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v3.23.1

Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Carrying Values and Estimated Fair Values of Financial Instruments | The following table presents the carrying values and estimated fair values of our financial instruments as of the periods shown:
(Dollars in thousands) |  | Carrying Value |  | Estimated Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level I) |  | Significant Other Observable Inputs (Level II) |  | Significant Unobservable Inputs (Level III)
March 31, 2023 |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 575,265 |  |  | $ | 575,265 |  |  | $ | 575,265 |  |  | $ | — |  |  | $ | — |
Securities available-for-sale |  | 339,578 |  |  | 339,578 |  |  | — |  |  | 303,120 |  |  | 36,458 |
Equity securities |  | 38,576 |  |  | 38,576 |  |  | 5,588 |  |  | — |  |  | 32,988 |
Loans held-for-sale |  | 19,893 |  |  | 21,006 |  |  | — |  |  | 21,006 |  |  | — |
Loans receivable, net |  | 2,325,640 |  |  | 2,273,778 |  |  | — |  |  | — |  |  | 2,273,778 |
Servicing rights |  | 1,613 |  |  | 1,748 |  |  | — |  |  | — |  |  | 1,748 |
Interest rate swap |  | 6,371 |  |  | 6,371 |  |  | — |  |  | 6,371 |  |  | — |
Fair value hedge |  | 226 |  |  | 226 |  |  | — |  |  | 226 |  |  | — |
Accrued interest receivable |  | 15,304 |  |  | 15,304 |  |  | — |  |  | 2,556 |  |  | 12,748 |
FHLB Stock |  | 13,893 |  |  | 13,893 |  |  | — |  |  | 13,893 |  |  | — |
Bank-owned life insurance |  | 43,499 |  |  | 43,499 |  |  | — |  |  | 43,499 |  |  | — |
Embedded derivative |  | 648 |  |  | 648 |  |  | — |  |  | — |  |  | 648 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 3,150,815 |  |  | $ | 2,790,047 |  |  | $ | — |  |  | $ | 2,790,047 |  |  | $ | — |
Repurchase agreements |  | 5,419 |  |  | 5,419 |  |  | — |  |  | 5,419 |  |  | — |
Interest rate swap |  | 6,371 |  |  | 6,371 |  |  | — |  |  | 6,371 |  |  | — |
Accrued interest payable |  | 2,440 |  |  | 2,440 |  |  | — |  |  | 2,440 |  |  | — |
Senior term loan |  | 9,647 |  |  | 9,396 |  |  | — |  |  | 9,396 |  |  | — |
Subordinated debt |  | 73,350 |  |  | 62,823 |  |  | — |  |  | 62,823 |  |  | — |
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 40,280 |  |  | $ | 40,280 |  |  | $ | 40,280 |  |  | $ | — |  |  | $ | — |
Securities available-for-sale |  | 379,814 |  |  | 379,814 |  |  | — |  |  | 344,471 |  |  | 35,343 |
Equity securities |  | 38,744 |  |  | 38,744 |  |  | 5,382 |  |  | — |  |  | 33,362 |
Loans held-for-sale |  | 23,126 |  |  | 24,898 |  |  | — |  |  | 24,898 |  |  | — |
Loans receivable, net |  | 2,348,808 |  |  | 2,285,427 |  |  | — |  |  | — |  |  | 2,285,427 |
Servicing rights |  | 1,616 |  |  | 1,634 |  |  | — |  |  | — |  |  | 1,634 |
Interest rate swap |  | 8,427 |  |  | 8,427 |  |  | — |  |  | 8,427 |  |  | — |
Accrued interest receivable |  | 12,617 |  |  | 12,617 |  |  | — |  |  | 2,778 |  |  | 9,839 |
Bank-owned life insurance |  | 43,239 |  |  | 43,239 |  |  | — |  |  | 43,239 |  |  | — |
FHLB Stock |  | 9,966 |  |  | 9,966 |  |  | — |  |  | 9,966 |  |  | — |
Embedded derivative |  | 787 |  |  | 787 |  |  | — |  |  | — |  |  | 787 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 2,570,482 |  |  | $ | 2,226,037 |  |  | $ | — |  |  | $ | 2,226,037 |  |  | $ | — |
Repurchase agreements |  | 10,037 |  |  | 10,037 |  |  | — |  |  | 10,037 |  |  | — |
Fair value hedge |  | 572 |  |  | 572 |  |  | — |  |  | 572 |  |  | — |
Interest rate swap |  | 8,427 |  |  | 8,427 |  |  | — |  |  | 8,427 |  |  | — |
Accrued interest payable |  | 2,558 |  |  | 2,558 |  |  | — |  |  | 2,558 |  |  | — |
FHLB and other borrowings |  | 102,333 |  |  | 102,006 |  |  | — |  |  | 102,006 |  |  | — |
Senior term loan |  | 9,765 |  |  | 9,765 |  |  | — |  |  | 9,765 |  |  | — |
Subordinated debt |  | 73,286 |  |  | 64,330 |  |  | — |  |  | 64,330 |  |  | — |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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