Fair Value (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value [Abstract]

Assets Measured at Fair Value on a Recurring and Non-recurring Basis

The following tables present information about the Bank’s assets and liabilities measured at fair value on a recurring and non-recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Bank to determine such fair value for the periods indicated.

June 30, 2024			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Fair valued on a recurring basis:
Available-for-sale securities
U.S. Government-sponsored securities	$	2,882	$	-	$	2,882	$	-	$	2,882
Mortgage-backed securities		227,863		-		227,863		-		227,863
Collateralized mortgage obligations		5,606		-		5,606		-		5,606
Corporate securities		14,752		-		14,752		-		14,752
Other		310		-		310		-		310
Fair valued on a non-recurring basis:
Collateral dependent loans	$	1,787	$	-	$	-	$	1,787	$	1,787
Other real estate owned		873		-		-		873		873

December 31, 2023			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Fair valued on a recurring basis:
Available-for-sale securities
U.S. Government-sponsored securities	$	3,224	$	-	$	3,224	$	-	$	3,224
Mortgage-backed securities		163,838		-		163,838		-		163,838
Collateralized mortgage obligations		535		-		535		-		535
Corporate securities		14,605		-		14,605		-		14,605
Other		310		-		310		-		310
Fair valued on a non-recurring basis:
Collateral dependent loans	$	9,884	$	-	$	-	$	9,884	$	9,884
Other real estate owned		873		-		-		873		873

Carrying Amount and Estimated Fair Value of Financial Assets and Liabilities

The following tables summarize the carrying amount and estimated fair values of the Company’s financial assets and liabilities not carried at fair value, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated.

June 30, 2024			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Financial Assets:
Cash and cash equivalents	$	295,936	$	295,936	$	-	$	-	$	295,936
Held-to-maturity securities		794,347		-		581,547		57,171		638,718
Non-marketable securities, at cost		15,549		-		15,549		-		15,549
Loans and leases, net		3,607,338		-		-		3,397,796		3,397,796
Financial Liabilities:
Total deposits	$	4,597,055	$	-	$	4,591,397	$	-	$	4,591,397
Subordinated debentures		10,310		-		12,589		-		12,589

December 31, 2023			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Financial Assets:
Cash and cash equivalents	$	410,642	$	410,642	$	-	$	-	$	410,642
Held-to-maturity securities		817,238		-		613,393		58,192		671,585
Non-marketable securities, at cost		15,549		-		15,549		-		15,549
Loans and leases, net		3,579,724		-		-		3,369,255		3,369,255
Financial Liabilities:
Total deposits	$	4,668,095	$	-	$	4,662,782	$	-	$	4,662,782
Subordinated debentures		10,310		-		12,763		-		12,763