Fair Value Measurements and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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

The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.

	March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	16,315	$	126,701	$	—	$	143,016
Equity securities	—		16,125		—		16,125
Commingled fixed income securities	1,575		5,737		—		7,312
Government and related securities	7,491		18,672		—		26,163
Corporate debt securities	—		52,163		—		52,163
Mortgage-backed / asset-backed securities	—		115,057		—		115,057
Derivatives
Interest rate swap	—		6,908		—		6,908
Total assets	$	25,381	$	341,363	$	—	$	366,744

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	13,366	$	188,484	$	—	$	201,850
Equity securities	—		15,341		—		15,341
Commingled fixed income securities	1,581		5,741		—		7,322
Government and related securities	11,489		18,999		—		30,488
Corporate debt securities	—		54,330		—		54,330
Mortgage-backed / asset-backed securities	—		119,901		—		119,901
Derivatives
Interest rate swap	—		8,425		—		8,425
Total assets	$	26,436	$	411,221	$	—	$	437,657

Schedule of Available-for-sale Securities Reconciliation

Available-for-sale securities consisted of the following:

	March 31, 2024
	Amortized cost		Gross unrealized losses		Estimated fair value
Government and related securities	$	30,636	$	(6,873)	$	23,763
Corporate debt securities	63,126		(10,963)		52,163
Commingled fixed income securities	1,799		(224)		1,575
Mortgage-backed / asset-backed securities	142,291		(27,234)		115,057
Total	$	237,852	$	(45,294)	$	192,558

	December 31, 2023
	Amortized cost		Gross unrealized losses		Estimated fair value
Government and related securities	$	35,048	$	(7,018)	$	28,030
Corporate debt securities	65,008		(10,678)		54,330
Commingled fixed income securities	1,788		(207)		1,581
Mortgage-backed / asset-backed securities	146,022		(26,121)		119,901
Total	$	247,866	$	(44,024)	$	203,842

Schedule of Unrealized Holding Losses

Investment securities in a loss position were as follows:

	March 31, 2024				December 31, 2023
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Greater than 12 continuous months
Government and related securities	$	23,763	$	6,873	$	28,030	$	7,018
Corporate debt securities	51,879		10,961		51,948		10,466
Mortgage-backed / asset-backed securities	115,057		27,234		119,901		26,121
Total	$	190,699	$	45,068	$	199,879	$	43,605
Less than 12 continuous months
Corporate debt securities	$	284	$	2	$	2,382	$	212
Commingled fixed income securities	1,575		224		1,581		207
Total	$	1,859	$	226	$	3,963	$	419

Schedule of Available-for-sale Securities

Scheduled maturities of available-for-sale securities at March 31, 2024 were as follows:

	Amortized cost		Estimated fair value
Within 1 year	$	2,084	$	1,858
After 1 year through 5 years	8,256		7,760
After 5 years through 10 years	70,395		59,563
After 10 years	157,117		123,377
Total	$	237,852	$	192,558

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

	Three Months Ended March 31,
	Derivative Gain (Loss) Recognized in AOCL (Effective Portion)				Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)
Derivative Instrument	2024		2023			2024		2023
Interest rate swap	$	(1,517)	$	(2,586)	Interest expense	$	2,591	$	137

Schedule of Fair Value, by Balance Sheet Grouping

The carrying value and estimated fair value of debt was as follows:

	March 31, 2024		December 31, 2023
Carrying value	$	2,134,165	$	2,146,032
Fair value	$	1,929,648	$	1,893,620