| Fair Value, Assets Measured on Recurring and Nonrecurring Basis |
The following tables summarize significant assets and liabilities carried at fair value and placement in the fair value hierarchy at the dates specified: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | | | | | Fair Value Measurements Using: | | (Dollars in thousands) | | Fair Value | | (Level 1) | | (Level 2) | | (Level 3) | | Assets measured on a recurring basis: | | | | | | | | | | Debt securities | | $ | 594,691 | | | $ | — | | | $ | 594,691 | | | $ | — | | | Equity securities | | 9,242 | | | 9,242 | | | — | | | — | | | FHLB stock | | 4,932 | | | — | | | 4,932 | | | — | | | Interest-rate swaps | | 261 | | | — | | | 261 | | | — | | | Assets measured on a non-recurring basis: | | | | | | | | | | Individually evaluated loans (collateral dependent) | | 6,592 | | | — | | | — | | | 6,592 | | | | | | | | | | | | | | | | | | | | | Liabilities measured on a recurring basis: | | | | | | | | | | Interest-rate swaps | | 467 | | | — | | | 467 | | | — | | | RPAs sold | | 30 | | | — | | | 30 | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | | Fair Value Measurements Using: | | (Dollars in thousands) | | Fair Value | | (Level 1) | | (Level 2) | | (Level 3) | | Assets measured on a recurring basis: | | | | | | | | | | Debt securities | | $ | 583,930 | | | $ | — | | | $ | 583,930 | | | $ | — | | | Equity securities | | 9,665 | | | 9,665 | | | — | | | — | | | FHLB stock | | 7,093 | | | — | | | 7,093 | | | — | | | Interest-rate swaps | | 321 | | | — | | | 321 | | | — | | | Assets measured on a non-recurring basis: | | | | | | | | | | Individually evaluated loans (collateral dependent) | | 12,647 | | | — | | | — | | | 12,647 | | | | | | | | | | | | | | | | | | | | | Liabilities measured on a recurring basis: | | | | | | | | | | Interest-rate swaps | | 657 | | — | | | 657 | | | — | | | RPAs sold | | 25 | | — | | | 25 | | | — | |
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| Quantitative Information About Significant Unobservable Inputs for Fair Value Measurements |
The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company utilized Level 3 inputs (significant unobservable inputs for situations in which there is little, if any, market activity for the asset or liability) to determine fair value as of March 31, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | | | | | | | (Dollars in thousands) | | March 31, 2025 | | December 31, 2024 | | Valuation Technique | | Unobservable Input | | Unobservable Input Value or Range | | Assets measured on a non-recurring basis: | | | | | | | | | | Individually evaluated loans (collateral dependent) | | $ | 6,592 | | | $ | 12,647 | | | Appraisal of collateral | | Appraisal adjustments(1) | | 15% - 75% | | | | | | | | | | | |
_______________________________ (1)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.
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| Fair Value, by Balance Sheet Grouping |
Financial instruments for which the fair value is disclosed but not recognized on the Company's Consolidated Balance Sheets are summarized below. The table includes the carrying value, estimated fair value and its placement in the fair value hierarchy as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | | | | | | Fair Value Measurement | | (Dollars in thousands) | | Carrying
Value | | Fair Value | | Level 1 Inputs | | Level 2 Inputs | | Level 3 Inputs | | Financial assets: | | | | | | | | | | | | Loans held for sale | | $ | 1,069 | | | $ | 1,075 | | | $ | — | | | $ | 1,075 | | | $ | — | | | Loans, net | | 3,985,600 | | | 3,868,360 | | | — | | | — | | | 3,868,360 | | | Financial liabilities: | | | | | | | | | | | | CDs | | 683,958 | | | 683,280 | | | — | | | 683,280 | | | — | | | Brokered deposits | | 149,975 | | | 149,960 | | | — | | | 149,960 | | | — | | | Borrowed funds | | 94,493 | | | 93,090 | | | — | | | 93,090 | | | — | | | Subordinated debt | | 59,894 | | | 64,254 | | | — | | | 64,254 | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | | Fair Value Measurement | | (Dollars in thousands) | | Carrying
Value | | Fair Value | | Level 1 Inputs | | Level 2 Inputs | | Level 3 Inputs | | Financial assets: | | | | | | | | | | | | Loans held for sale | | $ | 520 | | | $ | 516 | | | $ | — | | | $ | 516 | | | $ | — | | | Loans, net | | 3,919,400 | | | 3,788,194 | | | — | | | — | | | 3,788,194 | | | Financial liabilities: | | | | | | | | | | | | CDs | | 685,219 | | | 684,897 | | | — | | | 684,897 | | | — | | | Brokered deposits | | — | | | — | | | — | | | — | | | — | | | Borrowed funds | | 153,136 | | | 151,800 | | | — | | | 151,800 | | | — | | | Subordinated debt | | 59,815 | | | 62,417 | | | — | | | 62,417 | | | — | |
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