v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Fair Value Assets and Liabilities Measured on Nonrecurring Basis Valuation Techniques
June 30, 2026
($ in thousands)Fair ValueValuation TechniqueUnobservable InputRate
IRLCs – net asset$218 Market approachRange of pull through rate
79% - 100%
Average pull through rate89%
December 31, 2025
($ in thousands)Fair ValueValuation TechniqueUnobservable InputRate
IRLCs – net asset$90 Market approachRange of pull through rate
81% - 100%
Average pull through rate98%
Summary of Derivative Asset at Fair Value
The following table presents activity in the IRLCs – net asset for the three and six months ended June 30, 2026 and 2025.
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2026202520262025
Beginning balance$139 $392 $90 $113 
Valuation adjustment79 34 128 313 
Ending balance$218 $426 $218 $426 
Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis
The following tables present the recorded amounts of assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025. No assets or liabilities were transferred from one hierarchy level to another during the three and six months ended June 30, 2026 and 2025.
June 30, 2026
($ in thousands)Fair ValueQuoted Prices
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Available for sale securities:
U.S. government agency securities$20,255 $— $20,255 $— 
Mortgage-backed securities246,986 — 246,986 — 
Other debt securities20,128 — 20,128 — 
Total available for sale securities287,369 — 287,369 — 
Equity securities6,218 — 6,218 — 
TBA forward trades42 — 42 — 
Loans held for sale30,827 — 30,827 — 
IRLCs218 — — 218 
Total assets at fair value$324,674 $— $324,456 $218 
Liabilities:
TBA forward trades115 — 115 — 
Total liabilities at fair value$115 $— $115 $— 
December 31, 2025
($ in thousands)Fair ValueQuoted Prices
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Available for sale securities:
U.S. government agency securities$20,616 $— $20,616 $— 
Mortgage-backed securities195,027 — 195,027 — 
Other debt securities4,715 — 4,715 — 
Total available for sale securities220,358 — 220,358 — 
Equity securities6,186 — 6,186 — 
TBA forward trades11 — 11 — 
Loans held for sale32,540 — 32,540 — 
IRLCs91 — — 91 
Total assets at fair value$259,186 $— $259,095 $91 
Liabilities:
IRLCs$1 $— $— $1 
TBA forward trades59 — 59 — 
Total liabilities at fair value$60 $— $59 $1 
Summary of Fair Value of Assets Measured on Nonrecurring Basis
The following tables set forth the Company’s assets subject to fair value adjustments (impairment) on a nonrecurring basis as of June 30, 2026 and December 31, 2025 that are valued at the lower of cost or market. The Company had no other assets subject to Level 3 fair value measurements as of June 30, 2026 and December 31, 2025. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
Quantitative Information about Level 3 Fair Value Measurements
($ in thousands)Fair Value
Valuation Technique(1)
Unobservable Input(2)
RangeWeighted-Average
June 30, 2026
Nonrecurring measurements:
Individually-evaluated collateral dependent loans:
Commercial real estate$450 Appraisal of collateralAppraisal adjustment
Liquidation expense
49% - 50%
10%
49%
10%
Residential real estate1,102 Appraisal of collateralAppraisal adjustment
Liquidation expense
44% - 74%
10%
49%
10%
Repossessed assets2,362 Appraisal of collateralAppraisal adjustmentN/A
21%
Quantitative Information about Level 3 Fair Value Measurements
($ in thousands)Fair Value
Valuation Technique(1)
Unobservable Input(2)
RangeWeighted-Average
December 31, 2025
Nonrecurring measurements:
Individually-evaluated collateral dependent loans:
Commercial real estate$19,696 Appraisal of collateralAppraisal adjustment
Liquidation expense
60% - 71%
10%
68%
10%
Residential real estate520 Appraisal of collateralAppraisal adjustment
Liquidation expense
0% - 1%
10%
1%
10%
Other real estate owned113 Appraisal of collateralAppraisal adjustmentN/A
0%
Repossessed assets2,879 Appraisal of collateralAppraisal adjustmentN/A
60%
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(1)Unobservable inputs were weighted by the relative fair value of the instruments. No range is presented only when one instrument was available.
(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.