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Fair Value Measurements and Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.
| June 30, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Investment securities |  |  |  |  |  |  |
Money market funds | $ | 44,687 |  |  | $ | 146,980 |  |  | $ | — |  |  | $ | 191,667 |
Equity securities | — |  |  | 16,644 |  |  | — |  |  | 16,644 |
Commingled fixed income securities | 1,580 |  |  | 4,380 |  |  | — |  |  | 5,960 |
Government and related securities | 8,125 |  |  | 13,275 |  |  | — |  |  | 21,400 |
Corporate debt securities | — |  |  | 51,548 |  |  | — |  |  | 51,548 |
Mortgage-backed / asset-backed securities | — |  |  | 112,365 |  |  | — |  |  | 112,365 |
Derivatives |  |  |  |  |  |  |
Interest rate swap | — |  |  | 4,810 |  |  | — |  |  | 4,810 |
Total assets | $ | 54,392 |  |  | $ | 350,002 |  |  | $ | — |  |  | $ | 404,394 |
| December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Investment securities |  |  |  |  |  |  |
Money market funds | $ | 13,366 |  |  | $ | 188,484 |  |  | $ | — |  |  | $ | 201,850 |
Equity securities | — |  |  | 15,341 |  |  | — |  |  | 15,341 |
Commingled fixed income securities | 1,581 |  |  | 5,741 |  |  | — |  |  | 7,322 |
Government and related securities | 11,489 |  |  | 18,999 |  |  | — |  |  | 30,488 |
Corporate debt securities | — |  |  | 54,330 |  |  | — |  |  | 54,330 |
Mortgage-backed / asset-backed securities | — |  |  | 119,901 |  |  | — |  |  | 119,901 |
Derivatives |  |  |  |  |  |  |
Interest rate swap | — |  |  | 8,425 |  |  | — |  |  | 8,425 |
Total assets | $ | 26,436 |  |  | $ | 411,221 |  |  | $ | — |  |  | $ | 437,657 |
Schedule of Available-for-sale Securities Reconciliation | Available-for-sale securities consisted of the following:
| June 30, 2024
| Amortized cost |  |  |  | Gross unrealized losses |  | Estimated fair value
Government and related securities | $ | 24,929 |  |  |  |  | $ | (6,551) |  |  | $ | 18,378 |
Corporate debt securities | 62,572 |  |  |  |  | (11,024) |  |  | 51,548 |
Commingled fixed income securities | 1,811 |  |  |  |  | (231) |  |  | 1,580 |
Mortgage-backed / asset-backed securities | 139,887 |  |  |  |  | (27,522) |  |  | 112,365 |
Total | $ | 229,199 |  |  |  |  | $ | (45,328) |  |  | $ | 183,871 |
| December 31, 2023
| Amortized cost |  |  |  | Gross unrealized losses |  | Estimated fair value
Government and related securities | $ | 35,048 |  |  |  |  | $ | (7,018) |  |  | $ | 28,030 |
Corporate debt securities | 65,008 |  |  |  |  | (10,678) |  |  | 54,330 |
Commingled fixed income securities | 1,788 |  |  |  |  | (207) |  |  | 1,581 |
Mortgage-backed / asset-backed securities | 146,022 |  |  |  |  | (26,121) |  |  | 119,901 |
Total | $ | 247,866 |  |  |  |  | $ | (44,024) |  |  | $ | 203,842 |
Schedule of Unrealized Holding Losses | Investment securities in a loss position were as follows:
| June 30, 2024 |  | December 31, 2023
| Fair Value |  | Gross unrealized losses |  | Fair Value |  | Gross unrealized losses
Greater than 12 continuous months |  |  |  |  |  |  |
Government and related securities | $ | 18,378 |  |  | $ | 6,551 |  |  | $ | 28,030 |  |  | $ | 7,018 |
Corporate debt securities | 51,376 |  |  | 11,022 |  |  | 51,948 |  |  | 10,466 |
Mortgage-backed / asset-backed securities | 112,365 |  |  | 27,522 |  |  | 119,901 |  |  | 26,121 |
Total | $ | 182,119 |  |  | $ | 45,095 |  |  | $ | 199,879 |  |  | $ | 43,605 |
Less than 12 continuous months |  |  |  |  |  |  |
Corporate debt securities | $ | 172 |  |  | $ | 2 |  |  | $ | 2,382 |  |  | $ | 212 |
Commingled fixed income securities | 1,580 |  |  | 231 |  |  | 1,581 |  |  | 207 |
Total | $ | 1,752 |  |  | $ | 233 |  |  | $ | 3,963 |  |  | $ | 419 |
Schedule of Available-for-sale Securities | Scheduled maturities of available-for-sale securities at June 30, 2024 were as follows:
| Amortized cost |  | Estimated fair value
Within 1 year | $ | 1,986 |  |  | $ | 1,752 |
After 1 year through 5 years | 6,739 |  |  | 6,186 |
After 5 years through 10 years | 65,737 |  |  | 55,512 |
After 10 years | 154,737 |  |  | 120,421 |
Total | $ | 229,199 |  |  | $ | 183,871 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | These swaps are designated as cash flow hedges and are recorded at fair value at the end of each reporting period. Changes in fair value are reflected in AOCL. The impact of these interest rate swaps was as follows:
|  | Three Months Ended June 30,
|  | Derivative Gain (Loss) Recognized in AOCL (Effective Portion) |  | Location of Gain (Loss) (Effective Portion) |  | Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)
Derivative Instrument |  | 2024 |  | 2023 |  |  | 2024 |  | 2023
Interest rate swap |  | $ | (2,098) |  |  | $ | 586 |  |  | Interest expense |  | $ | 2,584 |  |  | $ | 138 |
|  | Six Months Ended June 30,
|  | Derivative Gain (Loss) Recognized in AOCL (Effective Portion) |  | Location of Gain (Loss) (Effective Portion) |  | Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)
Derivative Instrument |  | 2024 |  | 2023 |  |  | 2024 |  | 2023
Interest rate swap |  | $ | (3,615) |  |  | $ | (2,000) |  |  | Interest expense |  | $ | 5,175 |  |  | $ | 275 |
Schedule of Fair Value, by Balance Sheet Grouping | The carrying value and estimated fair value of debt was as follows:
| June 30, 2024 |  | December 31, 2023
Carrying value | $ | 2,122,324 |  |  | $ | 2,146,032 |
Fair value | $ | 1,941,153 |  |  | $ | 1,893,620 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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