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Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 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)
September 30, 2025
Financial Assets:
Cash and cash equivalents	$	300,042	$	300,042	$	300,042	$	—	$	—
Securities available-for-sale	324,709		324,709		—		299,458		25,251
Equity securities	44,199		44,199		7,146		—		37,053

Loans receivable, net	2,236,064		2,406,676		—		—		2,406,676
Interest rate swaps	3,603		3,603		—		3,603		—

Accrued interest receivable	15,125		15,125		—		2,915		12,210
FHLB stock	2,880		2,880		—		2,880		—
Embedded derivative	648		648		—		—		648

Financial Liabilities:
Deposits	2,776,078		2,758,866		—		2,758,866		—
Repurchase agreements	2,975		2,975		—		2,975		—
Interest rate swaps	3,603		3,603		—		3,603		—
Fair value hedge	1,089		1,089		—		1,089		—
Accrued interest payable	2,218		2,218		—		2,218		—


Subordinated debt	73,976		71,410		—		71,410		—

December 31, 2024
Financial assets:
Cash and cash equivalents	$	317,913	$	317,913	$	317,913	$	—	$	—
Securities available-for-sale	410,959		410,959		—		385,466		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		—