FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents the balances of assets and liabilities measured at fair value on a recurring basis.

Financial Assets	Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Available for Sale Securities and Loans Held for Sale
As of June 30, 2020
Corporate debt obligations	$	—	$	500	$	—	$	500
Residential mortgage-backed securities	—		23,859		—		23,859
Collateralized mortgage-backed securities	—		33		—		33
Loans held for sale	—		193		—		193
Total	$	—	$	24,585	$	—	$	24,585
As of December 31, 2019
Corporate debt obligations	$	—	$	500	$	—	$	500
Residential mortgage-backed securities	—		26,075		—		26,075
Collateralized mortgage-backed securities	—		38		—		38
Loans held for sale	—		190		—		190
Total	$	—	$	26,803	$	—	$	26,803

Fair Value on a Non-recurring Basis

Certain assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).

Financial Assets	Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
As of June 30, 2020
Collateral-dependent impaired loans	$	—	$	—	$	12,631	$	12,631
OREO	—		—		3,772		3,772
As of December 31, 2019
Collateral-dependent impaired loans	$	—	$	—	$	8,460	$	8,460
OREO	—		—		4,727		4,727

Summary of Carrying Value and Fair Value of Financial Instruments

The following table summarizes the carrying amounts and fair values for financial instruments at June 30, 2020 and December 31, 2019:

June 30, 2020	Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3
	(Dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	320,923	$	320,923	$	320,923	$	—	$	—
Investment securities AFS	24,392		24,392		—		24,392		—
Investment securities HTM	1,195		1,506		—		1,506		—
Restricted stock	7,542		7,542		—		—		7,542
Loans held for sale	193		193		—		193		—
Loans, net	1,519,005		1,539,438		—		1,514,622		24,816
Accrued interest receivable	10,193		10,193		—		10,193		—
Financial Liabilities:
Non-time deposits	$	815,395	$	815,395	$	—	$	815,395	$	—
Time deposits	693,166		699,853		—		699,853		—
Borrowings	220,949		225,942		—		225,942		—
Accrued interest payable	1,754		1,754		—		1,754		—

December 31, 2019	Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3
	(Dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	191,607	$	191,607	$	191,607	$	—	$	—
Investment securities AFS	26,613		26,613		—		26,613		—
Investment securities HTM	1,167		1,430		—		1,430		—
Restricted stock	7,440		7,440		—		—		7,440
Loans held for sale	190		190		—		190		—
Loans, net	1,398,938		1,393,288		—		1,372,317		20,971
Accrued interest receivable	6,069		6,069		—		6,069		—
Financial Liabilities:
Non-time deposits	$	652,544	$	652,544	$	—	$	652,544	$	—
Time deposits	686,675		692,177		—		692,177		—
Borrowings	148,053		156,479		—		156,479		—
Accrued interest payable	2,260		2,260		—		2,260		—