Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of the Company’s financial instruments are presented in the following table. Fair values for September 30, 2023 and December 31, 2022 were estimated using an exit price notion.

September 30, 2023	Carrying Amount		Fair Value		Fair Value Measurements
Description of Asset (dollars in thousands)					Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	108,709	$	108,709	$	108,709	$	—	$	—
Investment securities - AFS	79,143		79,143		—		79,143		—
Investment securities - HTM, net	523,051		445,652		—		445,652		—
Equity securities	5,434		5,434		—		5,434		—
Restricted securities	13,361		13,361		—		13,361		—
Loans held for sale	14,725		14,725		—		14,725		—
TBA derivatives trades	359		359		—		359		—
Cash surrender value on life insurance	100,950		100,950		—		100,950		—
Loans, at fair value	9,302		9,302		—		9,302		—
Loans, net	4,551,366		4,425,585		—		—		4,425,585
MSRs	5,890		5,890		—		—		5,890
IRLCs	89		89		—		—		89
Liabilities
Deposits:
Noninterest-bearing demand	$	1,211,401	$	1,211,401	$	—	$	1,211,401	$	—
Checking plus interest	1,210,052		1,210,052		—		1,210,052		—
Money Market	1,179,049		1,179,049		—		1,179,049		—
Savings	370,049		370,049		—		370,049		—
Club	1,706		1,706		—		1,706		—
Certificates of Deposit	1,136,488		1,124,904		—		1,124,904		—
Subordinated debt	42,956		41,503		—		41,503		—
TRUPS	29,079		27,364		—		27,364		—
IRLCs	50		50		—		—		50

See the Company’s methodologies disclosed in Note 21 of the Company’s 2022 Annual Report for the fair value methodologies used as of December 31, 2022:

December 31, 2022	Carrying Amount		Fair Value		Fair Value Measurements
Description of Asset (dollars in thousands)					Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	55,499	$	55,499	$	55,499	$	—	$	—
Investment securities - AFS	83,587		83,587		—		83,587		—
Investment securities - HTM	559,455		494,626		—		494,626		—
Equity securities	1,233		1,233		—		1,233		—
Restricted securities	11,169		11,169		—		11,169		—
Loans held for sale	4,248		4,248		—		4,248		—
TBA securities	41		41		—		41		—
Cash surrender value on life insurance	59,218		59,218		—		59,218		—
Loans, at fair value	8,437		8,437		—		8,437		—
Loans, net	2,531,027		2,431,808		—		—		2,431,808
MSRs	5,275		5,275		—		—		5,275
IRLCs	35		35		—		—		35
Liabilities
Deposits:
Noninterest-bearing demand	$	862,015	$	862,015	$	—	$	862,015	$	—
Checking plus interest	694,101		694,101		—		694,101		—
Money Market	709,132		709,132		—		709,132		—
Savings	319,814		319,814		—		319,814		—
Club	374		374		—		374		—
Certificates of Deposit	424,348		410,455		—		410,455		—
Advances from FHLB - short term	40,000		40,002		—		40,002		—
Subordinated debt	43,072		41,193		—		41,193		—
TBA Securities	6		6		—		6		—
IRLCs	7		7		—		—		7