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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

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)
March 31, 2024
Financial Assets:
Cash and cash equivalents	$	640,426	$	640,426	$	640,426	$	—	$	—
Securities available-for-sale	349,678		349,678		—		324,815		24,863
Equity securities	41,037		41,037		3,800		—		37,237

Loans receivable, net	2,244,506		2,326,879		—		—		2,326,879
Servicing rights	1,710		1,756		—		—		1,756
Interest rate swaps	7,784		7,784		—		7,784		—

Accrued interest receivable	17,885		17,885		—		2,809		15,076
FHLB Stock	2,088		2,088		—		2,088		—

Embedded derivative	648		648		—		—		648

Financial Liabilities:
Deposits	$	3,145,329	$	3,102,867	$	—	$	3,102,867	$	—
Repurchase agreements	3,810		3,810		—		3,810		—
Interest rate swaps	7,784		7,784		—		7,784		—
Fair value hedge	729		729		—		729		—
Accrued interest payable	3,064		3,064		—		3,064		—

Senior term loan	6,549		6,503		—		6,503		—
Subordinated debt	73,602		60,133		—		60,133		—

December 31, 2023
Financial assets:
Cash and cash equivalents	$	398,229	$	398,229	$	398,229	$	—	$	—
Securities available-for-sale	345,275		345,275		—		319,530		25,745
Equity securities	41,086		41,086		3,590		—		37,496
Loans held-for-sale	629		629		—		629		—
Loans receivable, net	2,295,470		2,230,279		—		—		2,230,279
Servicing rights	1,768		1,799		—		—		1,799
Interest rate swaps	6,249		6,249		—		6,249		—
Accrued interest receivable	15,267		15,267		—		2,836		12,431
FHLB Stock	2,094		2,094		—		2,094		—

Embedded derivative	648		648		—		—		648

Financial liabilities:
Deposits	$	2,901,476	$	2,587,246	$	—	$	2,587,246	$	—
Repurchase agreements	4,821		4,821		—		4,821		—
Interest rate swaps	6,249		6,249		—		6,249		—
Fair value hedge	6,111		6,111		—		6,111		—
Accrued interest payable	2,385		2,385		—		2,385		—

Senior term loan	6,786		6,786		—		6,786		—
Subordinated debt	73,540		57,234		—		57,234		—