| Assets and Liabilities Measured at Fair Value on Recurring Basis |
Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below:
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Fair Value Measurements at
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|
|
|
March 31, 2026 Using:
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|
|
|
|
|
|
|
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|
Significant
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices in
|
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|
Other
|
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|
Significant
|
|
|
|
|
|
|
|
Active Markets for
|
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|
Observable
|
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|
Unobservable
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|
|
|
Carrying
|
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|
Identical Assets
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|
Inputs
|
|
|
Inputs
|
|
|
(dollars in thousands)
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|
Value
|
|
|
(Level 1)
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|
(Level 2)
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|
(Level 3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government sponsored enterprises
|
|
$
|
14,887 |
|
|
$
|
- |
|
|
$
|
14,887 |
|
|
$
|
- |
|
|
State and political subdivisions
|
|
|
9 |
|
|
|
- |
|
|
|
9 |
|
|
|
- |
|
Mortgage backed securities and collateralized mortgage obligations - residential
|
|
|
205,209 |
|
|
|
- |
|
|
|
205,209 |
|
|
|
- |
|
|
Corporate bonds
|
|
|
69,137 |
|
|
|
- |
|
|
|
69,137 |
|
|
|
- |
|
Small Business Administration- guaranteed participation securities
|
|
|
10,796 |
|
|
|
- |
|
|
|
10,796 |
|
|
|
- |
|
|
Other securities
|
|
|
708 |
|
|
|
- |
|
|
|
708 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities available for sale
|
|
$
|
300,746 |
|
|
$
|
- |
|
|
$
|
300,746 |
|
|
$
|
- |
|
|
|
|
Fair Value Measurements at
|
|
|
|
|
December 31, 2025 Using:
|
|
|
|
|
|
|
|
|
|
|
Significant
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices in
|
|
|
Other
|
|
|
Significant
|
|
|
|
|
|
|
|
Active Markets for
|
|
|
Observable
|
|
|
Unobservable
|
|
|
|
|
Carrying
|
|
|
Identical Assets
|
|
|
Inputs
|
|
|
Inputs
|
|
|
(dollars in thousands)
|
|
Value
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government sponsored enterprises
|
|
$
|
31,772 |
|
|
$
|
- |
|
|
$
|
31,772 |
|
|
$
|
- |
|
|
State and political subdivisions
|
|
|
9 |
|
|
|
- |
|
|
|
9 |
|
|
|
- |
|
Mortgage backed securities and collateralized mortgage obligations - residential
|
|
|
206,290 |
|
|
|
- |
|
|
|
206,290 |
|
|
|
- |
|
|
Corporate bonds
|
|
|
59,932 |
|
|
|
- |
|
|
|
59,932 |
|
|
|
- |
|
Small Business Administration- guaranteed participation securities
|
|
|
11,710 |
|
|
|
- |
|
|
|
11,710 |
|
|
|
- |
|
|
Other securities
|
|
|
705 |
|
|
|
- |
|
|
|
705 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities available for sale
|
|
$
|
310,418 |
|
|
$
|
- |
|
|
$
|
310,418 |
|
|
$
|
- |
|
|
| Carrying Amounts and Estimated Fair Values of Financial Instruments |
In accordance with FASB Topic 825, Financial Instruments (“ASC 825”), the carrying amounts and estimated fair values of financial instruments, at March 31, 2026 and December 31, 2025 are as follows:
|
(dollars in thousands)
|
|
|
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|
Fair Value Measurements at
|
|
|
|
|
Carrying
|
|
|
March 31, 2026 Using:
|
|
|
|
|
Value
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
768,108 |
|
|
$
|
768,108 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
768,108 |
|
|
Securities available for sale
|
|
|
300,746 |
|
|
|
|
|
|
|
300,746 |
|
|
|
- |
|
|
|
300,746 |
|
|
Held to maturity securities
|
|
|
4,097 |
|
|
|
- |
|
|
|
4,134 |
|
|
|
- |
|
|
|
4,134 |
|
|
Federal Home Loan Bank stock
|
|
|
6,601 |
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
Net loans
|
|
|
5,237,184 |
|
|
|
- |
|
|
|
- |
|
|
|
4,865,671 |
|
|
|
4,865,671 |
|
|
Accrued interest receivable
|
|
|
14,684 |
|
|
|
789 |
|
|
|
1,531 |
|
|
|
12,363 |
|
|
|
14,683 |
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
|
811,637 |
|
|
|
811,637 |
|
|
|
- |
|
|
|
- |
|
|
|
811,637 |
|
|
Interest bearing deposits
|
|
|
4,840,716 |
|
|
|
2,591,599 |
|
|
|
2,242,398 |
|
|
|
- |
|
|
|
4,833,997 |
|
|
Short-term borrowings
|
|
|
112,930 |
|
|
|
- |
|
|
|
112,930 |
|
|
|
- |
|
|
|
112,930 |
|
|
Accrued interest payable
|
|
|
3,781 |
|
|
|
141 |
|
|
|
3,640 |
|
|
|
- |
|
|
|
3,781 |
|
|
(dollars in thousands)
|
|
|
|
|
Fair Value Measurements at
|
|
|
|
|
Carrying
|
|
|
December 31, 2025 Using:
|
|
|
|
|
Value
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
730,427 |
|
|
$
|
730,427 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
730,427 |
|
|
Securities available for sale
|
|
|
310,418 |
|
|
|
- |
|
|
|
310,418 |
|
|
|
- |
|
|
|
310,418 |
|
|
Held to maturity securities
|
|
|
4,339 |
|
|
|
- |
|
|
|
4,389 |
|
|
|
- |
|
|
|
4,389 |
|
|
Federal Home Loan Bank stock
|
|
|
6,601 |
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
Net loans
|
|
|
5,200,255 |
|
|
|
- |
|
|
|
- |
|
|
|
4,803,366 |
|
|
|
4,803,366 |
|
|
Accrued interest receivable
|
|
|
13,828 |
|
|
|
325 |
|
|
|
1,266 |
|
|
|
12,237 |
|
|
|
13,828 |
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
|
814,908 |
|
|
|
814,908 |
|
|
|
- |
|
|
|
- |
|
|
|
814,908 |
|
|
Interest bearing deposits
|
|
|
4,742,509 |
|
|
|
2,604,094 |
|
|
|
2,132,833 |
|
|
|
- |
|
|
|
4,736,927 |
|
|
Short-term borrowings
|
|
|
120,054 |
|
|
|
- |
|
|
|
120,054 |
|
|
|
- |
|
|
|
120,054 |
|
|
Accrued interest payable
|
|
|
3,646 |
|
|
|
159 |
|
|
|
3,487 |
|
|
|
- |
|
|
|
3,646 |
|
|