Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Financial Liabilities Measured at Fair Value

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value as of June 30, 2022 and December 31, 2021:

	Fair Value Measurements Using
(Dollars in thousands)	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
At June 30, 2022:
Securities available for sale:
State and municipal securities	$	—	$	422	$	—	$	422
Mortgage-backed securities		—		20,643		—		20,643
U.S. Treasury bonds		—		100,043		—		100,043
Corporate bonds		—		36,153		—		36,153
Total investment securities available for sale	$	—	$	157,261	$	—	$	157,261
Asset derivatives:
Interest rate swaps	$	—	$	7,217	$	—	$	7,217
Risk participation agreements		—		1		—		1
Total asset derivatives	$	—	$	7,218	$	—	$	7,218
Liability derivatives:
Interest rate swaps	$	—	$	7,217	$	—	$	7,217
Risk participation agreements		—		21		—		21
Total liability derivatives	$	—	$	7,238	$	—	$	7,238

	Fair Value Measurements Using
(Dollars in thousands)	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
At December 31, 2021:
Securities available for sale:
State and municipal securities	$	—	$	1,094	$	—	$	1,094
Mortgage-backed securities		—		811		—		811
Corporate bonds		—		24,527		—		24,527
Total investment securities available for sale	$	—	$	26,432	$	—	$	26,432
Asset derivatives:
Interest rate swaps	$	—	$	389	$	—	$	389
Total asset derivatives	$	—	$	389	$	—	$	389
Liability derivatives:
Interest rate swaps	$	—	$	389	$	—	$	389
Total liability derivatives	$	—	$	389	$	—	$	389

Summary of Foreclosed Assets Remeasured and Recorded at Fair Value

The Company had no foreclosed assets at June 30, 2022. The following table presents the foreclosed assets that were remeasured and recorded at fair value during the year ended December 31, 2021:

	December 31,
(Dollars in thousands)	2021
Foreclosed assets remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	1,676
Write downs included in other non-interest expense		—
Fair value of foreclosed assets remeasured subsequent to initial recognition	$	1,676

Summary of Estimated Fair Values and Carrying Values of Financial Instruments

The estimated fair values and carrying values of all financial instruments under current authoritative guidance, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value are as follows:

	June 30, 2022				December 31, 2021
(Dollars in thousands)	Carrying  Value		Estimated Fair Value		Carrying    Value		Estimated Fair Value
Financial assets
Level 2 inputs
Cash and cash equivalents	$	320,203	$	320,203	$	327,025	$	327,025
Interest bearing time deposits in other banks		132		132		131		131
Investment securities available for sale		157,261		157,261		26,432		26,432
Non-marketable securities		15,213		15,213		7,527		7,527
Accrued interest receivable		12,568		12,568		10,228		10,228
Bank-owned life insurance		51,919		51,919		26,528		26,528
Derivative instruments assets		6,892		7,218		389		389
	$	564,188	$	564,514	$	398,260	$	398,260
Level 3 inputs
Loans, including held for sale, net	$	2,722,511	$	2,642,269	$	2,049,429	$	2,023,761
Financial liabilities
Level 2 inputs
Deposits	$	2,898,264	$	2,899,066	$	2,141,199	$	2,141,999
Accrued interest payable		1,683		1,683		437		437
FHLB advances		18,000		18,000		50,000		50,000
Notes payable		111,242		111,242		1,000		1,000
Derivative instrument liabilities		6,912		7,238		389		389
	$	3,036,101	$	3,037,229	$	2,193,025	$	2,193,825