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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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:

			June 30, 2024
			Total						Level 1						Level 2						Level 3
Debt securities available for sale
MBS, residential			$	126,582					$	—					$	126,582					$	—
Municipal bonds			3,378						—						3,378						—
Corporate bonds			4,175						—						4,175						—
Total debt securities available for sale			$	134,135					$	—					$	134,135					$	—
Loans held for sale			$	1,614					$	—					$	1,614					$	—

			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:

			June 30, 2024
			Total						Level 1						Level 2						Level 3
Collateral dependent loans
Commercial real estate loans
Commercial real estate – owner occupied			$	890					$	—					$	—					$	890
Commercial real estate – non-owner occupied			3,186						—						—						3,186
Commercial loans
Commercial and industrial			391						—						—						391
Equipment finance			1,693						—						—						1,693
Total			$	6,160					$	—					$	—					$	6,160

			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 June 30, 2024 and December 31, 2023, are summarized below:

			June 30, 2024
			Carrying Value						Fair Value						Level 1						Level 2						Level 3
Assets
Cash and cash equivalents			$	294,190					$	294,190					$	294,190					$	—					$	—
Certificates of deposit in other banks			32,131						32,131						—						32,131						—
Debt securities available for sale, at fair value			134,135						134,135						—						134,135						—
FHLB and FRB stock			19,637						N/A						N/A						N/A						N/A
SBIC investments, at cost			15,462						15,462						—						—						15,462
Loans held for sale, at fair value			1,614						1,614						1,614						—						—
Loans held for sale, at the lower of cost or fair value			224,976						227,063						—						—						227,063
Loans, net			3,652,231						3,513,709						—						—						3,513,709
Accrued interest receivable			18,412						18,412						84						647						17,681
Liabilities
Noninterest-bearing and NOW deposits			1,245,135						1,245,135						—						1,245,135						—
Money market accounts			1,311,940						1,311,940						—						1,311,940						—
Savings accounts			185,499						185,499						—						185,499						—
Certificates of deposit			965,205						961,838						—						961,838						—
Junior subordinated debt			10,070						9,613						—						9,613						—
Borrowings			364,513						364,819						—						364,819						—
Accrued interest payable			9,208						9,208						—						9,208						—

			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						—

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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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-Topic 820
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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 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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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

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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