v3.26.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value [Abstract]  
Assets And Liabilities Measured At Fair Value On A Recurring Basis, Including Financial Assets And Liabilities

Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below:

 

 

 

Fair Value
Measurements at
March 31, 2026
using Significant
Other Observable
Inputs

 

 

 

(Level 2)

 

 

 

(unaudited)

 

Financial Assets:

 

 

 

 

Securities available for sale:

 

 

 

 

Corporate debt

 

$

 

8,300

 

Issued by U.S. government-sponsored entities and agencies:

 

 

 

 

U.S. Treasury

 

 

 

1,000

 

Collateralized mortgage obligations

 

 

 

8,095

 

Total securities available for sale

 

$

 

17,395

 

Loans held for sale

 

$

 

3,634

 

Derivative assets

 

$

 

3,231

 

Financial Liabilities:

 

 

 

 

Derivative liabilities

 

$

 

3,231

 

 

 

 

 

Fair Value
Measurements at
December 31, 2025
using Significant
Other Observable
Inputs

 

 

 

(Level 2)

 

Financial Assets:

 

 

 

 

Securities available for sale:

 

 

 

 

Corporate debt

 

$

 

8,400

 

Issued by U.S. government-sponsored entities and agencies:

 

 

 

 

U.S. Treasury

 

 

 

1,000

 

Collateralized mortgage obligations

 

 

 

8,096

 

Total securities available for sale

 

$

 

17,496

 

Loans held for sale

 

$

 

5,611

 

Derivative assets

 

$

 

3,578

 

Financial Liabilities:

 

 

 

 

Derivative liabilities

 

$

 

3,578

 
Assets Measured At Fair Value On A Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis at March 31, 2026 are summarized below:

 

Fair Value Measurements at March 31, 2026 Using

Significant Unobservable Inputs (Level 3)

(unaudited)

Individually Evaluated loans:

 

 

Commercial

$

5,264

Real Estate:

 

 

Commercial:

 

 

Owner occupied

 

294

Total individually evaluated loans

$

5,558

Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2025 are summarized below.

Financial Instruments Measured At Fair Value On A Non-Recurring Basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2026:

 

 

 

 

Fair Value

 

Valuation Technique(s)

 

Unobservable Inputs

 

Weighted Average

Individually evaluated loans:

 

 

 

 

 

 

 

 

 

Commercial

 

$

5,264

 

Comparable sales approach

 

Adjustment for differences between the stated value and net realizable value

 

4.00%

Real estate:

 

 

 

 

 

 

 

 

 

Commercial:

 

 

 

 

 

 

 

 

 

Owner occupied

 

 

294

 

Comparable sales approach

 

Adjustment for differences between the comparable market transactions

 

4.00%

 

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2025:

 

 

 

 

Fair Value

 

Valuation Technique(s)

 

Unobservable Inputs

 

Weighted Average

Individually evaluated loans:

 

 

 

 

 

 

 

 

 

Commercial

 

$

595

 

Comparable sales approach

 

Adjustment for differences between the stated value and net realizable value

 

8.00%

Real estate:

 

 

 

 

 

 

 

 

 

Commercial:

 

 

 

 

 

 

 

 

 

Owner occupied

 

 

313

 

Comparable sales approach

 

Adjustment for differences between the comparable market transactions

 

4.00%
Aggregate Fair Value, Contractual Balance And Gain Or Loss

As of March 31, 2026 and December 31, 2025, the aggregate fair value, contractual balance and gain or loss on loans held for sale were as follows:

 

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

(unaudited)

 

 

 

 

 

Aggregate fair value

 

$

 

3,634

 

 

$

 

5,611

 

Contractual balance

 

 

 

3,634

 

 

 

 

5,611

 

Gain (loss)

 

$

 

—

 

 

$

 

—

 
Total Amount Of Gains And Losses From Changes In Fair Value Included In Earnings

The total amount of gains and losses from changes in fair value included in earnings for the three months ended March 31, 2026 and 2025 for loans held for sale were:

 

 

 

Three months ended March 31,

 

 

 

2026

 

 

2025

 

 

 

(unaudited)

 

Interest income

 

$

 

50

 

 

$

 

35

 

Interest expense

 

 

 

—

 

 

 

 

—

 

Change in fair value

 

 

 

—

 

 

 

 

—

 

Total change in fair value

 

$

 

50

 

 

$

 

35

 
Carrying Amounts And Estimated Fair Values Of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2026 were as follows:

 

 

 

Fair Value Measurements at March 31, 2026 Using:

