v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Estimated Fair Values Estimated fair values as of the periods indicated are as follows:
 June 30, 2025December 31, 2024
(In Thousands)Carrying AmountFair ValueCarrying AmountFair  Value
Financial assets:  
Level 1 inputs:  
     Cash, due from banks and deposits in other banks$141,283 $141,283 $62,736 $62,736 
     Investment securities available for sale213,657 213,657 268,781 268,781 
     Marketable equity securities8,747 8,747 8,719 8,719 
Level 2 inputs:  
     Investment securities available for sale215,764 215,764 209,836 209,836 
     Loans held for sale104,151 104,151 59,957 59,957 
     Interest rate swaps11,738 11,738 14,788 14,788 
Level 3 inputs:  
     Investment securities held to maturity36,750 36,039 36,750 35,750 
     Loans 2,202,115 2,119,187 2,129,263 2,014,070 
     Purchased receivables, net109,098 109,098 74,078 74,078 
     Interest rate lock commitments1,296 1,296 465 465 
     Mortgage servicing rights27,50627,50626,439 26,439 
     Commercial servicing rights2,4002,4002,194 2,194 
Financial liabilities:  
Level 2 inputs:  
     Deposits$2,809,170 $2,810,895 $2,680,189 $2,683,029 
     Borrowings63,026 60,233 23,045 19,991 
     Interest rate swaps8,771 8,771 13,011 13,011 
Level 3 inputs:
     Junior subordinated debentures10,310 11,130 10,310 10,897 
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table sets forth the balances as of the periods indicated of assets and liabilities measured at fair value on a recurring basis:
(In Thousands)TotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
June 30, 2025    
Assets:
    Available for sale securities    
    U.S. Treasury and government sponsored entities$384,040 $213,657 $170,383 $— 
    U.S. Agency mortgage-backed securities4,976 — 4,976 — 
    Corporate bonds4,874 — 4,874 — 
    Collateralized loan obligations35,531 — 35,531 — 
           Total available for sale securities$429,421 $213,657 $215,764 $— 
    Marketable equity securities$8,747 $8,747 $— $— 
           Total marketable equity securities$8,747 $8,747 $— $— 
Interest rate swaps$10,205 $— $10,205 $— 
Interest rate lock commitments1,296 — — 1,296 
Mortgage servicing rights27,506 — — 27,506 
Commercial servicing rights2,400 — — 2,400 
           Total other assets$41,407 $— $10,205 $31,202 
Liabilities:
Interest rate swaps$8,771 $— $8,771 $— 
Retail interest rate contracts189 — 189 — 
           Total other liabilities$8,960 $— $8,960 $— 
December 31, 2024    
Assets:
Available for sale securities    
U.S. Treasury and government sponsored entities$432,931 $259,986 $172,945 $— 
Municipal securities— — — — 
Corporate bonds8,795 8,795 — — 
Collateralized loan obligations36,891 — 36,891 — 
           Total available for sale securities$478,617 $268,781 $209,836 $— 
Marketable equity securities$8,719 $8,719 $— $— 
           Total marketable securities$8,719 $8,719 $— $— 
Interest rate swaps$14,788 $— $14,788 $— 
Interest rate lock commitments465 — — 465 
Mortgage servicing rights26,439 — — 26,439 
Commercial servicing rights2,194 — — 2,194 
Retail interest rate contracts49 — 49 — 
           Total other assets$43,935 $— $14,837 $29,098 
Liabilities:
Interest rate swaps$13,011 $— $13,011 $— 
           Total other liabilities$13,011 $— $13,011 $— 
Fair Value, Assets Measured on Recurring Basis using Significant Unobservable Inputs
The following tables provide a reconciliation of the assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three and six-month periods ended June 30, 2025 and 2024:

(In Thousands)Beginning balanceChange included in earningsPurchases and issuancesSales and settlementsEnding balanceNet change in unrealized gains (losses) relating to items held at end of period
Three Months Ended June 30, 2025 
Interest rate lock commitments$1,389 ($553)$4,700 ($4,240)$1,296 $1,296 
Mortgage servicing rights26,814 (818)1,510 — 27,506 — 
Commercial servicing rights2,317 (120)203 — 2,400 — 
Total$30,520 ($1,491)$6,413 ($4,240)$31,202 $1,296 
Three Months Ended June 30, 2024
Interest rate lock commitments$765 ($453)$3,416 ($2,669)$1,059 $1,059 
Mortgage servicing rights20,055 (81)1,103 — 21,077 — 
Commercial servicing rights2,100 (16)32 — 2,116 — 
Total$22,920 ($550)$4,551 ($2,669)$24,252 $1,059 

(In Thousands)Beginning balanceChange included in earningsPurchases and issuancesSales and settlementsEnding balanceNet change in unrealized gains (losses) relating to items held at end of period
Six Months Ended June 30, 2025 
Interest rate lock commitments$465 ($779)$6,696 ($5,086)$1,296 $1,296 
Mortgage servicing rights26,439 (1,673)2,740 — 27,506 — 
Commercial servicing rights2,194 (193)399 — 2,400 — 
Total$29,098 ($2,645)$9,835 ($5,086)$31,202 $1,296 
Six Months Ended June 30, 2024
Interest rate lock commitments$342 ($728)$5,929 ($4,484)$1,059 $1,059 
Mortgage servicing rights19,564 (106)1,619 — 21,077 — 
Commercial servicing rights2,200 (145)61 — 2,116 — 
Total$22,106 ($979)$7,609 ($4,484)$24,252 $1,059 
Fair Value, Assets Measured on Nonrecurring Basis As of and for the periods ending June 30, 2025 and December 31, 2024, except for certain assets as shown in the following table, no impairment or valuation adjustment was recognized for assets recognized at fair value on a nonrecurring basis.  For loans individually measured for credit losses, the Company classifies fair value measurements using observable inputs, such as external appraisals, as Level 2 valuations in the fair value hierarchy, and unobservable inputs, such as in-house evaluations, as Level 3 valuations in the fair value hierarchy.               
(In Thousands)TotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
June 30, 2025    
  Loans individually measured for credit losses$— $— $— $— 
Total$— $— $— $— 
December 31, 2024    
  Loans individually measured for credit losses$— $— $— $— 
Total$— $— $— $— 
    The following table presents the (gains) losses resulting from nonrecurring fair value adjustments for the three and six-month periods ended June 30, 2025 and 2024:

Three Months Ended June 30,Six Months Ended June 30,
(In Thousands)2025202420252024
Loans individually measured for credit losses$— ($182)$— $2 
Other real estate owned— — — — 
Total loss from nonrecurring measurements$— ($182)$— $2 
Schedule of Valuation Assumptions The following tables provide a description of the valuation technique, unobservable input, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring and nonrecurring basis at June 30, 2025 and December 31, 2024:
Financial Instrument
Valuation Technique - Recurring Basis
Unobservable InputWeighted Average Rate Range
June 30, 2025
Interest rate lock commitmentExternal pricing modelPull through rate92.63 %
Mortgage servicing rightsDiscounted cash flowConstant prepayment rate
6.35% - 20.58%
Discount rate
9.50% - 11.00%
Commercial servicing rightsDiscounted cash flowConstant prepayment rate
3.13% - 18.23%
Discount rate12.00 %
December 31, 2024
Interest rate lock commitmentExternal pricing modelPull through rate93.35 %
Mortgage servicing rightsDiscounted cash flowConstant prepayment rate
2.01% - 14.91%
Discount rate
9.50% - 11.00%
Commercial servicing rightsDiscounted cash flowConstant prepayment rate
3.13% - 18.23%
Discount rate12.00 %