FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents the balances of assets and liabilities measured at fair value on a recurring basis.

Financial Assets	Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Available for Sale Securities and Loans Held for Sale
As of March 31, 2022
Corporate debt obligations	$	—	$	500	$	—	$	500
Residential mortgage-backed securities	—		11,304		—		11,304
Collateralized mortgage-backed securities	—		6		—		6
Total	$	—	$	11,810	$	—	$	11,810
As of December 31, 2021
Corporate debt obligations	$	—	$	500	$	—	$	500
Residential mortgage-backed securities	—		12,843		—		12,843
Collateralized mortgage-backed securities	—		8		—		8
Total	$	—	$	13,351	$	—	$	13,351

Fair Value on a Non-recurring Basis

Certain assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).

Financial Assets	Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
As of March 31, 2022
Collateral-dependent impaired loans	$	—	$	—	$	4,014	$	4,014
OREO	—		—		—		—
As of December 31, 2021
Collateral-dependent impaired loans	$	—	$	—	$	4,087	$	4,087
OREO	—		—		1,654		1,654

Summary of Carrying Value and Fair Value of Financial Instruments

The following table summarizes the carrying amounts and fair values for financial instruments at March 31, 2022 and December 31, 2021:

March 31, 2022	Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3
	(Dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	503,829	$	503,829	$	503,829	$	—	$	—
Investment securities AFS	11,810		11,810		—		11,810		—
Investment securities HTM	9,897		9,058		—		9,058		—
Restricted stock	5,157		5,157		—		—		5,157
Loans, net	1,465,858		1,431,268		—		1,426,302		4,966
Accrued interest receivable	7,344		7,344		—		7,344		—
Financial Liabilities:
Non-time deposits	$	1,136,827	$	1,136,827	$	—	$	1,136,827	$	—
Time deposits	540,383		543,987		—		543,987		—
Borrowings	120,929		116,455		—		116,455		—
Accrued interest payable	1,029		1,029		—		1,029		—

December 31, 2021	Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3
	(Dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	596,553	$	596,553	$	596,553	$	—	$	—
Investment securities AFS	13,351		13,351		—		13,351		—
Investment securities HTM	9,918		10,025		—		10,025		—
Restricted stock	5,144		5,144		—		—		5,144
Loans, net	1,455,002		1,440,398		—		1,430,686		9,712
Accrued interest receivable	7,681		7,681		—		7,681		—
Financial Liabilities:
Non-time deposits	$	1,174,664	$	1,174,664	$	—	$	1,174,664	$	—
Time deposits	593,746		597,791		—		597,791		—
Borrowings	120,882		117,636		—		117,636		—
Accrued interest payable	1,603		1,603		—		1,603		—