| Summary of Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis |
Assets and liabilities measured at fair value on a recurring basis are summarized below:
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|
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Level 1 |
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Level 2 |
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|
Level 3 |
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|
Total
Fair Value |
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|
(In thousands) |
|
June 30, 2026 |
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|
|
|
|
|
|
|
|
|
|
|
Assets: |
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|
|
|
|
|
|
|
|
|
|
|
Securities available for sale |
|
$ |
— |
|
|
$ |
359,819 |
|
|
$ |
— |
|
|
$ |
359,819 |
|
Marketable equity securities |
|
|
2,378 |
|
|
|
— |
|
|
|
— |
|
|
|
2,378 |
|
Loans held for sale |
|
|
— |
|
|
|
20,036 |
|
|
|
— |
|
|
|
20,036 |
|
Interest rate lock agreements |
|
|
— |
|
|
|
738 |
|
|
|
— |
|
|
|
738 |
|
Forward loan sale commitments |
|
|
— |
|
|
|
14 |
|
|
|
— |
|
|
|
14 |
|
Interest rate swap agreements |
|
|
— |
|
|
|
3,390 |
|
|
|
— |
|
|
|
3,390 |
|
|
|
$ |
2,378 |
|
|
$ |
383,997 |
|
|
$ |
— |
|
|
$ |
386,375 |
|
Liabilities: |
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|
|
|
|
|
|
|
|
|
|
|
Interest rate swap agreements |
|
$ |
— |
|
|
$ |
3,390 |
|
|
$ |
— |
|
|
$ |
3,390 |
|
|
|
$ |
— |
|
|
$ |
3,390 |
|
|
$ |
— |
|
|
$ |
3,390 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
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|
Level 2 |
|
|
Level 3 |
|
|
Total
Fair Value |
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|
|
(In thousands) |
|
December 31, 2025 |
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|
|
|
|
|
|
|
|
|
|
|
Assets: |
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|
|
|
|
|
|
|
|
|
|
|
Securities available for sale |
|
$ |
— |
|
|
$ |
342,292 |
|
|
$ |
— |
|
|
|
342,292 |
|
Marketable equity securities |
|
|
2,188 |
|
|
|
— |
|
|
|
— |
|
|
|
2,188 |
|
Loans held for sale |
|
|
— |
|
|
|
21,262 |
|
|
|
— |
|
|
|
21,262 |
|
Interest rate lock agreements |
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|
— |
|
|
|
667 |
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|
|
— |
|
|
|
667 |
|
Interest rate swap agreements |
|
|
— |
|
|
|
3,270 |
|
|
|
— |
|
|
|
3,270 |
|
|
|
$ |
2,188 |
|
|
$ |
367,491 |
|
|
$ |
— |
|
|
$ |
369,679 |
|
Liabilities: |
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|
|
|
|
|
|
|
|
|
|
|
Forward loan sale commitments |
|
$ |
— |
|
|
$ |
100 |
|
|
$ |
— |
|
|
$ |
100 |
|
Interest rate swap agreements |
|
|
— |
|
|
|
3,338 |
|
|
|
— |
|
|
|
3,338 |
|
|
|
$ |
— |
|
|
$ |
3,438 |
|
|
$ |
— |
|
|
$ |
3,438 |
|
Assets measured at fair value on a nonrecurring basis are summarized below:
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|
. |
|
June 30, 2026 |
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|
Six Months Ended
June 30, 2026 |
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Level 1 |
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Level 2 |
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|
Level 3 |
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|
Total Losses (Gains) |
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|
|
(In thousands) |
|
Collateral dependent individually evaluated loans |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
29,186 |
|
|
$ |
(2,485 |
) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
29,186 |
|
|
$ |
(2,485 |
) |
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|
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|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
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|
Year Ended
December 31, 2025 |
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|
Level 1 |
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|
Level 2 |
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|
Level 3 |
|
|
Total Losses |
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|
|
|
|
|
(In thousands) |
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|
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|
Collateral dependent individually evaluated loans |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
28,232 |
|
|
$ |
6,547 |
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
28,232 |
|
|
$ |
6,547 |
|
|
| Summary of Estimated Fair Values of Financial Instruments |
The estimated fair values, and related carrying amounts, of our financial instruments are included in the table below. Certain financial instruments and all non-financial instruments are excluded from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein may not necessarily represent the underlying fair value of the Company.
