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Fair Value of Financial Instruments | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | Note 9 – Fair Value 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)
September 30, 2023 |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 587,100 |  |  | $ | 587,100 |  |  | $ | 587,100 |  |  | $ | — |  |  | $ | — |
Securities available-for-sale |  | 311,537 |  |  | 311,537 |  |  | 98,100 |  |  | 188,797 |  |  | 24,640 |
Equity securities |  | 40,835 |  |  | 40,835 |  |  | 4,647 |  |  | — |  |  | 36,188 |
Loans held-for-sale |  | 7,603 |  |  | 7,603 |  |  | — |  |  | 7,603 |  |  | — |
Loans receivable, net |  | 2,246,157 |  |  | 2,139,689 |  |  | — |  |  | — |  |  | 2,124,865 |
Servicing rights |  | 1,736 |  |  | 1,753 |  |  | — |  |  | — |  |  | 1,753 |
Interest rate swaps |  | 12,974 |  |  | 12,974 |  |  | — |  |  | 12,974 |  |  | — |
Fair value hedge |  | 204 |  |  | 204 |  |  | — |  |  | 204 |  |  | — |
Accrued interest receivable |  | 15,630 |  |  | 15,630 |  |  | — |  |  | 2,190 |  |  | 13,440 |
FHLB Stock |  | 2,122 |  |  | 2,122 |  |  | — |  |  | 2,122 |  |  | — |
Bank-owned life insurance |  | 44,109 |  |  | 44,109 |  |  | — |  |  | 44,109 |  |  | — |
Embedded derivative |  | 648 |  |  | 648 |  |  | — |  |  | — |  |  | 648 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 3,038,889 |  |  | $ | 2,670,272 |  |  | $ | — |  |  | $ | 2,670,272 |  |  | $ | — |
Repurchase agreements |  | 4,502 |  |  | 4,502 |  |  | — |  |  | 4,502 |  |  | — |
Interest rate swaps |  | 10,609 |  |  | 10,609 |  |  | — |  |  | 10,609 |  |  | — |
Accrued interest payable |  | 2,123 |  |  | 2,123 |  |  | — |  |  | 2,123 |  |  | — |
Senior term loan |  | 8,473 |  |  | 8,363 |  |  | — |  |  | 8,363 |  |  | — |
Subordinated debt |  | 73,478 |  |  | 56,417 |  |  | — |  |  | 56,417 |  |  | — |
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 swaps |  | 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 swaps |  | 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 The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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