| Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis |
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated.
|
June 30, 2026
|
|
|
|
|
Fair Value Measurements
|
|
|
|
|
|
(Dollars in thousands)
|
|
Carrying
Amount
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total Fair
Value
|
|
|
Fair valued on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government-sponsored securities
|
|
$
|
1,828 |
|
|
$
|
- |
|
|
$
|
1,828 |
|
|
$
|
- |
|
|
$
|
1,828 |
|
|
Mortgage-backed securities
|
|
|
815,604 |
|
|
|
- |
|
|
|
815,604 |
|
|
|
- |
|
|
|
815,604 |
|
|
Commercial mortgage-backed securities
|
|
|
1,249 |
|
|
|
- |
|
|
|
1,249 |
|
|
|
- |
|
|
|
1,249 |
|
|
Collateralized mortgage obligations
|
|
|
19,846 |
|
|
|
- |
|
|
|
19,846 |
|
|
|
- |
|
|
|
19,846 |
|
|
Municipal securities
|
|
|
69,256 |
|
|
|
- |
|
|
|
69,256 |
|
|
|
- |
|
|
|
69,256 |
|
|
Corporate securities
|
|
|
24,685 |
|
|
|
- |
|
|
|
24,685 |
|
|
|
- |
|
|
|
24,685 |
|
|
Other
|
|
|
310 |
|
|
|
- |
|
|
|
310 |
|
|
|
- |
|
|
|
310 |
|
|
Other equity investments
|
|
$
|
3,654 |
|
|
$
|
3,654 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
3,654 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair valued on a non-recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
1,015 |
|
|
$
|
1,015 |
|
|
December 31, 2025
|
|
|
|
|
Fair Value Measurements
|
|
|
|
|
|
(Dollars in thousands)
|
|
Carrying
Amount
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total Fair
Value
|
|
|
Fair valued on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government-sponsored securities
|
|
$
|
2,038 |
|
|
$
|
- |
|
|
$
|
2,038 |
|
|
$
|
- |
|
|
$
|
2,038 |
|
|
Mortgage-backed securities
|
|
|
826,240 |
|
|
|
- |
|
|
|
826,240 |
|
|
|
- |
|
|
|
826,240 |
|
|
Commercial mortgage-backed securities
|
|
|
1,253 |
|
|
|
- |
|
|
|
1,253 |
|
|
|
- |
|
|
|
1,253 |
|
|
Collateralized mortgage obligations
|
|
|
20,730 |
|
|
|
- |
|
|
|
20,730 |
|
|
|
- |
|
|
|
20,730 |
|
|
Municipal securities
|
|
|
70,845 |
|
|
|
- |
|
|
|
70,845 |
|
|
|
- |
|
|
|
70,845 |
|
|
Corporate securities
|
|
|
29,738 |
|
|
|
- |
|
|
|
29,738 |
|
|
|
- |
|
|
|
29,738 |
|
|
Other
|
|
|
310 |
|
|
|
- |
|
|
|
310 |
|
|
|
- |
|
|
|
310 |
|
|
Other equity investments
|
|
$
|
3,256 |
|
|
$
|
3,256 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
3,256 |
|
|
Derivatives not designated as hedging instruments
|
|
$
|
172 |
|
|
$
|
- |
|
|
$
|
172 |
|
|
$
|
- |
|
|
$
|
172 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives not designated as hedging instruments
|
|
$
|
178 |
|
|
$
|
- |
|
|
$
|
178 |
|
|
$
|
- |
|
|
$
|
178 |
|
|
| Carrying Amount and Estimated Fair Value of Financial Assets and Liabilities |
The following tables summarize the carrying amount and estimated fair values of the Company’s financial assets and liabilities not carried at fair value, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated.
June 30, 2026
|
|
|
|
|
Fair Value Measurements
|
|
|
|
|
|
(Dollars in thousands)
|
|
Carrying
Amount
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total Fair
Value
|
|
|
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
278,641 |
|
|
$
|
|
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
|
|
|
Held-to-maturity securities, net
|
|
|
696,014 |
|
|
|
- |
|
|
|
518,552 |
|
|
|
50,092 |
|
|
|
568,644 |
|
|
Non-marketable securities, at cost
|
|
|
15,549 |
|
|
|
- |
|
|
|
15,549 |
|
|
|
- |
|
|
|
15,549 |
|
|
Loans and leases, net
|
|
|
3,626,604 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits
|
|
$
|
|
|
|
$
|
- |
|
|
$
|
5,089,400 |
|
|
$
|
- |
|
|
$
|
|
|
|
Subordinated debentures
|
|
|
10,310 |
|
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
10,600 |
|
|
December 31, 2025
|
|
|
|
|
Fair Value Measurements
|
|
|
|
|
|
(Dollars in thousands)
|
|
Carrying
Amount
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total Fair
Value
|
|
|
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
144,864 |
|
|
$
|
144,864 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
144,864 |
|
|
Held-to-maturity securities, net
|
|
|
718,191 |
|
|
|
- |
|
|
|
542,161 |
|
|
|
50,575 |
|
|
|
592,736 |
|
|
Non-marketable securities, at cost
|
|
|
15,549 |
|
|
|
- |
|
|
|
15,549 |
|
|
|
- |
|
|
|
15,549 |
|
|
Loans and leases, net
|
|
|
3,572,570 |
|
|
|
- |
|
|
|
- |
|
|
|
3,591,336 |
|
|
|
3,591,336 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits
|
|
$
|
4,977,826 |
|
|
$
|
- |
|
|
$
|
4,975,673 |
|
|
$
|
- |
|
|
$
|
4,975,673 |
|
|
Subordinated debentures
|
|
|
10,310 |
|
|
|
- |
|
|
|
10,810 |
|
|
|
- |
|
|
|
10,810 |
|
|