, per loan	​	$	1.7	​
​	​	​	​	​	Discount Cash Flows	​	Mortgage Servicing Asset	​	​	1.0	%
​	​	​	​	​	​		​	​	​	​	​
Forward Commitments	​		(8)	​	Quoted prices for similar loans in active markets		Freddie Mac pricing system	​		$101 to $104.1	​
Total	​	$	106	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
​		Fair Value		​	​		​		Significant
​	​	December 31,		​	Valuation	​	Unobservable	​	Unobservable		​
(in thousands, except ratios)		2024		​	Techniques		Inputs		Input Value		​
Assets (Liabilities)	​		​	​		​		​		​
Interest Rate Lock Commitment		$	85	​	Pull-through Rate Analysis		Closing Ratio		​	93	%
​	​		​	​	Pricing Model	​	Origination Costs, per loan	​	$	1.7	​
​	​	​	​	​	Discount Cash Flows	​	Mortgage Servicing Asset	​	​	1.0	%
​	​	​	​	​	​		​	​	​	​	​
Forward Commitments	​		13	​	Quoted prices for similar loans in active markets		Freddie Mac pricing system	​		$99 to $102.9	​
Total	​	$	98	​	​	​	​	​	​	​	​

Summary of Applicable Non-Recurring Fair Value Measurements

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	Fair Value
​	​	​	​	​	​	​	​	Three Months Ended		​	Measurement Date as of
​	​	Mar 31, 2025		​	Dec 31, 2024		​	March 31, 2025		​	March 31, 2025
​	​	Level 3		​	Level 3		​	Total		​	Level 3
(in thousands)		Inputs			Inputs			Gains (Losses)			Inputs
Assets	​		​	​		​	​		​	​
Individually evaluated loans	​	$	3,436	​	$	3,224	​	$	212	​	March 2025
Capitalized servicing rights	​		6,887	​	​	7,285		​	(398)		March 2025
Premises held for sale	​		393	​	​	419		​	(26)		March 2025
Total	​	$	10,716	​	$	10,928	​	$	(212)

Schedule of Quantitative Information, Valuation, Non-recurring

​

​	​	​	​	​	​	​	​	​	​	​	​
(in thousands, except ratios)		Fair Value March 31, 2025			Valuation Techniques		Unobservable Inputs		Range (Weighted Average)(a)
Assets		​						​	​		​
Individually evaluated loans	​	$	2,210		Fair value of collateral-appraised value		Loss severity	​	​	10% to 65%	​
​	​	​	​	​	​		Appraised value	​	​	$257 to $1,260	​
​	​	​	​	​	​	​	​	​	​	​	​
Individually evaluated loans	​		1,226		Discount cash flow		Discount rate		​	4.00% to 8.99%	​
​	​	​	​	​	​		Cash flows	​	​	$301 to $497	​
​	​	​	​	​	​	​	​	​	​	​	​
Capitalized servicing rights	​		6,887		Discounted cash flow		Constant prepayment rate		​	7.07%	​
​	​		​				Discount rate		​	10.06%	​
​	​	​	​	​	​	​	​	​	​	​	​
Premises held for sale	​		393		Fair value of asset less selling costs		Appraised value	​	​	$413	​
​	​		​				Selling Costs		​	5%	​
Total	​	$	10,716						​		​

(a) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individual properties.

