Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value of Financial Instruments [Abstract]

Estimated Fair Value and Carrying Value of Financial Instrument

The fair value of PPPLF is estimated using a discounted cash flow based on the remaining contractual term and current borrowing rates for similar terms.

			March 31, 2022				December 31, 2021
($ in thousands)	Level		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Cash and cash equivalents		1	$	116,646	$	116,646	$	85,754	$	85,754
Investment securities held-to-maturity		2		10,986		10,263		11,423		11,332
Investment in FHLB stock		2		449		449		378		378
Loans held for investment		3		189,549		192,172		198,102		197,412
Loans held-for-sale		2		73,805		73,800		60,748		60,743
Accrued interest receivable		2		1,347		1,347		1,548		1,548
SBA servicing asset		2		5,225		5,225		3,938		3,938
Investment in BFG		3		5,400		5,400		5,900		5,900
Financial liabilities:
Total deposits		2		277,460		265,883		251,892		249,488
Accrued interest payable		2		39		39		48		48
PPP Liquidity Facility		2		952		952		1,050		1,050

Assets Measured at Fair Value on a Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis are summarized as follows:

($ in thousands)			Fair Value Measurements Using
Description of Financial Instrument	Fair Value		Level 1		Level 2		Level 3
March 31, 2022
Nonrecurring assets
Impaired loans	$	1,151	$	—	$	—	$	1,151
December 31, 2021
Nonrecurring assets
Impaired loans	$	972	$	—	$	—	$	972

Quantitative Information for Level 3 Fair Value Measurements

The range and weighted average of the significant unobservable inputs used to fair value Level 3 nonrecurring assets as of March 31, 2022 and as of December 31, 2021, along with the valuation techniques used, are shown in the following table:

($ in thousands)	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
March 31, 2022
Impaired loans	$	1,151	Market comparable	Adjustment to appraisal value		0.61	%
December 31, 2021
Impaired loans	$	972	Market comparable	Adjustment to appraisal value		0.50	%