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v3.23.2

Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 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)
June 30, 2023 |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 455,835 |  |  | $ | 455,835 |  |  | $ | 455,835 |  |  | $ | — |  |  | $ | — |
Securities available-for-sale |  | 329,137 |  |  | 329,137 |  |  | — |  |  | 294,719 |  |  | 34,418 |
Equity securities |  | 41,082 |  |  | 41,082 |  |  | 4,837 |  |  | — |  |  | 36,245 |
Loans held-for-sale |  | 7,009 |  |  | 7,009 |  |  | — |  |  | 7,009 |  |  | — |
Loans receivable, net |  | 2,282,093 |  |  | 2,158,860 |  |  | — |  |  | — |  |  | 2,158,860 |
Servicing rights |  | 1,911 |  |  | 1,972 |  |  | — |  |  | — |  |  | 1,972 |
Interest rate swap |  | 9,372 |  |  | 9,372 |  |  | — |  |  | 9,372 |  |  | — |
Fair value hedge |  | 219 |  |  | 219 |  |  | — |  |  | 219 |  |  | — |
Accrued interest receivable |  | 16,102 |  |  | 16,102 |  |  | — |  |  | 2,391 |  |  | 13,711 |
FHLB Stock |  | 2,168 |  |  | 2,168 |  |  | — |  |  | 2,168 |  |  | — |
Bank-owned life insurance |  | 43,746 |  |  | 43,746 |  |  | — |  |  | 43,746 |  |  | — |
Embedded derivative |  | 648 |  |  | 648 |  |  | — |  |  | — |  |  | 648 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 2,958,939 |  |  | $ | 2,623,395 |  |  | $ | — |  |  | $ | 2,623,395 |  |  | $ | — |
Repurchase agreements |  | 4,798 |  |  | 4,798 |  |  | — |  |  | 4,798 |  |  | — |
Interest rate swap |  | 8,429 |  |  | 8,429 |  |  | — |  |  | 8,429 |  |  | — |
Accrued interest payable |  | 1,809 |  |  | 1,809 |  |  | — |  |  | 1,809 |  |  | — |
Senior term loan |  | 8,835 |  |  | 8,667 |  |  | — |  |  | 8,667 |  |  | — |
Subordinated debt |  | 73,414 |  |  | 63,539 |  |  | — |  |  | 63,539 |  |  | — |
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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: 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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