Fair Value Measurements and Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 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.

	June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	44,687	$	146,980	$	—	$	191,667
Equity securities	—		16,644		—		16,644
Commingled fixed income securities	1,580		4,380		—		5,960
Government and related securities	8,125		13,275		—		21,400
Corporate debt securities	—		51,548		—		51,548
Mortgage-backed / asset-backed securities	—		112,365		—		112,365
Derivatives
Interest rate swap	—		4,810		—		4,810
Total assets	$	54,392	$	350,002	$	—	$	404,394

	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:

	June 30, 2024
	Amortized cost		Gross unrealized losses		Estimated fair value
Government and related securities	$	24,929	$	(6,551)	$	18,378
Corporate debt securities	62,572		(11,024)		51,548
Commingled fixed income securities	1,811		(231)		1,580
Mortgage-backed / asset-backed securities	139,887		(27,522)		112,365
Total	$	229,199	$	(45,328)	$	183,871

	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:

	June 30, 2024				December 31, 2023
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Greater than 12 continuous months
Government and related securities	$	18,378	$	6,551	$	28,030	$	7,018
Corporate debt securities	51,376		11,022		51,948		10,466
Mortgage-backed / asset-backed securities	112,365		27,522		119,901		26,121
Total	$	182,119	$	45,095	$	199,879	$	43,605
Less than 12 continuous months
Corporate debt securities	$	172	$	2	$	2,382	$	212
Commingled fixed income securities	1,580		231		1,581		207
Total	$	1,752	$	233	$	3,963	$	419

Schedule of Available-for-sale Securities

Scheduled maturities of available-for-sale securities at June 30, 2024 were as follows:

	Amortized cost		Estimated fair value
Within 1 year	$	1,986	$	1,752
After 1 year through 5 years	6,739		6,186
After 5 years through 10 years	65,737		55,512
After 10 years	154,737		120,421
Total	$	229,199	$	183,871

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

These swaps are designated as cash flow hedges and are recorded at fair value at the end of each reporting period. Changes in fair value are reflected in AOCL. The impact of these interest rate swaps was as follows:

	Three Months Ended June 30,
	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	$	(2,098)	$	586	Interest expense	$	2,584	$	138
	Six Months Ended June 30,
	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	$	(3,615)	$	(2,000)	Interest expense	$	5,175	$	275

Schedule of Fair Value, by Balance Sheet Grouping

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

	June 30, 2024		December 31, 2023
Carrying value	$	2,122,324	$	2,146,032
Fair value	$	1,941,153	$	1,893,620