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Fair Value Measurement (Tables)

9 Months Ended

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


		September 30, 2024
(dollars in thousands)		Level 1			Level 2			Level 3			Total
Fair Value of Financial Assets:
Securities Available for Sale:
U.S. Treasury Securities		$	105,875		$	—		$	—		$	105,875
Municipal Bonds			—			111,887			—			111,887
Mortgage-Backed Securities			—			210,471			—			210,471
Corporate Securities			—			138,107			—			138,107
SBA Securities			—			14,266			—			14,266
Asset-Backed Securities			—			84,109			—			84,109
Interest Rate Caps			—			15,875			—			15,875
Interest Rate Swaps			—			9,594			—			9,594
Total Fair Value of Financial Assets		$	105,875		$	584,309		$	—		$	690,184
Fair Value of Financial Liabilities:
Interest Rate Swaps		$	—		$	9,145		$	—		$	9,145
Total Fair Value of Financial Liabilities		$	—		$	9,145		$	—		$	9,145


		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 credit losses related to nonrecurring fair value measurements of certain assets at September 30, 2024 and December 31, 2023:


		September 30, 2024
(dollars in thousands)		Level 1			Level 2			Level 3			Loss
Individually Evaluated Loans		$	—		$	—		$	8,374		$	946
Totals		$	—		$	—		$	8,374		$	946


		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 September 30, 2024 and December 31, 2023:


		September 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		$	191,859		$	191,859		$	—		$	—		$	191,859
Securities Available for Sale			664,715			105,875			558,840			—			664,715
FHLB Stock, at Cost			18,626			—			18,626			—			18,626
Loans, Net			3,628,867			—			3,564,137			8,374			3,572,511
Accrued Interest Receivable			16,750			—			16,750			—			16,750
Interest Rate Caps			15,875			—			15,875			—			15,875
Interest Rate Swaps			9,594			—			9,594			—			9,594

Financial Liabilities:
Deposits		$	3,747,442		$	—		$	3,755,621		$	—		$	3,755,621
Notes Payable			13,750			—			14,035			—			14,035
FHLB Advances			349,500			—			349,690			—			349,690
Subordinated Debentures			79,574			—			78,698			—			78,698
Accrued Interest Payable			3,458			—			3,458			—			3,458
Interest Rate Swaps			9,145			—			9,145			—			9,145


		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