Fair Value Measurements |
6 Months Ended |
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Jun. 30, 2024 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 7. Determination of Fair Value The Company determine fair value financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market However, in where quoted techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in The fair (that is, market conditions. change in the depends on the facts within the range that is most representative of fair value under Fair Value Hierarchy In accordance with at fair assumptions used to determine fair value. Level 1 entity has equity securities that sources for market transactions involving identical assets Level 2 asset liabilities; quoted by observable market data for substantially the full term of the Level 3 significant whose value well as instruments for which determination of fair value A significant to the fair value measurement. Items Measured at Fair Value AFS investment securities: for such securities, Management reviews pricing methodologies provided by the vendors and third-party broker-dealers in order to determine if observable market information is being utilized. Securities measured with pricing provided by independent vendors or party broker-dealers securities, pricing models or discounted cash flow analyses Derivatives: classified within Level 2 of the hierarchy. The June 30, 2024 and December 31, 2023 for each of the Items Not Measured at Fair Value The following table value as of June 30, 2024 and December 31, 2023 (in June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investment securities available for sale: U.S. Government Agency $ - $ 10,856 $ - $ 10,856 $ - $ 8,173 $ - $ 8,173 Collateralized mortgage obligations - 82,992 - 82,992 - 80,606 - 80,606 Mortgage-backed securities - residential - 49,778 - 49,778 - 52,187 - 52,187 Mortgage-backed securities - commercial - 50,926 - 50,926 - 42,764 - 42,764 Municipal securities - 19,410 - 19,410 - 19,338 - 19,338 Bank subordinated debt securities - 22,482 - 22,482 - 26,261 - 26,261 Total - 236,444 - 236,444 - 229,329 - 229,329 Derivative assets - 6,465 - 6,465 - 4,892 - 4,892 Total assets at fair value $ - $ 242,909 $ - $ 242,909 $ - $ 234,221 $ - $ 234,221 Derivative liabilities $ - $ 5,976 $ - $ 5,976 $ - $ 7,988 $ - $ 7,988 Total liabilities at fair value $ - $ 5,976 $ - $ 5,976 $ - $ 7,988 $ - $ 7,988 Fair Value Hierarchy Carrying Amount Level 1 Level 2 Level 3 Fair Value Amount June 30, 2024: Financial Assets: Cash and due from banks $ 5,179 $ 5,179 $ - $ - $ 5,179 Interest-bearing deposits in banks $ 72,082 $ 72,082 $ - $ - $ 72,082 Investment securities held to maturity, net $ 169,606 $ - $ 149,573 $ - $ 149,573 Loans held for investment, net $ 1,847,019 $ - $ - $ 1,821,431 $ 1,821,431 Accrued interest receivable $ 11,538 $ - $ 1,454 $ 10,084 $ 11,538 Financial Liabilities: Demand deposits $ 579,243 $ 579,243 $ - $ - $ 579,243 Money market and savings accounts $ 1,097,468 $ 1,097,468 $ - $ - $ 1,097,468 Interest-bearing checking accounts $ 65,844 $ 65,844 $ - $ - $ 65,844 Time deposits $ 314,147 $ - $ - $ 312,428 $ 312,428 FHLB advances and other borrowings $ 162,000 $ - $ 160,087 $ - $ 160,087 Accrued interest payable $ 3,869 $ - $ 2,256 $ 1,613 $ 3,869 December 31, 2023: Financial Assets: Cash and due from banks $ 8,019 $ 8,019 $ - $ - $ 8,019 Interest-bearing deposits in banks $ 33,043 $ 33,043 $ - $ - $ 33,043 Investment securities held to maturity $ 174,974 $ - $ 155,510 $ - $ 155,510 Loans held for investment, net $ 1,759,743 $ - $ - $ 1,723,210 $ 1,723,210 Accrued interest receivable $ 10,688 $ - $ 1,448 $ 9,240 $ 10,688 Financial Liabilities: Demand deposits $ 552,762 $ 552,762 $ - $ - $ 552,762 Money market and savings accounts $ 1,048,272 $ 1,048,272 $ - $ - $ 1,048,272 Interest-bearing checking accounts $ 47,702 $ 47,702 $ - $ - $ 47,702 Time deposits $ 288,403 $ - $ - $ 287,104 $ 287,104 FHLB advances $ 183,000 $ - $ 182,282 $ - $ 182,282 Accrued interest payable $ 1,372 $ - $ 551 $ 821 $ 1,372 |