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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value

The following tables present assets and liabilities reported on the consolidated statements of financial condition at their fair value on a recurring basis as of the periods shown by level within the fair value hierarchy:

						March 31, 2025
(Dollars in thousands)						Level I						Level II						Level III						Total
Assets:
United States government agency securities						$	—					$	39,353					$	—					$	39,353
United States sponsored mortgage-backed securities						—						172,790						—						172,790
United States treasury securities						—						82,754						—						82,754
Municipal securities						—						83,401						17,662						101,063
Corporate debt securities						—						15,475						—						15,475
Other securities						—						682						—						682
Equity securities						6,728						—						—						6,728
Interest rate swaps						—						4,349						—						4,349
Embedded derivative						—						—						648						648
Liabilities:
Interest rate swaps						—						4,349						—						4,349
Fair value hedge						—						543						—						543

						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

The following table presents the fair value of these assets as of the periods shown:

						March 31, 2025
(Dollars in thousands)						Level I						Level II						Level III						Total
Collateral-dependent loans						$	—					$	—					$	37,785					$	37,785
Other real estate owned						—						—						2,827						2,827

						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

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, 2024						$	17,993					$	648					$	18,641
Maturities/calls						(73)						—						(73)
Unrealized loss included in other comprehensive income (loss)						(258)						—						(258)
Balance at March 31, 2025						$	17,662					$	648					$	18,310
Balance at December 31, 2023						$	18,245					$	648					$	18,893
Realized gain included in earnings						1						—						1
Maturities/calls						(70)						—						(70)
Unrealized loss included in other comprehensive income (loss)						(813)						—						(813)
Balance at March 31, 2024						$	17,363					$	648					$	18,011

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

The following tables present quantitative information about the Level III significant unobservable inputs for assets and liabilities measured at fair value as of the periods shown:

Quantitative Information about Level III Fair Value Measurements

(Dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

March 31, 2025

Nonrecurring measurements:

Collateral-dependent loans

$

37,785

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

$

17,662

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%

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%

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

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 undiscounted appraisal value.

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

4 Fair value is 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 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

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Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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

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-Topic 820
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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 101
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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