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Fair Value (Tables) | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following tables present the balances of financial assets measured at fair value on a recurring basis:
|  | December 31, 2020 |
(Dollars in thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipals |  | $ | 14,259 |  |  | $ | — |  |  | $ | 14,259 |  |  | $ | — |
U.S. Treasury and agencies |  |  | 2,409 |  |  |  | — |  |  |  | 2,409 |  |  |  | — |
Mortgage backed securities |  |  | 72,635 |  |  |  | — |  |  |  | 72,635 |  |  |  | — |
Corporate bonds |  |  | 20,172 |  |  |  | — |  |  |  | 20,172 |  |  |  | — |
Total investment securities available for sale |  | $ | 109,475 |  |  | $ | — |  |  | $ | 109,475 |  |  | $ | — |
Mortgage derivative asset |  | $ | 5,293 |  |  | $ | — |  |  | $ | 5,293 |  |  | $ | — |
Mortgage derivative liability |  | $ | 1,569 |  |  | $ | — |  |  | $ | 1,569 |  |  | $ | — |
Interest rate swap asset |  | $ | 1,716 |  |  | $ | — |  |  | $ | 1,716 |  |  | $ | — |
Interest rate swap liability |  | $ | 2,735 |  |  | $ | — |  |  | $ | 2,735 |  |  | $ | — |
|  | December 31, 2019 |
(Dollars in thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agencies |  | $ | 2,449 |  |  | $ | — |  |  | $ | 2,449 |  |  | $ | — |
Mortgage backed securities |  |  | 95,485 |  |  |  | — |  |  |  | 95,485 |  |  |  | — |
Corporate bonds |  |  | 10,637 |  |  |  | — |  |  |  | 10,637 |  |  |  | — |
Total investment securities available for sale |  | $ | 108,571 |  |  | $ | — |  |  | $ | 108,571 |  |  | $ | — |
Mortgage derivative asset |  | $ | 591 |  |  | $ | — |  |  | $ | 591 |  |  | $ | — |
Mortgage derivative liability |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |
Interest rate swap asset |  | $ | 185 |  |  | $ | — |  |  | $ | 185 |  |  | $ | — |
Interest rate swap liability |  | $ | 430 |  |  | $ | — |  |  | $ | 430 |  |  | $ | — |
Summary of Change in MSR Assets | The following table presents the change in MSR assets for the year ended December 31, 2020:
(Dollars in thousands) |  | MSRs |
Balance, December 31, 2019 |  | $ | — |
Additions |  |  | 7,539 |
Write-offs |  |  | (61 | )
Amortization |  |  | (391 | )
Impairments |  |  | (3 | )
Fair value adjustments |  |  | 207 |
Balance, December 31, 2020 - Fair value |  | $ | 7,291 |
Balance, December 31, 2020 - Amortized cost |  | $ | 7,084 |
Summary of Assets Measured at Fair Value on Nonrecurring Basis | The following tables summarize assets that were measured at fair value on a nonrecurring basis as of the dates stated:
|  | December 31, 2020 |
(Dollars in thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Impaired loans, net |  | $ | 2,187 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,187 |
Loans held for sale |  |  | 178,598 |  |  |  | — |  |  |  | 178,598 |  |  |  | — |
|  | December 31, 2019 |
(Dollars in thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Impaired loans, net |  | $ | 1,167 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,167 |
Loans held for sale |  |  | 55,646 |  |  |  | — |  |  |  | 55,646 |  |  |  | — |
Summary of Quantitative Information about Level 3 Fair Value Measurements | The following tables present quantitative information about Level 3 fair value measurements as of the dates stated:
(Dollars in thousands) |  | Balance as of December 31, 2020 |  |  | Valuation Technique |  | Unobservable Input |  | Weighted Average |
Impaired loans, net |  | $ | 2,097 |  |  | Discounted appraised value |  | Selling costs |  |  | 10 | %
|  |  | 90 |  |  | Discounted cash flows |  | Discount rate |  |  | 6 | %
(Dollars in thousands) |  | Balance as of December 31, 2019 |  |  | Valuation Technique |  | Unobservable Input |  | Weighted Average |
Impaired loans, net |  | $ | 1,167 |  |  | Discounted appraised value |  | Selling costs |  |  | 10 | %
Summary of Estimated Fair Values and Related Carrying Amounts of Financial Instruments | The estimated fair values, and related carrying amounts, of the Company’s financial instruments were as follows as of the dates presented:
|  |  |  |  |  | Fair Value Measurements at December 31, 2020 |
