Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2022 |
Fair Value Disclosures [Abstract] |
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Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement Level | | | ($ in thousands) | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | June 30, 2022 | | | | | | | | | Securities available-for-sale: | | | | | | | | | U.S. government agency and U.S. government sponsored enterprise securities: | | | | | | | | | Residential mortgage-backed securities | | $ | — | | | $ | 93,510 | | | $ | — | | | $ | 93,510 | | Residential collateralized mortgage obligations | | — | | | 24,680 | | | — | | | 24,680 | | SBA loan pool securities | | — | | | 10,792 | | | — | | | 10,792 | | Municipal bonds | | — | | | 5,272 | | | — | | | 5,272 | | Corporate bonds | | — | | | 4,813 | | | — | | | 4,813 | | Total securities available-for-sale | | — | | | 139,067 | | | — | | | 139,067 | | Total assets measured at fair value on a recurring basis | | $ | — | | | $ | 139,067 | | | $ | — | | | $ | 139,067 | | Total liabilities measured at fair value on a recurring basis | | $ | — | | | $ | — | | | $ | — | | | $ | — | | December 31, 2021 | | | | | | | | | Securities available-for-sale: | | | | | | | | | U.S. government agency and U.S. government sponsored enterprise securities: | | | | | | | | | Residential mortgage-backed securities | | $ | — | | | $ | 84,713 | | | $ | — | | | $ | 84,713 | | Residential collateralized mortgage obligations | | — | | | 19,056 | | | — | | | 19,056 | | SBA loan pool securities | | — | | | 8,672 | | | — | | | 8,672 | | Municipal bonds | | — | | | 5,686 | | | — | | | 5,686 | | Corporate bonds | | — | | | 5,071 | | | — | | | 5,071 | | Total securities available-for-sale | | — | | | 123,198 | | | — | | | 123,198 | | Total assets measured at fair value on a recurring basis | | $ | — | | | $ | 123,198 | | | $ | — | | | $ | 123,198 | | Total liabilities measured at fair value on a recurring basis | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | |
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Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis |
The following table presents the Company’s assets and liabilities measured at fair value on a non-recurring basis as of dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement Level | | | ($ in thousands) | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | June 30, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total assets measured at fair value on a non-recurring basis | | $ | — | | | $ | — | | | $ | — | | | $ | — | | Total liabilities measured at fair value on a non-recurring basis | | $ | — | | | $ | — | | | $ | — | | | $ | — | | December 31, 2021 | | | | | | | | | Impaired loans: | | | | | | | | | SBA property | | $ | — | | | $ | — | | | $ | 17 | | | $ | 17 | | | | | | | | | | | | | | | | | | | | Total impaired loans | | — | | | — | | | 17 | | | 17 | | Total assets measured at fair value on a non-recurring basis | | $ | — | | | $ | — | | | $ | 17 | | | $ | 17 | | Total liabilities measured at fair value on a non-recurring basis | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | |
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Quantitative Information About Level 3 Fair Value Measurements |
The following table presents quantitative information about level 3 fair value measurements for assets measured at fair value on a non-recurring basis as of the date indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | Fair Value | | Valuation Technique(s) | | Unobservable Input(s) | | Range (Weighted-Average) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | | | | | | | | Impaired loans: | | | | | | | | | SBA property | | $ | 17 | | | Fair value of collateral | | NM | | NM | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Schedule of Total Net Losses |
For assets measured at fair value, the following table presents the total net gains (losses), which include charge-offs, recoveries, and specific reserves recorded for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | ($ in thousands) | | 2022 | | 2021 | | 2022 | | 2021 | Collateral dependent impaired loans: | | | | | | | | | | | | | | | | | | SBA property | | $ | — | | | $ | 15 | | | $ | — | | | $ | (2) | | Commercial lines of credit | | — | | | — | | | — | | | 136 | | SBA commercial term | | — | | | — | | | — | | | (5) | | | | | | | | | | | | | | | | | | | | Other real estate owned | | — | | | (1) | | | — | | | 74 | | Net gains (losses) recognized | | $ | — | | | $ | 14 | | | $ | — | | | $ | 203 | | | | | | | | | | |
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Schedule of Carrying Value and Estimated Fair Values of Financial Assets and Liabilities |
The following table presents the carrying value and estimated fair values of financial assets and liabilities as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying Value | | Fair Value | | Fair Value Measurements | ($ in thousands) | | | | Level 1 | | Level 2 | | Level 3 | June 30, 2022 | | | | | | | | | | | Financial assets: | | | | | | | | | | | Interest-bearing deposits in other financial institutions | | $ | 276,785 | | | $ | 276,785 | | | $ | 276,785 | | | $ | — | | | $ | — | | Securities available-for-sale | | 139,067 | | | 139,067 | | | — | | | 139,067 | | | — | | | | | | | | | | | | | Loans held-for-sale | | 9,627 | | | 10,275 | | | — | | | 10,275 | | | — | | Net loans held-for-investment | | 1,811,830 | | | 1,790,987 | | | — | | | — | | | 1,790,987 | | Federal Home Loan Bank (“FHLB”) and other restricted stock | | 10,183 | | | N/A | | N/A | | N/A | | N/A | Accrued interest receivable | | 5,212 | | | 5,212 | | | 13 | | | 400 | | | 4,799 | | Financial liabilities: | | | | | | | | | | | Deposits | | $ | 1,997,607 | | | $ | 1,993,792 | | | $ | — | | | $ | — | | | $ | 1,993,792 | | | | | | | | | | | | | Accrued interest payable | | 602 | | | 602 | | | — | | | — | | | 602 | | December 31, 2021 | | | | | | | | | | | Financial assets: | | | | | | | | | | | Interest-bearing deposits in other financial institutions | | $ | 188,063 | | | $ | 188,063 | | | $ | 188,063 | | | $ | — | | | $ | — | | Securities available-for-sale | | 123,198 | | | 123,198 | | | — | | | 123,198 | | | — | | | | | | | | | | | | | Loans held-for-sale | | 37,026 | | | 41,079 | | | — | | | 41,079 | | | — | | Net loans held-for-investment | | 1,709,824 | | | 1,725,022 | | | — | | | — | | | 1,725,022 | | FHLB and other restricted stock | | 8,577 | | | N/A | | N/A | | N/A | | N/A | Accrued interest receivable | | 5,368 | | | 5,368 | | | 1 | | | 337 | | | 5,030 | | Financial liabilities: | | | | | | | | | | | Deposits | | $ | 1,867,134 | | | $ | 1,867,635 | | | $ | — | | | $ | — | | | $ | 1,867,635 | | FHLB advances | | 10,000 | | | 10,087 | | | — | | | 10,087 | | | — | | Accrued interest payable | | 771 | | | 771 | | | — | | | 1 | | | 770 | | | | | | | | | | | | |
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