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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 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)
June 30, 2024 |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
U.S. Government agencies or sponsored agency securities: |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 40,196 |  |  | $ | — |  |  | $ | 40,196 |  |  | $ | — |
Residential collateralized mortgage obligations |  | 153,206 |  |  | — |  |  | 153,206 |  |  | — |
Municipal securities - tax exempt |  | 5,803 |  |  | — |  |  | 5,803 |  |  | — |
Other investments: |  |  |  |  |  |  |  |
Mutual fund - CRA qualified |  | 3,462 |  |  | 3,462 |  |  | — |  |  | — |
Liabilities: |  |  |  |  |  |  |  |
Derivative financial instruments |  | $ | 254 |  |  | $ | — |  |  | $ | 254 |  |  | $ | — |
December 31, 2023 |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
U.S. Government agencies or sponsored agency securities: |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 43,877 |  |  | $ | — |  |  | $ | 43,877 |  |  | $ | — |
Residential collateralized mortgage obligations |  | 144,459 |  |  | — |  |  | 144,459 |  |  | — |
Municipal securities - tax exempt |  | 5,914 |  |  | — |  |  | 5,914 |  |  | — |
Other investments: |  |  |  |  |  |  |  |
Mutual fund - CRA qualified |  | 3,463 |  |  | 3,463 |  |  | — |  |  | — |
Schedule 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 June 30, 2024 and December 31, 2023:
|  | 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)
June 30, 2024 |  |  |  |  |  |  |  |
Collateral-dependent loans: |  |  |  |  |  |  |  |
SBA—real estate |  | $ | 1,434 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,434 |
OREO |  | 1,237 |  |  | — |  |  | — |  |  | 1,237 |
Total |  | $ | 2,671 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,671 |
December 31, 2023 |  |  |  |  |  |  |  |
Collateral-dependent loans: |  |  |  |  |  |  |  |
SBA—real estate |  | $ | 1,432 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,432 |
Total |  | $ | 1,432 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,432 |
Total |  |  |  |  |  |  |  |
Schedule 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:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
($ in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Collateral-dependent loans: |  |  |  |  |  |  |  |
SBA—real estate |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | 1 |
Total |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | 1 |
Schedule 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 June 30, 2024 and December 31, 2023:
($ in thousands) |  | Fair Value Measurements (Level 3) |  | Valuation Techniques |  | Unobservable Inputs |  | Range of Inputs |  | Weighted- Average of Inputs(1)
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Collateral-dependent loans: |  |  |  |  |  |  |  |  |  |
SBA—real estate |  | $ | 1,434 |  |  | Income approach - income capitalization |  | Capitalization rate |  | 8.0% to 11.8% |  | 10.4%
OREO |  | 1,237 |  |  | Sales comparison approach |  | Market data comparison |  | (3.7)% to 2.2% |  | (0.5)%
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Collateral-dependent loans: |  |  |  |  |  |  |  |  |  |
SBA—real estate |  | $ | 1,432 |  |  | Income approach - income capitalization |  | Capitalization rate |  | 9.3% to 11.0% |  | 9.9%
(1)Weighted-average of inputs is based on the relative fair value of the respective assets as of June 30, 2024 and December 31, 2023.
Schedule 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 June 30, 2024 and December 31, 2023 are as follows. These financial assets and liabilities are measured at amortized cost basis on the Company’s Consolidated Balance Sheets:
|  | June 30, 2024
($ in thousands) |  | Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 127,676 |  |  | $ | 127,676 |  |  | $ | — |  |  | $ | — |  |  | $ | 127,676 |
Loans held for sale |  | 6,485 |  |  | — |  |  | 7,034 |  |  | — |  |  | 7,034 |
Loans receivable, net |  | 1,847,346 |  |  | — |  |  | — |  |  | 1,907,170 |  |  | 1,907,170 |
Accrued interest receivable, net |  | 8,555 |  |  | 82 |  |  | 1,004 |  |  | 7,469 |  |  | 8,555 |
Other investments: |  |  |  |  |  |  |  |  |  |
FHLB and PCBB stock |  | 12,805 |  |  | N/A |  | N/A |  | N/A |  | N/A
Time deposits placed |  | 100 |  |  | — |  |  | 100 |  |  | — |  |  | 100 |
Servicing assets |  | 11,043 |  |  | — |  |  | — |  |  | 16,813 |  |  | 16,813 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits |  | 1,940,821 |  |  | — |  |  | 1,940,821 |  |  | — |  |  | 1,940,821 |
FHLB advances |  | 115,000 |  |  | — |  |  | 114,485 |  |  | — |  |  | 114,485 |
Accrued interest payable |  | 15,504 |  |  | — |  |  | 15,504 |  |  | — |  |  | 15,504 |
|  | December 31, 2023
($ in thousands) |  | Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 91,216 |  |  | $ | 91,216 |  |  | $ | — |  |  | $ | — |  |  | $ | 91,216 |
Loans receivable, net |  | 1,743,852 |  |  | — |  |  | — |  |  | 1,793,258 |  |  | 1,793,258 |
Accrued interest receivable, net |  | 8,259 |  |  | 69 |  |  | 859 |  |  | 7,331 |  |  | 8,259 |
Other investments: |  |  |  |  |  |  |  |  |  |
FHLB and PCBB stock |  | 12,718 |  |  | N/A |  | N/A |  | N/A |  | N/A
Time deposits placed |  | 95 |  |  | — |  |  | 95 |  |  | — |  |  | 95 |
Servicing assets |  | 11,741 |  |  | — |  |  | — |  |  | 17,218 |  |  | 17,218 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits |  | 1,807,558 |  |  | — |  |  | 1,808,444 |  |  | — |  |  | 1,808,444 |
FHLB advances |  | 105,000 |  |  | — |  |  | 104,231 |  |  | — |  |  | 104,231 |
Accrued interest payable |  | 12,628 |  |  | — |  |  | 12,628 |  |  | — |  |  | 12,628 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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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://www.xbrl.org/2003/role/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + 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 -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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