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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020 are summarized below:
|  | Fair Value Measure on a Recurring Basis
($ in thousands) |  | Total Fair Value |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
December 31, 2021 |  |  |  |  |  |  |  |
U.S. Government agencies or sponsored agency securities: |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 37,412 |  |  | $ | — |  |  | $ | 37,412 |  |  | $ | — |
Residential collateralized mortgage obligations |  | $ | 113,032 |  |  | $ | — |  |  | $ | 113,032 |  |  | $ | — |
Other investments: |  |  |  |  |  |  |  |
Mutual fund - CRA qualified |  | $ | 3,708 |  |  | $ | 3,708 |  |  | $ | — |  |  | $ | — |
December 31, 2020 |  |  |  |  |  |  |  |
U.S. Government sponsored agency securities |  | $ | 1,005 |  |  | $ | — |  |  | $ | 1,005 |  |  | $ | — |
U.S. Government agencies or sponsored agency securities: |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 19,704 |  |  | $ | — |  |  | $ | 19,704 |  |  | $ | — |
Residential collateralized mortgage obligations |  | $ | 71,082 |  |  | $ | — |  |  | $ | 71,082 |  |  | $ | — |
Other investments: |  |  |  |  |  |  |  |
Mutual fund - CRA qualified |  | $ | 3,773 |  |  | $ | 3,773 |  |  | $ | — |  |  | $ | — |
Summary of Fair Value Hierarchy and Fair Value of Assets that Were Still Held and Had Fair Value Adjustments Measured On a Nonrecurring Basis | The following table presents the fair value hierarchy and fair value of assets that were still held and had fair value adjustments measured on a nonrecurring basis as of December 31, 2021 and 2020:
|  | Fair Value Measure on a Nonrecurring Basis
($ in thousands) |  | Total Fair Value |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
December 31, 2021 |  |  |  |  |  |  |  |
Impaired loans |  | $ | 814 |  |  | $ | — |  |  | $ | — |  |  | $ | 814 |
December 31, 2020 |  |  |  |  |  |  |  |
Impaired loans |  | $ | 87 |  |  | $ | — |  |  | $ | — |  |  | $ | 87 |
Summary of Increase (Decrease) In Value of Certain Assets Held at End of Respective Reporting Periods Presented for Which a Nonrecurring Fair Value Adjustment | The following table presents the increase (decrease) in value of certain assets held at the end of the respective reporting periods presented for which a nonrecurring fair value adjustment was recognized during the period presented:
|  | December 31,
($ in thousands) |  | 2021 |  | 2020 |  | 2019
Impaired loans |  | $ | 105 |  |  | $ | (84) |  |  | $ | 13 |
Summary of Information about Significant Unobservable Inputs Utilized in Company's Nonrecurring Level 3 Fair Value Measurements | The following table presents information about significant unobservable inputs utilized in the Company’s nonrecurring Level 3 fair value measurements as of December 31, 2021 and 2020:
($ in thousands) |  | Fair Value Measurements (Level 3) |  | Valuation Techniques |  | Unobservable Inputs |  | Range of Inputs |  | Weighted- Average of Inputs (1)
December 31, 2021 |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |
SBA loans—real estate |  | $ | 419 |  |  | Market approach |  | Market data comparison |  | 2% to 17% |  | 8.7%
SBA loans—real estate |  | $ | 395 |  |  | Income approach - income capitalization |  | Capitalization rate |  | 12.0% |  | 12.0%
December 31, 2020 |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |
SBA loans—non-real estate |  | $ | 25 |  |  | Market approach |  | Market data comparison |  | (3.5)% to 7.1% |  | 2.9%
(1)Weighted-average of inputs is based on the relative fair value of the respective assets as of December 31, 2021 and 2020. (2)Applying fair value adjustments on the impaired loan through the full specific reserve allowance of the loan carrying value resulted in a zero fair value balance as of December 31, 2021 and 2020.
Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value | Financial Instruments: The carrying amounts and estimated fair values of financial instruments that are not carried at fair value on a recurring basis as of December 31, 2021 and 2020 are as follows. These financial assets and liabilities are measured at amortized cost basis on the Company’s Consolidated Balance Sheets:
|  | December 31, 2021
($ in thousands) |  | Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Value
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 115,459 |  |  | $ | 115,459 |  |  | $ | — |  |  | $ | — |  |  | $ | 115,459 |
Loans held for sale |  | $ | 89,428 |  |  | $ | — |  |  | $ | 99,301 |  |  | $ | — |  |  | $ | 99,301 |
Loans receivable, net |  | $ | 1,297,896 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,291,926 |  |  | $ | 1,291,926 |
Accrued interest receivable, net |  | $ | 4,579 |  |  | $ | — |  |  | $ | 348 |  |  | $ | 4,231 |  |  | $ | 4,579 |
Other investments: |  |  |  |  |  |  |  |  |  |
FHLB and PCBB stock |  | $ | 7,196 |  |  | N/A |  | N/A |  | N/A |  | N/A
Time deposits placed |  | $ | 95 |  |  | $ | — |  |  | $ | 95 |  |  | $ | — |  |  | $ | 95 |
Servicing assets |  | 12,720 |  |  |  |  |  |  | 15,505 |  |  | $ | 15,505 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Deposit |  | $ | 1,534,066 |  |  | $ | — |  |  | $ | 1,534,066 |  |  | $ | — |  |  | $ | 1,534,066 |
FHLB Advances |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Accrued interest payable |  | $ | 558 |  |  | $ | — |  |  | $ | 558 |  |  | $ | — |  |  | $ | 558 |
|  | December 31, 2020
($ in thousands) |  | Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Value
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 106,310 |  |  | $ | 106,310 |  |  | $ | — |  |  | $ | — |  |  | $ | 106,310 |
Loans held for sale |  | $ | 26,659 |  |  | $ | — |  |  | $ | 26,659 |  |  | $ | — |  |  | $ | 26,659 |
Loans receivable, net |  | $ | 1,084,384 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,109,217 |  |  | $ | 1,109,217 |
Accrued interest receivable, net |  | $ | 3,985 |  |  | $ | 7 |  |  | $ | 249 |  |  | $ | 3,729 |  |  | $ | 3,985 |
Other investments: |  |  |  |  |  |  |  |  |  |
FHLB and PCBB stock |  | $ | 6,233 |  |  | N/A |  | N/A |  | N/A |  | N/A
Time deposits placed |  | $ | 95 |  |  | $ | — |  |  | $ | 95 |  |  | $ | — |  |  | $ | 95 |
Servicing assets |  | $ | 7,360 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,106 |  |  | $ | 9,106 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Deposit |  | $ | 1,200,090 |  |  | $ | — |  |  | $ | 1,200,789 |  |  | $ | — |  |  | $ | 1,200,789 |
FHLB Advances |  | $ | 5,000 |  |  | $ | — |  |  | $ | 5,000 |  |  | $ | — |  |  | $ | 5,000 |
Accrued interest payable |  | $ | 1,021 |  |  | $ | — |  |  | $ | 1,021 |  |  | $ | — |  |  | $ | 1,021 |

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- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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