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Fair Value Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Assets Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized in the table below.
(Dollars in thousands) |  | Fair Value Measurements Using |  | Total Fair Value
December 31, 2021 |  | Level 1 |  | Level 2 |  | Level 3 |
Assets measured at fair value on a recurring basis |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |
Mortgage-backed securities, residential |  | $ | — |  |  | $ | 37,449 |  |  | $ | — |  |  | $ | 37,449 |
Asset-backed securities |  | — |  |  | 6,764 |  |  | — |  |  | 6,764 |
State and municipal |  | — |  |  | 26,825 |  |  | — |  |  | 26,825 |
CLO Securities |  | — |  |  | 106,634 |  |  | — |  |  | 106,634 |
Corporate bonds |  | — |  |  | 2,056 |  |  | — |  |  | 2,056 |
SBA pooled securities |  | — |  |  | 2,698 |  |  | — |  |  | 2,698 |
|  | $ | — |  |  | $ | 182,426 |  |  | $ | — |  |  | $ | 182,426 |
Equity securities |  |  |  |  |  |  |  |
Mutual fund |  | $ | 5,504 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,504 |
Loans held for sale |  | $ | — |  |  | $ | 7,330 |  |  | $ | — |  |  | $ | 7,330 |
Indemnification asset |  | $ | — |  |  | $ | — |  |  | $ | 4,786 |  |  | $ | 4,786 |
Derivative financial instruments (cash flow hedges) |  |  |  |  |  |  |  |
Interest rate swap |  | $ | — |  |  | $ | 6,164 |  |  | $ | — |  |  | $ | 6,164 |
(Dollars in thousands) |  | Fair Value Measurements Using |  | Total Fair Value
December 31, 2020 |  | Level 1 |  | Level 2 |  | Level 3 |
Assets measured at fair value on a recurring basis |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |
U.S. Government agency obligations |  | $ | — |  |  | $ | 15,088 |  |  | $ | — |  |  | $ | 15,088 |
Mortgage-backed securities, residential |  | — |  |  | 27,684 |  |  | — |  |  | 27,684 |
Asset-backed securities |  | — |  |  | 7,039 |  |  | — |  |  | 7,039 |
State and municipal |  | — |  |  | 37,395 |  |  | — |  |  | 37,395 |
CLO Securities |  | — |  |  | 122,204 |  |  | — |  |  | 122,204 |
Corporate bonds |  | — |  |  | 11,573 |  |  | — |  |  | 11,573 |
SBA pooled securities |  | — |  |  | 3,327 |  |  | — |  |  | 3,327 |
|  | $ | — |  |  | $ | 224,310 |  |  | $ | — |  |  | $ | 224,310 |
Equity securities |  |  |  |  |  |  |  |
Mutual fund |  | $ | 5,826 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,826 |
Loans held for sale |  | $ | — |  |  | $ | 24,546 |  |  | $ | — |  |  | $ | 24,546 |
Indemnification asset |  | $ | — |  |  | $ | — |  |  | $ | 36,225 |  |  | $ | 36,225 |
Derivative financial instruments (cash flow hedges) |  |  |  |  |  |  |  |
Interest rate swap |  | $ | — |  |  | $ | 816 |  |  | $ | — |  |  | $ | 816 |
Business Combination, Indemnification Asset | A reconciliation of the opening balance to the closing balance of the fair value of the indemnification asset is as follows:
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Beginning balance | $ | 36,225 |  |  | $ | — |  |  | $ | — |
Indemnification asset recognized in business combination | — |  |  | 30,959 |  |  | — |
Change in fair value of indemnification asset recognized in earnings | 4,194 |  |  | 5,266 |  |  | — |
Indemnification reduction | (35,633) |  |  | — |  |  | — |
Ending balance | $ | 4,786 |  |  | $ | 36,225 |  |  | $ | — |
Fair Value of Assets Measured on Non-recurring Basis | Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at December 31, 2021 and 2020.
