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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2025. The following tables present the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024:


		September 30, 2025
(dollars in thousands)		Level 1			Level 2			Level 3			Total
Fair Value of Financial Assets:
Securities Available for Sale:
U.S. Treasury Securities		$	147,199		$	—		$	—		$	147,199
Municipal Bonds			—			240,547			—			240,547
Mortgage-Backed Securities			—			259,149			—			259,149
Corporate Securities			—			107,983			—			107,983
U.S. Government Agency Securities			—			9,835			—			9,835
Asset-Backed Securities			—			61,760			—			61,760
Fair Value Swaps			—			7,546			—			7,546
Interest Rate Caps			—			13,643			—			13,643
Interest Rate Swaps			—			10,463			—			10,463
Total Fair Value of Financial Assets		$	147,199		$	710,926		$	—		$	858,125
Fair Value of Financial Liabilities:
Fair Value Swaps		$	—		$	768		$	—		$	768
Interest Rate Swaps			—			9,827			—			9,827
Risk Participation Agreement			—			—			17			17
Total Fair Value of Financial Liabilities		$	—		$	10,595		$	17		$	10,612


		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 September 30, 2025 and December 31, 2024:


		September 30, 2025
(dollars in thousands)		Level 1			Level 2			Level 3			Loss
Individually Evaluated Loans		$	—		$	—		$	16,222		$	4,457
Totals		$	—		$	—		$	16,222		$	4,457


		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 September 30, 2025 and December 31, 2024:


		September 30, 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		$	131,818		$	131,818		$	—		$	—		$	131,818
Bank-Owned Certificates of Deposit			3,658			—			3,675			—			3,675
Securities Available for Sale			826,473			147,199			679,274			—			826,473
FHLB Stock, at Cost			21,373			—			21,373			—			21,373
Loans, Net			4,149,882			—			4,069,195			16,222			4,085,417
Accrued Interest Receivable			19,244			—			19,244			—			19,244
Fair Value Swaps			7,546			—			7,546			—			7,546
Interest Rate Caps			13,643			—			13,643			—			13,643
Interest Rate Swaps			10,463			—			10,463			—			10,463

Financial Liabilities:
Deposits		$	4,292,764		$	—		$	4,295,375		$	—		$	4,295,375
FHLB Advances			404,500			—			404,710			—			404,710
Subordinated Debentures			108,588			—			104,304			—			104,304
Accrued Interest Payable			5,208			—			5,208			—			5,208
Fair Value Swaps			768			—			768			—			768
Interest Rate Swaps			9,827			—			9,827			—			9,827
Risk Participation Agreement			17			—			—			17			17


		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