XML 79 R62.htm IDEA: XBRL DOCUMENT v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Estimated Fair Values Estimated fair values as of the periods indicated are as follows:
 December 31, 2024December 31, 2023
(In Thousands)Carrying AmountFair  ValueCarrying AmountFair  Value
Financial assets: 
Level 1 inputs: 
     Cash, due from banks and deposits in other banks$62,736 $62,736 $118,530 $118,530 
     Investment securities available for sale268,781 268,781 310,896 310,896 
     Marketable equity securities8,719 8,719 13,153 13,153 
Level 2 inputs: 
     Investment securities available for sale209,836 209,836 327,040 327,040 
     Loans held for sale59,957 59,957 31,974 31,974 
     Interest rate swaps14,788 14,788 11,836 11,836 
Level 3 inputs: 
     Investment securities held to maturity36,750 35,750 36,750 33,413 
     Loans 2,129,263 2,014,070 1,789,497 1,686,362 
     Purchased receivables, net74,078 74,078 36,842 36,842 
     Interest rate lock commitments465 465 342 342 
     Mortgage servicing rights26,439 26,439 19,564 19,564 
     Commercial servicing rights2,194 2,194 2,200 2,200 
Financial liabilities: 
Level 2 inputs: 
     Deposits$2,680,189 2,683,029 $2,485,055 $2,482,937 
     Borrowings23,045 19,991 13,675 11,872 
     Interest rate swaps13,011 13,011 10,470 10,470 
Retail interest rate contracts— — 13 13 
Level 3 inputs:
     Junior subordinated debentures10,310 10,897 10,310 12,030 
Schedule of Assets And Liabilities Measured At Fair Value On A Recurring Basis The following table sets forth the balances as of the periods indicated of assets measured at fair value on a recurring basis:
(In Thousands)TotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
December 31, 2024    
Assets:
    Available for sale securities    
    U.S. Treasury and government sponsored entities$432,931 $259,986 $172,945 $— 
    Municipal securities— — — — 
    Corporate bonds8,795 8,795 — — 
    Collateralized loan obligations36,891 — 36,891 — 
           Total available for sale securities$478,617 $268,781 $209,836 $— 
    Marketable equity securities$8,719 $8,719 $— $— 
           Total marketable equity securities$8,719 $8,719 $— $— 
Interest rate swaps$14,788 $— $14,788 $— 
Interest rate lock commitments465 — — 465 
Mortgage servicing rights26,439 — — 26,439 
Commercial servicing rights2,194 — — 2,194 
Retail interest rate contracts49 — 49 — 
           Total other assets$43,886 $— $14,788 $29,098 
Liabilities:
Interest rate swaps$13,011 $— $13,011 $— 
           Total other liabilities$13,011 $— $13,011 $— 
December 31, 2023    
Assets:
    Available for sale securities    
    U.S. Treasury and government sponsored entities$564,125 $300,274 $263,851 $— 
    Municipal securities816 — 816 — 
    Corporate bonds13,624 10,622 3,002 — 
    Collateralized loan obligations59,371 — 59,371 — 
           Total available for sale securities$637,936 $310,896 $327,040 $— 
    Marketable equity securities$13,153 $13,153 $— $— 
           Total marketable equity securities$13,153 $13,153 $— $— 
Interest rate swaps$11,836 $— $11,836 $— 
Interest rate lock commitments342 — — 342 
Mortgage servicing rights19,564 — — 19,564 
Commercial servicing rights2,200 — — 2,200 
           Total other assets$33,942 $— $11,836 $22,106 
Liabilities:
   Interest rate swaps$10,470 $— $10,470 $— 
Retail interest rate contracts13 — 13 — 
           Total other liabilities$10,483 $— $10,483 $— 
Fair Value, Assets Measured on Recurring Basis using Significant Unobservable Inputs The following table provides a reconciliation of the assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the years ended December 31, 2024 and 2023:
(In Thousands)Beginning balanceChange included in earningsPurchases and issuancesSales and settlementsEnding balance
December 31, 2024 
Interest rate lock commitments$342 ($1,743)$14,101 ($12,235)$465 
Mortgage servicing rights19,564 (201)7,076 — 26,439 
Commercial servicing rights2,200 (52)46 — 2,194 
Total$22,106 ($1,996)$21,223 ($12,235)$29,098 
December 31, 2023
Interest rate lock commitments$440 ($989)$7,447 ($6,556)$342 
Mortgage servicing rights18,635 (2,687)3,616 — 19,564 
Commercial servicing rights2,129 (62)133 — 2,200 
Total$21,204 ($3,738)$11,196 ($6,556)$22,106 
Fair Value, Assets Measured on Nonrecurring Basis As of and for the years ending December 31, 2024 and 2023, except for certain assets as shown in the following table, no impairment or valuation adjustment was recognized for assets recognized at fair value on a nonrecurring basis. For loans individually measured for credit losses, the Company classifies fair value measurements using observable inputs, such as external appraisals, as Level 2 valuations in the fair value hierarchy, and unobservable inputs, such as in-house evaluations, as Level 3 valuations in the fair value hierarchy.    
(In Thousands)TotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
December 31, 2024    
  Loans individually measured for credit losses$— $— $— $— 
   Other real estate owned— — — — 
Total$— $— $— $— 
December 31, 2023    
  Loans individually measured for credit losses$— $— $— $— 
  Other real estate owned— — — — 
Total$— $— $— $— 

    The following table presents the (gains) losses resulting from nonrecurring fair value adjustments for the periods ended December 31, 2024, 2023 and 2022, respectively:
(In Thousands)202420232022
  Loans individually measured for credit losses$— $— $— 
Other real estate owned— 123 — 
Total (income) loss from nonrecurring measurements$— $123 $— 
Schedule of Valuation Assumptions The following table provides a description of the valuation technique, unobservable input, 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 recurring and nonrecurring basis at December 31, 2024 and 2023:
Financial InstrumentValuation Technique - Recurring BasisUnobservable InputWeighted Average or Rate Range
December 31, 2024
Interest rate lock commitmentExternal pricing modelPull through rate93.35 %
Mortgage servicing rightsDiscounted cash flowConstant prepayment rate
2.01% - 14.91%
Discount rate
9.50% - 11.00%
Commercial servicing rightsDiscounted cash flowConstant prepayment rate
3.13% - 18.23%
Discount rate12.00 %
December 31, 2023
Interest rate lock commitmentExternal pricing modelPull through rate89.84 %
Mortgage servicing rightsDiscounted cash flowConstant prepayment rate
6.13% - 25.33%
Discount rate
9.50% - 11.00%
Commercial servicing rightsDiscounted cash flowConstant prepayment rate
3.99% - 18.90%
Discount rate9.50 %