Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Fair Value, Assets Measured on Recurring Basis

The following table summarizes financial assets measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:


(in thousands)	September 30, 2025		December 31, 2024
Available for Sale Securities Fair Value Measurements Using:
Level 1: Quoted Prices in Active Markets For Identical Assets	$	—	$	147,780
Level 2: Significant Other Observable Inputs	368,586		127,222
Level 3: Significant Unobservable Inputs	5,749		6,095
Securities available for sale measured at fair value	$	374,335	$	281,097

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table reconciles assets measured at fair value on a recurring basis using unobservable inputs (Level 3):


	Level 3 Changes
(in thousands)	September 30, 2025
Balance, beginning of year	$	6,095
Total gains or losses (realized/unrealized):
Included in earnings	—
Included in other comprehensive income	95
Purchases, sales, issuances and settlements, net	(441)
Transfers in and/or out of Level 3	—
Balance as of end of period	$	5,749

Schedule of Fair Value Measurements, Nonrecurring

The following table measures financial assets and financial liabilities measured at fair value on a non-recurring basis as of September 30, 2025 and December 31, 2024, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:


(in thousands)	At September 30, 2025		At December 31, 2024
Fair Value Measurements Using: Loans Individually Evaluated for Impairment
Level 1: Quoted Prices in Active Markets For Identical Assets	$	—	$	—
Level 2: Significant Other Observable Inputs	—		—
Level 3: Significant Unobservable Inputs	72,151		50,449
Loans individually evaluated for impairment measured at fair value	$	72,151	$	50,449

Fair Value Measurements Using: Other Real Estate Owned
Level 1: Quoted Prices in Active Markets For Identical Assets	$	—	$	—
Level 2: Significant Other Observable Inputs	12,000		319
Level 3: Significant Unobservable Inputs	50		—
Other real estate owned measured at fair value	$	12,050	$	319

- 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.

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