Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 are as follows:

	Carrying		Fair Value Measurements
(Dollars in thousands)	Amount		Level 1		Level 2		Level 3		Total
As of December 31, 2022
Financial assets:
Cash and due from banks	$	232,382	$	232,382	$	—	$	—	$	232,382
Investment securities:
Available for sale		47,012		—		47,012		—		47,012
Held to Maturity		108,866				89,433		7,450		96,883
Loans, net		1,578,456				—		1,519,903		1,519,903
Accrued interest receivable		7,769		—		926		6,843		7,769
Financial liabilities:
Deposits	$	1,791,740	$	1,520,502	$	271,178	$	—	$	1,791,680
Subordinated debt		54,152		—		—		49,027		49,027
Accrued interest payable		1,678		—		1,007		671		1,678
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

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 as of December 31, 2022 and December 31, 2021.

			Fair Value Measurements
(Dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
As of December 31, 2022
Investments available for sale:
Mortgage backed securities	$	17,758	$	—	$	17,758	$	—
Government agencies		28,766		—		28,766		—
Corporate bonds		488		—		488		—
Total assets measured at fair value on a recurring basis	$	47,012	$	—	$	47,012	$	—
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

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, 2022 and 2021.

	Carrying Amount		Fair Value Measurements
(Dollars in thousands)			Level 1		Level 2		Level 3
As of December 31, 2022
Impaired loans—Commercial	$	1,028	$	—	$	—	$	1,028
Impaired loans—SBA		222		—		—		222
Total assets measured at fair value on a non-recurring basis	$	1,250	$	—	$	—	$	1,250
As of December 31, 2021
Impaired loans—SBA	$	731	$	—	$	—	$	731
Total assets measured at fair value on a non-recurring basis	$	731	$	—	$	—	$	731

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 years ended December 31, 2022 and December 31, 2021.

	Corporate Securities
	Year Ended December 31,
(Dollars in thousands)	2022			2021
Beginning Balance	$	6,911		$	—
Purchases		—			2,033
Transfers into Level 3		—			4,878
Transfers out of Level 3		(6,911	)		—
Ending Balance	$	—		$	6,911