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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of Impact to the Consolidated Balance Sheet as the Result of Adopting ASC 326

The following table presents the impact to the consolidated balance sheet as the result of adopting ASC 326 effective January 1, 2023.

(Dollars in thousands)

 

January 1, 2023
Post-ASC 326 Adoption

 

 

December 31, 2022
Pre-ASC 326 Adoption

 

 

Impact of
ASC 326 Adoption

 

Assets:

 

 

 

 

 

 

 

 

 

Loans held for investment, net of deferred fees and costs

 

$

2,399,757

 

 

$

2,399,092

 

 

$

665

 

Allowance for credit losses

 

 

(38,158

)

 

 

(30,740

)

 

 

(7,418

)

Deferred tax asset, net

 

 

14,561

 

 

 

12,227

 

 

 

2,334

 

Liabilities:

 

 

 

 

 

 

 

 

 

Reserve for unfunded commitments (1)

 

 

5,504

 

 

 

1,812

 

 

 

3,692

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

 

Retained earnings

 

 

89,571

 

 

 

97,682

 

 

 

(8,111

)


(1) Included in other liabilities on the consolidated balance sheets