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Fair Value Disclosures (Tables)

12 Months Ended

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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Business Combination, Indemnification Asset

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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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

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-Publisher FASB
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-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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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

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