XML 34 R24.htm IDEA: XBRL DOCUMENT
v3.26.1

Fair Value Measurements and Disclosures (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
Fair Value Disclosures [Abstract] |
Summary of Assets Measured on Recurring Basis | The following tables present the balances of assets measured for fair value on a recurring basis as of March 31, 2026 and December 31, 2025.
(dollars in thousands) |  | March 31, 2026 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 273,740 |  |  | $ | — |  |  | $ | 273,740 |  |  | $ | — |
Collateralized mortgage obligations |  | 50,738 |  |  | — |  |  | 50,738 |  |  | — |
Municipal bonds |  | 47,765 |  |  | — |  |  | 47,765 |  |  | — |
U.S. government agency |  | 9,986 |  |  | — |  |  | 9,986 |  |  | — |
Corporate bonds |  | 3,500 |  |  | — |  |  | 3,500 |  |  | — |
Total |  | $ | 385,729 |  |  | $ | — |  |  | $ | 385,729 |  |  | $ | — |
Derivative assets |  | $ | 1,101 |  |  | $ | — |  |  | $ | 1,101 |  |  | $ | — |
Total |  | $ | 386,830 |  |  | $ | — |  |  | $ | 386,830 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | 211 |  |  | $ | — |  |  | $ | 211 |  |  | $ | — |
(dollars in thousands) |  | December 31, 2025 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 267,650 |  |  | $ | — |  |  | $ | 267,650 |  |  | $ | — |
Collateralized mortgage obligations |  | 60,327 |  |  | — |  |  | 60,327 |  |  | — |
Municipal bonds |  | 48,147 |  |  | — |  |  | 48,147 |  |  | — |
U.S. government agency |  | 11,003 |  |  | — |  |  | 11,003 |  |  | — |
Corporate bonds |  | 4,321 |  |  | — |  |  | 4,321 |  |  | — |
Total |  | $ | 391,448 |  |  | $ | — |  |  | $ | 391,448 |  |  | $ | — |
Derivative assets |  | $ | 1,311 |  |  | $ | — |  |  | $ | 1,311 |  |  | $ | — |
Total |  | $ | 392,759 |  |  | $ | — |  |  | $ | 392,759 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | 294 |  |  | $ | — |  |  | $ | 294 |  |  | $ | — |
Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis | The Company has segregated all financial assets that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date as reflected in the table below.
|  |  |  | Fair Value Measurements Using
(dollars in thousands) |  | March 31, 2026 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 7,800 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,800 |
Foreclosed assets and ORE |  | 4,093 |  |  | — |  |  | — |  |  | 4,093 |
Total |  | $ | 11,893 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,893 |
|  |  |  | Fair Value Measurements Using
(dollars in thousands) |  | December 31, 2025 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 4,941 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,941 |
Foreclosed assets and ORE |  | 1,929 |  |  | — |  |  | — |  |  | 1,929 |
Total |  | $ | 6,870 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,870 |
Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets | The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets.
(dollars in thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range of Discounts |  | Weighted Average Discount
March 31, 2026 |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 7,800 |  |  | Third party appraisals and discounted cash flows |  | Collateral values, market discounts and estimated costs to sell |  | 0% - 100% |  | 22%
Foreclosed assets and ORE |  | $ | 4,093 |  |  | Third party appraisals, sales contracts, broker price opinions |  | Collateral values, market discounts and estimated costs to sell |  | 6% - 30% |  | 15%
(dollars in thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range of Discounts |  | Weighted Average Discount
December 31, 2025 |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 4,941 |  |  | Third party appraisals and discounted cash flows |  | Collateral values, market discounts and estimated costs to sell |  | 0% - 100% |  | 20%
Foreclosed assets and ORE |  | $ | 1,929 |  |  | Third party appraisals, sales contracts, broker price opinions |  | Collateral values, market discounts and estimated costs to sell |  | 0% - 43% |  | 22%
Summary of Fair Values of Company's Financial Instruments | The following table presents estimated fair values of the Company’s financial instruments as of the dates indicated.
|  |  |  | Fair Value Measurements at March 31, 2026
(dollars in thousands) |  | Carrying Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Financial Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 223,484 |  |  | $ | 223,484 |  |  | $ | 223,484 |  |  | $ | — |  |  | $ | — |
Investment securities available for sale |  | 385,729 |  |  | 385,729 |  |  | — |  |  | 385,729 |  |  | — |
Investment securities held to maturity |  | 530 |  |  | 531 |  |  | — |  |  | 531 |  |  | — |
Mortgage loans held for sale |  | 1,558 |  |  | 1,558 |  |  | — |  |  | 1,558 |  |  | — |
Loans, net |  | 2,694,466 |  |  | 2,715,880 |  |  | — |  |  | 2,708,080 |  |  | 7,800 |
Cash surrender value of BOLI |  | 49,842 |  |  | 49,842 |  |  | 49,842 |  |  | — |  |  | — |
Derivative assets(1) |  | 1,101 |  |  | 1,101 |  |  | — |  |  | 1,101 |  |  | — |
Financial Liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 3,026,781 |  |  | $ | 3,024,455 |  |  | $ | 2,285,279 |  |  | $ | 739,176 |  |  | $ | — |
Subordinated debt, net of issuance cost |  | 54,729 |  |  | 54,415 |  |  | — |  |  | 54,415 |  |  | — |
Derivative liabilities(1) |  | 211 |  |  | 211 |  |  | — |  |  | 211 |  |  | — |
|  |  |  | Fair Value Measurements at December 31, 2025
(dollars in thousands) |  | Carrying Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Financial Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 141,605 |  |  | $ | 141,605 |  |  | $ | 141,605 |  |  | $ | — |  |  | $ | — |
Investment securities available for sale |  | 391,448 |  |  | 391,448 |  |  | — |  |  | 391,448 |  |  | — |
Investment securities held to maturity |  | 1,065 |  |  | 1,066 |  |  | — |  |  | 1,066 |  |  | — |
Mortgage loans held for sale |  | 1,558 |  |  | 1,558 |  |  | — |  |  | 1,558 |  |  | — |
Loans, net |  | 2,710,881 |  |  | 2,728,477 |  |  | — |  |  | 2,723,536 |  |  | 4,941 |
Cash surrender value of BOLI |  | 49,557 |  |  | 49,557 |  |  | 49,557 |  |  | — |  |  | — |
Derivative assets(1) |  | 1,311 |  |  | 1,311 |  |  | — |  |  | 1,311 |  |  | — |
Financial Liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 2,972,806 |  |  | $ | 2,971,389 |  |  | $ | 2,167,183 |  |  | $ | 804,206 |  |  | $ | — |
Subordinated debt, net of issuance cost |  | 54,675 |  |  | 54,520 |  |  | — |  |  | 54,520 |  |  | — |
Long-term FHLB advances |  | 3,024 |  |  | 3,012 |  |  | — |  |  | 3,012 |  |  | — |
Derivative liabilities(1) |  | 294 |  |  | 294 |  |  | — |  |  | 294 |  |  | — |
(1)Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition.

X
- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration