Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

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

The following table summarizes our assets and liabilities that were required to be recorded at fair value on a recurring basis.


(in thousands) Description of Financial Instruments	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measurement Categories: Changes in Fair Value Recorded In1
September 30, 2025
Securities available-for-sale:
Commercial mortgage-backed securities, mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies	$	514,923	$	—	$	514,923	$	—	OCI




Obligations of state and political subdivisions	$	28,682	$	—	$	28,682	$	—	OCI


Derivative financial assets (interest rate contracts)	$	156	$	—	$	156	$	—	NI
Derivative financial liabilities (interest rate contracts)	$	12	$	—	$	12	$	—	NI
December 31, 2024
Securities available-for-sale:
Commercial mortgage-backed securities, mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies	$	279,838	$	—	$	279,838	$	—	OCI
SBA-backed securities	$	308	$	—	$	308	$	—	OCI
Debentures of government sponsored agencies	$	7,210	$	—	$	7,210	$	—	OCI
U.S. Treasury securities	$	10,815	$	10,815	$	—	$	—	OCI

Obligations of state and political subdivisions	$	83,714	$	—	$	83,714	$	—	OCI
Corporate bonds	$	5,649	$	—	$	5,649	$	—	OCI

Derivative financial assets (interest rate contracts)	$	333	$	—	$	333	$	—	NI

1 Other comprehensive income ("OCI") or net income ("NI").

Schedule of Fair Value of Financial Instruments

The table below is a summary of fair value estimates for financial instruments as of September 30, 2025 and December 31, 2024, excluding financial instruments recorded at fair value on a recurring basis (summarized in the first table in this note). The carrying amounts in the following table are recorded in the consolidated statements of condition under the indicated captions. Further, we have not disclosed the fair value of financial instruments specifically excluded from disclosure requirements such as bank-owned life insurance policies ("BOLI"), lease obligations and non-maturity deposit liabilities. Additionally, we held shares of Federal Home Loan Bank ("FHLB") of San Francisco stock at cost as of September 30, 2025 and December 31, 2024. There were no impairments or changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer as of September 30, 2025 or December 31, 2024. See further discussion on values within Note 4, Investment Securities.


	September 30, 2025					December 31, 2024
(in thousands)	Carrying Amounts		Fair Value		Fair Value Hierarchy	Carrying Amounts		Fair Value		Fair Value Hierarchy
Financial assets (recorded at amortized cost)
Cash and cash equivalents	$	219,333	$	219,333	Level 1	$	137,304	$	137,304	Level 1
Investment securities held-to-maturity	811,751		724,807		Level 2	879,199		763,535		Level 2
Loans, net of allowance for credit losses	2,060,501		2,002,717		Level 3	2,052,600		1,965,429		Level 3
Interest receivable	10,661		10,661		Level 2	11,934		11,934		Level 2
Financial liabilities (recorded at amortized cost)
Time deposits	216,516		217,558		Level 2	242,377		243,773		Level 2




Interest payable	1,698		1,698		Level 2	3,019		3,019		Level 2