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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
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
September 30, 2024
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities$— $112,153 $— $112,153 
Residential collateralized mortgage obligations— 22,386 — 22,386 
SBA loan pool securities— 6,431 — 6,431 
Municipal bonds— 2,473 — 2,473 
Corporate bonds— 4,192 — 4,192 
Total securities available-for-sale— 147,635 — 147,635 
Total assets measured at fair value on a recurring basis$ $147,635 $ $147,635 
Total liabilities measured at fair value on a recurring basis$ $ $ $ 
December 31, 2023
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities$— $104,091 $— $104,091 
Residential collateralized mortgage obligations— 24,173 — 24,173 
SBA loan pool securities— 7,450 — 7,450 
Municipal bonds— 3,329 — 3,329 
Corporate bonds— 4,280 — 4,280 
Total securities available-for-sale— 143,323 — 143,323 
Total assets measured at fair value on a recurring basis$ $143,323 $ $143,323 
Total liabilities measured at fair value on a recurring basis$ $ $ $ 
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
September 30, 2024
Loans individually evaluated:
Business property$— $— $1,274 $1,274 
Commercial and industrial— — 16 16 
Total loans individually evaluated— — 1,290 1,290 
Total assets measured at fair value on a non-recurring basis
$ $ $1,290 $1,290 
Total liabilities measured at fair value on a non-recurring basis
$ $ $ $ 
December 31, 2023
Loans individually evaluated:
Business property$— $— $425 $425 
Total loans individually evaluated— — 425 425 
Total assets measured at fair value on a non-recurring basis
$ $ $425 $425 
Total liabilities measured at fair value on a non-recurring basis
$ $ $ $ 
The following table presents gains or losses, including charge-offs, recoveries, and specific reserves recorded, for assets measured at fair value for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2024202320242023
Loans individually evaluated:
Business property$$(15)$47 $(47)
Commercial and industrial(1)— 31 1,074 
Net gains (losses) recognized$2 $(15)$78 $1,027 
Schedule of Quantitative Information About Level 3 Fair Value Measurements
The following table presents quantitative information about level 3 fair value measurements for assets measured at fair value on a non-recurring basis as of the date indicated:
($ in thousands)Fair ValueValuation Technique(s)Unobservable Input(s)
Weighted-Average
September 30, 2024
Loans individually evaluated:
Business property$1,274 Fair value of collateral
Selling cost
6%
Commercial and industrial16 Discounted cash flowNMNM
December 31, 2023
Loans individually evaluated:
Business property$425 Fair value of collateralNMNM
Schedule of Carrying Value and Estimated Fair Values of Financial Assets and Liabilities
The following table presents the carrying value and estimated fair values of financial assets and liabilities as of the dates indicated:
Carrying Value
Fair Value
Fair Value Measurements
($ in thousands)Level 1Level 2Level 3
September 30, 2024
Financial assets:
Interest-bearing deposits in other financial institutions
$163,083 $163,083 $163,083 $— $— 
Securities available-for-sale
147,635 147,635 — 147,635 — 
Loans held-for-sale
5,170 5,625 — 5,625 — 
Net loans held-for-investment
2,437,244 2,382,466 — — 2,382,466 
Federal Home Loan Bank (“FHLB”) and other restricted stock
14,042  N/A N/A N/AN/A
Accrued interest receivable
9,896 9,896 275 488 9,133 
Financial liabilities:
Deposits
$2,459,682 $2,466,010 $— $— $2,466,010 
Accrued interest payable
27,985 27,985 — — 27,985 
December 31, 2023
Financial assets:
Interest-bearing deposits in other financial institutions
$215,824 $215,824 $215,824 $— $— 
Securities available-for-sale
143,323 143,323 — 143,323 — 
Loans held-for-sale
5,155 5,472 — 5,472 — 
Net loans held-for-investment
2,295,919 2,225,573 — — 2,225,573 
FHLB and other restricted stock
12,716 N/AN/AN/AN/A
Accrued interest receivable
9,468 9,468 128 513 8,827 
Financial liabilities:
Deposits
$2,351,612 $2,353,465 $— $— $2,353,465 
FHLB advances
39,000 39,013 — 39,013 — 
Accrued interest payable
18,052 18,052 — 192 17,860