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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of the Company’s financial instruments are presented in the following table. Fair values for September 30, 2023 and December 31, 2022 were estimated using an exit price notion.
September 30, 2023 |  | Carrying Amount |  | Fair Value |  | Fair Value Measurements
Description of Asset (dollars in thousands) |  |  |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 108,709 |  |  | $ | 108,709 |  |  | $ | 108,709 |  |  | $ | — |  |  | $ | — |
Investment securities - AFS |  | 79,143 |  |  | 79,143 |  |  | — |  |  | 79,143 |  |  | — |
Investment securities - HTM, net |  | 523,051 |  |  | 445,652 |  |  | — |  |  | 445,652 |  |  | — |
Equity securities |  | 5,434 |  |  | 5,434 |  |  | — |  |  | 5,434 |  |  | — |
Restricted securities |  | 13,361 |  |  | 13,361 |  |  | — |  |  | 13,361 |  |  | — |
Loans held for sale |  | 14,725 |  |  | 14,725 |  |  | — |  |  | 14,725 |  |  | — |
TBA derivatives trades |  | 359 |  |  | 359 |  |  | — |  |  | 359 |  |  | — |
Cash surrender value on life insurance |  | 100,950 |  |  | 100,950 |  |  | — |  |  | 100,950 |  |  | — |
Loans, at fair value |  | 9,302 |  |  | 9,302 |  |  | — |  |  | 9,302 |  |  | — |
Loans, net |  | 4,551,366 |  |  | 4,425,585 |  |  | — |  |  | — |  |  | 4,425,585 |
MSRs |  | 5,890 |  |  | 5,890 |  |  | — |  |  | — |  |  | 5,890 |
IRLCs |  | 89 |  |  | 89 |  |  | — |  |  | — |  |  | 89 |
Liabilities |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
Noninterest-bearing demand |  | $ | 1,211,401 |  |  | $ | 1,211,401 |  |  | $ | — |  |  | $ | 1,211,401 |  |  | $ | — |
Checking plus interest |  | 1,210,052 |  |  | 1,210,052 |  |  | — |  |  | 1,210,052 |  |  | — |
Money Market |  | 1,179,049 |  |  | 1,179,049 |  |  | — |  |  | 1,179,049 |  |  | — |
Savings |  | 370,049 |  |  | 370,049 |  |  | — |  |  | 370,049 |  |  | — |
Club |  | 1,706 |  |  | 1,706 |  |  | — |  |  | 1,706 |  |  | — |
Certificates of Deposit |  | 1,136,488 |  |  | 1,124,904 |  |  | — |  |  | 1,124,904 |  |  | — |
Subordinated debt |  | 42,956 |  |  | 41,503 |  |  | — |  |  | 41,503 |  |  | — |
TRUPS |  | 29,079 |  |  | 27,364 |  |  | — |  |  | 27,364 |  |  | — |
IRLCs |  | 50 |  |  | 50 |  |  | — |  |  | — |  |  | 50 |
See the Company’s methodologies disclosed in Note 21 of the Company’s 2022 Annual Report for the fair value methodologies used as of December 31, 2022:
December 31, 2022 |  | Carrying Amount |  | Fair Value |  | Fair Value Measurements
Description of Asset (dollars in thousands) |  |  |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 55,499 |  |  | $ | 55,499 |  |  | $ | 55,499 |  |  | $ | — |  |  | $ | — |
Investment securities - AFS |  | 83,587 |  |  | 83,587 |  |  | — |  |  | 83,587 |  |  | — |
Investment securities - HTM |  | 559,455 |  |  | 494,626 |  |  | — |  |  | 494,626 |  |  | — |
Equity securities |  | 1,233 |  |  | 1,233 |  |  | — |  |  | 1,233 |  |  | — |
Restricted securities |  | 11,169 |  |  | 11,169 |  |  | — |  |  | 11,169 |  |  | — |
Loans held for sale |  | 4,248 |  |  | 4,248 |  |  | — |  |  | 4,248 |  |  | — |
TBA securities |  | 41 |  |  | 41 |  |  | — |  |  | 41 |  |  | — |
Cash surrender value on life insurance |  | 59,218 |  |  | 59,218 |  |  | — |  |  | 59,218 |  |  | — |
Loans, at fair value |  | 8,437 |  |  | 8,437 |  |  | — |  |  | 8,437 |  |  | — |
Loans, net |  | 2,531,027 |  |  | 2,431,808 |  |  | — |  |  | — |  |  | 2,431,808 |
MSRs |  | 5,275 |  |  | 5,275 |  |  | — |  |  | — |  |  | 5,275 |
IRLCs |  | 35 |  |  | 35 |  |  | — |  |  | — |  |  | 35 |
Liabilities |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
Noninterest-bearing demand |  | $ | 862,015 |  |  | $ | 862,015 |  |  | $ | — |  |  | $ | 862,015 |  |  | $ | — |
Checking plus interest |  | 694,101 |  |  | 694,101 |  |  | — |  |  | 694,101 |  |  | — |
Money Market |  | 709,132 |  |  | 709,132 |  |  | — |  |  | 709,132 |  |  | — |
Savings |  | 319,814 |  |  | 319,814 |  |  | — |  |  | 319,814 |  |  | — |
Club |  | 374 |  |  | 374 |  |  | — |  |  | 374 |  |  | — |
Certificates of Deposit |  | 424,348 |  |  | 410,455 |  |  | — |  |  | 410,455 |  |  | — |
Advances from FHLB - short term |  | 40,000 |  |  | 40,002 |  |  | — |  |  | 40,002 |  |  | — |
Subordinated debt |  | 43,072 |  |  | 41,193 |  |  | — |  |  | 41,193 |  |  | — |
TBA Securities |  | 6 |  |  | 6 |  |  | — |  |  | 6 |  |  | — |
IRLCs |  | 7 |  |  | 7 |  |  | — |  |  | — |  |  | 7 |

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