Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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, 2023
Financial Assets:
Cash and cash equivalents	$	575,265	$	575,265	$	575,265	$	—	$	—
Securities available-for-sale	339,578		339,578		—		303,120		36,458
Equity securities	38,576		38,576		5,588		—		32,988
Loans held-for-sale	19,893		21,006		—		21,006		—
Loans receivable, net	2,325,640		2,273,778		—		—		2,273,778
Servicing rights	1,613		1,748		—		—		1,748
Interest rate swap	6,371		6,371		—		6,371		—
Fair value hedge	226		226		—		226		—
Accrued interest receivable	15,304		15,304		—		2,556		12,748
FHLB Stock	13,893		13,893		—		13,893		—
Bank-owned life insurance	43,499		43,499		—		43,499		—
Embedded derivative	648		648		—		—		648
Financial Liabilities:
Deposits	$	3,150,815	$	2,790,047	$	—	$	2,790,047	$	—
Repurchase agreements	5,419		5,419		—		5,419		—
Interest rate swap	6,371		6,371		—		6,371		—
Accrued interest payable	2,440		2,440		—		2,440		—
Senior term loan	9,647		9,396		—		9,396		—
Subordinated debt	73,350		62,823		—		62,823		—
December 31, 2022
Financial assets:
Cash and cash equivalents	$	40,280	$	40,280	$	40,280	$	—	$	—
Securities available-for-sale	379,814		379,814		—		344,471		35,343
Equity securities	38,744		38,744		5,382		—		33,362
Loans held-for-sale	23,126		24,898		—		24,898		—
Loans receivable, net	2,348,808		2,285,427		—		—		2,285,427
Servicing rights	1,616		1,634		—		—		1,634
Interest rate swap	8,427		8,427		—		8,427		—
Accrued interest receivable	12,617		12,617		—		2,778		9,839
Bank-owned life insurance	43,239		43,239		—		43,239		—
FHLB Stock	9,966		9,966		—		9,966		—
Embedded derivative	787		787		—		—		787
Financial liabilities:
Deposits	$	2,570,482	$	2,226,037	$	—	$	2,226,037	$	—
Repurchase agreements	10,037		10,037		—		10,037		—
Fair value hedge	572		572		—		572		—
Interest rate swap	8,427		8,427		—		8,427		—
Accrued interest payable	2,558		2,558		—		2,558		—
FHLB and other borrowings	102,333		102,006		—		102,006		—
Senior term loan	9,765		9,765		—		9,765		—
Subordinated debt	73,286		64,330		—		64,330		—