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Loans and Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Composition of Loan Portfolio

The following table presents the composition of the loan portfolio as of December 31, 2021 and 2020:

($ in thousands)						December 31, 2021						December 31, 2020
Commercial real estate						$	701,450					$	651,684
SBA loans—real estate						220,099						136,224
SBA loans—non-real estate (1)						55,759						75,151
Commercial and industrial ("C&I")						162,543						107,307
Home mortgage						173,303						128,212
Consumer						865						1,158
Gross loans receivable						1,314,019						1,099,736
Allowance for loan losses						(16,123)						(15,352)
Loans receivable, net (2)						$	1,297,896					$	1,084,384

(1)As of December 31, 2021 and 2020, SBA loans - non-real estate balances include SBA Paycheck Protection Program ("PPP") loans of $40.6 million and $64.9 million, respectively.

(2)Includes net deferred loan fees or costs, unamortized premiums and unaccreted discounts of $(7.0) million and $(5.9) million as of December 31, 2021 and 2020, respectively.

Schedule of Activity in Allowance for Loan Losses by Portfolio Segment

The following table summarizes the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2021, 2020, and 2019:

($ in thousands)						Commercial Real Estate						SBA Loans— Real Estate						SBA Loans—Non- Real Estate						C&I						Home Mortgage						Consumer						Total
Balance at January 1, 2019						$	4,805					$	894					$	505					$	1,746					$	1,653					$	33					$	9,636
Provision for (reversal of) loan losses (1)						1,195						734						(384)						(457)						14						—						1,102
Charge-offs						—						(689)						—						—						—						—						(689)
Recoveries						—						—						—						—						—						1						1
Balance at December 31, 2019						$	6,000					$	939					$	121					$	1,289					$	1,667					$	34					$	10,050
Provision for (reversal of) loan losses (1)						2,505						863						174						1,274						518						(16)						5,318
Charge-offs						—						—						(45)						—						—						—						(45)
Recoveries						—						—						28						—						—						1						29
Balance at December 31, 2020						$	8,505					$	1,802					$	278					$	2,563					$	2,185					$	19					$	15,352
(Reversal of) provision for loan losses (1)						(355)						279						54						285						706						(10)						959
Charge-offs						—						(59)						(136)						—						—						—						(195)
Recoveries						—						—						3						—						—						4						7
Balance at December 31, 2021						$	8,150					$	2,022					$	199					$	2,848					$	2,891					$	13					$	16,123

(1)Excludes provision for (reversal of) uncollectible accrued interest receivable of $205 thousand and $643 thousand for the years ended December 31, 2021, and 2020, respectively. There was no provision for uncollectible accrued interest receivable for the year ended December 31, 2019.

The following table presents the allowance for loan losses and recorded investment (not including accrued interest receivable) by portfolio segment and impairment methodology as of December 31, 2021 and 2020:

($ in thousands)						Individually Evaluated for Impairment						Collectively Evaluated for Impairment						Total
As of December 31, 2021
Allowance for loan losses (1):
Commercial real estate						$	—					$	8,150					$	8,150
SBA loans—real estate						—						2,022						2,022
SBA loans—non-real estate						—						199						199
C&I						312						2,536						2,848
Home mortgage						—						2,891						2,891
Consumer						—						13						13
Total						$	312					$	15,811					$	16,123
Loans (2):
Commercial real estate						$	—					$	701,450					$	701,450
SBA loans—real estate						812						219,287						220,099
SBA loans—non-real estate						—						55,759						55,759
C&I						312						162,231						162,543
Home mortgage						—						173,303						173,303
Consumer						—						865						865
Total						$	1,124					$	1,312,895					$	1,314,019
As of December 31, 2020
Allowance for loan losses (1):
Commercial real estate						$	—					$	8,505					$	8,505
SBA loans—real estate						—						1,802						1,802
SBA loans—non-real estate						87						191						278
C&I						330						2,233						2,563
Home mortgage						—						2,185						2,185
Consumer						—						19						19
Total						$	417					$	14,935					$	15,352
Loans (2):
Commercial real estate						$	—					$	651,684					$	651,684
SBA loans—real estate						—						136,224						136,224
SBA loans—non-real estate						174						74,977						75,151
C&I						330						106,977						107,307
Home mortgage						—						128,212						128,212
Consumer						—						1,158						1,158
Total						$	504					$	1,099,232					$	1,099,736

(1)Excludes allowance for uncollectible accrued interest receivable of $205 thousand and $643 thousand as of December 31, 2021, and 2020, respectively.

(2)Excludes accrued interest receivables of $4.4 million and $4.4 million as of December 31, 2021, and 2020, respectively.

Schedule of Impaired Loans and Specific Allowance

The following table presents the recorded investment of individually impaired loans and the specific allowance for loan losses as of December 31, 2021 and 2020:

						December 31, 2021 (1)																								December 31, 2020 (1)
($ in thousands)						Unpaid Principal Balance						Recorded Investment With No Allowance						Recorded Investment With Allowance						Related Allowance						Unpaid Principal Balance						Recorded Investment With No Allowance						Recorded Investment With Allowance						Related Allowance
SBA loans—real estate						$	812					$	812					$	—					$	—					$	—					$	—					$	—					$	—
SBA loans—non-real estate						—						—						—						—						174						—						174						87
C&I						313						—						313						313						330						—						330						330
Total						$	1,125					$	812					$	313					$	313					$	504					$	—					$	504					$	417

(1)    The difference between the unpaid principal balance (net of partial charge-offs) and the recorded investment in the loans was not considered to be material.

