Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021 and December 31, 2020 are as follows:

	Carrying		Fair Value Measurements
(Dollars in thousands)	Amount		Level 1		Level 2		Level 3		Total
As of June 30, 2021
Financial assets:
Cash and due from banks	$	392,506	$	392,506	$	—	$	—	$	392,506
Securities available for sale		61,142		—		61,142		—		61,142
Loans, net		1,338,770		—		—		1,339,306		1,339,306
Accrued interest receivable		5,509		—		282		5,227		5,509
Financial liabilities:
Deposits	$	1,679,772	$	1,577,178	$	102,715	$	—	$	1,679,893
Other borrowings		—		—		—		—		—
Subordinated debt		24,745		—		—		26,358		26,358
Accrued interest payable		379		—		311		69		376
As of December 31, 2020
Financial assets:
Cash and due from banks	$	418,517	$	418,517	$	—	$	—	$	418,517
Securities available for sale		55,093		—		55,093		—		55,093
Loans, net		1,355,482		—		—		1,360,845		1,360,845
Accrued interest receivable		6,578		—		225		6,353		6,578
Financial liabilities:
Deposits	$	1,532,206	$	1,331,572	$	200,888	$	—	$	1,532,460
Other borrowings		189,043		—		—		189,123		189,123
Subordinated debt		24,994		—		—		24,642		24,642
Accrued interest payable		545		—		51		494		545

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 June 30, 2021
Investments available for sale:
Mortgage backed securities	$	27,122	$	—	$	27,122	$	—
Government agencies		2,412		—		2,412		—
Corporate bonds		31,608		—		31,608		—
Total assets measured at fair value on a recurring basis	$	61,142	$	—	$	61,142	$	—
As of December 31, 2020
Investments available for sale:
Mortgage backed securities	$	28,193	$	—	$	28,193	$	—
Government agencies		2,412		—		2,412		—
Corporate bonds		24,488		—		24,488		—
Total assets measured at fair value on a recurring basis	$	55,093	$	—	$	55,093	$	—

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 June 30, 2021 and December 31, 2020.

	Carrying		Fair Value Measurements
(Dollars in thousands)	Amount		Level 1		Level 2		Level 3
As of June 30, 2021
Impaired loans—Real estate other	$	1,000	$	—	$	—	$	1,000
Impaired loans—SBA		234		—		—		234
Total assets measured at fair value on a non-recurring basis	$	1,234	$	—	$	—	$	1,234
As of December 31, 2020
Impaired loans—SBA	$	689	$	—	$	—	$	689
Total assets measured at fair value on a non-recurring basis	$	689	$	—	$	—	$	689