Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Summary of Carrying Values and Fair Values of Financial Instruments

The fair value of the debentures payable to the SBA is estimated based on current market interest rates for similar debt.

	March 31, 2024				December 31, 2023
(Dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Cash, cash equivalents, and federal funds sold (1)	$	169,125	$	169,125	$	149,845	$	149,845
Equity investments		16,374		16,374		11,430		11,430
Investment securities		53,038		53,038		54,282		54,282
Loans receivable		2,144,599		2,144,599		2,131,651		2,131,651
Accrued interest receivable (2)		12,673		12,673		13,538		13,538
Equity securities (3)		1,730		1,730		1,748		1,748
Financial liabilities
Funds borrowed		2,145,596		2,145,596		2,118,689		2,118,689
Accrued interest payable (2)		6,077		6,077		6,822		6,822

(1)Categorized as level 1 within the fair value hierarchy, excluding $1.3 million in interest bearing deposits categorized as level 2 as of March 31, 2024 and $1.3 million as of December 31, 2023. See Note 13.

(2)Categorized as level 3 within the fair value hierarchy. See Note 13.

(3)Included within other assets on the balance sheet.