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FAIR VALUE

3 Months Ended

Mar. 31, 2026

FAIR VALUE

FAIR VALUE

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5.      FAIR VALUE

ASC 820 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data

Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability

Assets and liabilities measured at fair value on a recurring basis are summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

​

​

​

​

​

​

​

Significant

​

​

​

​

​

​

​

Quoted Prices in

​

Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

Total at

​

Identical Assets

​

Inputs

​

Inputs

(dollars in thousands)

​ ​ ​

March 31, 2026

​ ​ ​

(Level 1)

​ ​ ​

(Level 2)

​ ​ ​

(Level 3)

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale securities

​

​

​

​

​

​

​

​

​

​

​

​

Residential government-sponsored mortgage-backed securities

​

$

71,915

​

$

—

​

$

71,915

​

$

—

Obligations of states and political subdivisions

​

5,227

​

—

​

5,227

​

—

Corporate securities

​

6,770

​

—

​

6,770

​

—

Residential government-sponsored collateralized mortgage obligations

​

65,628

​

—

​

65,628

​

—

Agency commercial mortgage-backed securities

​

16,074

​

—

​

16,074

​

—

SBA pool securities

​

6,263

​

—

​

6,263

​

—

​

​

171,877

​

—

​

171,877

​

—

Loans held for investment

​

​

150,074

​

​

—

​

​

150,074

​

​

—

Loans held for sale, at fair value

​

​

181,715

​

—

​

181,715

​

—

Mortgage banking financial assets

​

​

461

​

—

​

—

​

461

Mortgage banking derivative assets

​

​

2,977

​

—

​

—

​

​

2,977

Investment in Panacea Financial Holdings, Inc. common stock

​

​

6,899

​

​

—

​

​

—

​

​

6,899

Total assets

​

$

514,003

​

$

—

​

$

503,666

​

$

10,337

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps, net

​

$

115

​

$

—

​

$

115

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

​

​

​

​

​

​

​

Significant

​

​

​

​

​

​

​

Quoted Prices in

​

Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

Total at

​

Identical Assets

​

Inputs

​

Inputs

(dollars in thousands)

​ ​ ​

December 31, 2025

​ ​ ​

(Level 1)

​ ​ ​

(Level 2)

​ ​ ​

(Level 3)

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale securities

​

​

​

​

​

​

​

​

​

​

​

​

Residential government-sponsored mortgage-backed securities

​

$

71,806

​

$

—

​

$

71,806

​

$

—

Obligations of states and political subdivisions

​

5,778

​

—

​

5,778

​

—

Corporate securities

​

6,579

​

—

​

6,579

​

—

Residential government-sponsored collateralized mortgage obligations

​

63,807

​

—

​

63,807

​

—

Government-sponsored agency securities

​

—

​

—

​

—

​

—

Agency commercial mortgage-backed securities

​

16,965

​

—

​

16,965

​

—

SBA pool securities

​

6,442

​

—

​

6,442

​

—

​

​

171,377

​

—

​

171,377

​

—

Loans held for investment

​

​

150,178

​

​

—

​

​

150,178

​

​

—

Loans held for sale, at fair value

​

​

166,066

​

—

​

166,066

​

—

Consumer Program derivative

​

​

159

​

​

—

​

​

—

​

​

159

Mortgage banking financial assets

​

​

169

​

—

​

—

​

169

Mortgage banking derivative assets

​

​

1,389

​

—

​

—

​

​

1,389

Investment in Panacea Financial Holdings, Inc. common stock

​

​

6,899

​

​

—

​

​

—

​

​

6,899

Total assets

​

$

496,237

​

$

—

​

$

487,621

​

$

8,616

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps, net

​

$

214

​

$

—

​

$

214

​

$

—

Mortgage banking derivative liabilities

​

​

121

​

​

—

​

​

—

​

​

121

Total liabilities

​

$

335

​

$

—

​

$

214

​

$

121

​

​

Assets measured at fair value on a non-recurring basis are summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

​

​

​

​

​

​

​

Significant

​

​

​

​

​

​

​

Quoted Prices in

​

Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

Total at

​

Identical Assets

​

Inputs

​

Inputs

(dollars in thousands)

​ ​ ​

March 31, 2026

​ ​ ​

(Level 1)

​ ​ ​

(Level 2)

​ ​ ​

(Level 3)

