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Loans and Allowance for Credit Losses on Loans (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Composition of Loan Portfolio
The following table presents the composition of the loan portfolio as of December 31, 2024 and 2023:

December 31,
($ in thousands)20242023
Commercial real estate$980,247 $885,585 
SBA—real estate231,962 224,695 
SBA—non-real estate21,748 14,997 
C&I213,097 120,970 
Home mortgage509,524 518,024 
Consumer274 1,574 
Gross loans receivable1,956,852 1,765,845 
Allowance for credit losses(24,796)(21,993)
Loans receivable, net(1)
$1,932,056 $1,743,852 
(1)Includes net deferred loan fees and net unamortized discounts of $702 thousand as of December 31, 2024 and net deferred loan costs and net unamortized premiums of $140 thousand as of December 31, 2023.
The following table represents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2024 and 2023, for which repayment is expected to be obtained through the sale of the underlying collateral.

($ in thousands)Hotel / MotelRetailSingle-Family Residential
Total(1)
As of December 31, 2024
Commercial real estate$1,580 $363 $— $1,943 
SBA—real estate3,702 2,006 — 5,708 
Total$5,282 $2,369 $— $7,651 
As of December 31, 2023
SBA—real estate$2,923 $— $— $2,923 
Home mortgage— — 2,241 2,241 
Total$2,923 $— $2,241 $5,164 
(1)    Excludes guaranteed portion of SBA loans of $15.2 million as of December 31, 2024. There was no guaranteed portion of SBA loans as of December 31, 2023.
Schedule of Activity in Allowance for Loan Losses by Portfolio Segment
The following table summarizes the activity in the allowance for credit losses on loans by portfolio segment for the years ended December 31, 2024, 2023 and 2022:

($ in thousands)
Commercial
Real Estate
SBA—
Real Estate
SBA —Non-
Real Estate
C&I
Home Mortgage
ConsumerTotal
Balance as of January 1, 2022$8,150 $2,022 $199 $2,848 $2,891 $13 $16,123 
Provision for (reversal of) credit losses(1,199)(409)66 (1,205)5,935 (7)3,181 
Charge-offs— (14)(127)— — — (141)
Recoveries— 8 69 — — 1 78 
Balance as of December 31, 20226,951 1,607 207 1,643 8,826 7 19,241 
Impact of CECL adoption875 (238)(142)(320)1,753 (4)1,924 
Provision for (reversal of) credit losses723 321 73 (11)466 10 1,582 
Charge-offs(686)(46)(35)(97)— — (864)
Recoveries52 13 44 — — 1 110 
Balance as of December 31, 20237,915 1,657 147 1,215 11,045 14 21,993 
Provision for (reversal of) credit losses1,375 3,966 271 673 (3,361)(11)2,913 
Charge-offs— (66)(27)(44)— — (137)
Recoveries— — 27 — — — 27 
Balance as of December 31, 2024$9,290 $5,557 $418 $1,844 $7,684 $3 $24,796 
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, 2024 and 2023:

($ in thousands)Nonaccrual Loans with a Related Allowance for Credit LossesNonaccrual Loans without a Related Allowance for Credit LossesTotal Nonaccrual Loans
90 or More
Days
Past Due &
Still Accruing
Total(1)
As of December 31, 2024
Commercial real estate$363 $1,580 $1,943 $— $1,943 
SBA—real estate2,006 3,702 5,708 — 5,708 
SBA—non-real estate169 — 169 — 169 
Total$2,538 $5,282 $7,820 $— $7,820 
As of December 31, 2023
SBA—real estate$2,302 $1,136 $3,438 $— $3,438 
SBA—non-real estate154 — 154 — 154 
Home mortgage249 2,241 2,490 — 2,490 
Total$2,705 $3,377 $6,082 $— $6,082 
(1)    Excludes guaranteed portion of loans of $16.3 million and $2.0 million as of December 31, 2024 and 2023, respectively.
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 as of December 31, 2024 and 2023:

($ in thousands)
30-59 Days
Past Due
60-89 Days
Past Due
> 90 Days
Past Due
Total
Past Due(1)
Loans Not
Past Due
Total(2)
As of December 31, 2024
Commercial real estate$— $— $362 $362 $979,885 $980,247 
SBA—real estate237 75 2,006 2,318 229,644 231,962 
SBA—non-real estate254 138 2 394 21,354 21,748 
C&I15 — — 15 213,082 213,097 
Home mortgage2,774 5,594 — 8,368 501,156 509,524 
Consumer— — — — 274 274 
Total$3,280 $5,807 $2,370 $11,457 $1,945,395 $1,956,852 
As of December 31, 2023
Commercial real estate$— $— $— $— $885,585 $885,585 
SBA—real estate1,868 932 1,983 4,783 219,912 224,695 
SBA—non-real estate154 — — 154 14,843 14,997 
C&I— — — — 120,970 120,970 
Home mortgage4,076 2,730 2,491 9,297 508,727 518,024 
Consumer— — — — 1,574 1,574 
Total$6,098 $3,662 $4,474 $14,234 $1,751,611 $1,765,845 
(1)Excludes guaranteed portion of loans of $8.7 million and $1.9 million as of December 31, 2024 and 2023, respectively.
(2)Excludes accrued interest receivables of $8.1 million and $7.3 million as of December 31, 2024 and 2023, respectively.
Schedule of Financing Receivable, Modified
The following table presents the amortized cost of modified loans and the financial effects of the modification for the years ended December 31, 2024 and 2023 by loan class and modification type:

