Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2024 and 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)
December 31, 2024
Assets:
U.S. Government agencies or sponsored agency securities:
Residential mortgage-backed securities	$	37,076	$	—	$	37,076	$	—
Residential collateralized mortgage obligations	143,041		—		143,041		—
Municipal securities - tax exempt	5,792		—		5,792		—
Other investments:
Mutual fund - CRA qualified	3,532		3,532		—		—
Derivative financial instruments	368		—		368		—
Liabilities:
Derivative financial instruments	$	579	$	—	$	579	$	—
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 December 31, 2024 and 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)
December 31, 2024
Collateral-dependent loans:
Commercial real estate	$	173	$	—	$	—	$	173
SBA—real estate	952		—		—		952
OREO	1,237		—		—		1,237
Total	$	2,362	$	—	$	—	$	2,362
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:

	Year Ended December 31,
($ in thousands)	2024		2023		2022
Collateral-dependent loans:
SBA—real estate	$	—	$	—	$	28
Total	$	—	$	—	$	28

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 December 31, 2024 and 2023:

($ in thousands)	Fair Value Measurements (Level 3)		Valuation Techniques	Unobservable Inputs	Range of Inputs	Weighted- Average of Inputs(1)
December 31, 2024
Collateral-dependent loans:
Commercial real estate	$	173	Income approach - income capitalization	Capitalization rate	5.5% to 7.3%	6.0%
SBA—real estate	539		Income approach - income capitalization	Capitalization rate	5.5% to 7.3%	10.4%
SBA—real estate	413		Sales comparison	Market data / purchase price	n/a	n/a
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 December 31, 2024 and 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 December 31, 2024 and 2023 are as follows. These financial assets and liabilities are measured at amortized cost basis on the Company’s Consolidated Balance Sheets:

	December 31, 2024
($ in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Financial assets:
Cash and cash equivalents	$	134,943	$	134,943	$	—	$	—	$	134,943
Loans held for sale	4,581		—		4,946		—		4,946
Loans receivable, net	1,932,056		—		—		1,986,813		1,986,813
Accrued interest receivable, net	9,188		181		888		8,119		9,188
Other investments:
FHLB and PCBB stock	12,805		N/A		N/A		N/A		N/A
Time deposits placed	100		—		100		—		100
Financial liabilities:
Deposits	2,027,285		—		2,026,092		—		2,026,092
FHLB advances	95,000		—		94,986		—		94,986
Accrued interest payable	16,067		—		16,067		—		16,067

	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
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