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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Investment in BFG Activity | The following table summarizes investment in BFG activity for the periods indicated:
| For the Six Months Ended June 30,
($ in thousands) | 2023 |  | 2022
Beginning balance | $ | 4,800 |  |  | $ | 5,900 |
Distributions from BFG | (335) |  |  | (327) |
Change in fair value of BFG | 35 |  |  | (973) |
Ending balance | $ | 4,500 |  |  | $ | 4,600 |
Estimated Fair Value and Carrying Value of Financial Instrument | The table below presents the carrying amount and fair value of the Company's financial instruments:
|  |  | June 30, 2023 |  | December 31, 2022
($ in thousands) | Level |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 1 |  | $ | 119,043 |  |  | $ | 119,043 |  |  | $ | 100,567 |  |  | $ | 100,567 |
Investment securities held-to-maturity | 2 |  | 14,403 |  |  | 12,730 |  |  | 14,292 |  |  | 12,728 |
Investment in FHLB stock | 2 |  | 476 |  |  | 476 |  |  | 449 |  |  | 449 |
Loans held for investment | 3 |  | 277,663 |  |  | 294,533 |  |  | 224,217 |  |  | 237,225 |
Loans held-for-sale | 2 |  | 42,362 |  |  | 42,357 |  |  | 23,589 |  |  | 23,586 |
Accrued interest receivable | 2 |  | 2,316 |  |  | 2,316 |  |  | 1,818 |  |  | 1,818 |
SBA servicing asset | 2 |  | 5,233 |  |  | 5,233 |  |  | 5,210 |  |  | 5,210 |
Investment in BFG | 3 |  | 4,500 |  |  | 4,500 |  |  | 4,800 |  |  | 4,800 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Total deposits | 2 |  | 332,530 |  |  | 306,396 |  |  | 242,998 |  |  | 221,287 |
Accrued interest payable | 2 |  | 466 |  |  | 466 |  |  | 54 |  |  | 54 |
PPP Liquidity Facility | 2 |  | 252 |  |  | 252 |  |  | 314 |  |  | 314 |
Assets Measured at Fair Value on a Nonrecurring Basis | Assets measured at fair value on a nonrecurring basis are summarized as follows:
($ in thousands) |  |  |  | Fair Value Measurements Using
Description of Financial Instrument |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
June 30, 2023 |  |  |  |  |  |  |  |
Nonrecurring assets |  |  |  |  |  |  |  |
Individually evaluated loans |  | $ | 952 |  |  | $ | — |  |  | $ | — |  |  | $ | 952 |
December 31, 2022 |  |  |  |  |  |  |  |
Nonrecurring assets |  |  |  |  |  |  |  |
Individually evaluated loans |  | $ | 450 |  |  | $ | — |  |  | $ | — |  |  | $ | 450 |
Quantitative Information for Level 3 Fair Value Measurements | The range and weighted average of the significant unobservable inputs used to fair value Level 3 nonrecurring assets as of June 30, 2023 and as of December 31, 2022, along with the valuation techniques used, are shown in the following table:
($ in thousands) | Fair Value |  | Valuation Technique | Unobservable Input |  | Range (Weighted Average)
June 30, 2023 |  |  |  |  |  |
Individually evaluated loans | $ | 952 |  |  | Market comparable | Adjustment to appraisal value |  | 0.34 | %
December 31, 2022 |  |  |  |  |  |
Individually evaluated loans | $ | 450 |  |  | Market comparable | Adjustment to appraisal value |  | 0.20 | %
Significant Unobservable Inputs Used to Fair Value Investment in BFG on Recurring Asset | The range and weighted average of the significant unobservable inputs used to fair value the investment in BFG Level 3 recurring asset as of June 30, 2023 and as of December 31, 2022 are shown in the following table:
($ in thousands) | June 30, 2023 Range (Weighted Average) |  | December 31, 2022 Range (Weighted Average)
Discounted Cash Flows |  |  |
Revenue growth rate | 10.7 | % |  | 10.8 | %
Expense growth rate | 14.1 | % |  | 11.5 | %
Discount rate | 25.0 | % |  | 30.0 | %
Guideline Public Company |  |  |
Multiples of enterprise value | 3.5x to 5.0x |  | 3.0x to 5.0x

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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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