(Dollars in thousands) |  | Carrying Amount |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Fair Value |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 117,945 |  |  | $ | 117,945 |  |  | $ | — |  |  | $ | — |  |  | $ | 117,945 |
Federal funds sold |  |  | 775 |  |  |  | 775 |  |  |  | — |  |  |  | — |  |  |  | 775 |
Securities available for sale |  |  | 109,475 |  |  |  | — |  |  |  | 109,475 |  |  |  | — |  |  |  | 109,475 |
Restricted equity investments |  |  | 11,173 |  |  |  | — |  |  |  | 11,173 |  |  |  | — |  |  |  | 11,173 |
PPP loans receivable, net |  |  | 288,533 |  |  |  | — |  |  |  | — |  |  |  | 288,533 |  |  |  | 288,533 |
Loans held for investment, net |  |  | 688,667 |  |  |  | — |  |  |  | — |  |  |  | 690,007 |  |  |  | 690,007 |
Accrued interest receivable |  |  | 5,428 |  |  |  | — |  |  |  | 5,428 |  |  |  | — |  |  |  | 5,428 |
Cash surrender value of life insurance |  |  | 15,724 |  |  |  | — |  |  |  | 15,724 |  |  |  | — |  |  |  | 15,724 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  |  | 333,051 |  |  |  | 333,051 |  |  |  | — |  |  |  | — |  |  |  | 333,051 |
Interest-bearing deposits |  |  | 612,058 |  |  |  | — |  |  |  | 360,615 |  |  |  | 257,647 |  |  |  | 618,262 |
FHLB borrowings |  |  | 115,000 |  |  |  | — |  |  |  | 114,983 |  |  |  | — |  |  |  | 114,983 |
FRB borrowings |  |  | 281,650 |  |  |  | — |  |  |  | 281,650 |  |  |  | — |  |  |  | 281,650 |
Subordinated debentures, net |  |  | 24,506 |  |  |  | — |  |  |  | — |  |  |  | 25,830 |  |  |  | 25,830 |
Accrued interest payable |  |  | 626 |  |  |  | — |  |  |  | 626 |  |  |  | — |  |  |  | 626 |
|  |  |  |  |  | Fair Value Measurements at December 31, 2019 |
(Dollars in thousands) |  | Carrying Amount |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Fair Value |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 60,026 |  |  | $ | 60,026 |  |  | $ | — |  |  | $ | — |  |  | $ | 60,026 |
Federal funds sold |  |  | 480 |  |  |  | 480 |  |  |  | — |  |  |  | — |  |  |  | 480 |
Securities available for sale |  |  | 108,571 |  |  |  | — |  |  |  | 108,571 |  |  |  | — |  |  |  | 108,571 |
Securities held to maturity |  |  | 12,192 |  |  |  | — |  |  |  | 12,654 |  |  |  | — |  |  |  | 12,654 |
Restricted equity investments |  |  | 8,143 |  |  |  | — |  |  |  | 8,143 |  |  |  | — |  |  |  | 8,143 |
Loans held for investment, net |  |  | 642,262 |  |  |  | — |  |  |  | — |  |  |  | 643,878 |  |  |  | 643,878 |
Accrued interest receivable |  |  | 2,590 |  |  |  | — |  |  |  | 2,590 |  |  |  | — |  |  |  | 2,590 |
Cash surrender value of life insurance |  |  | 15,321 |  |  |  | — |  |  |  | 15,321 |  |  |  | — |  |  |  | 15,321 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  |  | 177,819 |  |  |  | 177,819 |  |  |  | — |  |  |  | — |  |  |  | 177,819 |
Interest-bearing deposits |  |  | 544,211 |  |  |  | — |  |  |  | 364,986 |  |  |  | 168,736 |  |  |  | 533,722 |
FHLB borrowings |  |  | 124,800 |  |  |  | — |  |  |  | 124,971 |  |  |  | — |  |  |  | 124,971 |
Subordinated debentures, net |  |  | 9,800 |  |  |  | — |  |  |  | — |  |  |  | 9,874 |  |  |  | 9,874 |
Accrued interest payable |  |  | 706 |  |  |  | — |  |  |  | 706 |  |  |  | — |  |  |  | 706 |

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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=117815213&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=117815213&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=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + 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 (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://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=117815213&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 (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of activity in the balance of servicing assets subsequently measured at amortized cost. Includes, but is not limited to, beginning and ending balances, additions, disposals, and amortization. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122739-111746 + Details
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