XML 56 R46.htm IDEA: XBRL DOCUMENT v3.25.4
Disclosures of Fair Values of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the Company’s assets that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2025 and 2024 (in thousands):

 

 

 

 

 

 

Fair Value Measurements Using:

 

 

 

 

 

 

Quoted Prices in

 

 

Significant

 

 

Significant

 

 

 

 

 

 

Active Markets

 

 

Other

 

 

Unobservable

 

 

 

 

 

 

for Identical

 

 

Observable

 

 

Inputs

 

 

 

Fair Value

 

 

Assets (Level 1)

 

 

Inputs (Level 2)

 

 

(Level 3)

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. government corporations and agencies

 

$

144,080

 

 

$

—

 

 

$

144,080

 

 

$

—

 

Obligations of states and political subdivisions

 

 

280,633

 

 

 

—

 

 

 

280,633

 

 

 

—

 

Mortgage-backed securities

 

 

624,666

 

 

 

—

 

 

 

624,666

 

 

 

—

 

Corporate bonded debt

 

 

27,504

 

 

 

—

 

 

 

24,745

 

 

 

2,759

 

Total available-for-sale securities

 

 

1,076,883

 

 

 

—

 

 

 

1,074,124

 

 

 

2,759

 

Equity securities

 

 

4,588

 

 

 

4,588

 

 

 

—

 

 

 

—

 

Loans held for sale

 

 

5,203

 

 

 

—

 

 

 

5,203

 

 

 

—

 

Derivative assets: interest rate swaps

 

 

1,728

 

 

 

—

 

 

 

1,728

 

 

 

—

 

Total assets

 

$

1,088,402

 

 

$

4,588

 

 

$

1,081,055

 

 

$

2,759

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities: interest rate swaps

 

$

1,247

 

 

$

—

 

 

$

1,247

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. government corporations and agencies

 

$

191,358

 

 

$

—

 

 

$

191,358

 

 

$

—

 

Obligations of states and political subdivisions

 

 

267,740

 

 

 

—

 

 

 

267,740

 

 

 

—

 

Mortgage-backed securities

 

 

539,742

 

 

 

—

 

 

 

539,742

 

 

 

—

 

Corporate bonded debt

 

 

64,452

 

 

 

—

 

 

 

58,693

 

 

 

5,759

 

Total available-for-sale securities

 

 

1,063,292

 

 

 

—

 

 

 

1,057,533

 

 

 

5,759

 

Equity securities

 

 

4,439

 

 

 

4,439

 

 

 

—

 

 

 

—

 

Loans held for sale

 

 

6,614

 

 

 

—

 

 

 

6,614

 

 

 

—

 

Derivative assets: interest rate swaps

 

 

2,949

 

 

 

—

 

 

 

2,949

 

 

 

—

 

Total assets

 

$

1,077,294

 

 

$

4,439

 

 

$

1,067,096

 

 

$

5,759

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities: interest rate swaps

 

$

2,006

 

 

$

—

 

 

$

2,006

 

 

$

—

 

 
Fair Value of Assets Measured on a Recurring Basis Using Significant Unobservable Inputs

The change in fair value of assets measured on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2025 and 2024 is summarized as follows (in thousands):

 

 

 

Total

 

December 31, 2025

 

 

 

Beginning balance

 

$

5,759

 

Transfers out of Level 3

 

 

(7,029

)

Purchases

 

 

7,029

 

Maturities

 

 

(3,000

)

Ending balance

 

$

2,759

 

 

 

 

December 31, 2024

 

 

 

Beginning balance

 

$

6,163

 

Transfers into Level 3

 

 

3

 

Maturities

 

 

(407

)

Ending balance

 

$

5,759

 
Assets Measured at Fair Value on a Nonrecurring Basis

The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2025 and 2024 (in thousands):

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

 

in Active

 

 

Significant

 

 

Significant

 

 

 

 

 

 

Markets for

 

 

Other

 

 

Unobservable

 

 

 

 

 

 

Identical Assets

 

 

Observable Inputs

 

 

Inputs

 

 

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Collateral dependent loans

 

$

10,389

 

 

$

—

 

 

$

—

 

 

$

10,389

 

Foreclosed assets held for sale

 

 

605

 

 

 

—

 

 

 

—

 

 

 

605

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Collateral dependent loans

 

$

16,604

 

 

$

—

 

 

$

—

 

 

$

16,604

 

Foreclosed assets held for sale

 

 

48

 

 

 

—

 

 

 

—

 

 

 

48

 
Significant Unobservable Inputs Used in Valuation of Level 3 Fair Value Measurements

The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at December 31, 2025.

 

 

 

Fair Value

 

 

Valuation

 

 

 

Range

 

 

(in thousands)

 

 

Technique

 

Unobservable Inputs

 

(Weighted Average)

Collateral dependent loans

 

$

10,389

 

 

Third party valuations

 

Discount to reflect realizable value

 

0% - 40%

 

(20%)

Foreclosed assets held for sale

 

 

605

 

 

Third party valuations

 

Discount to reflect realizable value less estimated selling costs

 

0% - 40%

 

(35%)

The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at December 31, 2024.

