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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

The fair value of financial instruments at September 30, 2024 and December 31, 2023 are set forth below:


	Level in fair value	September 30, 2024				December 31, 2023
	measurement	Carrying		Estimated		Carrying		Estimated
	hierarchy	amount		fair value		amount		fair value
ASSETS
Cash and cash equivalents	Level 1	$	180,796	$	180,796	$	190,826	$	190,826
U.S. Treasury securities - AFS	Level 1		49,190		49,190		73,044		73,044
U.S. Treasury securities - HTM	Level 1		49,563		49,157		49,338		48,334
Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises available-for-sale	Level 2		196,530		196,530		201,809		201,809
Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises available-for-sale	Level 2		460,496		460,496		351,242		351,242
Municipal securities available-for-sale	Level 2		80		80		79		79
Corporate debt available-for-sale	Level 2		1,962		1,962		1,843		1,843
Other available-for-sale securities	Level 3		729		729		812		812
Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises held-to-maturity	Level 2		270,518		242,837		299,337		265,011
Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises held-to-maturity	Level 2		218,076		178,780		236,377		190,983
FHLB and FRB stock	Level 2		24,629		24,629		40,890		40,890
Loans receivable	Level 3		7,714,495		7,678,735		7,698,758		7,411,687
Loans held for sale	Level 2		16,765		16,765		18,854		18,854
Accrued interest receivable	Level 2		49,025		49,025		44,944		44,944
Interest rate swap derivatives	Level 2		30,459		30,459		37,408		37,408
Mortgage banking derivatives	Level 3		640		640		287		287
LIABILITIES
Deposit transaction accounts	Level 2		7,444,679		7,444,679		7,208,421		7,208,421
Time deposits	Level 2		1,052,449		1,048,454		981,970		972,793
Securities sold under agreements to repurchase	Level 2		19,517		19,517		19,627		19,627
Long-term debt	Level 2		55,000		52,592		55,000		43,760
Federal Home Loan Bank advances	Level 2		—		—		340,000		340,000
Accrued interest payable	Level 2		18,044		18,044		12,239		12,239
Interest rate swap derivatives	Level 2		13,377		13,377		15,284		15,284
Mortgage banking derivatives	Level 3		74		74		115		115