Fair Value Measurement (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables summarize the Company’s financial assets and liabilities that were measured at fair value on a recurring basis at the dates presented:
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Fair Value Measurements Using |
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June 30, 2026 |
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Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
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Financial assets |
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Securities available-for-sale |
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U.S. Treasury Notes |
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$ |
29,738 |
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$ |
29,738 |
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$ |
— |
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$ |
— |
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U.S. Government agencies |
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106,601 |
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— |
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106,601 |
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— |
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Obligations of states, municipalities, and political
subdivisions |
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34,921 |
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— |
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34,921 |
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— |
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Mortgage-backed securities; residential |
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Agency |
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890,584 |
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— |
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890,584 |
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— |
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Non-Agency |
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132,363 |
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— |
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132,363 |
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— |
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Mortgage-backed securities; commercial |
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Agency |
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340,323 |
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— |
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340,323 |
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— |
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Corporate securities |
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20,182 |
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— |
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20,182 |
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— |
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Asset-backed securities |
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62,036 |
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— |
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62,036 |
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— |
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Equity and other securities, at fair value |
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7,476 |
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1,882 |
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5,594 |
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— |
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Servicing assets |
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19,291 |
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— |
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— |
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19,291 |
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Derivative assets |
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22,623 |
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— |
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22,623 |
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— |
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Financial liabilities |
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Derivative liabilities |
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11,373 |
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— |
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11,373 |
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— |
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|
Fair Value Measurements Using |
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December 31, 2025 |
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Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
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Financial assets |
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Securities available-for-sale |
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U.S. Treasury Notes |
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$ |
29,890 |
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$ |
29,890 |
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$ |
— |
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$ |
— |
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U.S. Government agencies |
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109,747 |
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— |
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109,747 |
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— |
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Obligations of states, municipalities, and political
subdivisions |
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54,554 |
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— |
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54,554 |
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— |
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Mortgage-backed securities; residential |
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Agency |
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825,298 |
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— |
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825,298 |
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— |
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Non-Agency |
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127,731 |
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— |
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127,731 |
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— |
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Mortgage-backed securities; commercial |
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Agency |
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217,029 |
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— |
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217,029 |
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— |
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Corporate securities |
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29,433 |
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— |
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29,433 |
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— |
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Asset-backed securities |
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11,424 |
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— |
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11,424 |
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— |
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Equity and other securities, at fair value |
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Mutual funds |
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2,600 |
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2,600 |
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— |
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— |
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Equity securities |
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8,060 |
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— |
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7,766 |
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|
294 |
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Servicing assets |
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19,234 |
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— |
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— |
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19,234 |
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Derivative assets |
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27,530 |
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— |
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27,530 |
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— |
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Financial liabilities |
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Derivative liabilities |
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13,642 |
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— |
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13,642 |
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— |
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| Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs |
The following table presents additional information about financial assets measured at fair value on recurring basis for which the Company used significant unobservable inputs (Level 3):
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Investment Securities |
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Servicing Assets |
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Balance, beginning of period |
$ |
294 |
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$ |
288 |
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$ |
19,234 |
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$ |
18,952 |
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Additions, net |
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— |
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— |
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3,045 |
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3,046 |
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Redeemed securities |
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(300 |
) |
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— |
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— |
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— |
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Change in fair value |
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6 |
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— |
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(2,988 |
) |
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(3,201 |
) |
Balance, end of period |
$ |
— |
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$ |
288 |
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$ |
19,291 |
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$ |
18,797 |
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| Summary of Unobservable Inputs Used in the Fair Value Measurements on Recurring Basis |
The following table presents additional information about the unobservable inputs used in the fair value measurements on recurring basis that were categorized within Level 3 of the fair value hierarchy as of June 30, 2026:
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Financial Instruments |
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Valuation Technique |
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Unobservable Inputs |
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Range of
Inputs |
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Weighted
Average
Range |
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Impact to
Valuation from an
Increased or
Higher Input Value |
Servicing assets |