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Carrying |
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|
Fair Value |
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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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|
(in thousands) |
|
June 30, 2026 |
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|
Financial Assets |
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|
Cash and cash equivalents |
|
$ |
52,748 |
|
|
$ |
52,748 |
|
|
$ |
— |
|
|
$ |
— |
|
Securities available for sale |
|
|
359,819 |
|
|
|
— |
|
|
|
359,819 |
|
|
|
— |
|
Marketable equity securities |
|
|
2,378 |
|
|
|
2,378 |
|
|
|
— |
|
|
|
— |
|
Federal Home Loan Bank stock |
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|
5,082 |
|
|
|
— |
|
|
|
— |
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|
5,082 |
|
Loans held for sale |
|
|
20,036 |
|
|
|
— |
|
|
|
20,036 |
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|
|
— |
|
Loans, net |
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|
2,219,766 |
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|
|
— |
|
|
|
— |
|
|
|
2,170,933 |
|
Mortgage servicing rights, net |
|
|
14,644 |
|
|
|
— |
|
|
|
— |
|
|
|
18,980 |
|
Accrued interest receivable |
|
|
9,929 |
|
|
|
— |
|
|
|
— |
|
|
|
9,929 |
|
Derivative assets |
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|
4,142 |
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|
|
— |
|
|
|
4,142 |
|
|
|
— |
|
Financial Liabilities |
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|
|
|
|
|
|
|
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|
Deposits |
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|
2,448,460 |
|
|
|
— |
|
|
|
— |
|
|
|
2,445,700 |
|
Borrowings |
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|
85,490 |
|
|
|
— |
|
|
|
— |
|
|
|
85,590 |
|
Subordinated Debt |
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|
94,737 |
|
|
|
— |
|
|
|
— |
|
|
|
93,238 |
|
Mortgagors’ escrow accounts |
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|
3,441 |
|
|
|
— |
|
|
|
3,441 |
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|
|
— |
|
Accrued interest payable |
|
|
1,361 |
|
|
|
— |
|
|
|
— |
|
|
|
1,361 |
|
Derivative liabilities |
|
|
3,390 |
|
|
|
— |
|
|
|
3,390 |
|
|
|
— |
|
December 31, 2025 |
|
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|
|
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|
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|
Financial Assets |
|
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|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
38,519 |
|
|
$ |
38,519 |
|
|
$ |
— |
|
|
$ |
— |
|
Securities available for sale |
|
|
342,292 |
|
|
|
— |
|
|
|
342,292 |
|
|
|
— |
|
Marketable equity securities |
|
|
2,188 |
|
|
|
2,188 |
|
|
|
— |
|
|
|
— |
|
Federal Home Loan Bank stock |
|
|
5,787 |
|
|
|
— |
|
|
|
— |
|
|
|
5,787 |
|
Loans held for sale |
|
|
21,262 |
|
|
|
— |
|
|
|
21,262 |
|
|
|
— |
|
Loans, net |
|
|
2,236,274 |
|
|
|
— |
|
|
|
— |
|
|
|
2,162,145 |
|
Mortgage servicing rights, net |
|
|
13,991 |
|
|
|
— |
|
|
|
— |
|
|
|
15,788 |
|
Accrued interest receivable |
|
|
10,034 |
|
|
|
— |
|
|
|
— |
|
|
|
10,034 |
|
Derivative assets |
|
|
3,937 |
|
|
|
— |
|
|
|
3,937 |
|
|
|
— |
|
Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
2,423,306 |
|
|
|
— |
|
|
|
— |
|
|
|
2,426,881 |
|
Borrowings |
|
|
98,063 |
|
|
|
— |
|
|
|
— |
|
|
|
98,270 |
|
Subordinated Debt |
|
|
94,578 |
|
|
|
— |
|
|
|
— |
|
|
|
92,783 |
|
Mortgagors’ escrow accounts |
|
|
3,804 |
|
|
|
— |
|
|
|
3,804 |
|
|
|
— |
|
Accrued interest payable |
|
|
1,187 |
|
|
|
— |
|
|
|
— |
|
|
|
1,187 |
|
Derivative liabilities |
|
|
3,438 |
|
|
|
— |
|
|
|
3,438 |
|
|
|
— |
|
|