Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands):

			Quoted Prices in		Significant		Significant
			Active Markets		Other		Other
			for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
Description	Fair Value		(Level 1)		(Level 2)		(Level 3)
June 30, 2024:
Assets:
Securities available-for-sale:
U.S. Treasury	$	75,439	$	—	$	75,439	$	—
U.S. Government-sponsored enterprises (GSEs)		46,035		—		46,035		—
Municipal securities		17,818		—		17,818		—
Other debt securities		38,993		—		38,993		—
Mortgage-backed securities (GSEs)		322,536		—		322,536		—
Total securities available-for-sale		500,821		—		500,821		—
Derivative financial instruments and interest rate swap agreements		13,225		—		13,225		—
Total assets at fair value	$	514,046	$	—	$	514,046	$	—
Liabilities:
Derivative financial instruments and interest rate swap agreements	$	14,020	$	—	$	14,020	$	—
December 31, 2023:
Assets:
Securities available-for-sale:
U.S. Treasury	$	76,033	$	—	$	76,033	$	—
U.S. Government-sponsored enterprises (GSEs)		48,093		—		48,093		—
Municipal securities		18,276		—		18,276		—
Other debt securities		33,069		—		33,069		—
Mortgage-backed securities (GSEs)		232,939		—		232,939		—
Total securities available-for-sale		408,410		—		408,410		—
Derivative financial instruments and interest rate swap agreements		12,821		—		12,821		—
Total assets at fair value	$	421,231	$	—	$	421,231	$	—
Liabilities:
Derivative financial instruments and interest rate swap agreements	$	14,807	$	—	$	14,807	$	—

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

			Quoted Prices in		Significant		Significant
			Active Markets		Other		Other
			for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
June 30, 2024:
Collateral dependent loans	$	654	$	—	$	—	$	654
Other real estate owned		—		—		—		—
December 31, 2023:
Collateral dependent loans	$	1,295	$	—	$	—	$	1,295
Other real estate owned		279		—		—		279

Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets measured at fair value on a non-recurring basis, the significant unobservable inputs used in the fair value measurements are presented below (dollars in thousands):

					Weighted
			Valuation	Significant Other	Average of
	Fair Value		Technique	Unobservable Input	Input
June 30, 2024:
Collateral dependent loans	$	654	Appraisal	Appraisal discounts	79	%
Other real estate owned		—	Appraisal	Appraisal discounts	—	%
December 31, 2023:
Collateral dependent loans	$	1,295	Appraisal	Appraisal discounts	73	%
Other real estate owned		279	Appraisal	Appraisal discounts	33	%

Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value of the Company’s financial instruments are as follows (in thousands):

	Fair Value Measurements Using
	Carrying								Estimated
	Amount		Level 1		Level 2		Level 3		Fair Value
June 30, 2024:
Assets:
Cash and cash equivalents	$	342,835	$	342,835	$	—	$	—	$	342,835
Securities available-for-sale		500,821		—		500,821		—		500,821
Securities held-to-maturity		128,996		—		110,823		—		110,823
Other investments		13,780		N/A		N/A		N/A		N/A
Loans and leases, net and loans held for sale		3,542,571		—		—		3,395,108		3,395,108
Derivative financial instruments and interest rate swap agreements		13,225		—		13,225		—		13,225
Liabilities:
Noninterest-bearing demand deposits		903,300		—		903,300		—		903,300
Interest-bearing demand deposits		988,057		—		988,057		—		988,057
Money market and savings deposits		1,901,281		—		1,901,281		—		1,901,281
Time deposits		524,018		—		520,188		—		520,188
Borrowings		12,732		—		12,732		—		12,732
Subordinated debt		42,142		—		—		40,471		40,471
Derivative financial instruments and interest rate swap agreements		14,020		—		14,020		—		14,020
December 31, 2023:
Assets:
Cash and cash equivalents	$	352,271	$	352,271	$	—	$	—	$	352,271
Securities available-for-sale		408,410		—		408,410		—		408,410
Securities held-to-maturity		281,236		—		262,538				262,538
Other investments		13,662		N/A		N/A		N/A		N/A
Loans and leases, net and loans held for sale		3,413,814		—		—		3,308,980		3,308,980
Derivative financial instruments and interest rate swap agreements		12,821		—		12,821		—		12,821
Liabilities:
Noninterest-bearing demand deposits		898,044		—		898,044		—		898,044
Interest-bearing demand deposits		1,006,915		—		1,006,915		—		1,006,915
Money market and savings deposits		1,812,427		—		1,812,427		—		1,812,427
Time deposits		550,468		—		548,397		—		548,397
Borrowings		13,078		—		13,078		—		13,078
Subordinated debt		42,099		—		—		39,822		39,822
Derivative financial instruments and interest rate swap agreements		14,807		—		14,807		—		14,807