Year Ended December 31, 2024
Modification TypePercentage to Each Loan Segment
($ in thousands)Payment DelayInterest OnlyTerm ExtensionTotal
Commercial real estate$1,580 $— $— $1,580 0.16 %
SBA—real estate(1)
3,702 391 — 4,093 1.76 %
C&I— — 400 400 0.19 %
Total$5,282 $391 $400 $6,073 
(1)Excludes guaranteed portion of SBA loans of $7.4 million.

Year Ended December 31, 2023
Modification TypePercentage to Each Loan Segment
($ in thousands)Payment DelayTerm ExtensionTotal
Commercial real estate$— $625 $625 0.07 %
SBA—real estate(1)
2,969 — 2,969 0.57 %
SBA—non-real estate131 — 131 0.87 %
C&I354 — 354 0.16 %
Total$354 $625 $4,079 
(1)Excludes guaranteed portion of SBA loans of $2.4 million.
The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents financial performance of such loans that have been modified in the last 12 months as of December 31, 2024 and 2023:

Payment Performance as of December 31, 2024
($ in thousands)Current30 - 89 Days Past Due90+ Days Past DueTotal
Commercial real estate$1,580 $— $— $1,580 
SBA—real estate(1)
4,093 — — 4,093 
C&I400 — — 400 
Total$6,073 $— $— $6,073 
(1)Excludes guaranteed portion of SBA loans of $7.4 million.

Payment Performance as of December 31, 2023
($ in thousands)Current30 - 89 Days Past Due90+ Days Past DueTotal
Commercial real estate$625 $— $— $625 
SBA—real estate(1)
2,232 — 737 2,969 
SBA—non-real estate131 — — 131 
Home mortgage354 — — 354 
Total$3,342 $— $737 $4,079 
(1)Excludes guaranteed portion of SBA loans of $2.4 million.

The following tables describe the financial effect of the loan modifications made to borrowers experiencing financial difficulty for the periods presented:

Financial Effect
Modification & Loan TypesDescription of Financial EffectYear Ended December 31, 2024
Payment Delay:
Commercial real estateDeferment of Payment by a weighted average of:0.5 years
SBA—real estateDeferment of Payment by a weighted average of:0.9 years
Term Extension:
C&IExtended term by a weighted average of:0.6 years
Interest Only:
SBA—real estateInterest only Payment by a weighted average of:0.5 years

