v3.25.2
Fair Values of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Values of Financial Instruments [Abstract]  
Fair Values of Financial Instruments Fair Values of Financial Instruments
Most of our assets and liabilities are considered financial instruments. Many of these financial instruments lack an available trading market and it is our general practice and intent to hold the majority of our financial instruments to maturity. Significant estimates and assumptions were used to determine the fair value of financial instruments. These estimates are subjective in nature, involving uncertainties and matters of judgment, and therefore, fair values may not be a precise estimate. Changes in assumptions could significantly affect the estimates.
Estimated fair values have been determined using available data and methodologies that are considered suitable for each category of financial instrument. For instruments with adjustable interest rates which reprice frequently and without significant credit risk, it is presumed that estimated fair values approximate the recorded book balances.
The estimated recorded book balances and fair values follow:
Fair Value Using
Recorded
Book
Balance		Fair ValueQuoted
Prices
in Active
Markets
for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Un-
observable
Inputs
(Level 3)
(In thousands)
June 30, 2025
Assets
Cash and due from banks$74,354 $74,354 $74,354 $— $— 
Interest bearing deposits71,805 71,805 71,805 — — 
Securities available for sale509,511 509,511 — 509,511 — 
Securities held to maturity329,302 293,658 — 293,658 — 
Federal Home Loan Bank and Federal
Reserve Bank Stock18,102 NANANANA
Net loans and loans held for sale4,115,702 3,946,951 — 12,492 3,934,459 
Accrued interest receivable19,500 19,500 40 5,454 14,006 
Derivative financial instruments34,191 34,191 — 34,191 — 
     
Liabilities     
Deposits with no stated maturity (1)$3,807,413 $3,807,413 $3,807,413 $— $— 
Deposits with stated maturity (1)851,946 849,694 — 849,694 — 
Other borrowings102,008 101,632 — 101,632 — 
Subordinated debt39,624 40,471 — 40,471 — 
Subordinated debentures39,830 39,585 — 39,585 — 
Accrued interest payable3,701 3,701 351 3,350 — 
Derivative financial instruments20,754 20,754 — 20,754 — 
     
December 31, 2024     
Assets     
Cash and due from banks$56,984 $56,984 $56,984 $— $— 
Interest bearing deposits62,898 62,898 62,898 — — 
Securities available for sale559,182 559,182 — 559,182 — 
Securities held to maturity339,436 301,860 — 301,860 — 
Federal Home Loan Bank and Federal
Reserve Bank Stock16,099 NANANANA
Net loans and loans held for sale3,987,089 3,772,862 — 7,643 3,765,219 
Accrued interest receivable19,113 19,113 46 5,606 13,461 
Derivative financial instruments37,059 37,059 — 37,059 — 
Liabilities     
Deposits with no stated maturity (1)$3,806,185 $3,806,185 $3,806,185 $— $— 
Deposits with stated maturity (1)847,903 845,534 — 845,534 — 
Other borrowings45,009 44,996 — 44,996 — 
Subordinated debt39,586 40,412 — 40,412 — 
Subordinated debentures39,796 40,235 — 40,235 — 
Accrued interest payable3,109 3,109 374 2,735 — 
Derivative financial instruments18,623 18,623 — 18,623 — 
(1)
Deposits with no stated maturity include reciprocal deposits with a recorded book balance of $809.496 million and $797.224 million at June 30, 2025 and December 31, 2024, respectively. Deposits with a stated maturity include reciprocal deposits with a recorded book balance of $102.318 million and $109.807 million at June 30, 2025 and December 31, 2024, respectively.
The fair values for commitments to extend credit and standby letters of credit are estimated to approximate their aggregate book balance, which is nominal and therefore are not disclosed.
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale the entire holdings of a particular financial instrument.
Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business, the value of future earnings attributable to off-balance sheet activities and the value of assets and liabilities that are not considered financial instruments.
Fair value estimates for deposit accounts do not include the value of the core deposit intangible asset resulting from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market.