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Subsequent Events (Unaudited) | 12 Months Ended
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Dec. 31, 2020
Subsequent Events [Abstract] |
Subsequent Events (Unaudited) | Subsequent Events (Unaudited) The CA Act was enacted into law on December 27, 2020. In accordance with the provisions, the Bank began originating the second round of SBA PPP loans to existing and new customers effective January 11, 2021. As of February 19, 2021, the Bank has funded 1,724 loans totaling $297.1 million. The average loan balance for funded SBA PPP loans under the CA Act was $172,000. The Bank earns 1% interest on these loans as well as a fee to cover processing costs. Liquidity for the originations of these SBA PPP loans was provided from cash reserves. The Company was additionally approved to participate in the Federal Reserve's Paycheck Protection Program Liquidity Facility as a backup funding source effective January 20, 2021. The Paycheck Protection Program Liquidity Facility expires on March 31, 2021. The Company does not expect to participate in the facility. Additionally, subsequent to year end through February 19, 2021, the Bank received principal and interest forgiveness payments from the SBA of $124.5 million, which represented approximately 13.9% of total originated first round SBA PPP loans and 17.4% of the outstanding balance of SBA PPP loans at December 31, 2020.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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