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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025. The

following tables present the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:


		March 31, 2025
(dollars in thousands)		Level 1			Level 2			Level 3			Total
Fair Value of Financial Assets:
Securities Available for Sale:
U.S. Treasury Securities		$	172,322		$	—		$	—		$	172,322
Municipal Bonds			—			116,448			—			116,448
Mortgage-Backed Securities			—			251,713			—			251,713
Corporate Securities			—			129,841			—			129,841
U.S. Government Agency Securities			—			21,158			—			21,158
Asset-Backed Securities			—			73,144			—			73,144
Fair Value Swaps			—			6,562			—			6,562
Interest Rate Caps			—			16,712			—			16,712
Interest Rate Swaps			—			10,369			—			10,369
Total Fair Value of Financial Assets		$	172,322		$	625,947		$	—		$	798,269
Fair Value of Financial Liabilities:
Interest Rate Swaps		$	—		$	7,693		$	—		$	7,693
Total Fair Value of Financial Liabilities		$	—		$	7,693		$	—		$	7,693


		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

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 March 31, 2025 and December 31, 2024:


		March 31, 2025
(dollars in thousands)		Level 1			Level 2			Level 3			Loss
Individually Evaluated Loans		$	—		$	—		$	7,060		$	2,031
Totals		$	—		$	—		$	7,060		$	2,031


		December 31, 2024
(dollars in thousands)		Level 1			Level 2			Level 3			Loss
Individually Evaluated Loans		$	—		$	—		$	91		$	44
Totals		$	—		$	—		$	91		$	44

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, 2025 and December 31, 2024:


		March 31, 2025
					Fair Value Hierarchy
		Carrying												Estimated
(dollars in thousands)		Amount			Level 1			Level 2			Level 3			Fair Value
Financial Assets:
Cash and Due From Banks		$	166,205		$	166,205		$	—		$	—		$	166,205
Bank-Owned Certificates of Deposit			4,139			—			4,149			—			4,149
Securities Available for Sale			764,626			172,322			592,304			—			764,626
FHLB Stock, at Cost			18,984			—			18,984			—			18,984
Loans, Net			3,959,092			—			3,874,708			7,060			3,881,768
Accrued Interest Receivable			17,700			—			17,700			—			17,700
Fair Value Swaps			6,562			—			6,562			—			6,562
Interest Rate Caps			16,712			—			16,712			—			16,712
Interest Rate Swaps			10,369			—			10,369			—			10,369

Financial Liabilities:
Deposits		$	4,162,457		$	—		$	4,206,360		$	—		$	4,206,360
Notes Payable			13,750			—			13,832			—			13,832
FHLB Advances			349,500			—			349,474			—			349,474
Subordinated Debentures			79,766			—			77,857			—			77,857
Accrued Interest Payable			4,525			—			4,525			—			4,525
Interest Rate Swaps			7,693			—			7,693			—			7,693


		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