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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Investment in BFG Activity | The following table summarizes investment in BFG activity for the periods indicated:
| For the Nine Months Ended September 30,
($ in thousands) | 2023 |  | 2022
Beginning balance | $ | 4,800 |  |  | $ | 5,900 |
Change in fair value of BFG | (800) |  |  | (1,400) |
Ending balance | $ | 4,000 |  |  | $ | 4,500 |
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:
|  |  | September 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 |  | $ | 126,771 |  |  | $ | 126,771 |  |  | $ | 100,567 |  |  | $ | 100,567 |
Investment securities held-to-maturity | 2 |  | 15,840 |  |  | 13,867 |  |  | 14,292 |  |  | 12,728 |
Investment in FHLB stock | 2 |  | 476 |  |  | 476 |  |  | 449 |  |  | 449 |
Loans held for investment | 3 |  | 324,197 |  |  | 343,070 |  |  | 224,217 |  |  | 237,225 |
Loans held-for-sale | 2 |  | 45,710 |  |  | 45,710 |  |  | 23,589 |  |  | 23,589 |
Accrued interest receivable | 2 |  | 2,711 |  |  | 2,711 |  |  | 1,818 |  |  | 1,818 |
SBA servicing asset | 2 |  | 4,398 |  |  | 4,398 |  |  | 5,210 |  |  | 5,210 |
Investment in BFG | 3 |  | 4,000 |  |  | 4,000 |  |  | 4,800 |  |  | 4,800 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Total deposits | 2 |  | 386,753 |  |  | 361,998 |  |  | 242,998 |  |  | 221,287 |
Accrued interest payable | 2 |  | 581 |  |  | 581 |  |  | 54 |  |  | 54 |
PPP Liquidity Facility | 2 |  | 221 |  |  | 221 |  |  | 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
September 30, 2023 |  |  |  |  |  |  |  |
Nonrecurring assets |  |  |  |  |  |  |  |
Individually evaluated loans |  | $ | 10,703 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,703 |
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 September 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)
September 30, 2023 |  |  |  |  |  |
Individually evaluated loans | $ | 10,703 |  |  | Market comparable | Adjustment to appraisal value |  | 3.30 | %
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 September 30, 2023 and as of December 31, 2022 are shown in the following table:
($ in thousands) | September 30, 2023 Range (Weighted Average) |  | December 31, 2022 Range (Weighted Average)
Discounted Cash Flows |  |  |
Revenue growth rate | 10.5 | % |  | 10.8 | %
Expense growth rate | 13.9 | % |  | 11.5 | %
Discount rate | 27.5 | % |  | 30.0 | %
Guideline Public Company |  |  |
Multiples of enterprise value | 2.8x to 5.0x |  | 3.0x to 5.0x

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