Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2020 and December 31, 2019 are as follows:

	Carrying Amount		Fair Value Measurements
(Dollars in thousands)			Level 1		Level 2		Level 3		Total
As of March 31, 2020
Financial assets:
Cash and due from banks	$	140,610	$	140,610	$	—	$	—	$	140,610
Securities available for sale		34,344		—		34,344		—		34,344
Loans, net		960,282		—		—		951,928		951,928
Accrued interest receivable		3,247		—		109		3,138		3,247
Financial liabilities:
Deposits	$	1,028,861	$	884,043	$	145,310	$	—	$	1,029,353
Other borrowings		22,000		—		—		22,539		22,539
Subordinated debt		4,981		—		—		5,103		5,103
Accrued interest payable		376		—		300		76		376
As of December 31, 2019
Financial assets:
Cash and due from banks	$	114,342	$	114,342	$	—	$	—	$	114,342
Securities available for sale		28,555		—		28,555		—		28,555
Loans, net		941,132		—		—		940,944		940,944
Accrued interest receivable		3,398		—		168		3,230		3,398
Financial liabilities:
Deposits	$	988,236	$	870,495	$	121,136	$	—	$	991,631
Other borrowings		10,000		—		—		10,032		10,032
Subordinated debt		4,977		—		—		5,112		5,112
Accrued interest payable		400		—		326		74		400

Summary of Assets at Fair Value on a Recurring Basis

The Company is required or permitted to record the following assets at fair value on a recurring basis.

(Dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
As of March 31, 2020
Investments available for sale:
Residential mortgage backed and government securities	$	24,523	$	—	$	24,523	$	—
Government agencies		2,991		—		2,991		—
Corporate bonds		6,830		—		6,830		—
Total assets measured at fair value on a recurring basis	$	34,344	$	—	$	34,344	$	—
As of December 31, 2019
Investments available for sale:
Residential mortgage backed and government securities	$	20,722	$	—	$	20,722	$	—
Government agencies		7,833		—		7,833		—
Corporate bonds		—		—		—		—
Total assets measured at fair value on a recurring basis	$	28,555	$	—	$	28,555	$	—

Summary of Impaired Loans Measured at Fair Value on a Non-Recurring Basis

The following table summarizes impaired loans measured at fair value on a non-recurring basis as of March 31, 2020 and December 31, 2019.

	Carrying Amount		Fair Value Measurements
(Dollars in thousands)			Level 1		Level 2		Level 3
As of March 31, 2020
Impaired loans—Commercial	$	2,112	$	—	$	—	$	2,112
Total assets measured at fair value on a non-recurring basis	$	2,112	$	—	$	—	$	2,112
As of December 31, 2019
Impaired loans—Commercial	$	3,475	$	—	$	—	$	3,475
Total assets measured at fair value on a non-recurring basis	$	3,475	$	—	$	—	$	3,475