Collateral dependent loans

​

$

76,875

​

$

—

​

$

—

$

76,875

Loans held for sale, at lower of cost or market

​

​

41,465

​

​

41,465

​

​

—

​

​

—

Assets held for sale

​

​

776

​

​

—

​

​

—

​

​

776

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

​

​

​

​

​

​

​

Significant

​

​

​

​

​

​

​

​

Quoted Prices in

​

Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

Total at

​

Identical Assets

​

Inputs

​

Inputs

(dollars in thousands)

​ ​ ​

December 31, 2025

​ ​ ​

(Level 1)

​ ​ ​

(Level 2)

​ ​ ​

(Level 3)

Collateral dependent loans

​

$

66,879

​

$

—

​

$

—

$

66,879

Assets held for sale

​

​

776

​

​

—

​

​

—

​

​

776

​

Fair Value of Financial Instruments

The carrying amount, estimated fair values and fair value hierarchy levels of financial instruments were as follows  for the periods indicated ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2026

​

December 31, 2025

​

​ ​ ​

Fair Value

​ ​ ​

Carrying

​ ​ ​

Fair

​ ​ ​

Carrying

​ ​ ​

Fair

​

​

Hierarchy Level

​

Amount

​

Value

​

Amount

​

Value

Financial assets:

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

Level 1

​

$

159,881

​

$

159,881

​

$

143,607

​

$

143,607

Securities available-for-sale

Level 2

​

171,877

​

171,877

​

171,377

​

171,377

Securities held-to-maturity

Level 2

​

6,792

​

6,343

​

6,981

​

6,560

Stock in Federal Reserve Bank and Federal Home Loan Bank

Level 2

​

24,162

​

24,162

​

14,185

​

14,185

Preferred investment in mortgage company

Level 2

​

3,005

​

​

3,005

​

3,005

​

​

3,005

Net loans

Level 2 and 3

​

3,349,985

​

3,295,401

​

3,237,800

​

3,182,264

Loans held for sale, at fair value

Level 2

​

181,715

​

​

181,715

​

166,066

​

​

166,066

Loans held for sale, at lower of cost or market

​

Level 1

​

​

41,465

​

​

42,605

​

​

—

​

​

—

Mortgage banking financial assets

​

Level 3

​

​

461

​

​

461

​

​

169

​

​

169

Mortgage banking derivative assets

Level 3

​

2,977

​

2,977

​

1,389

​

1,389

Investment in Panacea Financial Holdings, Inc. common stock

​

Level 3

​

​

6,899

​

​

6,899

​

​

6,899

​

​

6,899

Financial liabilities:

​

​

​

​

​

​

​

​

​

Demand deposits and NOW accounts

Level 2

​

$

1,385,696

​

$

1,385,696

​

$

1,417,177

​

$

1,417,177

Money market and savings accounts

Level 2

​

1,721,213

​

1,721,213

​

1,663,223

​

1,663,223

Time deposits

Level 3

​

316,156

​

314,198

​

315,185

​

313,792

Securities sold under agreements to repurchase

Level 1

​

3,525

​

3,525

​

3,552

​

3,552

Interest rate swaps, net

​

Level 2

​

​

115

​

​

115

​

​

214

​

​

214

FHLB advances

Level 1

​

230,000

​

230,000

​

25,000

​

25,000

Junior subordinated debt

Level 2

​

9,941

​

11,957

​

9,929

​

12,151

Senior subordinated notes

Level 2

​

59,370

​

62,025

​

86,233

​

90,813

Secured borrowings

​

Level 3

​

​

14,450

​

​

14,450

​

​

14,773

​

​

14,773

Mortgage banking derivative liabilities

​

Level 3

​

​

—

​

​

—

​

​

121

​

​

121

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The carrying amount is the estimated fair value for cash and cash equivalents, loans held for sale at fair value, mortgage banking financial assets and liabilities, mortgage banking derivative assets and liabilities, Consumer Program derivative, interest rate swaps, demand deposits and NOW accounts, savings accounts, money market accounts, FHLB advances, secured borrowings and securities sold under agreements to repurchase.  

The fair value of junior subordinated debt and senior subordinated notes are based on current rates for similar financing. Carrying amount of Federal Reserve Bank and FHLB stock is a reasonable estimate of fair value as these securities are not readily marketable and are based on the ultimate recoverability of the par value. Fair value of off-balance-sheet items is not considered material. The fair value of net loans, loans held for sale at the lower of cost or market, time deposits, junior subordinated debt, and senior subordinated notes are measured using the exit-price notion. The net loans that use level 2 inputs are related to the portfolio of loans underlying interest rate swaps.

X

- References

No definition available.

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- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

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