v3.26.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Estimated Fair Values of Financial Instruments
The following tables present estimated fair values of the Company’s financial instruments as of the period indicated, whether or not recognized or recorded in the consolidated balance sheets at the period indicated:
September 30, 2026Fair Value Measurements Using
Carrying
Value		Estimated
Fair Value		Level 1Level 2Level 3
(dollars in thousands; unaudited)
Financial assets
Cash and due from banks$45,707 $45,707 $45,707 $— $— 
Interest earning deposits with other banks757,844 757,844 757,844 — — 
Investment securities44,720 43,481 — 43,481 — 
Other investments18,803 18,803 — 14,556 4,247 
Loans held for sale140,337 140,337 — 140,337 
Loans receivable, net4,185,529 4,166,284 — — 4,166,284 
Accrued interest receivable24,969 24,969 — 24,969 — 
Financial liabilities
Deposits$4,678,831 4,541,575 $— $4,541,575 $— 
Subordinated debt44,555 44,304 — 44,304 — 
Junior subordinated debentures3,595 3,422 — 3,422 — 
Accrued interest payable1,229 1,229 — 1,229 — 
December 31, 2025Fair Value Measurements Using
Carrying
Value		Estimated
Fair Value		Level 1Level 2Level 3
(dollars in thousands; unaudited)
Financial assets
Cash and due from banks$34,241 $34,241 $34,241 $— $— 
Interest earning deposits with other banks702,729 702,729 702,729 — — 
Investment securities48,247 48,742 — 48,742 — 
Other investments12,837 12,837 — 10,666 2,171 
Loans held for sale71,216 71,216 — 71,216 
Loans receivable, net3,749,531 3,738,084 — — 3,738,084 
Accrued interest receivable18,613 18,613 — 18,613 — 
Financial liabilities
Deposits$4,144,199 $4,130,842 $— $4,130,842 $— 
Subordinated debt44,443 44,132 — 44,132 — 
Junior subordinated debentures3,593 3,719 — 3,719 — 
Accrued interest payable1,435 1,435 — 1,435 — 
Summary of Assets Measured at Fair Value on Recurring Basis
Items measured at fair value on a recurring basis – The following fair value hierarchy table presents information about the Company’s assets that are measured at fair value on a recurring basis at the dates indicated:
Level 1Level 2Level 3Total
Fair Value
(dollars in thousands; unaudited)
September 30, 2026
Available-for-sale
U.S. Agency collateralized mortgage obligations$— $25 $— $25 
$— $25 $— $25 
December 31, 2025
Available-for-sale
U.S. Agency collateralized mortgage obligations$— $29 $— $29 
$— $29 $— $29 
Summary of Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis
Items measured at Level 3 fair value on a nonrecurring basis – The following table presents financial assets and liabilities measured at fair value on a nonrecurring basis that are classified within Level 3 of the fair value hierarchy at the dates indicated:
Level 1Level 2Level 3Total
Fair Value
(dollars in thousands; unaudited)
September 30, 2026
Collateral dependent loans$— $— $1,249 $1,249 
Equity securities$— $— 1,237 1,237 
Total$— $— $2,486 $2,486 
December 31, 2025
Collateral dependent loans$— $— $97 $97 
Equity securities— — 2,171 2,171 
Total$— $— $2,268 $2,268 
Summary of Carrying Value of Equity Securities Without Readily Determinable Fair Values
The following table presents the carrying value of equity securities without readily determinable fair values, as of September 30, 2026 and 2025, with adjustments recorded during the periods presented for those securities with observable price changes, if applicable. These equity securities are included in other investments on the balance sheet.
•The Company had a $1.2 million and $1.8 million equity interest in a specialized bank technology company as of the quarters ended September 30, 2026 and December 31, 2025. The $600,000 decrease is due to a downward adjustment recorded during the quarter ended September 30, 2026, compared to a $443,000 downward adjustment during the nine months ended September 30, 2025.
•The Company had a $350,000 equity interest in a technology company as of the quarters ended September 30, 2026 and December 31, 2025.
•The Company had a $500,000 equity interest in financial technology company as of the quarter ended September 30, 2026. This was a new equity investment in 2026.
•The Company had a $23,000 and $42,000 equity interest in a technology company as of the quarters ended September 30, 2026 and December 31, 2025, respectively.
•The Company had a $2.2 million equity interest in an affordable housing fund for CRA purposes as of the quarter ended September 30, 2026. This was a new equity investment in 2026.
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(dollars in thousands; unaudited)2026202520262025
Carrying value, beginning of period$2,671 $2,176 $2,171 $2,619 
Purchases2,160 — 2,660 — 
Observable price change(584)(5)(584)(448)
Carrying value, end of period$4,247 $2,171 $4,247 $2,171 
Summary of Assets and Liabilities Classified as Level 3 and Measured at Fair Value on Nonrecurring Basis
The following table provides a description of the valuation technique, unobservable inputs and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a nonrecurring basis at the date indicated:
(unaudited)Valuation TechniqueUnobservable Inputs
September 30, 2026
Weighted
Average Rate
December 31, 2025
Weighted
Average Rate
Collateral dependent loansCollateral valuationsDiscount to appraised value8.3%8.1%
Equity securitiesMarket approach; observable transaction pricesAdjustments to observable transaction pricesn/an/a