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Fair Value Measurement (Tables)

12 Months Ended

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