(Dollars in thousands) |  | Fair Value Measurements Using |  | Total Fair Value
December 31, 2021 |  | Level 1 |  | Level 2 |  | Level 3 |
Collateral dependent loans |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | 366 |  |  | $ | 366 |
1-4 family residential properties |  | — |  |  | — |  |  | 61 |  |  | 61 |
Commercial |  | — |  |  | — |  |  | 2,435 |  |  | 2,435 |
Factored receivables |  | — |  |  | — |  |  | 30,224 |  |  | 30,224 |
Consumer |  | — |  |  | — |  |  | 60 |  |  | 60 |
Other real estate owned (1): |  |  |  |  |  |  |  |
Commercial real estate |  | — |  |  | — |  |  | 7 |  |  | 7 |
Construction, land development, land |  | — |  |  | — |  |  | 63 |  |  | 63 |
|  | $ | — |  |  | $ | — |  |  | $ | 33,216 |  |  | $ | 33,216 |
(Dollars in thousands) |  | Fair Value Measurements Using |  | Total Fair Value
December 31, 2020 |  | Level 1 |  | Level 2 |  | Level 3 |
Collateral dependent loans |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | 5,107 |  |  | $ | 5,107 |
Construction, land development, land |  | — |  |  | — |  |  | 824 |  |  | 824 |
1-4 family residential properties |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | — |  |  | — |  |  | 2,355 |  |  | 2,355 |
Factored receivables |  | — |  |  | — |  |  | 41,065 |  |  | 41,065 |
Consumer |  | — |  |  | — |  |  | 3 |  |  | 3 |
Other real estate owned (1): |  |  |  |  |  |  |  |
Commercial real estate |  | — |  |  | — |  |  | 273 |  |  | 273 |
1-4 family residential properties |  | — |  |  | — |  |  | 114 |  |  | 114 |
Farmland |  | — |  |  | — |  |  | 209 |  |  | 209 |
|  | $ | — |  |  | $ | — |  |  | $ | 49,950 |  |  | $ | 49,950 |
(1) Represents the fair value of OREO that was adjusted subsequent to its initial classification as OREO.
Estimated Fair Value of Company's Financial Assets and Financial Liabilities | The estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis were as follows:
| December 31, 2021
| Carrying Amount |  | Fair Value Measurements Using |  | Total Fair Value
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 383,178 |  |  | $ | 383,178 |  |  | $ | — |  |  | $ | — |  |  | $ | 383,178 |
Securities - held to maturity | 4,947 |  |  | — |  |  | — |  |  | 5,447 |  |  | 5,447 |
Loans not previously presented, gross | 4,834,426 |  |  | 142,962 |  |  | — |  |  | 4,685,058 |  |  | 4,828,020 |
FHLB and other restricted stock | 10,146 |  |  | N/A |  | N/A |  | N/A |  | N/A
Accrued interest receivable | 15,319 |  |  | 15,319 |  |  | — |  |  | — |  |  | 15,319 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits | 4,646,679 |  |  | — |  |  | 4,646,552 |  |  | — |  |  | 4,646,552 |
Customer repurchase agreements | 2,103 |  |  | — |  |  | 2,103 |  |  | — |  |  | 2,103 |
Federal Home Loan Bank advances | 180,000 |  |  | — |  |  | 180,000 |  |  | — |  |  | 180,000 |
Paycheck Protection Program Liquidity Facility | 27,144 |  |  | — |  |  | 27,144 |  |  | — |  |  | 27,144 |
Subordinated notes | 106,957 |  |  | — |  |  | 110,045 |  |  | — |  |  | 110,045 |
Junior subordinated debentures | 40,602 |  |  | — |  |  | 41,286 |  |  | — |  |  | 41,286 |
Accrued interest payable | 1,951 |  |  | 1,951 |  |  | — |  |  | — |  |  | 1,951 |
| December 31, 2020
| Carrying Amount |  | Fair Value Measurements Using |  | Total Fair Value
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 314,393 |  |  | $ | 314,393 |  |  | $ | — |  |  | $ | — |  |  | $ | 314,393 |
Securities - held to maturity | 5,919 |  |  | — |  |  | — |  |  | 5,850 |  |  | 5,850 |
Loans not previously presented, gross | 4,953,399 |  |  | 195,739 |  |  | — |  |  | 4,783,143 |  |  | 4,978,882 |
FHLB and other restricted stock | 6,751 |  |  | N/A |  | N/A |  | N/A |  | N/A
Accrued interest receivable | 19,435 |  |  | 19,435 |  |  | — |  |  | — |  |  | 19,435 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits | 4,716,600 |  |  | — |  |  | 4,719,625 |  |  | — |  |  | 4,719,625 |
Customer repurchase agreements | 3,099 |  |  | — |  |  | 3,099 |  |  | — |  |  | 3,099 |
Federal Home Loan Bank advances | 105,000 |  |  | — |  |  | 105,000 |  |  | — |  |  | 105,000 |
Paycheck Protection Program Liquidity Facility | 191,860 |  |  | — |  |  | 191,860 |  |  | — |  |  | 191,860 |
Subordinated notes | 87,509 |  |  | — |  |  | 89,413 |  |  | — |  |  | 89,413 |
Junior subordinated debentures | 40,072 |  |  | — |  |  | 40,379 |  |  | — |  |  | 40,379 |
Accrued interest payable | 4,270 |  |  | 4,270 |  |  | — |  |  | — |  |  | 4,270 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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