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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities, Measured on Recurring Basis [Table]

The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis at the dates indicated:

			September 30, 2023
			Total						Level 1						Level 2						Level 3
			(Dollars in thousands)
Assets
Investment securities available for sale:
U.S. government and agency securities			$	20,424					$	—					$	20,424					$	—
Municipal securities			106,805						5,137						101,668						—
Residential CMO and MBS			401,181						—						401,181						—
Commercial CMO and MBS			597,213						—						597,213						—
Corporate obligations			3,780						—						3,780						—
Other asset-backed securities			18,144						—						18,144						—
Total investment securities available for sale			1,147,547						5,137						1,142,410						—
Equity security			256						256						—						—
Derivative assets - interest rate swaps			33,840						—						33,840						—
Liabilities
Derivative liabilities - interest rate swaps			$	33,840					$	—					$	33,840					$	—

			December 31, 2022
			Total						Level 1						Level 2						Level 3
			(Dollars in thousands)
Assets
Investment securities available for sale:
U.S. government and agency securities			$	63,859					$	19,779					$	44,080					$	—

			December 31, 2022
			Total						Level 1						Level 2						Level 3
			(Dollars in thousands)
Municipal securities			153,026						5,399						147,627						—
Residential CMO and MBS			424,386						—						424,386						—
Commercial CMO and MBS			664,421						—						664,421						—
Corporate obligations			3,834						—						3,834						—
Other asset-backed securities			21,917						—						21,917						—
Total investment securities available for sale			1,331,443						25,178						1,306,265						—
Equity security			185						185						—						—
Derivative assets - interest rate swaps			30,107						—						30,107						—
Liabilities
Derivative liabilities - interest rate swaps			$	30,107					$	—					$	30,107					$	—

Schedule of Fair Value, Assets, Nonrecurring Basis [Table]

The following tables represent assets measured at fair value on a nonrecurring basis at the dates indicated:

									Fair Value at September 30, 2023
			Basis(1)						Total						Level 1						Level 2						Level 3
			(Dollars in thousands)
Collateral-dependent loans:
Commercial business:
Owner-occupied CRE			613						178						—						—						178
Total assets measured at fair value on a nonrecurring basis			$	613					$	178					$	—					$	—					$	178

(1) Basis represents the outstanding principal balance of collateral-dependent loans.

									Fair Value at December 31, 2022
			Basis(1)						Total						Level 1						Level 2						Level 3
			(Dollars in thousands)
Collateral-dependent loans:
Commercial business:
Owner-occupied CRE			$	613					$	182					$	—					$	—					$	182
Total assets measured at fair value on a nonrecurring basis			$	613					$	182					$	—					$	—					$	182

(1) Basis represents the outstanding principal balance of collateral-dependent loans.

Schedule of Fair Value Measurements, Non-recurring Basis, Level 3 [Table]

The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the dates indicated:

September 30, 2023

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range of Inputs

Weighted Average (1)

(Dollars in thousands)

Collateral-dependent loans

$

178

Market approach

Adjustments to reflect current conditions and selling costs

16.7% - 16.7%

16.7%

(1) Weighted by net discount to net appraisal fair value

December 31, 2022

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range of Inputs

Weighted Average (1)

(Dollars in thousands)

Collateral-dependent loans

$

182

Market approach

Adjustments to reflect current conditions and selling costs

14.6% - 14.6%

14.6%

(1) Weighted by net discount to net appraisal fair value

Schedule of Fair Value, Financial Instruments, Carrying Value [Table]

The following tables present the carrying value amount of the Company’s financial instruments and their corresponding estimated fair values at the dates indicated:

			September 30, 2023
			Carrying Value						Fair Value						Fair Value Measurements Using:
															Level 1						Level 2						Level 3
			(Dollars in thousands)
Financial Assets:
Cash and cash equivalents			$	220,503					$	220,503					$	220,503					$	—					$	—
Investment securities available for sale			1,147,547						1,147,547						5,137						1,142,410						—
Investment securities held to maturity			746,845						636,257						—						636,257						—
Loans held for sale			263						268						—						268						—
Loans receivable, net			4,219,911						4,072,296						—						—						4,072,296
Accrued interest receivable			18,794						18,794						271						6,001						12,522
Derivative assets - interest rate swaps			33,840						33,840						—						33,840						—
Equity security			256						256						256						—						—
Financial Liabilities:
Non-maturity deposits			$	5,006,581					$	5,006,581					$	5,006,581					$	—					$	—
Certificates of deposit			628,606						637,048						—						637,048						—
Borrowings			450,000						447,952						—						447,952						—
Securities sold under agreement to repurchase			23,158						23,158						23,158						—						—
Junior subordinated debentures			21,692						19,750						—						—						19,750
Accrued interest payable			8,922						8,922						65						8,782						75
Derivative liabilities - interest rate swaps			33,840						33,840						—						33,840						—

			December 31, 2022
			Carrying Value						Fair Value						Fair Value Measurements Using:
															Level 1						Level 2						Level 3
			(Dollars in thousands)
Financial Assets:
Cash and cash equivalents			$	103,590					$	103,590					$	103,590					$	—					$	—
Investment securities available for sale			1,331,443						1,331,443						25,178						1,306,265						—
Investment securities held to maturity			766,396						673,434						—						673,434						—
Loans receivable, net			4,007,872						3,841,821						—						—						3,841,821
Accrued interest receivable			18,547						18,547						349						6,892						11,306
Derivative assets - interest rate swaps			30,107						30,107						—						30,107						—
Equity security			185						185						185						—						—
Financial Liabilities:
Non-maturity deposits			$	5,617,267					$	5,617,267					$	5,617,267					$	—					$	—
Certificates of deposit			307,573						308,325						—						308,325						—
Securities sold under agreement to repurchase			46,597						46,597						46,597						—						—
Junior subordinated debentures			21,473						20,000						—						—						20,000

			December 31, 2022
			Carrying Value						Fair Value						Fair Value Measurements Using:
															Level 1						Level 2						Level 3
			(Dollars in thousands)
Accrued interest payable			143						143						57						13						73
Derivative liabilities - interest rate swaps			30,107						30,107						—						30,107						—

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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-Name Accounting Standards Codification
-Section 50
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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ References

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Name Accounting Standards Codification
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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/2003/role/disclosureRef
-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

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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