Fair Value (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The Company has categorized its financial instruments measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | | | | | | | | | March 31, 2024 | | Total | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Investment securities available for sale | | | | | | | | | | U.S. Treasuries | | $ | 128,683 | | | $ | 128,683 | | | $ | — | | | $ | — | | | | | | | | | | | | Municipal | | 9,254 | | | — | | | 9,254 | | | — | | | Corporate | | 4,457 | | | — | | | 4,457 | | | — | | | Asset-backed securities | | 6,581 | | | — | | | 6,581 | | | — | | | Mortgage-backed securities | | 53,279 | | | — | | | 53,279 | | | — | | | Total | | $ | 202,254 | | | $ | 128,683 | | | $ | 73,571 | | | $ | — | | | | | | | | | | | | Loans held for sale | | $ | 10,303 | | | $ | — | | | $ | 10,303 | | | $ | — | | | Derivative assets | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Derivative liabilities | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | | | | | | | | Investment securities available for sale | | | | | | | | | | U.S. Treasuries | | $ | 149,228 | | | $ | 149,228 | | | $ | — | | | $ | — | | | | | | | | | | | | Municipal | | 9,372 | | | — | | | 9,372 | | | — | | | Corporate | | 4,413 | | | — | | | 4,413 | | | — | | | Asset-backed securities | | 7,045 | | | — | | | 7,045 | | | — | | | Mortgage-backed securities | | 38,271 | | | — | | | 38,271 | | | — | | | Total | | $ | 208,329 | | | $ | 149,228 | | | $ | 59,101 | | | $ | — | | | | | | | | | | | | Loans held for sale | | $ | 7,481 | | | $ | — | | | $ | 7,481 | | | $ | — | | | Derivative assets | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Derivative liabilities | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
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| Schedule of Fair Value of Loans Held For Sale |
The following table reflects the difference between the fair value carrying amount of loans held for sale, measured at fair value under FASB ASC 825-10, and the aggregate unpaid principal amount the Company is contractually entitled to receive at maturity: | | | | | | | | | | | | | | | | Fair Value of Loans Held for Sale | | | | | | (in thousands) | | March 31, 2024 | | December 31, 2023 | | Aggregate fair value | | $ | 10,303 | | | $ | 7,481 | | | Contractual principal | | 7,425 | | | 5,168 | | | Difference | | $ | 2,878 | | | $ | 2,313 | |
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| Schedule of Fair Value Measurements, Nonrecurring |
The Company has categorized its financial instruments measured at fair value on a nonrecurring basis as of March 31, 2024 and December 31, 2023 as follows: | | | | | | | | | | | | | | | | | | | (in thousands) | | March 31, 2024 | | December 31, 2023 | Individually evaluated loans for credit loss, net | | | | | | | | | | | | | | | Level 3 inputs | | 13,481 | | | 15,620 | | | Total | | $ | 13,481 | | | 15,620 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following table provides information describing the unobservable inputs used in Level 3 fair value measurements at March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | Unobservable Inputs | | | | | Valuation Technique | | Unobservable Inputs | | Range of Inputs | | | | | Individually evaluated loans | Appraised Value/Discounted Cash Flows | | Discounts to appraisals or cash flows for estimated holding and/or selling costs | | 0 to 25% | | | | | | |
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| Schedule of Fair Value Measurements, Recurring and Nonrecurring |
| | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | | (in thousands) | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | | Financial assets | | | | | | | | | Level 1 | | | | | | | | | Cash and due from banks | $ | 12,361 | | | $ | 12,361 | | | $ | 14,513 | | | $ | 14,513 | | | Interest-bearing deposits at other financial institutions | 72,787 | | | 72,787 | | | 39,044 | | | 39,044 | | | | | | | | | | | Federal funds sold | 56 | | | 56 | | | 407 | | | 407 | | | Level 3 | | | | | | | | | | | | | | | | | Portfolio loans receivable, net | $ | 1,935,175 | | | $ | 1,902,408 | | | $ | 1,874,678 | | | $ | 1,855,158 | | | | | | | | | | | Restricted investments | 4,441 | | | 4,441 | | | 4,353 | | | 4,353 | | | | | | | | | | | Financial liabilities | | | | | | | | | Level 1 | | | | | | | | | Noninterest-bearing deposits | $ | 665,812 | | | $ | 665,812 | | | $ | 617,373 | | | $ | 617,373 | | | | | | | | | | | Level 3 | | | | | | | | | Interest-bearing deposits | $ | 1,339,883 | | | $ | 1,339,795 | | | $ | 1,278,623 | | | $ | 1,280,682 | | | FHLB advances and other borrowed funds | 34,062 | | | 31,620 | | | 49,062 | | | 46,634 | |
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