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Fair Value Measurement (Tables) | 12 Months Ended
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Dec. 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 the methodologies used at December 31, 2024. The following table presents the balances of the assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fair Value of Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury Securities | ​ | $ | 167,748 | ​ | $ | — | ​ | $ | — | ​ | $ | 167,748
Municipal Bonds | ​ | ​ | — | ​ | ​ | 122,265 | ​ | ​ | — | ​ | ​ | 122,265
Mortgage-Backed Securities | ​ | ​ | — | ​ | ​ | 244,890 | ​ | ​ | — | ​ | ​ | 244,890
Corporate Securities | ​ | ​ | — | ​ | ​ | 134,186 | ​ | ​ | — | ​ | ​ | 134,186
U.S. Government Agency Securities | ​ | ​ | — | ​ | ​ | 22,082 | ​ | ​ | — | ​ | ​ | 22,082
Asset-Backed Securities | ​ | ​ | — | ​ | ​ | 77,076 | ​ | ​ | — | ​ | ​ | 77,076
Fair Value Swaps | ​ | ​ | — | ​ | ​ | 10,487 | ​ | ​ | — | ​ | ​ | 10,487
Interest Rate Caps | ​ | ​ | — | ​ | ​ | 19,319 | ​ | ​ | — | ​ | ​ | 19,319
Interest Rate Swaps | ​ | ​ | — | ​ | ​ | 13,349 | ​ | ​ | — | ​ | ​ | 13,349
Total Fair Value of Financial Assets | ​ | $ | 167,748 | ​ | $ | 643,654 | ​ | $ | — | ​ | $ | 811,402
Fair Value of Financial Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest Rate Swaps | ​ | $ | — | ​ | $ | 8,210 | ​ | $ | — | ​ | $ | 8,210
Total Fair Value of Financial Liabilities | ​ | $ | — | ​ | $ | 8,210 | ​ | $ | — | ​ | $ | 8,210
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 nonrecurring fair value measurements of certain assets for the periods ended December 31, 2024, 2023 and 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Loss
Individually Evaluated Loans | ​ | $ | — | ​ | $ | — | ​ | $ | 91 | ​ | $ | 44
Totals | ​ | $ | — | ​ | $ | — | ​ | $ | 91 | ​ | $ | 44
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
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, 2024 and 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 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 | ​ | $ | 229,760 | ​ | $ | 229,760 | ​ | $ | — | ​ | $ | — | ​ | $ | 229,760
Bank-Owned Certificates of Deposit | ​ | ​ | 4,377 | ​ | ​ | — | ​ | ​ | 4,370 | ​ | ​ | — | ​ | ​ | 4,370
Securities Available for Sale | ​ | ​ | 768,247 | ​ | ​ | 167,748 | ​ | ​ | 600,499 | ​ | ​ | — | ​ | ​ | 768,247
FHLB Stock, at Cost | ​ | ​ | 19,297 | ​ | ​ | — | ​ | ​ | 19,297 | ​ | ​ | — | ​ | ​ | 19,297
Loans, Net | ​ | ​ | 3,809,436 | ​ | ​ | — | ​ | ​ | 3,709,775 | ​ | ​ | 91 | ​ | ​ | 3,709,866
Accrued Interest Receivable | ​ | ​ | 17,711 | ​ | ​ | — | ​ | ​ | 17,711 | ​ | ​ | — | ​ | ​ | 17,711
Fair Value Swaps | ​ | ​ | 10,487 | ​ | ​ | — | ​ | ​ | 10,487 | ​ | ​ | — | ​ | ​ | 10,487
Interest Rate Caps | ​ | ​ | 19,319 | ​ | ​ | — | ​ | ​ | 19,319 | ​ | ​ | — | ​ | ​ | 19,319
Interest Rate Swaps | ​ | ​ | 13,349 | ​ | ​ | — | ​ | ​ | 13,349 | ​ | ​ | — | ​ | ​ | 13,349
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ | $ | 4,086,767 | ​ | $ | — | ​ | $ | 4,131,298 | ​ | $ | — | ​ | $ | 4,131,298
Notes Payable | ​ | ​ | 13,750 | ​ | ​ | — | ​ | ​ | 13,775 | ​ | ​ | — | ​ | ​ | 13,775
FHLB Advances | ​ | ​ | 359,500 | ​ | ​ | — | ​ | ​ | 358,759 | ​ | ​ | — | ​ | ​ | 358,759
Subordinated Debentures | ​ | ​ | 79,670 | ​ | ​ | — | ​ | ​ | 76,056 | ​ | ​ | — | ​ | ​ | 76,056
Accrued Interest Payable | ​ | ​ | 4,008 | ​ | ​ | — | ​ | ​ | 4,008 | ​ | ​ | — | ​ | ​ | 4,008
Interest Rate Swaps | ​ | ​ | 8,210 | ​ | ​ | — | ​ | ​ | 8,210 | ​ | ​ | — | ​ | ​ | 8,210
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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