Fair Value (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of the Reconciliation of Level 3 Securities Measured at Fair Value on a Recurring Basis |
The following table presents a reconciliation of the Level 3 securities measured at fair value on a recurring basis for the six months ended June 30, 2026 and 2025:
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For the six months ended |
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June 30, 2026 |
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June 30, 2025 |
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(In thousands) |
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Corporate Debt |
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Restricted Stock |
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Corporate Debt |
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Restricted Stock |
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Balance of recurring Level 3 assets at January 1 |
|
$ |
6,708 |
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$ |
3,480 |
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|
$ |
6,488 |
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$ |
— |
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Activity |
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Transfers from corporate debt to restricted stock |
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— |
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— |
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(1,375 |
) |
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1,375 |
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Release of valuation allowance |
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— |
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— |
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411 |
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1,625 |
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Transfers from restricted stock to unrestricted equity securities categorized as Level 1 |
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— |
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(3,480 |
) |
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— |
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(3,000 |
) |
Unrealized holding (losses) gains included in other comprehensive income |
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(55 |
) |
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— |
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27 |
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— |
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Unrealized holding losses included in net income |
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(185 |
) |
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— |
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— |
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— |
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Balance of recurring Level 3 assets at June 30 |
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$ |
6,468 |
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$ |
— |
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$ |
5,551 |
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$ |
— |
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| Summary of Balances of Assets Measured at Fair Value on a Recurring Basis |
The tables below present the balances of assets measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025:
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Fair Value Measurements at June 30, 2026 |
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Quoted Prices in |
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Assets |
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Active Markets |
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Significant Other |
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Significant |
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Measured at |
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for Identical |
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Observable |
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Unobservable |
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(In thousands) |
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Fair Value |
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Assets (Level 1) |
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Inputs (Level 2) |
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Inputs (Level 3) |
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Measured on a recurring basis: |
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Assets: |
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Debt securities available for sale: |
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U.S. Government sponsored entities |
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$ |
4,965 |
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$ |
— |
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$ |
4,965 |
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$ |
— |
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State and political subdivisions |
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149 |
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— |
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149 |
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— |
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Residential mortgage-backed securities |
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11,147 |
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— |
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11,147 |
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— |
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Asset backed securities |
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19,016 |
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— |
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19,016 |
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— |
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Corporate and other securities |
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31,944 |
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— |
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25,476 |
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6,468 |
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Total debt securities available for sale |
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$ |
67,221 |
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$ |
— |
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$ |
60,753 |
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$ |
6,468 |
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Equity securities, at fair value |
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$ |
14,372 |
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$ |
14,372 |
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$ |
— |
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$ |
— |
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Total equity securities |
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$ |
14,372 |
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$ |
14,372 |
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$ |
— |
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$ |
— |
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Interest rate swap agreements |
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$ |
346 |
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$ |
— |
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$ |
346 |
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$ |
— |
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Total swap agreements |
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$ |
346 |
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$ |
— |
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$ |
346 |
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$ |
— |
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Fair value Measurements at December 31, 2025 |
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Quoted Prices in |
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Assets |
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Active Markets |
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Significant Other |
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Significant |
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Measured at |
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for Identical |
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Observable |
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Unobservable |
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(In thousands) |
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Fair Value |
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Assets (Level 1) |
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Inputs (Level 2) |
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Inputs (Level 3) |
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Measured on a recurring basis: |
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Assets: |
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Debt securities available for sale: |
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U.S. Government sponsored entities |
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$ |
4,969 |
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$ |
— |
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$ |
4,969 |
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$ |
— |
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State and political subdivisions |
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159 |
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— |
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159 |
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— |
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Residential mortgage-backed securities |
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11,752 |
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— |
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11,752 |
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— |
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Asset backed securities |
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22,000 |
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— |
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22,000 |
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— |
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Corporate and other securities |
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31,990 |
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— |
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25,282 |
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6,708 |
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Total debt securities available for sale |
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$ |
70,870 |
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$ |
— |
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$ |
64,162 |
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$ |
6,708 |
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Equity securities, at fair value |
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$ |
16,569 |
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$ |
13,089 |
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$ |
— |
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$ |
3,480 |
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Total equity securities |
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$ |
16,569 |
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$ |
13,089 |
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$ |
— |
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$ |
3,480 |
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Interest rate swap agreements |
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$ |
157 |
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$ |
— |
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$ |
157 |
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$ |
— |
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Total swap agreements |
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$ |
157 |
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$ |
— |
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$ |
157 |
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$ |
— |
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| Summary of Balances of Assets Measured at Fair Value on a Non-Recurring Basis |
The following tables present the assets and liabilities subject to fair value adjustments on a non-recurring basis carried on the balance sheet by caption and by level within the hierarchy (as described above):
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Fair Value Measurements at December 31, 2025 |
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Quoted Prices |
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Significant |
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in Active |
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Other |
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Significant |
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Assets |
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Markets for |
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Observable |
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Unobservable |
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Measured at |
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Identical Assets |
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Inputs |
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Inputs |
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(In thousands) |
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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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Measured on a non-recurring basis: |
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Financial assets: |
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Collateral-dependent loans |
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$ |
3,376 |
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$ |
— |
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$ |
— |
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$ |
3,376 |
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| Summary of the Carrying Amount and Estimated Fair Values of Financial Instruments |
The table below presents the carrying amount and estimated fair values of the Company’s financial instruments presented as of June 30, 2026 and December 31, 2025:
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June 30, 2026 |
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Carrying |
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(In thousands) |
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amount |
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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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Debt securities held to maturity |
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$ |
37,707 |
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$ |
— |
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$ |
31,367 |
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$ |
— |
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Loans held for sale |
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9,458 |
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— |
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9,776 |
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|
— |
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Loans, net of allowance for credit losses |
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2,638,485 |
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— |
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2,603,018 |
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— |
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Financial liabilities: |
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Deposits |
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2,462,549 |
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— |
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2,459,277 |
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— |
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Borrowed funds and subordinated debentures |
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326,433 |
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— |
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326,251 |
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— |
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December 31, 2025 |
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Carrying |
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(In thousands) |
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amount |
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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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Debt securities held to maturity |
|
$ |
36,576 |
|
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$ |
— |
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$ |
30,405 |
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$ |
— |
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Loans held for sale |
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9,490 |
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|
— |
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|
10,041 |
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|
— |
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Loans, net of allowance for credit losses |
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2,502,881 |
|
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|
— |
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2,466,691 |
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|
3,376 |
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Financial liabilities: |
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Deposits |
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2,324,061 |
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— |
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2,322,637 |
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|
— |
|
Borrowed funds and subordinated debentures |
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|
266,084 |
|
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|
— |
|
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|
266,769 |
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|
— |
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|