​

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​		​	​	​	​	​	​		​
(in thousands, except ratios)		Fair Value December 31, 2024			Valuation Techniques		Unobservable Inputs		Range (Weighted Average)(a)		​
Assets		​						​	​		​
Individually evaluated loans	​	$	2,733		Fair value of collateral-appraised value		Loss severity	​	​	10% to 65%	​
​	​	​	​	​	​		Appraised value	​	​	$257 to $1,260	​
​	​	​	​	​	​	​	​	​	​	​	​
Individually evaluated loans	​		491		Discount cash flow		Discount rate		​	4.00% to 4.99%	​
​	​	​	​	​	​		Cash flows	​	​	$497 to $501	​
​	​	​	​	​	​	​	​	​	​	​	​
Capitalized servicing rights	​		7,285		Discounted cash flow		Constant prepayment rate		​	6.52%	​
​	​		​				Discount rate		​	10.06%	​
​	​	​	​	​	​	​	​	​	​	​	​
Premises held for sale	​		419		Fair value of asset less selling costs		Appraised value	​	​	$440	​
​	​		​				Selling Costs		​	5%	​
Total	​	$	10,928						​		​

(a) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individual properties.

Summary of Estimated Fair Values, and Related Carrying Amounts, of Financial Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

​

Carrying

​

Fair

​

​

​

​

​

​

​

​

​

(in thousands)

Amount

Value

Level 1

Level 2

Level 3

Financial Assets

​

​

​

​

​

Cash and cash equivalents

​

$

88,131

​

$

88,131

​

$

88,131

​

$

—

​

$

—

Securities available for sale

​

513,961

​

513,961

​

—

​

513,961

​

—

FHLB stock

​

10,695

​

N/A

​

—

​

N/A

​

—

Loans held for sale

​

​

1,515

​

​

1,515

​

​

—

​

​

1,515

​

​

—

Net loans

​

3,095,626

​

2,985,780

​

—

​

—

​

2,985,780

Accrued interest receivable

​

3,973

​

3,973

​

—

​

3,973

​

—

Derivative assets

​

15,151

​

15,151

​

—

​

15,037

​

114

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities

​

​

​

​

​

Non-maturity deposits

​

$

2,434,038

​

$

2,288,605

​

$

—

​

$

2,288,605

​

$

—

Time deposits

​

​

862,773

​

​

860,280

​

​

—

​

​

860,280

​

​

—

Securities sold under agreements to repurchase

​

​

5,966

​

​

5,966

​

​

—

​

​

5,966

​

​

—

FHLB advances

​

194,016

​

193,980

​

—

​

193,980

​

—

Subordinated borrowings

​

40,620

​

45,869

​

—

​

45,869

​

—

Derivative liabilities

​

13,319

​

13,319

​

—

​

13,311

​

8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

Carrying

​

Fair

​

​

​

​

​

​

​

​

​

(in thousands)

Amount

Value

Level 1

Level 2

Level 3

Financial Assets

​

​

​

​

​

Cash and cash equivalents

​

$

72,162

​

$

72,162

​

$

72,162

​

$

—

​

$

—

Securities available for sale

​

521,018

​

521,018

​

—

​

521,018

​

—

FHLB stock

​

12,237

​

N/A

​

—

​

N/A

​

—

Loans held for sale

​

​

1,235

​

​

1,235

​

​

—

​

​

1,235

​

​

—

Net loans

​

3,118,352

​

2,999,290

​

—

​

—

​

2,999,290

Accrued interest receivable

​

3,974

​

3,974

​

—

​

3,974

​

—

Cash surrender value of bank-owned life insurance policies

​

​

81,858

​

​

81,858

​

​

—

​

​

81,858

​

​

—

Derivative assets

​

18,857

​

18,857

​

—

​

18,759

​

98

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities

​

​

​

​

​

Non-maturity deposits

​

$

2,437,414

​

$

2,282,389

​

$

—

​

$

2,282,389

​

$

—

Time deposits

​

​

830,274

​

​

828,068

​

​

—

​

​

828,068

​

​

—

Securities sold under agreements to repurchase

​

​

7,062

​

​

7,062

​

​

—

​

​

7,062

​

​

—

FHLB advances

​

242,919

​

242,779

​

—

​

242,779

​

—

Subordinated borrowings

​

40,620

​

46,070

​

—

​

46,070

​

—

Derivative liabilities

​

16,565

​

16,565

​

—

​

16,565

​

—

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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