v3.25.3
Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Following is a summary of the carrying amounts and fair values of the Company’s financial instruments:
September 30, 2025December 31, 2024
(In thousands)Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Balance sheet assets:
Cash and cash equivalents $258,634 $258,634 $349,728 $349,728 
Investment securities 717,369 717,369 528,021 528,021 
Loans, net 1,074,281 1,065,604 1,068,594 1,046,406 
Accrued interest receivable 9,558 9,558 7,979 7,979 
Total $2,059,842 $2,051,165 $1,954,322 $1,932,134 
Balance sheet liabilities:
Deposits $1,034,660 $1,034,660 $967,916 $967,916 
Accounts and drafts payable 1,130,371 1,130,371 1,129,610 1,129,610 
Accrued interest payable 971 971 666 666 
Total $2,166,002 $2,166,002 $2,098,192 $2,098,192 
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:
Cash and Cash Equivalents - The carrying amount approximates fair value.
Investment Securities - The fair value is measured on a recurring basis using Level 2 inputs including observable trade data, market data, etc. Refer to Note 12, “Investment Securities,” for fair value and unrealized gains and losses by investment type.
Loans - The fair value is estimated using present values of future cash flows discounted at risk-adjusted interest rates for each loan category designated by management and is therefore a Level 3 valuation. Management believes that the risk factor embedded in the interest rates along with the allowance for credit losses result in a fair valuation.
Accrued Interest Receivable - The carrying amount approximates fair value.
Deposits - The fair value of demand deposits, savings deposits and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities and therefore, is a Level 2 valuation. The fair value estimates above do
not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market or the benefit derived from the customer relationship inherent in existing deposits.
Accounts and Drafts Payable - The carrying amount approximates fair value.
Accrued Interest Payable - The carrying amount approximates fair value.