Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023 were estimated using an exit price notion.


June 30, 2024	Carrying Amount		Fair Value		Fair Value Measurements
Description of Asset (dollars in thousands)					Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	138,883	$	138,883	$	138,883	$	—	$	—
Investment securities - AFS	131,594		131,594		—		131,594		—
Investment securities - HTM, net	499,431		440,164		—		440,164		—
Equity securities	5,699		5,699		—		5,699		—
Restricted securities	21,725		21,725		—		21,725		—
Loans held for sale	27,829		27,829		—		27,829		—
TBA derivatives trades	85		85		—		85		—
Cash surrender value on life insurance	102,969		102,969		—		102,969		—
Loans, at fair value	9,515		9,515		—		9,515		—
Loans, net	4,637,744		4,454,771		—		—		4,454,771
MSRs	5,995		5,995		—		—		5,995
IRLCs	208		208		—		—		208

Liabilities
Deposits:
Noninterest-bearing demand	$	1,587,252	$	1,587,252	$	—	$	1,587,252	$	—
Checking plus interest	658,512		658,512		—		658,512		—
Money Market	1,337,274		1,337,274		—		1,337,274		—
Savings	350,734		350,734		—		350,734		—
Club	1,335		1,335		—		1,335		—
Certificates of Deposit	1,213,778		1,212,174		—		1,212,174		—
Advances from FHLB	81,000		80,786		—		80,786		—
Subordinated debt, net	43,504		43,587		—		43,587		—
TRUPS, net	29,316		27,691		—		27,691		—
TBA Securities	7		7		—		7		—
IRLCs	—		—		—		—		—


December 31, 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	$	372,413	$	372,413	$	372,413	$	—	$	—
Investment securities - AFS	110,521		110,521		—		110,521		—
Investment securities - HTM	513,188		457,830		—		457,830		—
Equity securities	5,703		5,703		—		5,703		—

Loans held for sale	8,782		8,782		—		8,782		—
TBA securities	2		2		—		2		—
Cash surrender value on life insurance	101,704		101,704		—		101,704		—
Loans, at fair value	9,944		9,944		—		9,944		—
Loans, net	4,573,715		4,477,468		—		—		4,477,468
MSRs	5,926		5,926		—		—		5,926
IRLCs	110		110		—		—		110

Liabilities
Deposits:
Noninterest-bearing demand	$	1,258,037	$	1,258,037	$	—	$	1,258,037	$	—
Checking plus interest	1,165,546		1,165,546		—		1,165,546		—
Money Market	1,430,603		1,430,603		—		1,430,603		—
Savings	347,324		347,324		—		347,324		—
Certificates of Deposit	1,184,610		1,184,447		—		1,184,447		—
Subordinated debt, net	43,139		42,579		—		42,579		—
TRUPS, net	29,158		28,266		—		28,266		—
TBA Securities	176		176		—		176		—