Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2021 and 2020 are as follows:

	Carrying		Fair Value Measurements
(Dollars in thousands)	Amount		Level 1		Level 2		Level 3		Total
As of December 31, 2021
Financial assets:
Cash and due from banks	$	470,456	$	470,456	$	—	$	—	$	470,456
Investment securities:
Available for sale		74,892		—		67,981		6,911		74,892
Held to maturity		28,386				22,632		5,584		28,216
Loans, net		1,364,256				—		1,353,888		1,353,888
Accrued interest receivable		5,713		—		633		5,080		5,713
Financial liabilities:
Deposits	$	1,680,138	$	1,525,935	$	154,146	$	—	$	1,680,081
Other borrowings		106,387		—		—		106,387		106,387
Subordinated debt		54,028		—		—		56,092		56,092
Accrued interest payable		859		—		42		817		859
As of December 31, 2020
Financial assets:
Cash and due from banks	$	418,517	$	418,517	$	—	$	—	$	418,517
Investment 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.

			Fair Value Measurements
(Dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
As of December 31, 2021
Investments available for sale:
Mortgage backed securities	$	29,948	$	—	$	29,948	$	—
Government agencies		2,993		—		2,993		—
Corporate bonds		41,951		—		35,040		6,911
Total assets measured at fair value on a recurring basis	$	74,892	$	—	$	67,981	$	6,911
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 December 31, 2021 and 2020.

	Carrying		Fair Value Measurements
(Dollars in thousands)	Amount		Level 1		Level 2		Level 3
As of December 31, 2021
Impaired loans - SBA	$	731	$	—	$	—	$	731
Total assets measured at fair value on a non-recurring basis	$	731	$	—	$	—	$	731
As of December 31, 2020
Impaired loans - SBA	$	689	$	—	$	—	$	689
Total assets measured at fair value on a non-recurring basis	$	689	$	—	$	—	$	689

Summary of asset measured at fair value on recurring basis

The following table reflects the changes in all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2021. The Company did not have any assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2020.

	Corporate Securities
(Dollars in thousands)	2021
Balance at December 31, 2020	$	—
Purchases		2,033
Transfers into Level 3		4,878
Balance at December 31, 2021	$	6,911