v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2026
FAIR VALUE MEASUREMENTS  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

March 31, 2026

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

(in thousands)

Inputs

Inputs

Inputs

Fair Value

Available-for-sale debt securities:

  ​

  ​

  ​

Obligations of US Government-sponsored enterprises

$

$

1,010

$

$

1,010

Mortgage-backed securities:

 

  ​

 

 

  ​

 

  ​

US Government-sponsored enterprises

250,739

250,739

US Government agency

 

 

155,695

 

 

155,695

Private label

 

 

10,752

 

 

10,752

Obligations of states and political subdivisions thereof

 

 

101,941

 

 

101,941

Corporate bonds

 

 

76,511

 

1,329

 

77,840

Loans held for sale

11,534

11,534

Derivative assets

 

 

9,745

 

176

 

9,921

Derivative liabilities

 

 

(7,277)

 

 

(7,277)

December 31, 2025

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

(in thousands)

Inputs

Inputs

Inputs

Fair Value

Available-for-sale debt securities:

  ​

  ​

  ​

  ​

Obligations of US Government-sponsored enterprises

$

$

1,102

$

$

1,102

Mortgage-backed securities:

 

  ​

 

 

  ​

 

  ​

US Government-sponsored enterprises

249,542

249,542

US Government agency

 

 

153,900

 

 

153,900

Private label

 

 

10,999

 

 

10,999

Obligations of states and political subdivisions thereof

 

 

104,539

 

 

104,539

Corporate bonds

 

 

75,139

 

2,203

 

77,342

Loans held for sale

5,283

5,283

Derivative assets

 

 

8,708

 

98

 

8,806

Derivative liabilities

 

 

(6,670)

 

(14)

 

(6,684)

Schedule of Changes in Level 3 Assets Measured on a Recurring Basis

Assets (Liabilities)

Interest Rate Lock

Forward

Corporate

(in thousands)

  ​ ​ ​

Commitments

Commitments

Bond

Three Months Ended March 31, 2026

 

  ​

 

  ​

Balance at beginning of period

$

98

$

(14)

$

2,203

Realized gain (loss) recognized in non-interest income

 

50

 

42

(874)

Balance at end of period

$

148

$

28

$

1,329

Three Months Ended March 31, 2025

 

  ​

 

  ​

Balance at beginning of period

$

85

$

13

$

Realized gain (loss) recognized in non-interest income

 

29

 

(21)

Balance at end of period

$

114

$

(8)

$

Schedule of Changes in Level 3 Liabilities Measured on a Recurring Basis

Assets (Liabilities)

Interest Rate Lock

Forward

Corporate

(in thousands)

  ​ ​ ​

Commitments

Commitments

Bond

Three Months Ended March 31, 2026

 

  ​

 

  ​

Balance at beginning of period

$

98

$

(14)

$

2,203

Realized gain (loss) recognized in non-interest income

 

50

 

42

(874)

Balance at end of period

$

148

$

28

$

1,329

Three Months Ended March 31, 2025

 

  ​

 

  ​

Balance at beginning of period

$

85

$

13

$

Realized gain (loss) recognized in non-interest income

 

29

 

(21)

Balance at end of period

$

114

$

(8)

$

Schedule of Quantitative Information, Valuation, Recurring

Fair Value

Significant

March 31, 

Valuation 

Unobservable 

Unobservable

(in thousands, except ratios)

  ​ ​ ​

2026

  ​ ​ ​

Techniques

  ​ ​ ​

Inputs

  ​ ​ ​

Input Value

 

Assets (Liabilities)

  ​

  ​

  ​

  ​

 

Interest Rate Lock Commitment

 

$

148

Pull-through Rate Analysis

 

Closing Ratio

 

92

%

 

Pricing Model

Origination Costs, per loan

$

1.7

Discount Cash Flows

Mortgage Servicing Asset

1.0

%

 

Forward Commitments

 

28

Quoted prices for similar loans in active markets

 

Freddie Mac pricing system

 

$98.5 to $101.5

Corporate bond

1,329

Discounted Cash Flows

Discount Rate

7.39

%

Cash Flows

$0 to $1,329

Loss Severity

83

%

Total

$

1,505

  ​ ​ ​

Fair Value

  ​ ​ ​

  ​ ​ ​

Significant

 

December 31,

Valuation

Unobservable

Unobservable

(in thousands, except ratios)

  ​ ​ ​

 2025

Techniques

  ​ ​ ​

Inputs

  ​ ​ ​

Input Value

Assets (Liabilities)

  ​

  ​

  ​

  ​

 

Interest Rate Lock Commitment

 

$

98

Pull-through Rate Analysis

 

Closing Ratio

 

96

%

 

Pricing Model

Origination Costs, per loan

$

1.7

Discount Cash Flows

Mortgage Servicing Asset

1.0

%

 

Forward Commitments

 

(14)

Quoted prices for similar loans in active markets

 

Freddie Mac pricing system

 

$100.7 to $103.4

Corporate bond

2,203

Discounted Cash Flows

Discount Rate

7.39

%

Cash Flows

$0 to $2,203

Loss Severity

65

%

Total

$

2,287

Summary of Applicable Non-Recurring Fair Value Measurements

Fair Value

 Measurement Date as of 

Mar 31, 2026

Dec 31, 2025

March 31, 2026

Level 3

Level 3

Level 3

(in thousands)

