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Fair Value of Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis | Table 2.1 summarizes the Company’s assets and liabilities required to be recorded at fair value on a recurring basis.
Table 2.1: Fair Value on a Recurring Basis
(in thousands) |  | Carrying Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Measurement Categories: Changes in Fair Value Recorded In
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |
U.S. government agency securities, mortgage-backed securities, obligations of states and political subdivisions, collateralized mortgage obligations, and corporate bonds |  | $ | 103,204 |  |  | $ | — |  |  | $ | 103,204 |  |  | $ | — |  |  | OCI
Derivatives – interest rate swap |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | NI
Liabilities: |  |  |  |  |  |  |  |  |  |
Derivatives – interest rate swap |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | NI
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |
U.S. government agency securities, mortgage-backed securities, obligations of states and political subdivisions, collateralized mortgage obligations, and corporate bonds |  | $ | 108,083 |  |  | $ | — |  |  | $ | 108,083 |  |  | $ | — |  |  | OCI
Derivatives – interest rate swap |  | 10 |  |  | — |  |  | 10 |  |  | — |  |  | NI
Liabilities: |  |  |  |  |  |  |  |  |  |
Derivatives – interest rate swap |  | 10 |  |  | — |  |  | 10 |  |  | — |  |  | NI
Summary of Fair Value Estimates for Financial Instruments by Balance Sheet Grouping | Table 2.2 is a summary of fair value estimates for financial instruments as of June 30, 2024 and December 31, 2023. The carrying amounts in Table 2.2 are recorded in the consolidated balance sheets under the indicated captions. Further, management has not disclosed the fair value of financial instruments specifically excluded from disclosure requirements, such as BOLI.
Table 2.2: Fair Value Estimates for Financial Instruments
|  | June 30, 2024 |  | December 31, 2023
(in thousands) |  | Carrying Amounts |  | Fair Value |  | Fair Value Hierarchy |  | Carrying Amounts |  | Fair Value |  | Fair Value Hierarchy
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 190,359 |  |  | $ | 190,359 |  |  | Level 1 |  | $ | 321,576 |  |  | $ | 321,576 |  |  | Level 1
Time deposits in banks |  | 4,097 |  |  | 4,097 |  |  | Level 1 |  | 5,858 |  |  | 5,858 |  |  | Level 1
Securities available-for-sale |  | 103,204 |  |  | 103,204 |  |  | Level 2 |  | 108,083 |  |  | 108,083 |  |  | Level 2
Securities held-to-maturity |  | 2,973 |  |  | 2,801 |  |  | Level 3 |  | 3,077 |  |  | 2,913 |  |  | Level 3
Loans held for sale |  | 5,322 |  |  | 5,907 |  |  | Level 2 |  | 11,464 |  |  | 12,626 |  |  | Level 2
Loans held for investment, net of allowance for credit losses |  | 3,230,885 |  |  | 3,081,250 |  |  | Level 3 |  | 3,047,288 |  |  | 2,891,925 |  |  | Level 3
FHLB stock and other investments |  | 22,801 |  |  | N/A |  | N/A |  | 21,801 |  |  | N/A |  | N/A
Interest rate swap |  | 5 |  |  | 5 |  |  | Level 2 |  | 10 |  |  | 10 |  |  | Level 2
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  | $ | 5 |  |  | $ | 5 |  |  | Level 2 |  | $ | 10 |  |  | $ | 10 |  |  | Level 2
Time deposits |  | 333,431 |  |  | 332,557 |  |  | Level 2 |  | 466,572 |  |  | 465,205 |  |  | Level 2
Subordinated notes |  | 73,822 |  |  | 72,772 |  |  | Level 3 |  | 73,749 |  |  | 72,693 |  |  | Level 3
Other borrowings |  | — |  |  | — |  |  | Level 2 |  | 170,000 |  |  | 170,000 |  |  | Level 2

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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 + Details
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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 + Details
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