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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, All Other Investments [Abstract]  
Summary of Carrying Values and Fair Values of Financial Instruments

The following tables present the carrying amounts and fair values of the Company’s financial instruments as of June 30, 2025 and December 31, 2024.

 

 

June 30, 2025

 

(Dollars in thousands)

 

Carrying
Amount

 

 

Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and federal funds sold (1)

 

$

151,994

 

 

$

151,994

 

 

$

151,244

 

 

$

750

 

 

$

—

 

Investment securities

 

 

61,529

 

 

 

61,529

 

 

 

—

 

 

 

61,529

 

 

 

—

 

Loans held for investment, net of allowance

 

 

2,305,665

 

 

 

2,255,160

 

 

 

—

 

 

 

—

 

 

 

2,255,160

 

Loans held for sale, at lower of amortized cost or fair value

 

 

72,490

 

 

 

75,573

 

 

 

—

 

 

 

—

 

 

 

75,573

 

Accrued interest receivable (2)

 

 

15,294

 

 

 

15,294

 

 

 

15,294

 

 

 

—

 

 

 

—

 

Equity securities

 

 

1,763

 

 

 

1,763

 

 

 

1,763

 

 

 

—

 

 

 

—

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds borrowed (3)

 

 

2,304,317

 

 

 

2,318,531

 

 

 

—

 

 

 

2,318,531

 

 

 

—

 

Accrued interest payable

 

 

5,746

 

 

 

5,746

 

 

 

5,746

 

 

 

—

 

 

 

—

 
(1)
Includes federal funds sold and interest bearing deposits in other banks.
(2)
Included within other assets on the balance sheet.
(3)
Excludes deferred financing costs of $8.5 million.

 

 

December 31, 2024

 

(Dollars in thousands)

 

Carrying
Amount

 

 

Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and federal funds sold (1)

 

$

169,572

 

 

$

169,572

 

 

$

168,322

 

 

$

1,250

 

 

$

—

 

Investment securities

 

 

54,805

 

 

 

54,805

 

 

 

—

 

 

 

54,805

 

 

 

—

 

Loans held for investment, net of allowance

 

 

2,265,428

 

 

 

2,238,645

 

 

 

—

 

 

 

—

 

 

 

2,238,645

 

Loans held for sale, at lower of amortized cost or fair value

 

 

128,226

 

 

 

133,244

 

 

 

—

 

 

 

—

 

 

 

133,244

 

Accrued interest receivable (2)

 

 

15,314

 

 

 

15,314

 

 

 

15,314

 

 

 

—

 

 

 

—

 

Equity securities

 

 

1,732

 

 

 

1,732

 

 

 

1,732

 

 

 

—

 

 

 

—

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds borrowed (3)

 

 

2,379,413

 

 

 

2,371,434

 

 

 

—

 

 

 

2,371,434

 

 

 

—

 

Accrued interest payable

 

 

8,231

 

 

 

8,231

 

 

 

8,231

 

 

 

—

 

 

 

—

 
(1)
Includes federal funds sold and interest bearing deposits in other banks.
(2)
Included within other assets on the balance sheet.
(3)
Excludes deferred financing costs of $8.2 million.