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Fair Value Disclosures (Tables)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized in the table below.
(Dollars in thousands)Fair Value Measurements UsingTotal
Fair Value
September 30, 2020Level 1Level 2Level 3
Assets measured at fair value on a recurring basis
Securities available for sale
U.S. Government agency obligations$— $18,448 $— $18,448 
Mortgage-backed securities, residential— 29,790 — 29,790 
Asset-backed securities— 7,091 — 7,091 
State and municipal— 43,362 — 43,362 
CLO securities— 117,491 — 117,491 
Corporate bonds— 22,927 — 22,927 
SBA pooled securities— 3,693 — 3,693 
$— $242,802 $— $242,802 
Equity securities
Mutual fund$6,040 $— $— $6,040 
Loans held for sale$— $36,716 $— $36,716 
Derivative financial instruments (cash flow hedges)
Interest rate swap$— $16 $— $16 
Liabilities measured at fair value on a recurring basis
ICC Contingent consideration$— $— $21,991 $21,991 
(Dollars in thousands)Fair Value Measurements UsingTotal
Fair Value
December 31, 2019Level 1Level 2Level 3
Assets measured at fair value on a recurring basis
Securities available for sale
U.S. Government agency obligations$— $39,760 $— $39,760 
Mortgage-backed securities, residential— 38,016 — 38,016 
Asset-backed securities— 7,959 — 7,959 
State and municipal— 32,065 — 32,065 
CLO Securities— 75,273 — 75,273 
Corporate bonds— 51,583 — 51,583 
SBA pooled securities— 4,164 — 4,164 
$— $248,820 $— $248,820 
Equity securities
Mutual fund$5,437 $— $— $5,437 
Loans held for sale$— $2,735 $— $2,735 
Liabilities measured at fair value on a recurring basis
ICC Contingent consideration$— $— $21,622 $21,622 
Reconciliation of Opening Balance to Closing Balance of Fair Value of Contingent Consideration A reconciliation of the opening balance to the closing balance of the fair value of the contingent consideration is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands)2020201920202019
Beginning balance$21,963 $21,302 $21,622 $20,745 
Contingent consideration recognized in business combination— — — — 
Change in fair value of contingent consideration recognized in earnings28 124 369 681 
Consideration settlement payments— — — — 
Ending balance$21,991 $21,426 $21,991 $21,426 
Fair Value of Assets Measured on Non-recurring Basis There were no liabilities measured at fair value on a non-recurring basis at September 30, 2020 and December 31, 2019.
(Dollars in thousands)Fair Value Measurements UsingTotal
Fair Value
September 30, 2020Level 1Level 2Level 3
Collateral dependent loans
Commercial real estate$— $— $5,302 $5,302 
Construction, land development, land— — 637 637 
1-4 family residential— — 5 5 
Commercial— — 3,584 3,584 
Factored receivables— — 33,803 33,803 
Consumer— — 46 46 
Other real estate owned (1)
1-4 family residential properties— — 189 189 
$— $— $43,566 $43,566 
(Dollars in thousands)Fair Value Measurements UsingTotal
Fair Value
December 31, 2019Level 1Level 2Level 3
Impaired loans
Commercial real estate$— $— $534 $534 
Construction, land development, land— — 664 664 
1-4 family residential— — 2 2 
Commercial— — 4,754 4,754 
Factored receivables— — 12,762 12,762 
Consumer— — 8 8 
PCI— — 67 67 
Other real estate owned (1)
Commercial real estate— — 388 388 
1-4 family residential— — 89 89 
$— $— $19,268 $19,268 
(1)Represents the fair value of OREO that was adjusted during the year to date period and subsequent to its initial classification as OREO.
Estimated Fair Value of Company's Financial Assets and Financial Liabilities
The estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis at September 30, 2020 and December 31, 2019 were as follows:
(Dollars in thousands)Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
September 30, 2020Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents$288,278 $288,278 $— $— $288,278 
Securities - held to maturity6,096 — — 5,473 5,473 
Loans not previously presented, gross4,810,731 197,859 — 4,593,233 4,791,092 
FHLB and other restricted stock18,464  N/A  N/A  N/A N/A
Indemnification asset31,218 — — 31,218 31,218 
Accrued interest receivable20,254 20,254 — — 20,254 
Financial liabilities:
Deposits4,248,101 — 4,254,371 — 4,254,371 
Customer repurchase agreements14,192 — 14,192 — 14,192 
Federal Home Loan Bank advances435,000 — 435,000 — 435,000 
Paycheck Protection Program Liquidity Facility223,713 — 223,713 — 223,713 
Subordinated notes87,455 — 89,806 — 89,806 
Junior subordinated debentures39,944 — 40,135 — 40,135 
Accrued interest payable6,006 6,006 — — 6,006 
(Dollars in thousands)Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
December 31, 2019Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents$197,880 $197,880 $— $— $197,880 
Securities - held to maturity8,417 — — 6,907 6,907 
Loans not previously presented, gross4,170,604 83,454 — 4,086,597 4,170,051 
FHLB and other restricted stock19,860 N/AN/AN/AN/A
Accrued interest receivable20,322 20,322 — — 20,322 
Financial liabilities:
Deposits3,789,906 — 3,793,603 — 3,793,603 
Customer repurchase agreements2,033 — 2,033 — 2,033 
Federal Home Loan Bank advances430,000 — 430,000 — 430,000 
Subordinated notes87,327 — 93,877 — 93,877 
Junior subordinated debentures39,566 — 40,700 — 40,700 
Accrued interest payable9,367 9,367 — — 9,367