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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024
			Total						Level 1						Level 2						Level 3
			(Dollars in thousands)
Assets
Investment securities available for sale:
U.S. government and agency securities			$	13,054					$	—					$	13,054					$	—
Municipal securities			61,263						—						61,263						—
Residential CMO and MBS(1)			427,048						—						427,048						—
Commercial CMO and MBS(1)			328,861						—						328,861						—

			September 30, 2024
			Total						Level 1						Level 2						Level 3
			(Dollars in thousands)
Corporate obligations			11,706						—						11,706						—
Other asset-backed securities			10,847						—						10,847						—
Total investment securities available for sale			852,779						—						852,779						—
Equity security			287						287						—						—
Derivative assets - interest rate swaps			17,366						—						17,366						—
Liabilities
Derivative liabilities - interest rate swaps			$	17,366					$	—					$	17,366					$	—

(1) U.S. government agency and government-sponsored enterprise CMO and MBS.

			December 31, 2023
			Total						Level 1						Level 2						Level 3
			(Dollars in thousands)
Assets
Investment securities available for sale:
U.S. government and agency securities			$	13,750					$	—					$	13,750					$	—
Municipal securities			79,525						—						79,525						—
Residential CMO and MBS(1)			512,049						—						512,049						—
Commercial CMO and MBS(1)			504,258						—						504,258						—
Corporate obligations			7,613						—						7,613						—
Other asset-backed securities			17,158						—						17,158						—
Total investment securities available for sale			1,134,353						—						1,134,353						—
Equity security			314						314						—						—
Derivative assets - interest rate swaps			23,195						—						23,195						—
Liabilities
Derivative liabilities - interest rate swaps			$	23,195					$	—					$	23,195					$	—

(1) U.S. government agency and government-sponsored enterprise CMO and MBS.

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

The following tables present assets measured at fair value on a nonrecurring basis at September 30, 2024 and December 31, 2023:

			Fair Value at September 30, 2024
			Total						Level 1						Level 2						Level 3
			(Dollars in thousands)
Collateral-dependent loans:
Commercial business:
Owner-occupied CRE			$	2,449					$	—					$	—					$	2,449
Total assets measured at fair value on a nonrecurring basis			$	2,449					$	—					$	—					$	2,449

			Fair Value at December 31, 2023
			Total						Level 1						Level 2						Level 3
Collateral-dependent loans:
Owner-occupied CRE			$	173					$	—					$	—					$	173
Total assets measured at fair value on a nonrecurring basis			$	173					$	—					$	—					$	173

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

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

September 30, 2024

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range of Inputs

Weighted Average (1)

(Dollars in thousands)

Collateral-dependent loans

$

2,449

Market approach

Adjustments to reflect current conditions and selling costs

10.0% - 10.0%

10.0%

December 31, 2023

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range of Inputs

Weighted Average (1)

(Dollars in thousands)

Collateral-dependent loans

$

173

Market approach

Adjustments to reflect current conditions and selling costs

16.5% - 16.5%

16.5%

(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 of the Company’s financial instruments and their corresponding estimated fair values at the dates indicated:

			September 30, 2024
			Carrying Value						Fair Value						Fair Value Measurements Using:
															Level 1						Level 2						Level 3
			(Dollars in thousands)
Financial Assets:
Cash and cash equivalents			$	175,572					$	175,572					$	175,572					$	—					$	—
Investment securities available for sale			852,779						852,779						—						852,779						—
Investment securities held to maturity			719,400						661,696						—						661,696						—
Loans receivable, net			4,628,088						4,598,146						—						—						4,598,146
Accrued interest receivable			20,102						20,102						209						5,138						14,755
Derivative assets - interest rate swaps			17,366						17,366						—						17,366						—
Equity security			287						287						287						—						—
Financial Liabilities:
Non-maturity deposits			$	4,762,932					$	4,762,932					$	4,762,932					$	—					$	—
Certificates of deposit			945,560						956,950						—						956,950						—
Borrowings			382,000						382,457						—						382,457						—
Junior subordinated debentures			21,985						19,677						—						—						19,677
Accrued interest payable			3,909						3,909						58						3,778						73
Derivative liabilities - interest rate swaps			17,366						17,366						—						17,366						—

			December 31, 2023
			Carrying Value						Fair Value						Fair Value Measurements Using:
															Level 1						Level 2						Level 3
			(Dollars in thousands)
Financial Assets:
Cash and cash equivalents			$	224,973					$	224,973					$	224,973					$	—					$	—
Investment securities available for sale			1,134,353						1,134,353						—						1,134,353						—
Investment securities held to maturity			739,442						662,450						—						662,450						—
Loans receivable, net			4,287,628						4,159,513						—						—						4,159,513
Accrued interest receivable			19,518						19,518						96						6,127						13,295
Derivative assets - interest rate swaps			23,195						23,195						—						23,195						—
Equity security			314						314						314						—						—
Financial Liabilities:
Non-maturity deposits			$	4,906,899					$	4,906,899					$	4,906,899					$	—					$	—
Certificates of deposit			692,973						701,029						—						701,029						—
Borrowings			500,000						499,861						—						499,861						—
Junior subordinated debentures			21,765						19,750						—						—						19,750
Accrued interest payable			13,026						13,026						63						12,880						83
Derivative liabilities - interest rate swaps			23,195						23,195						—						23,195						—

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).

+ 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

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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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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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

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