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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value

The following tables present the assets reported on the consolidated statements of financial condition at their fair value on a recurring basis as of December 31, 2024 and 2023 by level within the fair value hierarchy:

						December 31, 2024
(Dollars in thousands)						Level I						Level II						Level III						Total
Assets:
United States government agency securities						$	—					$	39,846					$	—					$	39,846
United States sponsored mortgage-backed securities						—						147,580						—						147,580
United States treasury securities						—						103,975						—						103,975
Municipal securities						—						84,147						17,993						102,140
Corporate debt securities						—						9,918						—						9,918
Other securities						—						681						—						681
Equity securities						4,994						—						—						4,994
Interest rate swaps						—						5,913						—						5,913
Embedded derivative						—						—						648						648
Liabilities:
Interest rate swaps						—						5,913						—						5,913
Fair value hedge						—						112						—						112

						December 31, 2023
(Dollars in thousands)						Level I						Level II						Level III						Total
Assets:
United States government agency securities						$	—					$	38,408					$	—					$	38,408
United States sponsored mortgage-backed securities						—						82,382						—						82,382
United States treasury securities						—						100,356						—						100,356
Municipal securities						—						88,662						18,245						106,907
Corporate debt securities						—						8,942						—						8,942
Other securities						—						780						—						780
Equity securities						3,590						—						—						3,590
Loans held-for-sale						—						629						—						629
Interest rate swaps						—						6,249						—						6,249
Embedded derivative						—						—						648						648
Liabilities:
Interest rate swaps						—						6,249						—						6,249
Fair value hedge						—						6,111						—						6,111

Assets measured at fair value on a nonrecurring basis as of December 31, 2024 and 2023 are included in the table below:

						December 31, 2024
(Dollars in thousands)						Level I						Level II						Level III						Total
Collateral-dependent loans						—						—						37,895						37,895
Other real estate owned						—						—						2,827						2,827

						December 31, 2023
(Dollars in thousands)						Level I						Level II						Level III						Total
Collateral-dependent loans						$	—					$	—					$	2,891					$	2,891
Other real estate owned						—						—						825						825

Schedule of Recurring Level III Assets

The following table represents recurring Level III assets as of the periods shown:

(Dollars in thousands)						Municipal Securities						Embedded Derivatives						Total
Balance at December 31, 2023						$	18,245					$	648					$	18,893
Realized and unrealized gains included in earnings						6						—						6
Maturities/calls						(369)						—						(369)
Unrealized gains included in other comprehensive loss						111						—						111
Balance at December 31, 2024						$	17,993					$	648					$	18,641
Balance at December 31, 2022						$	35,343					$	787					$	36,130
Realized and unrealized gains (losses) included in earnings						47						(139)						(92)
Purchase of securities						246						—						246
Maturities/calls						(18,294)						—						(18,294)
Unrealized gains included in other comprehensive loss						903						—						903
Balance at December 31, 2023						$	18,245					$	648					$	18,893

Schedule of Equity Securities without Readily Determinable Fair Value

The carrying amount of equity securities without a readily determinable fair value and amounts of unrealized gains and losses recognized in earnings as of December 31, 2024 and 2023 are included in the table below:

(Dollars in thousands)						Cumulative Adjustments						Annual Adjustments
December 31, 2024
Carrying value						$	37,589					$	37,589
Carrying value adjustments:
Upward changes for observable prices						18,038						—
Downward changes for observable prices						(2,273)						(259)
Net gain						$	15,765					$	(259)
December 31, 2023
Carrying value						$	37,496					$	37,496
Carrying value adjustments:
Upward changes for observable prices						18,038						671
Downward changes for observable prices						(2,014)						(250)
Net gain						$	16,024					$	421

Schedule of Quantitative Information About the Level III Significant Unobservable Inputs for Assets and Liabilities Measured at Fair Value

The following tables presents quantitative information about the Level III significant unobservable inputs for assets and liabilities measured at fair value at December 31, 2024 and 2023:

Quantitative Information about Level III Fair Value Measurements

(Dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

December 31, 2024

Nonrecurring measurements:

Collateral-dependent loans

$

37,895

Appraisal of collateral 1

Appraisal adjustments 2

0% - 20%

Liquidation expense 2

6%

Other real estate owned

$

2,827

Appraisal of collateral 1

Appraisal adjustments 2

0% - 20%

Liquidation expense 2

6%

Recurring measurements:

Municipal securities 3

$

17,993

Appraisal of bond 4

Bond appraisal adjustment 5

5% - 15%

Embedded Derivatives

$

648

Monte Carlo pricing model

Deferred payment

$0 - $49.1 million

Volatility

59%

Term

4.75 years

Risk free rate

3.59%

Quantitative Information about Level III Fair Value Measurements

(Dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

December 31, 2023

Nonrecurring measurements:

Collateral-dependent loans

$

2,891

Appraisal of collateral 1

Appraisal adjustments 2

0% - 20%

Liquidation expense 2

6%

Other real estate owned

$

825

Appraisal of collateral 1

Appraisal adjustments 2

0% - 20%

Liquidation expense 2

6%

Recurring measurements:

Municipal securities 3

$

18,245

Appraisal of bond 4

Bond appraisal adjustment 5

5% - 15%

Embedded Derivatives

$

648

Monte Carlo pricing model

Deferred payment

$0 - $49.1 million

Volatility

59%

Term

4.75 years

Risk free rate

3.59%

1 Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level III inputs which are not identifiable.

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

3 Municipal securities classified as Level III instruments are comprised of TIF bonds related to certain local municipal securities.

4 Fair value determined through independent analysis of liquidity, rating, yield and duration.

5 Appraisals may be adjusted for qualitative factors, such as local economic conditions, liquidity, marketability and legal structure.

X

- Definition

Tabular disclosure of investment in equity security without readily determinable fair value.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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