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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2025

Note 7 – Fair Value of Financial Instruments

The following table presents the carrying values and estimated fair values of our financial instruments as of the periods shown:


(Dollars in thousands)	Carrying Value		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)
March 31, 2025
Financial Assets:
Cash and cash equivalents	$	251,450	$	251,450	$	251,450	$	—	$	—
Securities available-for-sale	419,617		419,617		—		394,455		25,162
Equity securities	44,317		44,317		6,728		—		37,589

Loans receivable, net	2,044,131		2,150,017		—		—		2,150,017

Interest rate swaps	4,349		4,349		—		4,349		—

Accrued interest receivable	14,912		14,912		—		3,350		11,562
FHLB stock	1,988		1,988		—		1,988		—
Embedded derivative	648		648		—		—		648

Financial Liabilities:
Deposits	$	2,583,798	$	2,543,232	$	—	$	2,543,232	$	—
Repurchase agreements	4,047		4,047		—		4,047		—
Interest rate swaps	4,349		4,349		—		4,349		—
Fair value hedge	543		543		—		543		—
Accrued interest payable	3,145		3,145		—		3,145		—


Subordinated debt	73,850		69,010		—		69,010		—

December 31, 2024
Financial assets:
Cash and cash equivalents	$	317,913	$	317,913	$	317,913	$	—	$	—
Securities available-for-sale	411,640		411,640		—		386,147		25,493
Equity securities	42,583		42,583		4,994		—		37,589

Loans receivable, net	2,080,468		2,186,572		—		—		2,186,572

Interest rate swaps	5,913		5,913		—		5,913		—
Accrued interest receivable	16,537		16,537		—		6,815		9,722
FHLB stock	2,011		2,011		—		2,011		—
Embedded derivative	648		648		—		—		648

Financial liabilities:
Deposits	$	2,693,615	$	2,606,342	$	—	$	2,606,342	$	—
Repurchase agreements	2,759		2,759		—		2,759		—
Interest rate swaps	5,913		5,913		—		5,913		—
Fair value hedge	112		112		—		112		—
Accrued interest payable	5,788		5,788		—		5,788		—


Subordinated debt	73,787		106,038		—		106,038		—