The following table presents the average recorded investment in impaired loans and the amount of interest income recognized on impaired loans by portfolio segment for the years ended December 31, 2021, 2020, and 2019. The difference between interest income recognized and cash basis interest recognized was immaterial.

($ in thousands)															Average Recorded Investment						Interest Income Recognized
2021
SBA loans—real estate															$	597					$	—
Commercial and industrial															322						—
Total															$	919					$	—
2020
SBA loans—non-real estate															$	182					$	41
C&I															331						14
Total															$	513					$	55
2019
SBA loans—real estate															$	503					$	—
SBA loans—non-real estate															45						—
C&I															338						20
Total															$	886					$	20

Schedule of Recorded Investment in Nonaccrual Loans and Loans Past Due 90 or More Days and Still Accruing Interest by Portfolio Segment

The following table presents the recorded investment in nonaccrual loans and loans past due 90 or more days and still accruing interest, by portfolio as of December 31, 2021 and 2020:

($ in thousands)						Nonaccrual						90 or More Days Past Due & Still Accruing						Total
As of December 31, 2021
SBA loans—real estate						$	812					$	—					$	812
SBA loans—non-real estate						837						200						1,037
Commercial and industrial						313						—						313
Home mortgage						1,038						—						1,038
Total						$	3,000					$	200					$	3,200
As of December 31, 2020
SBA loans—real estate						$	56					$	—					$	56
SBA loans—non-real estate						330						—						330
Home mortgage						599						—						599
Total						$	985					$	—					$	985

Schedule of Aging Analysis of Recorded Investment in Past Due Loans

The following table represents the aging analysis of the recorded investment in past due loans at December 31, 2021 and 2020:

($ in thousands)						30-59 Days Past Due						60-89 Days Past Due						> 90 Days Past Due						Total Past Due						Loans Not Past Due						Total (1)
As of December 31, 2021
Commercial real estate						$	—					$	—					$	—					$	—					$	701,450					$	701,450
SBA—real estate						—						—						419						419						219,680						220,099
SBA—non-real estate						76						336						881						1,293						54,466						55,759
C&I						—						—						—						—						162,543						162,543
Home mortgage						—						—						893						893						172,410						173,303
Consumer						—						—						—						—						865						865
Total						$	76					$	336					$	2,193					$	2,605					$	1,311,414					$	1,314,019
As of December 31, 2020
Commercial real estate						$	—					$	—					$	—					$	—					$	651,684					$	651,684
SBA—real estate						—						—						—						—						136,224						136,224
SBA—non-real estate						—						—						—						—						75,151						75,151
C&I						—						—						—						—						107,307						107,307
Home mortgage						—						—						599						599						127,613						128,212
Consumer						—						—						—						—						1,158						1,158
Total						$	—					$	—					$	599					$	599					$	1,099,137					$	1,099,736

(1)Excludes accrued interest receivables of $4.4 million and $4.4 million as of December 31, 2021, and 2020, respectively.

Schedule of Loan Deferment Status Change by Loan Type

The following table represents the loan deferment status change by loan type as of December 31, 2021:

						December 31, 2021
($ in thousands)						Total deferments under the CARES Act												Payment resumed or paid off												Remaining deferments
Loan Type						Number of Accounts						Balance						Number of Accounts						Balance						Number of Accounts						Balance
Loans, excluding home mortgage and consumer						157						$	220,553					154						$	215,509					3						$	5,044
Home mortgage						69						30,205						69						30,205						—						—
Total						226						$	250,758					223						$	245,714					3						$	5,044

Schedule of Credit Risk Ratings by Portfolio Segment

As of December 31, 2021 and 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows:

($ in thousands)						Pass						Special Mention						Substandard						Doubtful						Total (1)
As of December 31, 2021
Commercial real estate						$	701,450					$	—					$	—					$	—					$	701,450
SBA loans—real estate						218,408						—						1,691						—						220,099
SBA loans—non-real estate						54,762						—						966						31						55,759
C&I						162,230						—						313						—						162,543
Home mortgage						172,265						—						1,038						—						173,303
Consumer						865						—						—						—						865
Total						$	1,309,980					$	—					$	4,008					$	31					$	1,314,019
As of December 31, 2020
Commercial real estate						$	651,684					$	—					$	—					$	—					$	651,684
SBA loans—real estate						134,166						535						1,523						—						136,224
SBA loans—non-real estate						74,953						—						198						—						75,151
C&I						102,302						—						5,005						—						107,307
Home mortgage						127,613						—						599						—						128,212
Consumer						1,158						—						—						—						1,158
Total						$	1,091,876					$	535					$	7,325					$	—					$	1,099,736

(1)Excludes accrued interest receivables of $4.4 million and $4.4 million as of December 31, 2021, and 2020, respectively.

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