Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 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 September 30, 2021
Financial assets:
Cash and due from banks	$	601,050	$	601,050	$	—	$	—	$	601,050
Securities available for sale		82,108		—		82,108		—		82,108
Loans, net		1,289,161		—		—		1,289,677		1,289,677
Accrued interest receivable		5,235		—		519		4,716		5,235
Financial liabilities:
Deposits	$	1,742,054	$	1,645,361	$	96,801	$	—	$	1,742,162
Other borrowings		79,536		—		—		79,536		79,536
Subordinated debt		59,009		—		—		61,127		61,127
Accrued interest payable		327		—		48		279		327
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 September 30, 2021
Investments available for sale:
Mortgage backed securities	$	43,380	$	—	$	43,380	$	—
Government agencies		2,152		—		2,152		—
Corporate bonds		36,576		—		36,576		—
Total assets measured at fair value on a recurring basis	$	82,108	$	—	$	82,108	$	—
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 September 30, 2021 and December 31, 2020.

	Carrying		Fair Value Measurements
(Dollars in thousands)	Amount		Level 1		Level 2		Level 3
As of September 30, 2021
Impaired loans - Real estate other	$	1,000	$	—	$	—	$	1,000
Impaired loans - SBA		233		—		—		233
Total assets measured at fair value on a non-recurring basis	$	1,233	$	—	$	—	$	1,233
As of December 31, 2020
Impaired loans - SBA	$	689	$	—	$	—	$	689
Total assets measured at fair value on a non-recurring basis	$	689	$	—	$	—	$	689