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Fair Value of Assets and Liabilities (Tables)

6 Months Ended

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

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X

- 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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- References

No definition available.

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