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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents financial assets measured at fair value on a recurring basis at the dates indicated:
| March 31, 2024
| Total |  | Level 1 |  | Level 2 |  | Level 3
Debt securities available for sale |  |  |  |  |  |  |
MBS, residential | $ | 113,181 |  |  | $ | — |  |  | $ | 113,181 |  |  | $ | — |
Municipal bonds | 3,389 |  |  | — |  |  | 3,389 |  |  | — |
Corporate bonds | 4,237 |  |  | — |  |  | 4,237 |  |  | — |
Total debt securities available for sale | $ | 120,807 |  |  | $ | — |  |  | $ | 120,807 |  |  | $ | — |
Loans held for sale | $ | 2,764 |  |  | $ | — |  |  | $ | 2,764 |  |  | $ | — |
| December 31, 2023
| Total |  | Level 1 |  | Level 2 |  | Level 3
Debt securities available for sale |  |  |  |  |  |  |
MBS, residential | $ | 104,499 |  |  | $ | — |  |  | $ | 104,499 |  |  | $ | — |
Municipal bonds | 3,409 |  |  | — |  |  | 3,409 |  |  | — |
Corporate bonds | 19,042 |  |  | — |  |  | 19,042 |  |  | — |
Total debt securities available for sale | $ | 126,950 |  |  | $ | — |  |  | $ | 126,950 |  |  | $ | — |
Loans held for sale | $ | 3,359 |  |  | $ | — |  |  | $ | 3,359 |  |  | $ | — |
Fair Value Measurements, Nonrecurring | The following table presents financial assets measured at fair value on a non-recurring basis at the dates indicated:
| March 31, 2024
| Total |  | Level 1 |  | Level 2 |  | Level 3
Collateral dependent loans |  |  |  |  |  |  |
Commercial real estate loans |  |  |  |  |  |  |
Commercial real estate – owner occupied | $ | 3,492 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,492 |
Commercial real estate – non-owner occupied | 24 |  |  | — |  |  | — |  |  | 24 |
Commercial loans |  |  |  |  |  |  |
Commercial and industrial | 121 |  |  | — |  |  | — |  |  | 121 |
Equipment finance | 651 |  |  | — |  |  | — |  |  | 651 |
Total | $ | 4,288 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,288 |
| December 31, 2023
| Total |  | Level 1 |  | Level 2 |  | Level 3
Collateral dependent loans |  |  |  |  |  |  |
Commercial real estate loans |  |  |  |  |  |  |
Commercial real estate – owner occupied | $ | 438 |  |  | $ | — |  |  | $ | — |  |  | $ | 438 |
Commercial loans |  |  |  |  |  |  |
Commercial and industrial | 108 |  |  | — |  |  | — |  |  | 108 |
Equipment finance | 578 |  |  | — |  |  | — |  |  | 578 |
Total | $ | 1,124 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,124 |
Fair Value, by Balance Sheet Grouping | The stated carrying value and estimated fair value amounts of financial instruments as of March 31, 2024 and December 31, 2023, are summarized below:
| March 31, 2024
| Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 380,493 |  |  | $ | 380,493 |  |  | $ | 380,493 |  |  | $ | — |  |  | $ | — |
Certificates of deposit in other banks | 33,625 |  |  | 33,625 |  |  | — |  |  | 33,625 |  |  | — |
Debt securities available for sale, at fair value | 120,807 |  |  | 120,807 |  |  | — |  |  | 120,807 |  |  | — |
FHLB and FRB stock | 13,691 |  |  | N/A |  | N/A |  | N/A |  | N/A
SBIC investments, at cost | 14,568 |  |  | 14,568 |  |  | — |  |  | — |  |  | 14,568 |
Loans held for sale, at fair value | 2,764 |  |  | 2,764 |  |  | 2,764 |  |  | — |  |  | — |
Loans held for sale, at the lower of cost or fair value | 220,699 |  |  | 222,753 |  |  | — |  |  | — |  |  | 222,753 |
Loans, net | 3,600,650 |  |  | 3,464,898 |  |  | — |  |  | — |  |  | 3,464,898 |
Accrued interest receivable | 16,944 |  |  | 16,944 |  |  | 218 |  |  | 539 |  |  | 16,187 |
Liabilities |  |  |  |  |  |  |  |  |
Noninterest-bearing and NOW deposits | 1,374,462 |  |  | 1,374,462 |  |  | — |  |  | 1,374,462 |  |  | — |
Money market accounts | 1,308,467 |  |  | 1,308,467 |  |  | — |  |  | 1,308,467 |  |  | — |
Savings accounts | 191,302 |  |  | 191,302 |  |  | — |  |  | 191,302 |  |  | — |
Certificates of deposit | 925,576 |  |  | 921,456 |  |  | — |  |  | 921,456 |  |  | — |
Junior subordinated debt | 10,045 |  |  | 9,838 |  |  | — |  |  | 9,838 |  |  | — |
Borrowings | 291,513 |  |  | 291,499 |  |  | — |  |  | 291,499 |  |  | — |
Accrued interest payable | 8,753 |  |  | 8,753 |  |  | — |  |  | 8,753 |  |  | — |
| December 31, 2023
| Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 347,140 |  |  | $ | 347,140 |  |  | $ | 347,140 |  |  | $ | — |  |  | $ | — |
Certificates of deposit in other banks | 34,722 |  |  | 34,722 |  |  | — |  |  | 34,722 |  |  | — |
Debt securities available for sale, at fair value | 126,950 |  |  | 126,950 |  |  | — |  |  | 126,950 |  |  | — |
FHLB and FRB stock | 18,393 |  |  | N/A |  | N/A |  | N/A |  | N/A
SBIC investments, at cost | 13,789 |  |  | 13,789 |  |  | — |  |  | — |  |  | 13,789 |
Loans held for sale, at fair value | 3,359 |  |  | 3,359 |  |  | 3,359 |  |  | — |  |  | — |
Loans held for sale, at the lower of cost or fair value | 198,433 |  |  | 200,869 |  |  | — |  |  | — |  |  | 200,869 |
Loans, net | 3,591,381 |  |  | 3,472,491 |  |  | — |  |  | — |  |  | 3,472,491 |
Accrued interest receivable | 16,902 |  |  | 16,902 |  |  | 107 |  |  | 656 |  |  | 16,139 |
Liabilities |  |  |  |  |  |  |  |  |
Noninterest-bearing and NOW deposits | 1,376,220 |  |  | 1,376,220 |  |  | — |  |  | 1,376,220 |  |  | — |
Money market accounts | 1,246,807 |  |  | 1,246,807 |  |  | — |  |  | 1,246,807 |  |  | — |
Savings accounts | 194,486 |  |  | 194,486 |  |  | — |  |  | 194,486 |  |  | — |
Certificates of deposit | 843,860 |  |  | 839,501 |  |  | — |  |  | 839,501 |  |  | — |
Junior subordinated debt | 10,021 |  |  | 9,767 |  |  | — |  |  | 9,767 |  |  | — |
Borrowings | 433,763 |  |  | 433,747 |  |  | — |  |  | 433,747 |  |  | — |
Accrued interest payable | 6,849 |  |  | 6,849 |  |  | — |  |  | 6,849 |  |  | — |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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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/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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
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