v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Measurements  
Summary of assets measured and reported at estimated fair value on a recurring basis

March 31, 2026

Level 1

Level 2

Level 3

Fair Value

Assets:

(in thousands)

Available-for-sale debt securities:

U.S. Treasury securities

$

96,321

$

$

$

96,321

U.S. Government agencies

4,686

4,686

Agency mortgage-backed securities

89,853

89,853

Agency collateralized mortgage obligations

11,387

11,387

Corporate bonds

47,753

14,244

61,997

Municipal obligations

6,540

6,540

SBA securities

6,457

6,457

Total available-for-sale debt securities

$

96,321

$

166,676

$

14,244

$

277,241

Derivative assets

$

$

20,527

$

$

20,527

Liabilities:

Derivative liabilities

$

$

21,249

$

$

21,249

December 31, 2025

Level 1

Level 2

Level 3

Fair Value

Assets:

(in thousands)

Available-for-sale debt securities:

U.S. Treasury securities

$

95,783

$

$

$

95,783

U.S. Government agencies

9,212

9,212

Agency mortgage-backed securities

68,591

68,591

Agency collateralized mortgage obligations

12,237

12,237

Corporate bonds

55,664

14,221

69,885

Municipal obligations

6,524

6,524

SBA securities

6,727

6,727

Total available-for-sale debt securities

$

95,783

$

158,955

$

14,221

$

268,959

Derivative assets

$

$

23,562

$

$

23,562

Liabilities:

Derivative liabilities

$

$

22,295

$

$

22,295

Summary of assets measured at fair value on a non-recurring basis

March 31, 2026

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Fair Value

(in thousands)

Collateral-dependent loans, net of reserve

$

$

$

39,632

$

39,632

December 31, 2025

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Fair Value

(in thousands)

Collateral-dependent loans, net of reserve

$

$

$

42,041

$

42,041

Summary of significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities measured at fair value on a nonrecurring basis

  ​ ​ ​

Significant

  ​ ​ ​

Significant

  ​ ​ ​

  ​ ​ ​

Valuation

Observable

Unobservable

Technique

Inputs

Inputs

Collateral-dependent loans

 

Appraisal Value / Comparison Sales / Enterprise Value

 

Appraisals and/or sales of comparable properties or financial statements of the business

 

Appraisals discounted 5 to 20% for sales commission and other holding costs; Enterprise value discounts of assets, liabilities and equity; industry Earnings Before Interest, Taxes, Depreciation and Amortization multiples

Summary of estimated fair values, related carrying amounts, and valuation level of the financial instruments

March 31, 2026

Carrying

Fair

Amount

Value

Level 1

Level 2

Level 3

(In thousands)

Financial Assets:

Cash and cash equivalents

$

375,357

$

375,357

$

375,357

$

$

Loans held for sale, at fair value

63,971

63,971

63,971

Loans receivable, net

6,129,715

6,207,104

6,207,104

Accrued interest receivable

27,150

27,150

27,150

Non-public investments

40,738

40,738

23,465

17,273

BOLI

110,586

110,586

110,586

Financial Liabilities:

Deposits, other than time deposits

$

3,518,621

$

3,518,621

$

3,518,621

$

$

Time deposits

2,578,367

2,578,013

2,578,013

FHLB borrowings

189,701

186,033

186,033

December 31, 2025

Carrying

Fair

Amount

Value

Level 1

Level 2

Level 3

(In thousands)

Financial Assets:

Cash and cash equivalents

$

407,596

$

407,596

$

407,596

$

$

Loans held for sale, at fair value

66,447

66,447

66,447

Loans receivable, net

5,898,729

5,893,652

5,893,652

Accrued interest receivable

25,390

25,390

25,390

Non-public investments

33,740

33,740

16,594

17,146

BOLI

104,335

104,335

104,335

Financial Liabilities:

Deposits, other than time deposits

$

3,348,643

$

3,348,643

$

3,348,643

$

$

Time deposits

2,504,891

2,506,499

2,506,499

FHLB borrowings

196,235

191,970

191,970