XML 42 R32.htm IDEA: XBRL DOCUMENT v3.22.2.2
Fair Value Measurement (Tables)
9 Months Ended
Sep. 30, 2022
Fair Value Measurement  
Summary of balances of the assets and liabilities measured at fair value on a recurring basis

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The following tables present the balances of the assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021:

September 30, 2022

(dollars in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

Fair Value of Financial Assets:

Securities Available for Sale:

U.S. Treasury Securities

$

2,338

$

$

$

2,338

Municipal Bonds

170,236

170,236

Mortgage-Backed Securities

191,585

191,585

Corporate Securities

108,060

108,060

SBA Securities

22,540

22,540

Asset-Backed Securities

47,248

47,248

Interest Rate Caps

19,203

19,203

Interest Rate Swaps

19,326

19,326

Total Fair Value of Financial Assets

$

2,338

$

578,198

$

$

580,536

Fair Value of Financial Liabilities:

Interest Rate Swaps

$

$

8,492

$

$

8,492

Total Fair Value of Financial Liabilities

$

$

8,492

$

$

8,492

December 31, 2021

(dollars in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

Fair Value of Financial Assets:

Securities Available for Sale:

U.S. Treasury Securities

$

754

$

$

$

754

Municipal Bonds

158,369

158,369

Mortgage-Backed Securities

124,537

124,537

Corporate Securities

84,480

84,480

SBA Securities

30,370

30,370

Asset-Backed Securities

40,852

40,852

Interest Rate Caps

7,356

7,356

Interest Rate Swaps

2,358

2,358

Total Fair Value of Financial Assets

$

754

$

448,322

$

$

449,076

Fair Value of Financial Liabilities:

Interest Rate Swaps

$

$

1,567

$

$

1,567

Total Fair Value of Financial Liabilities

$

$

1,567

$

$

1,567

Summary of net impairment losses related to nonrecurring fair value measurements of certain asset

The following tables present net impairment losses related to nonrecurring fair value measurements of certain assets at September 30, 2022 and December 31, 2021:

September 30, 2022

(dollars in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Loss

Impaired Loans

$

$

11,984

$

$

234

Totals

$

$

11,984

$

$

234

December 31, 2021

(dollars in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Loss

Impaired Loans

$

$

9,360

$

$

625

Totals

$

$

9,360

$

$

625

Summary of carrying amount and estimated fair values of financial instruments

The following tables present the carrying amount and estimated fair values of financial instruments at September 30, 2022 and December 31, 2021:

September 30, 2022

Fair Value Hierarchy

Carrying

Estimated

(dollars in thousands)

    

Amount

    

Level 1

    

Level 2

    

Level 3

    

Fair Value

Financial Assets:

Cash and Due From Banks

$

75,496

$

75,496

$

$

$

75,496

Bank-Owned Certificates of Deposit

1,182

1,168

1,168

Securities Available for Sale

542,007

2,338

539,669

542,007

FHLB Stock, at Cost

15,603

15,603

15,603

Loans, Net

3,324,503

3,199,676

3,199,676

Accrued Interest Receivable

11,198

11,198

11,198

Interest Rate Caps

19,203

19,203

19,203

Interest Rate Swaps

19,326

19,326

19,326

Financial Liabilities:

Deposits

$

3,305,073

$

$

3,275,575

$

$

3,275,575

Federal Funds Purchased

212,000

212,000

212,000

FHLB Advances

71,500

70,336

70,336

Subordinated Debentures

92,559

89,674

89,674

Accrued Interest Payable

2,214

2,214

2,214

Interest Rate Swaps

8,492

8,492

8,492

December 31, 2021

Fair Value Hierarchy

Carrying

Estimated

(dollars in thousands)

    

Amount

    

Level 1

    

Level 2

    

Level 3

    

Fair Value

Financial Assets:

Cash and Due From Banks

$

143,473

$

143,473

$

$

$

143,473

Bank-Owned Certificates of Deposit

1,876

1,884

1,884

Securities Available for Sale

439,362

754

438,608

439,362

FHLB Stock, at Cost

5,242

5,242

5,242

Loans, Net

2,769,917

2,726,417

2,726,417

Accrued Interest Receivable

9,186

9,186

9,186

Interest Rate Caps

7,356

7,356

7,356

Interest Rate Swaps

2,358

2,358

2,358

Financial Liabilities:

Deposits

$

2,946,237

$

$

2,931,215

$

$

2,931,215

FHLB Advances

42,500

42,515

42,515

Subordinated Debentures

92,239

97,700

97,700

Accrued Interest Payable

1,409

1,409

1,409

Interest Rate Swaps

1,567

1,567

1,567