v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Estimated Fair Values of Financial Instruments
The following tables present estimated fair values of the Company’s financial instruments as of the period indicated, whether or not recognized or recorded in the consolidated balance sheets at the period indicated:
June 30, 2025Fair Value Measurements Using
Carrying
Value		Estimated
Fair Value		Level 1Level 2Level 3
(dollars in thousands; unaudited)
Financial assets
Cash and due from banks$29,546 $29,546 $29,546 $— $— 
Interest earning deposits with other banks690,213 690,213 690,213 — — 
Investment securities45,577 45,651 — 45,651 — 
Other investments12,521 12,521 — 10,345 2,176 
Loans receivable3,540,330 3,491,085 — — 3,491,085 
Accrued interest receivable20,849 20,849 — 20,849 — 
Financial liabilities
Deposits$3,913,571 3,945,953 $— $3,945,953 $— 
Subordinated debt44,368 43,783 — 43,783 — 
Junior subordinated debentures3,592 3,785 — 3,785 — 
Accrued interest payable954 954 — 954 — 
December 31, 2024Fair Value Measurements Using
Carrying
Value		Estimated
Fair Value		Level 1Level 2Level 3
(dollars in thousands; unaudited)
Financial assets
Cash and due from banks$36,533 $36,533 $36,533 $— $— 
Interest earning deposits with other banks415,980 415,980 415,980 — — 
Investment securities47,321 46,740 — 46,740 — 
Other investments10,800 10,800 — 8,181 2,619 
Loans receivable, net3,486,565 3,460,131 — — 3,460,131 
Accrued interest receivable21,104 21,104 — 21,104 — 
Financial liabilities     
Deposits$3,585,332 $3,584,967 $— $3,584,967 $— 
Subordinated debt44,293 45,505 — 45,505 — 
Junior subordinated debentures3,591 3,508 — 3,508 — 
Accrued interest payable962 962 — 962 — 
Summary of Assets Measured at Fair Value on Recurring Basis
Items measured at fair value on a recurring basis – The following fair value hierarchy table presents information about the Company’s assets that are measured at fair value on a recurring basis at the dates indicated:
Level 1Level 2Level 3Total
Fair Value
(dollars in thousands; unaudited)
June 30, 2025
Available-for-sale
U.S. Agency collateralized mortgage obligations$— $33 $— $33 
$— $33 $— $33 
December 31, 2024
Available-for-sale
U.S. Agency collateralized mortgage obligations$— $35 $— $35 
$— $35 $— $35 
Summary of Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis
Items measured at fair value on a nonrecurring basis – The following table presents financial assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy of the fair value measurements for those assets at the dates indicated:
Level 1Level 2Level 3Total
Fair Value
(dollars in thousands; unaudited)
June 30, 2025
Collateral dependent loans$— $— $5,602 $5,602 
Equity securities$— $— $2,176 $2,176 
Total$— $— $7,778 $7,778 
December 31, 2024
Collateral dependent loans$— $— $100 $100 
Equity securities— — 2,619 2,619 
Total$— $— $2,719 $2,719 
Summary of Carrying Value of Equity Securities Without Readily Determinable Fair Values
The following table presents the carrying value of equity securities without readily determinable fair values, as of June 30, 2025, with adjustments recorded during the periods presented for those securities with observable price changes, if applicable. These equity securities are included in other investments on the balance sheet.
•The Company had a $1.8 million and $2.2 million equity interest in a specialized bank technology company as of the quarters ended June 30, 2025, and June 30, 2024, respectively. There was a $443,000 write-down during the quarter ended June 30, 2025 due to a re-valuation, which is done at least quarterly. Management doesn’t believe the write-down is indicative of longer-term concerns at this time.
•The Company had a $350,000 equity interest in a technology company as of the quarters ended June 30, 2025, and June 30, 2024.
•The Company had a $47,000 and $50,000 equity interest in a technology company as of the quarters ended June 30, 2025, and June 30, 2024, respectively.
For the Three Months Ended
June 30,
(dollars in thousands; unaudited)20252024
Carrying value, beginning of period$2,619 $2,622 
Purchases— — 
Observable price change(443)— 
Carrying value, end of period$2,176 $2,622 
Summary of Assets and Liabilities Classified as Level 3 and Measured at Fair Value on Nonrecurring Basis
The following table provides a description of the valuation technique, unobservable inputs, 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 nonrecurring basis at the date indicated:
(unaudited)Valuation TechniqueUnobservable Inputs
June 30, 2025
Weighted
Average Rate
December 31, 2024
Weighted
Average Rate
Collateral dependent loansCollateral valuationsDiscount to appraised value8.5%8.0%