v3.25.2
Fair Value Disclosures (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands):

    

    

Quoted Prices in

    

Significant

    

Significant

Active Markets

Other

Other

for Identical

Observable

Unobservable

Assets

Inputs

Inputs

Description

Fair Value

(Level 1)

(Level 2)

(Level 3)

June 30, 2025:

 

  

Assets:

 

  

Securities available-for-sale:

 

  

U.S. Treasury

$

77,818

$

$

77,818

$

U.S. Government-sponsored enterprises (GSEs)

34,668

34,668

Municipal securities

 

21,024

 

 

21,024

 

Other debt securities

 

38,915

 

 

38,915

 

Mortgage-backed securities (GSEs)

 

329,725

 

 

329,725

 

Total securities available-for-sale

502,150

502,150

Derivative financial instruments and interest rate swap agreements

13,528

13,528

Total assets at fair value

$

515,678

$

$

515,678

$

Liabilities:

 

  

Derivative financial instruments and interest rate swap agreements

$

13,881

$

$

13,881

$

December 31, 2024:

 

  

 

  

 

  

 

  

Assets:

 

  

 

  

 

  

 

  

Securities available-for-sale:

 

  

 

  

 

  

 

  

U.S. Treasury

$

76,226

$

$

76,226

$

U.S. Government-sponsored enterprises (GSEs)

39,188

39,188

Municipal securities

 

17,690

 

 

17,690

 

Other debt securities

 

39,435

 

 

39,435

 

Mortgage-backed securities (GSEs)

 

309,789

 

 

309,789

 

Total securities available-for-sale

482,328

482,328

Derivative financial instruments and interest rate swap agreements

12,135

12,135

Total assets at fair value

$

494,463

$

$

494,463

$

Liabilities:

 

  

 

  

 

  

 

  

Derivative financial instruments and interest rate swap agreements

$

13,198

$

$

13,198

$

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

    

    

Quoted Prices in

    

Significant

    

Significant

Active Markets

Other

Other

for Identical

Observable

Unobservable

Assets

Inputs

Inputs

Fair Value

(Level 1)

(Level 2)

(Level 3)

June 30, 2025:

 

  

 

  

 

  

 

  

Collateral-dependent loans

$

1,281

$

$

$

1,281

December 31, 2024:

 

  

 

  

 

  

 

  

Collateral-dependent loans

$

1,813

$

$

$

1,813

Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets measured at fair value on a non-recurring basis, the significant unobservable inputs used in the fair value measurements are presented below (dollars in thousands):

    

    

    

    

Weighted

Valuation

Significant Other

Average of

Fair Value

Technique

Unobservable Input

Input

June 30, 2025:

Collateral-dependent loans

$

1,281

 

Appraisal

 

Appraisal discounts

 

75

%

December 31, 2024:

Collateral-dependent loans

$

1,813

 

Appraisal

 

Appraisal discounts

 

68

%

Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value of the Company’s financial instruments are as follows (in thousands):

Fair Value Measurements Using

    

Carrying

    

    

    

    

Estimated

Amount

Level 1

Level 2

Level 3

Fair Value

June 30, 2025:

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

365,096

 

$

365,096

 

$

 

$

$

365,096

Securities available-for-sale

 

502,150

 

 

502,150

 

 

502,150

Securities held-to-maturity

124,520

108,134

108,134

Other investments

 

14,713

 

N/A

 

N/A

 

N/A

 

N/A

Loans and leases, net and loans held for sale

 

4,089,770

 

 

 

4,003,963

 

4,003,963

Derivative financial instruments and interest rate swap agreements

13,528

13,528

13,528

Liabilities:

 

 

  

 

  

 

  

 

  

Noninterest-bearing demand deposits

 

906,965

 

 

906,965

 

 

906,965

Interest-bearing demand deposits

 

843,820

 

 

843,820

 

 

843,820

Money market and savings deposits

 

2,124,623

 

 

2,124,623

 

 

2,124,623

Time deposits

 

996,712

 

 

996,945

 

 

996,945

Borrowings

6,966

6,966

6,966

Subordinated debt

 

39,726

 

 

 

38,090

 

38,090

Derivative financial instruments and interest rate swap agreements

 

13,881

 

 

13,881

 

 

13,881

December 31, 2024:

    

    

    

    

    

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

387,570

 

$

387,570

 

$

 

$

$

387,570

Securities available-for-sale

 

482,328

 

 

482,328

 

 

482,328

Securities held-to-maturity

126,659

108,080

108,080

Other investments

 

14,740

 

N/A

 

N/A

 

N/A

 

N/A

Loans and leases, net and loans held for sale

 

3,874,913

 

 

 

3,768,452

 

3,768,452

Derivative financial instruments and interest rate swap agreements

12,135

12,135

12,135

Liabilities:

 

 

  

 

  

 

  

 

  

Noninterest-bearing demand deposits

 

965,552

 

 

965,552

 

 

965,552

Interest-bearing demand deposits

 

836,731

 

 

836,731

 

 

836,731

Money market and savings deposits

 

2,039,560

 

 

2,039,560

 

 

2,039,560

Time deposits

 

844,640

 

 

844,694

 

 

844,694

Borrowings

8,135

8,135

8,135

Subordinated debt

 

39,684

 

 

 

38,043

 

38,043

Derivative financial instruments and interest rate swap agreements

 

13,198

 

 

13,198

 

 

13,198