XML 59 R42.htm IDEA: XBRL DOCUMENT v3.24.0.1
Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of Fair Value of Assets and Liabilities Measured on a Recurring Basis
The following table summarizes the Company’s assets and liabilities that were required to be recorded at fair value on a recurring basis.
(in thousands)Carrying ValueQuoted Prices in Active Markets for Identical Assets
 (Level 1)		Significant Other Observable Inputs
 (Level 2)		Significant Unobservable Inputs
 (Level 3)		Measurement Categories: Changes in Fair Value Recorded In
2023
Assets:
Securities available-for-sale:
U.S. government agency securities, mortgage-backed securities, obligations of states and political subdivisions, collateralized mortgage obligations, and corporate bonds
$108,083 $— $108,083 $— OCI
Derivatives – interest rate swap10 — 10 — NI
Liabilities: 
Derivatives – interest rate swap10 — 10 — NI
2022     
Assets:     
Securities available-for-sale:     
U.S. government agency securities, mortgage-backed securities, obligations of states and political subdivisions, collateralized mortgage obligations, and corporate bonds
$115,988 $— $115,988 $— OCI
Derivatives – interest rate swap16 — 16 — NI
Liabilities: 
Derivatives – interest rate swap16 — 16 — NI
Summary of Fair Value Estimates for Financial Instruments by Balance Sheet Grouping The carrying amounts in the following table are recorded in the consolidated balance sheets under the indicated captions. Further, management has not disclosed the fair value of financial instruments specifically excluded from disclosure requirements, such as BOLI.
(in thousands)December 31, 2023December 31, 2022
Carrying AmountsFair ValueFair Value HierarchyCarrying AmountsFair ValueFair Value Hierarchy
Financial assets:
Cash and cash equivalents$321,576 $321,576 Level 1$259,991 $259,991 Level 1
Time deposits in banks5,858 5,858 Level 19,849 9,849 Level 1
Securities available-for-sale108,083 108,083 Level 2115,988 115,988 Level 2
Securities held-to-maturity3,077 2,913 Level 33,756 3,432 Level 3
Loans held for sale11,464 12,626 Level 29,416 9,785 Level 2
Loans held for investment, net of allowance for credit losses3,047,288 2,891,925 Level 32,762,937 2,570,176 Level 3
FHLB stock and other investments21,801 N/AN/A16,570 N/AN/A
Interest rate swap10 10 Level 216 16 Level 2
Financial liabilities:
Interest rate swap$10 $10 Level 2$16 $16 Level 2
FHLB advances170,000 170,000 Level 2100,000 100,000 Level 2
Subordinated notes73,749 72,693 Level 373,606 72,273 Level 3