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

267,759

 

 

$

 

267,759

 

 

$

 

—

 

 

$

 

—

 

 

$

 

267,759

 

Interest-bearing deposits in other financial
   institutions

 

 

 

100

 

 

 

 

100

 

 

 

 

—

 

 

 

 

—

 

 

 

 

100

 

Securities available for sale

 

 

 

17,395

 

 

 

 

—

 

 

 

 

17,395

 

 

 

 

—

 

 

 

 

17,395

 

Loans held for sale

 

 

 

3,634

 

 

 

 

—

 

 

 

 

3,634

 

 

 

 

—

 

 

 

 

3,634

 

Loans and leases, net

 

 

 

1,761,262

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,736,346

 

 

 

 

1,736,346

 

FHLB and FRB stock

 

 

 

8,364

 

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

Accrued interest receivable

 

 

 

8,294

 

 

 

 

312

 

 

 

 

164

 

 

 

 

7,818

 

 

 

 

8,294

 

Derivative assets

 

 

 

3,231

 

 

 

 

—

 

 

 

 

3,231

 

 

 

 

—

 

 

 

 

3,231

 

Financial Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

 

(1,809,442

)

 

$

 

(1,088,205

)

 

$

 

(721,215

)

 

$

 

—

 

 

$

 

(1,809,420

)

FHLB advances and other borrowings

 

 

 

(100,973

)

 

 

 

—

 

 

 

 

(105,471

)

 

 

 

—

 

 

 

 

(105,471

)

Advances by borrowers for taxes and
   insurance

 

 

 

(1,292

)

 

 

 

—

 

 

 

 

—

 

 

 

 

(1,292

)

 

 

 

(1,292

)

Subordinated debentures

 

 

 

(15,048

)

 

 

 

—

 

 

 

 

(17,413

)

 

 

 

—

 

 

 

 

(17,413

)

Accrued interest payable

 

 

 

(2,839

)

 

 

 

(276

)

 

 

 

(2,563

)

 

 

 

—

 

 

 

 

(2,839

)

Derivative liabilities

 

 

 

(3,231

)

 

 

 

—

 

 

 

 

(3,231

)

 

 

 

—

 

 

 

 

(3,231

)

The carrying amounts and estimated fair values of financial instruments at December 31, 2025 were as follows:

 

 

 

Fair Value Measurements at December 31, 2025 Using:

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

258,972

 

 

$

 

258,972

 

 

$

 

—

 

 

$

 

—

 

 

$

 

258,972

 

Interest-bearing deposits in other financial
   institutions

 

 

 

100

 

 

 

 

100

 

 

 

 

—

 

 

 

 

—

 

 

 

 

100

 

Securities available for sale

 

 

 

17,496

 

 

 

 

—

 

 

 

 

17,496

 

 

 

 

—

 

 

 

 

17,496

 

Loans held for sale

 

 

 

5,611

 

 

 

 

—

 

 

 

 

5,611

 

 

 

 

—

 

 

 

 

5,611

 

Loans and leases, net

 

 

 

1,738,854

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,725,771

 

 

 

 

1,725,771

 

FHLB and FRB stock

 

 

 

8,354

 

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

Accrued interest receivable

 

 

 

8,655

 

 

 

 

212

 

 

 

 

107

 

 

 

 

8,336

 

 

 

 

8,655

 

Derivative assets

 

 

 

3,578

 

 

 

 

—

 

 

 

 

3,578

 

 

 

 

—

 

 

 

 

3,578

 

Financial Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

 

(1,780,689

)

 

$

 

(1,084,276

)

 

$

 

(697,492

)

 

$

 

—

 

 

$

 

(1,781,768

)

FHLB advances and other borrowings

 

 

 

(100,964

)

 

 

 

—

 

 

 

 

(106,248

)

 

 

 

—

 

 

 

 

(106,248

)

Advances by borrowers for taxes and
   insurance

 

 

 

(2,523

)

 

 

 

—

 

 

 

 

—

 

 

 

 

(2,523

)

 

 

 

(2,523

)

Subordinated debentures

 

 

 

(15,039

)

 

 

 

—

 

 

 

 

(17,550

)

 

 

 

—

 

 

 

 

(17,550

)

Accrued interest payable

 

 

 

(2,513

)

 

 

 

(377

)

 

 

 

(2,136

)

 

 

 

—

 

 

 

 

(2,513

)

Derivative liabilities

 

 

 

(3,578

)

 

 

 

—

 

 

 

 

(3,578

)

 

 

 

—

 

 

 

 

(3,578

)