Financial Effect
Modification & Loan TypesDescription of Financial EffectYear Ended December 31, 2023
Payment Delay:
SBA—real estateDeferment of Payment by a weighted average of:0.7 years
SBA—non-real estateDeferment of Payment by a weighted average of:0.2 years
Home mortgageDeferment of Payment by a weighted average of:0.5 years
Term Extension:
Commercial real estateExtended term by a weighted average of:1.0 year
Schedule of Credit Risk Ratings by Portfolio Segment
The following table presents the loan portfolio's amortized cost by loan type, risk rating and year of origination as of December 31, 2024 and 2023:
December 31, 2024
Term Loans by Origination YearRevolving LoansRevolving Loans Converted to Term Loans
Total(1)
($ in thousands)20242023
2022
20212020Prior
Commercial real estate
Pass$201,141 $85,056 $190,968 $137,425 $88,993 $250,291 $17,012 $— $970,886 
Special mention— — 579 2,246 — — — — 2,825 
Substandard— 1,580 319 — — 4,637 — — 6,536 
Doubtful— — — — — — — — — 
Subtotal$201,141 $86,636 $191,866 $139,671 $88,993 $254,928 $17,012 $— $980,247 
Current period charge-offs$— $— $— $— $— $— $— $— $— 
SBA— real estate
Pass$31,441 $26,508 $41,375 $18,819 $16,166 $72,440 $— $— $206,749 
Special mention— — 2,345 — — 739 — — 3,084 
Substandard— 1,182 9,965 2,868 — 8,114 — — 22,129 
Doubtful— — — — — — — — — 
Subtotal$31,441 $27,690 $53,685 $21,687 $16,166 $81,293 $— $— $231,962 
Current period charge-offs$— $— $— $66 $— $— $— $— $66 
SBA—non-real estate
Pass$10,443 $4,498 $1,837 $154 $1,303 $2,621 $— $— $20,856 
Special mention— — — — — — — — — 
Substandard— — 483 — 157 154 — — 794 
Doubtful— — — — — 98 — — 98 
Subtotal$10,443 $4,498 $2,320 $154 $1,460 $2,873 $— $— $21,748 
Current period charge-offs$— $— $— $— $— $27 $— $— $27 
C&I
Pass$19,712 $11,525 $14,016 $18,122 $3,356 $2,664 $140,278 $3,024 $212,697 
Special mention— — — — — — 400 — 400 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Subtotal$19,712 $11,525 $14,016 $18,122 $3,356 $2,664 $140,678 $3,024 $213,097 
Current period charge-offs$— $44 $— $— $— $— $— $— $44 
Home mortgage
Pass$42,112 $63,000 $284,208 $70,326 $17,749 $32,129 $— $— $509,524 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Subtotal$42,112 $63,000 $284,208 $70,326 $17,749 $32,129 $— $— $509,524 
Current period charge-offs$— $— $— $— $— $— $— $— $— 
Consumer
Pass$27 $— $— $— $— $— $247 $— $274 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Subtotal$27 $— $— $— $— $— $247 $— $274 
Current period charge-offs$— $— $— $— $— $— $— $— $— 
Total loans
Pass$304,876 $190,587 $532,404 $244,846 $127,567 $360,145 $157,537 $3,024 $1,920,986 
Special mention— — 2,924 2,246 — 739 400 — 6,309 
Substandard— 2,762 10,767 2,868 157 12,905 — — 29,459 
Doubtful— — — — — 98 — — 98 
Subtotal$304,876 $193,349 $546,095 $249,960 $127,724 $373,887 $157,937 $3,024 $1,956,852 
Current period charge-offs$— $44 $— $66 $— $27 $— $— $137 
(1)Excludes accrued interest receivables of $8.1 million as of December 31, 2024.
December 31, 2023
Term Loans by Origination YearRevolving LoansRevolving Loans Converted to Term Loans
Total(1)
($ in thousands)2023
2022
202120202019Prior
Commercial real estate
Pass$97,114 $207,860 $154,872 $97,137 $138,908 $163,320 $21,059 $— $880,270 
Special mention— — — — — — — — — 
Substandard— 319 — — — 4,996 — — 5,315 
Doubtful— — — — — — — — — 
Subtotal$97,114 $208,179 $154,872 $97,137 $138,908 $168,316 $21,059 $— $885,585 
Current period charge-offs$— $457 $121 $— $91 $17 $— $— $686 
SBA— real estate
Pass$31,920 $44,504 $26,188 $22,732 $28,244 $64,442 $— $— $218,030 
Special mention— — — — — 1,428 — — 1,428 
Substandard— 1,787 1,079 1,136 — 1,235 — — 5,237 
Doubtful— — — — — — — — — 
Subtotal$31,920 $46,291 $27,267 $23,868 $28,244 $67,105 $— $— $224,695 
Current period charge-offs$— $— $46 $— $— $— $— $— $46 
SBA—non-real estate
Pass$5,408 $2,584 $200 $1,556 $950 $3,423 $— $— $14,121 
Special mention— — — — — — — — — 
Substandard— 591 — — — 187 — — 778 
Doubtful— — — — — 98 — — 98 
Subtotal$5,408 $3,175 $200 $1,556 $950 $3,708 $— $— $14,997 
Current period charge-offs$— $— $— $— $— $35 $— $— $35 
C&I
Pass$15,117 $17,939 $22,098 $4,695 $1,720 $1,734 $55,106 $2,561 $120,970 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Subtotal$15,117 $17,939 $22,098 $4,695 $1,720 $1,734 $55,106 $2,561 $120,970 
Current period charge-offs$17 $— $80 $— $— $— $— $— $97 
Home mortgage
Pass$72,182 $304,346 $79,585 $18,634 $8,939 $31,848 $— $— $515,534 
Special mention— — — — — — — — — 
Substandard— 2,241 249 — — — — — 2,490 
Doubtful— — — — — — — — — 
Subtotal$72,182 $306,587 $79,834 $18,634 $8,939 $31,848 $— $— $518,024 
Current period charge-offs$— $— $— $— $— $— $— $— $— 
Consumer
Pass$4 $— $— $— $77 $— $1,493 $— $1,574 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Subtotal$4 $— $— $— $77 $— $1,493 $— $1,574 
Current period charge-offs$— $— $— $— $— $— $— $— $— 
Total loans
Pass$221,745 $577,233 $282,943 $144,754 $178,838 $264,767 $77,658 $2,561 $1,750,499 
Special mention— — — — — 1,428 — — 1,428 
Substandard— 4,938 1,328 1,136 — 6,418 — — 13,820 
Doubtful— — — — — 98 — — 98 
Subtotal$221,745 $582,171 $284,271 $145,890 $178,838 $272,711 $77,658 $2,561 $1,765,845 
Current period charge-offs$17 $457 $247 $— $91 $52 $— $— $864 
(1)Excludes accrued interest receivables of $7.3 million as of December 31, 2023.