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Discounted cash flow |
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Prepayment speeds |
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1.6% - 29.6% |
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|
17.7 |
% |
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Decrease |
Servicing assets |
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Discounted cash flow |
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Discount rate |
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0.0% - 44.1% |
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10.4 |
% |
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Decrease |
Servicing assets |
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Discounted cash flow |
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Expected weighted
average loan life |
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0.0 - 7.8 years |
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3.5 years |
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Increase |
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| Summary of Assets Measured at Fair Value on Non-Recurring Basis, Excluding Acquired Impaired Loans |
The following tables summarize the Company’s assets that were measured at fair value on a non-recurring basis, as of the dates presented:
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|
Fair Value Measurements Using |
|
June 30, 2026 |
|
Fair Value |
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|
Level 1 |
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Level 2 |
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Level 3 |
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Non-recurring |
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Individually evaluated loans |
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Commercial real estate |
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$ |
29,784 |
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$ |
— |
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$ |
— |
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$ |
29,784 |
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Residential real estate |
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|
283 |
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— |
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— |
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|
283 |
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Construction, land development, and other land |
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11,558 |
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— |
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— |
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11,558 |
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Commercial and industrial |
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39,088 |
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— |
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— |
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39,088 |
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Assets held for sale |
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2,550 |
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— |
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— |
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2,550 |
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Other real estate owned |
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3,153 |
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— |
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— |
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3,153 |
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|
Fair Value Measurements Using |
|
December 31, 2025 |
|
Fair Value |
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|
Level 1 |
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Level 2 |
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Level 3 |
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Non-recurring |
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Individually evaluated loans |
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Commercial real estate |
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$ |
40,910 |
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$ |
— |
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$ |
— |
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$ |
40,910 |
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Residential real estate |
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|
292 |
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— |
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— |
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|
292 |
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Construction, land development, and other land |
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|
1,931 |
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— |
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— |
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1,931 |
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Commercial and industrial |
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29,523 |
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— |
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— |
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|
29,523 |
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Assets held for sale |
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1,829 |
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— |
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— |
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|
1,829 |
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Other real estate owned |
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|
3,394 |
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— |
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— |
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3,394 |
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| Summary of Estimated Fair Values of Financial Instruments |
The estimated fair values of financial instruments not carried at fair value and levels within the fair value hierarchy are as follows:
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June 30, |
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December 31, |
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Fair Value |
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|
2026 |
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|
2025 |
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Hierarchy
Level |
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|
Carrying
Amount |
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|
Estimated
Fair Value |
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|
Carrying
Amount |
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|
Estimated
Fair Value |
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Financial assets |
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Cash and due from banks |
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1 |
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$ |
77,159 |
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$ |
77,159 |
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$ |
60,184 |
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$ |
60,184 |
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Interest bearing deposits with other banks |
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2 |
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|
116,400 |
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|
116,400 |
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|
88,911 |
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|
88,911 |
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Restricted stock |
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2 |
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|
18,777 |
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|
18,777 |
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|
21,314 |
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|
21,314 |
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Loans held for sale |
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3 |
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21,518 |
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|
23,731 |
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|
13,621 |
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|
14,707 |
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Loans and lease receivables, net (less individually
evaluated loans at fair value) |
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3 |
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7,349,837 |
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7,278,001 |
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7,327,878 |
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7,215,821 |
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Accrued interest receivable |
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3 |
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38,579 |
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38,579 |
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|
39,818 |
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|
39,818 |
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Financial liabilities |
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Non-interest-bearing deposits |
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2 |
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1,826,739 |
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1,826,739 |
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|
1,818,888 |
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|
1,818,888 |
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Interest-bearing deposits |
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2 |
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6,044,023 |
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6,039,778 |
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|
5,828,555 |
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|
5,826,774 |
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Accrued interest payable |
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2 |
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10,554 |
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|
10,554 |
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|
11,777 |
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|
11,777 |
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Federal Home Loan Bank advances |
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2 |
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|
384,750 |
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|
384,750 |
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|
340,000 |
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|
340,000 |
|
Securities sold under repurchase agreement |
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2 |
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|
75,699 |
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|
75,699 |
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|
79,598 |
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|
79,598 |
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Subordinated notes |
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|
2 |
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|
73,967 |
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|
74,925 |
|
|
|
73,940 |
|
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|
77,027 |
|
Junior subordinated debentures |
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|
3 |
|
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|
71,814 |
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|
74,064 |
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|
71,409 |
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|
76,753 |
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|