  ​ ​ ​

Inputs

  ​ ​ ​

Inputs

  ​ ​ ​

Inputs

Assets

  ​

  ​

  ​

Individually evaluated loans

$

16,028

$

5,091

March 2026

Capitalized servicing rights

 

7,299

6,832

 

March 2026

Total

$

23,327

$

11,923

 

  ​

Schedule of Quantitative Information, Valuation, Non-recurring

(in thousands, except ratios)

  ​ ​ ​

Fair Value March 31, 2026

  ​ ​ ​

Valuation Techniques

  ​ ​ ​

Unobservable Inputs

  ​ ​ ​

Range (Weighted Average)(a)

 

Assets

 

  ​

 

  ​

 

  ​

  ​

Individually evaluated loans

 

 

Commercial Real Estate Owner Occupied

$

365

Fair value of collateral-appraised value

 

Loss severity

33% to 60%

Appraised value

$250 to $975

Commercial Real Estate Non-Owner Occupied

13,419

Fair value of collateral-appraised value

 

Loss severity

0% to 40%

Appraised value

$1,700 to $10,700

Commercial and Industrial

2,078

Fair value of collateral-appraised value

 

Loss severity

10% to 80%

Appraised value

$212 to $1,057

Residential Real Estate

166

Fair value of collateral-appraised value

 

Loss severity

20%

Appraised value

$240

Capitalized servicing rights

 

7,299

 

Discounted cash flow

 

Constant prepayment rate

 

7.36%

 

 

  ​

 

Discount rate

 

9.62%

Total

$

23,327

 

  ​

 

 

  ​

(a)Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individual properties.

(in thousands, except ratios)

  ​ ​ ​

Fair Value December 31, 2025

  ​ ​ ​

Valuation Techniques

  ​ ​ ​

Unobservable Inputs

  ​ ​ ​

Range (Weighted Average)(a)

Assets

 

  ​

 

  ​

 

  ​

  ​

Individually evaluated loans

Commercial Real Estate Owner Occupied

$

378

Fair value of collateral-appraised value

 

Loss severity

33% to 60%

Appraised value

$250 to $975

Commercial Real Estate Non-Owner Occupied

1,985

Fair value of collateral-appraised value

 

Loss severity

20% to 40%

Appraised value

$1,700 to $1,775

Commercial and Industrial

2,410

Fair value of collateral-appraised value

 

Loss severity

5% to 80%

Appraised value

$212 to $1,112

Residential Real Estate

318

Fair value of collateral-appraised value

 

Loss severity

20%

Appraised value

$240

Capitalized servicing rights

 

6,832

 

Discounted cash flow

 

Constant prepayment rate

 

8.97%

 

 

  ​

 

Discount rate

 

9.62%

Total

$

11,923

 

  ​

 

  ​

 

  ​

(a)Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individual properties.
Summary of Estimated Fair Values, and Related Carrying Amounts, of Financial Instruments

March 31, 2026

Carrying

Fair

(in thousands)

  ​ ​ ​

Amount

  ​ ​ ​

Value

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Financial Assets

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Cash and cash equivalents

$

82,215

$

82,215

$

82,215

$

$

Available-for-sale debt securities

 

597,977

 

597,977

 

 

596,648

 

1,329

FHLB stock

 

9,567

 

n/a

 

n/a

 

n/a

 

n/a

Loans held for sale

11,534

11,534

11,534

Net loans

 

3,550,933

 

3,489,882

 

 

 

3,489,882

Accrued interest receivable

 

16,924

 

16,924

 

46

 

3,806

 

13,072

Derivative assets

 

9,921

 

9,921

 

 

9,745

 

176

Financial Liabilities

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Non-maturity deposits

$

2,946,904

$

2,763,401

$

$

2,763,401

$

Time deposits

920,811

917,529

917,529

Securities sold under agreements to repurchase

3,078

3,078

3,078

FHLB advances

 

159,219

 

159,198

 

 

159,198

 

Subordinated borrowings

 

53,420

 

49,666

 

 

49,666

 

Accrued interest payable

5,412

5,412

5,412

Derivative liabilities

 

7,277

 

7,277

 

 

7,277

 

December 31, 2025

Carrying

Fair

(in thousands)

  ​ ​ ​

Amount

  ​ ​ ​

Value

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Financial Assets

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Cash and cash equivalents

$

80,837

$

80,837

$

80,837

$

$

Available-for-sale debt securities

 

597,424

 

597,424

 

 

595,221

 

2,203

FHLB stock

 

11,308

 

n/a

 

n/a

 

n/a

 

n/a

Loans held for sale

5,283

5,283

5,283

Net loans

 

3,571,807

 

3,505,278

 

 

 

3,505,278

Accrued interest receivable

 

15,047

 

15,047

 

13

 

3,496

 

11,538

Derivative assets

 

8,806

 

8,806

 

 

8,708

 

98

Financial Liabilities

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Non-maturity deposits

$

2,908,688

$

2,740,925

$

$

2,740,925

$

Time deposits

912,594

910,213

910,213

Securities sold under agreements to repurchase

4,801

4,801

4,801

FHLB advances

 

212,016

 

211,988

 

 

211,756

 

232

Subordinated borrowings

 

52,825

 

49,746

 

 

49,746

 

Accrued interest payable

6,256

6,256

6,256

Derivative liabilities

 

6,684

 

6,684

 

 

6,670

 

14