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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Financial Liabilities Measured at Fair Value

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value as of June 30, 2024 and December 31, 2023:

		Fair Value Measurements Using
(Dollars in thousands)		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
At June 30, 2024:
Securities available-for-sale:
U.S government and agency securities		$	—			$	18,814			$	—			$	18,814
State and municipal securities			—				1,003				—				1,003
Mortgage-backed securities and collateralized mortgage obligations			—				176,876				—				176,876
Corporate bonds			—				89,474				—				89,474
Total investment securities available-for-sale		$	—			$	286,167			$	—			$	286,167
Derivative assets:
Pass-through interest rate swaps		$	—			$	7,551			$	—			$	7,551
Risk participation agreements			—				11				—				11
Pay-fixed interest rate swaps			—				237				—				237
Total derivative assets		$	—			$	7,799			$	—			$	7,799
Derivative liabilities:
Pass-through interest rate swaps		$	—			$	7,551			$	—			$	7,551
Risk participation agreements			—				1				—				1
Pay-fixed interest rate swaps			—				74				—				74
Total derivative liabilities		$	—			$	7,626			$	—			$	7,626

At December 31, 2023:
Securities available-for-sale:
U.S. government and agency securities		$	—			$	3,991			$	—			$	3,991
Mortgage-backed securities and collateralized mortgage obligations			—				78,533				—				78,533
Corporate bonds			—				95,563				—				95,563
Total investment securities available-for-sale		$	—			$	178,087			$	—			$	178,087
Derivative assets:
Pass-through interest rate swaps		$	—			$	8,774			$	—			$	8,774
Risk participation agreements			—				6				—				6
Pay-fixed interest rate swaps			—				48				—				48
Total derivative assets		$	—			$	8,828			$	—			$	8,828
Derivative liabilities:
Cash flow hedges		$	—			$	1,541			$	—			$	1,541
Interest rate swaps			—				8,774				—				8,774
Risk participation agreements			—				20				—				20
Pay-fixed interest rate swaps			—				352				—				352
Total derivative liabilities		$	—			$	10,687			$	—			$	10,687

Summary of Estimated Fair Values and Carrying Values of Financial Instruments

The estimated fair values and carrying values of all financial instruments under current authoritative guidance, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value are as follows:

	June 30, 2024								December 31, 2023
(Dollars in thousands)	Carrying  Value				Estimated Fair Value				Carrying    Value				Estimated Fair Value
Financial assets:
Level 2 inputs
Cash and cash equivalents	$	253,897			$	253,897			$	411,845			$	411,845
Interest bearing time deposits in other banks		350				350				—				—
Investment securities available-for-sale		286,167				286,167				178,087				178,087
Non-marketable securities		16,147				16,147				16,041				16,041
Accrued interest receivable		27,518				27,518				23,120				23,120
Bank-owned life insurance		67,030				67,030				65,861				65,861
Derivative assets		7,799				7,799				8,828				8,828
	$	658,908			$	658,908			$	703,782			$	703,782
Level 3 inputs
Loans, net	$	3,719,948			$	3,675,087			$	3,601,766			$	3,532,270
Financial liabilities:
Level 2 inputs
Deposits	$	3,855,591			$	3,731,791			$	3,803,148			$	3,821,744
Accrued interest payable		5,668				5,668				4,794				4,794
Note payable and line of credit		117,531				108,392				119,428				107,474
Derivative liabilities		7,626				7,626				10,687				10,687
	$	3,986,416			$	3,853,477			$	3,938,057			$	3,944,699

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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X

- References

No definition available.

+ Details

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X

- 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/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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