v3.24.1.u1

Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of dates indicated:
|  | Fair Value Measurement Level |  |
($ in thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
March 31, 2024 |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |
U.S. government agency and U.S. government sponsored enterprise securities: |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | — |  |  | $ | 100,183 |  |  | $ | — |  |  | $ | 100,183 |
Residential collateralized mortgage obligations |  | — |  |  | 23,428 |  |  | — |  |  | 23,428 |
SBA loan pool securities |  | — |  |  | 7,129 |  |  | — |  |  | 7,129 |
Municipal bonds |  | — |  |  | 3,280 |  |  | — |  |  | 3,280 |
Corporate bonds |  | — |  |  | 4,150 |  |  | — |  |  | 4,150 |
Total securities available-for-sale |  | — |  |  | 138,170 |  |  | — |  |  | 138,170 |
Total assets measured at fair value on a recurring basis |  | $ | — |  |  | $ | 138,170 |  |  | $ | — |  |  | $ | 138,170 |
Total liabilities measured at fair value on a recurring basis |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
December 31, 2023 |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |
U.S. government agency and U.S. government sponsored enterprise securities: |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | — |  |  | $ | 104,091 |  |  | $ | — |  |  | $ | 104,091 |
Residential collateralized mortgage obligations |  | — |  |  | 24,173 |  |  | — |  |  | 24,173 |
SBA loan pool securities |  | — |  |  | 7,450 |  |  | — |  |  | 7,450 |
Municipal bonds |  | — |  |  | 3,329 |  |  | — |  |  | 3,329 |
Corporate bonds |  | — |  |  | 4,280 |  |  | — |  |  | 4,280 |
Total securities available-for-sale |  | — |  |  | 143,323 |  |  | — |  |  | 143,323 |
Total assets measured at fair value on a recurring basis |  | $ | — |  |  | $ | 143,323 |  |  | $ | — |  |  | $ | 143,323 |
Total liabilities measured at fair value on a recurring basis |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | The following table presents the Company’s assets and liabilities measured at fair value on a non-recurring basis as of dates indicated:
|  | Fair Value Measurement Level |  |
($ in thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
March 31, 2024 |  |  |  |  |  |  |  |
Loans individually evaluated: |  |  |  |  |  |  |  |
Business property |  | $ | — |  |  | $ | — |  |  | $ | 463 |  |  | $ | 463 |
Total loans individually evaluated |  | — |  |  | — |  |  | 463 |  |  | 463 |
Total assets measured at fair value on a non-recurring basis |  | $ | — |  |  | $ | — |  |  | $ | 463 |  |  | $ | 463 |
Total liabilities measured at fair value on a non-recurring basis |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
December 31, 2023 |  |  |  |  |  |  |  |
Loans individually evaluated: |  |  |  |  |  |  |  |
Business property |  | $ | — |  |  | $ | — |  |  | $ | 425 |  |  | $ | 425 |
Total loans individually evaluated |  | — |  |  | — |  |  | 425 |  |  | 425 |
Total assets measured at fair value on a non-recurring basis |  | $ | — |  |  | $ | — |  |  | $ | 425 |  |  | $ | 425 |
Total liabilities measured at fair value on a non-recurring basis |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The following table presents gains or losses, including charge-offs, recoveries, and specific reserves recorded, for assets measured at fair value for the periods indicated:
|  | Three Months Ended March 31, |  |
($ in thousands) |  | 2024 |  | 2023 |  |  |  |
Loans individually evaluated: |  |  |  |  |  |  |  |
Business property |  | $ | 13 |  |  | $ | (29) |  |  |  |  |
Commercial and industrial |  | — |  |  | 1,074 |  |  |  |  |
Net gains recognized |  | $ | 13 |  |  | $ | 1,045 |  |  |  |  |
Quantitative Information About Level 3 Fair Value Measurements | The following table presents quantitative information about level 3 fair value measurements for assets measured at fair value on a non-recurring basis as of the date indicated:
($ in thousands) |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range (Weighted-Average)
March 31, 2024 |  |  |  |  |  |  |  |
Loans individually evaluated: |  |  |  |  |  |  |  |
Business property |  | $ | 463 |  |  | Fair value of collateral |  | NM |  | NM
December 31, 2023 |  |  |  |  |  |  |  |
Loans individually evaluated: |  |  |  |  |  |  |  |
Business property |  | $ | 425 |  |  | Fair value of collateral |  | NM |  | NM
Schedule of Carrying Value and Estimated Fair Values of Financial Assets and Liabilities | The following table presents the carrying value and estimated fair values of financial assets and liabilities as of the dates indicated:
|  | Carrying Value |  | Fair Value |  | Fair Value Measurements
($ in thousands) |  |  |  | Level 1 |  | Level 2 |  | Level 3
March 31, 2024 |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits in other financial institutions |  | $ | 210,359 |  |  | $ | 210,359 |  |  | $ | 210,359 |  |  | $ | — |  |  | $ | — |
Securities available-for-sale |  | 138,170 |  |  | 138,170 |  |  | — |  |  | 138,170 |  |  | — |
Loans held-for-sale |  | 3,256 |  |  | 3,498 |  |  | — |  |  | 3,498 |  |  | — |
Net loans held-for-investment |  | 2,369,632 |  |  | 2,285,874 |  |  | — |  |  | — |  |  | 2,285,874 |
Federal Home Loan Bank (“FHLB”) and other restricted stock |  | 12,716 |  |  | N/A |  | N/A |  | N/A |  | N/A
Accrued interest receivable |  | 10,394 |  |  | 10,394 |  |  | 348 |  |  | 452 |  |  | 9,594 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 2,402,840 |  |  | $ | 2,406,788 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,406,788 |
FHLB advances |  | 50,000 |  |  | 50,030 |  |  | — |  |  | 50,030 |  |  | — |
Accrued interest payable |  | 16,742 |  |  | 16,742 |  |  | — |  |  | 46 |  |  | 16,696 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits in other financial institutions |  | $ | 215,824 |  |  | $ | 215,824 |  |  | $ | 215,824 |  |  | $ | — |  |  | $ | — |
Securities available-for-sale |  | 143,323 |  |  | 143,323 |  |  | — |  |  | 143,323 |  |  | — |
Loans held-for-sale |  | 5,155 |  |  | 5,472 |  |  | — |  |  | 5,472 |  |  | — |
Net loans held-for-investment |  | 2,295,919 |  |  | 2,225,573 |  |  | — |  |  | — |  |  | 2,225,573 |
FHLB and other restricted stock |  | 12,716 |  |  | N/A |  | N/A |  | N/A |  | N/A
Accrued interest receivable |  | 9,468 |  |  | 9,468 |  |  | 128 |  |  | 513 |  |  | 8,827 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 2,351,612 |  |  | $ | 2,353,465 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,353,465 |
FHLB advances |  | 39,000 |  |  | 39,013 |  |  | — |  |  | 39,013 |  |  | — |
Accrued interest payable |  | 18,052 |  |  | 18,052 |  |  | — |  |  | 192 |  |  | 17,860 |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition 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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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- Definition 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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