Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis

Table 2.1 summarizes the Company’s assets and liabilities required to be recorded at fair value on a recurring basis.


Table 2.1: Fair Value on a Recurring Basis
(in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measurement Categories: Changes in Fair Value Recorded In1
June 30, 2026
Assets:
Securities available-for-sale:
U.S. government agency securities, mortgage-backed securities, obligations of states and political subdivisions, collateralized mortgage obligations, and corporate bonds	$	90,584	$	—	$	90,584	$	—	OCI




December 31, 2025
Assets:
Securities available-for-sale:
U.S. government agency securities, mortgage-backed securities, obligations of states and political subdivisions, collateralized mortgage obligations, and corporate bonds	$	94,699	$	—	$	94,699	$	—	OCI

1Other comprehensive income (“OCI”) or net income (“NI”).

Summary of Fair Value Estimates for Financial Instruments by Balance Sheet Grouping

Table 2.2 is a summary of fair value estimates for financial instruments as of June 30, 2026 and December 31, 2025. The carrying amounts in Table 2.2 are recorded in the consolidated balance sheets under the indicated captions. Further, management has not disclosed the fair value of financial instruments specifically excluded from disclosure requirements, such as BOLI.


Table 2.2: Fair Value Estimates for Financial Instruments
	June 30, 2026					December 31, 2025
(in thousands)	Carrying Amounts		Fair Value		Fair Value Hierarchy	Carrying Amounts		Fair Value		Fair Value Hierarchy
Financial assets:
Cash and cash equivalents	$	685,074	$	685,074	Level 1	$	506,851	$	506,851	Level 1
Time deposits in banks	—		—		Level 1	100		100		Level 1
Securities available-for-sale	90,584		90,584		Level 2	94,699		94,699		Level 2
Securities held-to-maturity	2,135		1,927		Level 3	2,190		1,995		Level 3

Loans held for investment, net of allowance for credit losses	4,472,346		4,371,752		Level 3	4,030,520		3,971,563		Level 3

Financial liabilities:

Time deposits	307,991		307,407		Level 2	554,611		553,987		Level 2
Subordinated notes	74,114		73,779		Level 3	74,041		73,723		Level 3