v3.24.1.u1

Fair Value Measurements (Tables)

3 Months Ended

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

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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-Paragraph 2
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-Topic 820
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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

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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

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-Section 50
-Paragraph 2
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