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Fair Value of Financial Instruments (Tables)

9 Months Ended

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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