v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Measurements  
Summary of assets measured and reported at estimated fair value on a recurring basis

June 30, 2026

Level 1

Level 2

Level 3

Fair Value

Assets:

(in thousands)

Available-for-sale debt securities:

U.S. Treasury securities

$

90,361

$

$

$

90,361

U.S. Government agencies

4,661

4,661

Agency mortgage-backed securities

94,284

94,284

Agency collateralized mortgage obligations

11,887

11,887

Corporate bonds

46,118

14,315

60,433

Municipal obligations

5,116

5,116

SBA securities

5,898

5,898

Total available-for-sale debt securities

$

90,361

$

167,964

$

14,315

$

272,640

Derivative assets

$

$

19,593

$

$

19,593

Liabilities:

Derivative liabilities

$

$

16,255

$

$

16,255

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

$

$

23,578

$

$

23,578

Liabilities:

Derivative liabilities

$

$

22,279

$

$

22,279

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

June 30, 2026

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Fair Value

(in thousands)

Collateral-dependent loans, net of reserve

$

$

$

84,056

$

84,056

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

June 30, 2026

Carrying

Fair

Amount

Value

Level 1

Level 2

Level 3

(In thousands)

Financial Assets:

Cash and cash equivalents

$

400,154

$

400,154

$

400,154

$

$

Loans held for sale, at fair value

59,927

59,927

59,927

Loans receivable, net

6,340,806

6,410,858

6,410,858

Accrued interest receivable

28,898

28,898

28,898

Non-public investments

42,029

42,029

23,730

18,299

BOLI

97,370

97,370

97,370

Financial Liabilities:

Deposits, other than time deposits

$

3,586,545

$

3,586,545

$

3,586,545

$

$

Time deposits

2,733,545

2,730,790

2,730,790

FHLB borrowings

181,247

177,513

177,513

December 31, 2025

Carrying

Fair

Amount

Value

Level 1

Level 2

Level 3

(In thousands)

Financial Assets:

Cash and cash equivalents

$

407,854

$

407,854

$

407,854

$

$

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

$

3,348,901

$

3,348,901

$

3,348,901

$

$

Time deposits

2,504,891

2,506,499

2,506,499

FHLB borrowings

196,235

191,970

191,970