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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

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 methodologies used as of March 31, 2024. The following tables present the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:


		March 31, 2024
(dollars in thousands)		Level 1			Level 2			Level 3			Total
Fair Value of Financial Assets:
Securities Available for Sale:
Municipal Bonds		$	—		$	132,091		$	—		$	132,091
Mortgage-Backed Securities			—			244,216			—			244,216
Corporate Securities			—			132,952			—			132,952
SBA Securities			—			17,025			—			17,025
Asset-Backed Securities			—			106,998			—			106,998
Interest Rate Caps			—			20,445			—			20,445
Interest Rate Swaps			—			15,069			—			15,069
Total Fair Value of Financial Assets		$	—		$	668,796		$	—		$	668,796
Fair Value of Financial Liabilities:
Interest Rate Swaps		$	—		$	8,313		$	—		$	8,313
Total Fair Value of Financial Liabilities		$	—		$	8,313		$	—		$	8,313


		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

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

The following tables present net impairment losses related to nonrecurring fair value measurements of certain assets at March 31, 2024 and December 31, 2023:


		March 31, 2024
(dollars in thousands)		Level 1			Level 2			Level 3			Loss
Individually Evaluated Loans		$	—		$	—		$	9,364		$	231
Totals		$	—		$	—		$	9,364		$	231


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

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 March 31, 2024 and December 31, 2023:


		March 31, 2024
					Fair Value Hierarchy
		Carrying												Estimated
(dollars in thousands)		Amount			Level 1			Level 2			Level 3			Fair Value
Financial Assets:
Cash and Due From Banks		$	143,355		$	143,355		$	—		$	—		$	143,355
Securities Available for Sale			633,282			—			633,282			—			633,282
FHLB Stock, at Cost			17,195			—			17,195			—			17,195
Loans, Net			3,726,502			—			3,627,836			9,364			3,637,200
Accrued Interest Receivable			16,696			—			16,696			—			16,696
Interest Rate Caps			20,445			—			20,445			—			20,445
Interest Rate Swaps			15,069			—			15,069			—			15,069

Financial Liabilities:
Deposits		$	3,807,225		$	—		$	3,799,680		$	—		$	3,799,680
Notes Payable			13,750			—			13,763			—			13,763
FHLB Advances			317,000			—			316,046			—			316,046
Subordinated Debentures			79,383			—			78,991			—			78,991
Accrued Interest Payable			4,405			—			4,405			—			4,405
Interest Rate Swaps			8,313			—			8,313			—			8,313


		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