Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value [Abstract]

Assets Measured at Fair Value on a Recurring and Non-recurring Basis

The following tables presents information about the Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated.

September 30, 2024			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Fair valued on a recurring basis:
Available-for-sale securities
U.S. Government-sponsored securities	$	2,788	$	-	$	2,788	$	-	$	2,788
Mortgage-backed securities		377,719		-		377,719		-		377,719
Collateralized mortgage obligations		5,814		-		5,814		-		5,814
Corporate securities		14,890		-		14,890		-		14,890
Other		352		-		352		-		352
Fair valued on a non-recurring basis:
Collateral dependent loans	$	1,805	$	-	$	-	$	1,805	$	1,805
Other real estate owned		873		-		-		873		873

December 31, 2023			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Fair valued on a recurring basis:
Available-for-sale securities
U.S. Government-sponsored securities	$	3,224	$	-	$	3,224	$	-	$	3,224
Mortgage-backed securities		163,838		-		163,838		-		163,838
Collateralized mortgage obligations		535		-		535		-		535
Corporate securities		14,605		-		14,605		-		14,605
Other		310		-		310		-		310
Fair valued on a non-recurring basis:
Collateral dependent loans	$	9,884	$	-	$	-	$	9,884	$	9,884
Other real estate owned		873		-		-		873		873

Carrying Amount and Estimated Fair Value of Financial Assets and Liabilities

The following tables summarize the carrying amount and estimated fair values of the Company’s financial assets and liabilities not carried at fair value, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated.

September 30, 2024			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Financial Assets:
Cash and cash equivalents	$	293,250	$	293,250	$	-	$	-	$	293,250
Held-to-maturity securities		780,060		-		597,411		55,290		652,701
Non-marketable securities, at cost		15,549		-		15,549		-		15,549
Loans and leases, net		3,628,293		-		-		3,438,493		3,438,493
Financial Liabilities:
Total deposits	$	4,708,682	$	-	$	4,705,569	$	-	$	4,705,569
Subordinated debentures		10,310		-		13,246		-		13,246

December 31, 2023			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Financial Assets:
Cash and cash equivalents	$	410,642	$	410,642	$	-	$	-	$	410,642
Held-to-maturity securities		817,238		-		613,393		58,192		671,585
Non-marketable securities, at cost		15,549		-		15,549		-		15,549
Loans and leases, net		3,579,724		-		-		3,369,255		3,369,255
Financial Liabilities:
Total deposits	$	4,668,095	$	-	$	4,662,782	$	-	$	4,662,782
Subordinated debentures		10,310		-		12,763		-		12,763