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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of 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, 2024
Financial Assets:
Cash and cash equivalents						$	455,517					$	455,517					$	455,517					$	—					$	—
Securities available-for-sale						361,254						361,254						—						335,825						25,429
Equity securities						41,261						41,261						3,775						—						37,486
Loans receivable, net						2,184,709						2,328,900						—						—						2,328,900
Servicing rights						1,570						1,602						—						—						1,602
Interest rate swaps						7,428						7,428						—						7,428						—
Fair value hedge						405						405						—						405						—
Accrued interest receivable						15,815						15,815						—						3,111						12,704
FHLB Stock						2,152						2,152						—						2,152						—
Embedded derivative						648						648						—						—						648
Financial Liabilities:
Deposits						$	2,882,852					$	2,883,717					$	—					$	2,883,717					$	—
Repurchase agreements						2,366						2,366						—						2,366						—
Interest rate swaps						7,428						7,428						—						7,428						—
Accrued interest payable						2,594						2,594						—						2,594						—
Senior term loan						—						—						—						—						—
Subordinated debt						73,663						60,382						—						60,382						—
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						—
FHLB and other borrowings						—						—						—						—						—
Senior term loan						6,786						6,786						—						6,786						—
Subordinated debt						73,540						57,234						—						57,234						—

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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 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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- References

No definition available.

+ Details

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