v3.26.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2026
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:
March 31, 2026December 31, 2025
(In thousands)Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Balance sheet assets:
Cash and cash equivalents $244,343 $244,343 $392,268 $392,268 
Investment securities 785,343 785,343 770,772 770,772 
Loans, net 1,074,869 1,073,690 1,047,620 1,044,045 
Accrued interest receivable 7,475 7,475 9,170 9,170 
Total $2,112,030 $2,110,851 $2,219,830 $2,216,255 
Balance sheet liabilities:
Deposits $1,105,683 $1,105,683 $1,200,033 $1,200,033 
Accounts and drafts payable 1,000,154 1,000,154 1,124,858 1,124,858 
Short-term borrowings145,000 145,000 — — 
Accrued interest payable 431 431 606 606 
Total $2,251,268 $2,251,268 $2,325,497 $2,325,497 
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.
Short-term borrowings - The carrying amount approximates fair value.