Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Fair Value by Balance Sheet Grouping

The following table provides the fair value hierarchy level and estimated fair value of significant financial instruments at the periods indicated:


		March 31, 2021				December 31, 2020
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Assets:		(dollars in thousands)
Cash and cash equivalents	Level 1	$	309,446	$	309,446	$	236,381	$	236,381
Securities available-for-sale	Level 2	37,376		37,376		42,027		42,027


Securities held-to-maturity	Level 2	1,348		1,417		1,358		1,470
Equity securities	Level 1	2,774		2,774		2,798		2,798
Loans held for sale	Level 2	12,669		13,687		9,932		10,618
Loan held for investment, net	Level 3	2,009,328		2,051,100		1,861,610		1,904,785
Restricted stock investments, at cost	Level 2	12,999		12,999		12,999		12,999
Servicing asset	Level 3	2,778		3,738		2,860		3,434
Accrued interest receivable	Level 2	9,364		9,364		9,569		9,569

Financial Liabilities:
Deposits	Level 2	$	1,895,550	$	1,895,794	$	1,634,158	$	1,634,170
Borrowings	Level 2	95,000		95,102		145,000		145,357
PPP Liquidity Facility	Level 2	209,998		210,152		204,719		204,820
Senior secured notes	Level 2	—		—		2,000		2,000
Accrued interest payable	Level 2	548		548		534		534

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table provides the hierarchy and fair value for each major category of assets and liabilities measured at fair value on a recurring basis at the periods indicated:


	Recurring Fair Value Measurements
	Level 1		Level 2		Level 3		Total
March 31, 2021:	(dollars in thousands)
Securities available-for-sale:
U.S. Government and agency securities	$	—	$	2,628	$	—	$	2,628
Mortgage-backed securities	—		4,897		—		4,897
Collateralized mortgage obligations	—		22,399		—		22,399
SBA Pools	—		7,452		—		7,452
Securities available-for-sale	$	—	$	37,376	$	—	$	37,376

Equity securities:
Mutual fund investment	$	2,774	$	—	$	—	$	2,774

December 31, 2020:
Securities available-for-sale:
U.S. Government and agency securities	$	—	$	2,705	$	—	$	2,705
Mortgage-backed securities	—		5,653		—		5,653
Collateralized mortgage obligations	—		25,778		—		25,778
SBA Pools	—		7,891		—		7,891
Securities available-for-sale	$	—	$	42,027	$	—	$	42,027

Equity securities:
Mutual fund investment	$	2,798	$	—	$	—	$	2,798

Fair Value Measurements, Nonrecurring

The following table provides the hierarchy and fair value for each major category of assets and liabilities measured at fair value on a nonrecurring basis at the periods indicated:


	Nonrecurring Fair Value Measurements
	Level 1		Level 2		Level 3		Total
March 31, 2021:	(dollars in thousands)
Impaired loans	$	—	$	—	$	1,158	$	1,158


December 31, 2020:
Impaired loans	$	—	$	—	$	2,300	$	2,300

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