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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024. The following tables present the balances of assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023:


		June 30, 2024
(dollars in thousands)		Level 1			Level 2			Level 3			Total
Fair Value of Financial Assets:
Securities Available for Sale:
Municipal Bonds		$	—		$	132,551		$	—		$	132,551
Mortgage-Backed Securities			—			203,901			—			203,901
Corporate Securities			—			140,297			—			140,297
SBA Securities			—			15,908			—			15,908
Asset-Backed Securities			—			108,400			—			108,400
Interest Rate Caps			—			20,479			—			20,479
Interest Rate Swaps			—			14,366			—			14,366
Total Fair Value of Financial Assets		$	—		$	635,902		$	—		$	635,902
Fair Value of Financial Liabilities:
Interest Rate Swaps		$	—		$	8,137		$	—		$	8,137
Total Fair Value of Financial Liabilities		$	—		$	8,137		$	—		$	8,137


		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 June 30, 2024 and December 31, 2023:


		June 30, 2024
(dollars in thousands)		Level 1			Level 2			Level 3			Loss
Individually Evaluated Loans		$	—		$	—		$	9,287		$	245
Totals		$	—		$	—		$	9,287		$	245


		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 June 30, 2024 and December 31, 2023:


		June 30, 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		$	134,093		$	134,093		$	—		$	—		$	134,093
Securities Available for Sale			601,057			—			601,057			—			601,057
FHLB Stock, at Cost			15,844			—			15,844			—			15,844
Loans, Net			3,742,222			—			3,632,015			9,287			3,641,302
Accrued Interest Receivable			16,944			—			16,944			—			16,944
Interest Rate Caps			20,479			—			20,479			—			20,479
Interest Rate Swaps			14,366			—			14,366			—			14,366

Financial Liabilities:
Deposits		$	3,807,712		$	—		$	3,802,481		$	—		$	3,802,481
Notes Payable			13,750			—			13,753			—			13,753
FHLB Advances			287,000			—			285,758			—			285,758
Subordinated Debentures			79,479			—			79,095			—			79,095
Accrued Interest Payable			3,999			—			3,999			—			3,999
Interest Rate Swaps			8,137			—			8,137			—			8,137


		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