 

 

 

Fair Value

 

 

Valuation

 

 

 

Range

 

 

(in thousands)

 

 

Technique

 

Unobservable Inputs

 

(Weighted Average)

Collateral dependent loans

 

$

16,604

 

 

Third party valuations

 

Discount to reflect realizable value

 

0% - 40%

 

(20%)

Foreclosed assets held for sale

 

 

48

 

 

Third party valuations

 

Discount to reflect realizable value less estimated selling costs

 

0% - 40%

 

(35%)
Summary of Estimated Fair Values of Company Financial Instruments

The following tables present estimated fair values of the Company’s financial instruments at December 31, 2025 and 2024 (in thousands):

 

 

 

Carrying

 

 

Fair

 

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

254,844

 

 

$

254,844

 

 

$

254,844

 

 

$

—

 

 

$

—

 

Federal funds sold

 

 

76

 

 

 

76

 

 

 

76

 

 

 

—

 

 

 

—

 

Certificates of deposit investments

 

 

1,740

 

 

 

1,740

 

 

 

—

 

 

 

1,740

 

 

 

—

 

Available-for-sale securities

 

 

1,076,883

 

 

 

1,076,883

 

 

 

—

 

 

 

1,074,124

 

 

 

2,759

 

Held-to-maturity securities

 

 

2,288

 

 

 

2,288

 

 

 

2,288

 

 

 

—

 

 

 

—

 

Equity securities

 

 

4,588

 

 

 

4,588

 

 

 

4,588

 

 

 

—

 

 

 

—

 

Loans held for sale

 

 

5,203

 

 

 

5,203

 

 

 

—

 

 

 

5,203

 

 

 

—

 

Loans net of allowance for credit losses

 

 

5,931,296

 

 

 

5,761,258

 

 

 

—

 

 

 

—

 

 

 

5,761,258

 

Interest receivable

 

 

39,949

 

 

 

39,949

 

 

 

—

 

 

 

39,949

 

 

 

—

 

Federal Reserve Bank stock

 

 

19,855

 

 

 

19,855

 

 

 

—

 

 

 

19,855

 

 

 

—

 

Federal Home Loan Bank stock

 

 

11,351

 

 

 

11,351

 

 

 

—

 

 

 

11,351

 

 

 

—

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

6,395,273

 

 

$

6,322,439

 

 

$

—

 

 

$

5,265,780

 

 

$

1,056,659

 

Securities sold under agreements to repurchase

 

 

196,716

 

 

 

196,716

 

 

 

—

 

 

 

196,716

 

 

 

—

 

Interest payable

 

 

5,782

 

 

 

5,782

 

 

 

—

 

 

 

5,782

 

 

 

—

 

Federal Home Loan Bank borrowings

 

 

270,000

 

 

 

270,338

 

 

 

—

 

 

 

270,338

 

 

 

—

 

Subordinated debentures

 

 

60,008

 

 

 

60,800

 

 

 

—

 

 

 

60,800

 

 

 

—

 

Junior subordinated debentures

 

 

24,454

 

 

 

22,083

 

 

 

—

 

 

 

22,083

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

121,141

 

 

$

121,141

 

 

$

121,141

 

 

$

—

 

 

$

—

 

Federal funds sold

 

 

75

 

 

 

75

 

 

 

75

 

 

 

—

 

 

 

—

 

Certificates of deposit investments

 

 

3,500

 

 

 

3,500

 

 

 

—

 

 

 

3,500

 

 

 

—

 

Available-for-sale securities

 

 

1,063,292

 

 

 

1,063,292

 

 

 

—

 

 

 

1,057,533

 

 

 

5,759

 

Held-to-maturity securities

 

 

2,279

 

 

 

2,279

 

 

 

2,279

 

 

 

—

 

 

 

—

 

Equity securities

 

 

4,439

 

 

 

4,439

 

 

 

4,439

 

 

 

—

 

 

 

—

 

Loans held for sale

 

 

6,614

 

 

 

6,614

 

 

 

—

 

 

 

6,614

 

 

 

—

 

Loans net of allowance for credit losses

 

 

5,595,666

 

 

 

5,314,756

 

 

 

—

 

 

 

—

 

 

 

5,314,756

 

Interest receivable

 

 

38,639

 

 

 

38,639

 

 

 

—

 

 

 

38,639

 

 

 

—

 

Federal Reserve Bank stock

 

 

19,855

 

 

 

19,855

 

 

 

—

 

 

 

19,855

 

 

 

—

 

Federal Home Loan Bank stock

 

 

9,501

 

 

 

9,501

 

 

 

—

 

 

 

9,501

 

 

 

—

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

6,057,096

 

 

$

5,977,113

 

 

$

—

 

 

$

5,069,853

 

 

$

907,260

 

Securities sold under agreements to repurchase

 

 

204,122

 

 

 

204,122

 

 

 

—

 

 

 

204,122

 

 

 

—

 

Interest payable

 

 

5,280

 

 

 

5,280

 

 

 

—

 

 

 

5,280

 

 

 

—

 

Federal Home Loan Bank borrowings

 

 

242,520

 

 

 

240,125

 

 

 

—

 

 

 

240,125

 

 

 

—

 

Subordinated debentures

 

 

87,472

 

 

 

86,062

 

 

 

—

 

 

 

86,062

 

 

 

—

 

Junior subordinated debentures

 

 

24,280

 

 

 

21,411

 

 

 

—

 

 

 

21,411

 

 

 

—