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Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Measurement

Summary of balances of the assets and liabilities measured at fair value on a recurring basis

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. There have been no changes in the methodologies used at December 31, 2023. The following table presents the balances of the assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022:


		December 31, 2023
(dollars in thousands)		Level 1			Level 2			Level 3			Total
Fair Value of Financial Assets:
Securities Available for Sale:
Municipal Bonds		$	—		$	132,524		$	—		$	132,524
Mortgage-Backed Securities			—			235,315			—			235,315
Corporate Securities			—			130,605			—			130,605
SBA Securities			—			18,674			—			18,674
Asset-Backed Securities			—			86,986			—			86,986
Interest Rate Caps			—			18,717			—			18,717
Interest Rate Swaps			—			13,872			—			13,872
Total Fair Value of Financial Assets		$	—		$	636,693		$	—		$	636,693
Fair Value of Financial Liabilities:
Interest Rate Swaps		$	—		$	8,601		$	—		$	8,601
Total Fair Value of Financial Liabilities		$	—		$	8,601		$	—		$	8,601


		December 31, 2022
(dollars in thousands)		Level 1			Level 2			Level 3			Total
Fair Value of Financial Assets:
Securities Available for Sale:
U.S. Treasury Securities		$	2,580		$	—		$	—		$	2,580
Municipal Bonds			—			131,354			—			131,354
Mortgage-Backed Securities			—			237,784			—			237,784
Corporate Securities			—			109,827			—			109,827
SBA Securities			—			20,877			—			20,877
Asset-Backed Securities			—			46,191			—			46,191
Interest Rate Caps			—			19,406			—			19,406
Interest Rate Swaps			—			18,717			—			18,717
Total Fair Value of Financial Assets		$	2,580		$	584,156		$	—		$	586,736
Fair Value of Financial Liabilities:
Interest Rate Swaps		$	—		$	9,542		$	—		$	9,542
Total Fair Value of Financial Liabilities		$	—		$	9,542		$	—		$	9,542

Summary of net impairment losses related to nonrecurring fair value measurements of certain asset

The following tables present nonrecurring fair value measurements of certain assets for the periods ended December 31, 2023, 2022 and 2021:


		December 31, 2023
(dollars in thousands)		Level 1			Level 2			Level 3			Loss
Individually Evaluated Loans		$	—		$	—		$	9,602		$	199
Totals		$	—		$	—		$	9,602		$	199


		December 31, 2022
(dollars in thousands)		Level 1			Level 2			Level 3			Loss
Impaired Loans		$	—		$	96		$	—		$	71
Totals		$	—		$	96		$	—		$	71


		December 31, 2021
(dollars in thousands)		Level 1			Level 2			Level 3			Loss
Impaired Loans		$	—		$	9,360		$	—		$	625
Totals		$	—		$	9,360		$	—		$	625

Summary of carrying amount and estimated fair values of financial instruments

The following tables present the carrying amounts and estimated fair values of financial instruments at December 31, 2023 and 2022:


		December 31, 2023
					Fair Value Hierarchy
		Carrying												Estimated
(dollars in thousands)		Amount			Level 1			Level 2			Level 3			Fair Value
Financial Assets:
Cash and Due From Banks		$	128,562		$	128,562		$	—		$	—		$	128,562
Securities Available for Sale			604,104			—			604,104			—			604,104
FHLB Stock, at Cost			17,097			—			17,097			—			17,097
Loans, Net			3,667,215			—			3,579,583			9,602			3,589,185
Accrued Interest Receivable			16,697			—			16,697			—			16,697
Interest Rate Caps			18,717			—			18,717			—			18,717
Interest Rate Swaps			13,872			—			13,872			—			13,872

Financial Liabilities:
Deposits		$	3,709,948		$	—		$	3,709,086		$	—		$	3,709,086
Notes Payable			13,750			—			13,805			—			13,805
FHLB Advances			319,500			—			319,305			—			319,305
Subordinated Debentures			79,288			—			77,557			—			77,557
Accrued Interest Payable			5,282			—			5,282			—			5,282
Interest Rate Swaps			8,601			—			8,601			—			8,601


		December 31, 2022
					Fair Value Hierarchy
		Carrying												Estimated
(dollars in thousands)		Amount			Level 1			Level 2			Level 3			Fair Value
Financial Assets:
Cash and Due From Banks		$	87,043		$	87,043		$	—		$	—		$	87,043
Bank-Owned Certificates of Deposit			1,181			—			1,173			—			1,173
Securities Available for Sale			548,613			2,580			546,033			—			548,613
FHLB Stock, at Cost			19,606			—			19,606			—			19,606
Loans, Net			3,512,157			—			3,314,190			—			3,314,190
Accrued Interest Receivable			13,479			—			13,479			—			13,479
Interest Rate Caps			19,406			—			19,406			—			19,406
Interest Rate Swaps			18,717			—			18,717			—			18,717

Financial Liabilities:
Deposits		$	3,416,543		$	—		$	3,390,416		$	—		$	3,390,416
Federal Funds Purchased			287,000			—			287,000			—			287,000
Notes Payable			13,750			—			13,473			—			13,473
FHLB Advances			97,000			—			96,061			—			96,061
Subordinated Debentures			78,905			—			70,931			—			70,931
Accrued Interest Payable			2,831			—			2,831			—			2,831
Interest Rate Swaps			9,542			—			9,542			—			9,542