0001856365-24-000052 | 10-Q | XBRL Viewer

Loans Held for Investment and Allowance for Credit Losses

6 Months Ended

Jun. 30, 2024

Loans and Leases Receivable Disclosure [Abstract]

Loans Held for Investment and Allowance for Credit Losses

Loans held for investment outstanding by general ledger classification as of June 30, 2024 and December 31, 2023, consisted of the following:


	June 30,		December 31,
	2024		2023
($ in thousands)
SBA(1)	$	249,281	$	239,922
Commercial leases	56,529		38,110
Commercial, non-real estate	1,999		2,457
Residential real estate	42,317		38,123
Strategic Program loans	17,861		19,408
Commercial real estate:
Owner occupied	28,340		20,798
Non-owner occupied	2,134		2,025
Consumer	15,880		11,372
Total loans held for investment, gross	$	414,341	$	372,215
Deferred loan fees, net	(2,702)		(767)
Allowance for credit losses	(13,127)		(12,888)
Net loans	$	398,512	$	358,560

(1) Included in the SBA loans held for investment above are $147.8 million and $131.7 million of loans guaranteed by the SBA as of June 30, 2024 and December 31, 2023, respectively.

The Bank sells participation interests in some loans it originates and may acquire a participation interest in loans originated by others. All reported amounts reflect only the Bank’s ownership interest in the loans.

Strategic Program Loans – In 2016, the Company began originating loans with various third-party loan origination platforms that use technology and other innovative systems to streamline the origination of unsecured consumer and secured or unsecured business loans to a wide array of borrowers within certain approved credit profiles. Loans issued by the Company through these programs follow and are limited to specific predetermined underwriting criteria. The Company earns monthly minimum program fees from these third parties. Based on the volume of loans originated by the Company related to each Strategic Program, an additional fee equal to a percentage of the loans generated under the Strategic Program may be collected. The program fee is included within non-interest income on the consolidated statements of income.

The Company generally retains the loans and/or receivables for a number of business days after origination before selling the loans and/or receivables to the Strategic Program platform or another investor. Interest income is earned by the Company while holding the loans. These loans are classified as held-for-sale on the balance sheet.

The Company may also hold loans or a portion of the loans or receivables and sell the remainder directly to the Strategic Programs or other investors. The Company generally services the loans originated through the Strategic Programs in consideration of servicing fees equal to a percentage of the loans generated under the Strategic Programs. In turn, the

Strategic Program service providers, subject to the Company’s approval and oversight, typically serve as sub-servicer and perform typical primary servicing duties including loan collections, modifications, charging-off, reporting and monitoring.

Each Strategic Program establishes a “reserve” deposit account with the Company to reasonably ensure the strategic programs will have sufficient funds available to purchase the loans. The agreements generally require that the reserve account deposit balance does not fall below an agreed upon dollar or percentage threshold related to the total loans currently outstanding as held-for-sale by the Company for the specific Strategic Program. If necessary, the Company has the right to withdraw amounts from the reserve account to fulfill loan purchaser obligations created under the program agreements. Total cash held in reserve by Strategic Programs at the Company at June 30, 2024 and December 31, 2023, was $34.8 million and $29.8 million, respectively.

Strategic Program loans retained and held-for-sale as of June 30, 2024 and December 31, 2023, are summarized as follows:


	June 30, 2024		December 31, 2023
($ in thousands)
Retained Strategic Program loans	$	17,861	$	19,408
Strategic Program loans held-for-sale	66,542		47,514
Total Strategic Program loans	$	84,403	$	66,922

Allowance for Credit Losses: In determining an appropriate amount for the allowance, the Bank segmented and aggregated the loan portfolio based on the Federal Deposit Insurance Corporation (“FDIC”) Consolidated Reports of Condition and Income (“Call Report”) codes. These classifications, which in general are based upon the nature of the collateral and type of borrower, are different than the classifications adopted for other financial reporting purposes, which are based upon the proposed use of the loan proceeds. The following pool segments identified as of June 30, 2024 and December 31, 2023 are based on the CECL methodology:


	June 30, 2024		December 31, 2023
($ in thousands)
Construction and land development	$	29,861	$	28,330
Residential real estate	58,296		51,428
Residential real estate multifamily	1,321		647
Commercial real estate:
Owner occupied	190,375		186,550
Non-owner occupied	18,437		15,354
Commercial and industrial	25,842		21,399
Consumer	15,819		10,989
Lease financing receivables	56,529		38,110
Retained Strategic Program loans	17,861		19,408
Total loans held for investment, gross	$	414,341	$	372,215

Activity in the ACL by common characteristic loan pools based on the CECL methodology was as follows:


	Three Months Ended June 30, 2024
($ in thousands)	Beginning Balance		Provision for (Reversal of) Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	333	$	(3)	$	—	$	—	$	330
Residential real estate	999		27		—		3		1,029
Residential real estate multifamily	8		3		—		—		11
Commercial real estate:
Owner occupied	3,910		184		—		—		4,094
Non-owner occupied	318		62		—		—		380
Commercial and industrial	482		110		(184)		15		423
Consumer	265		13		(18)		1		261
Lease financing receivables	556		156		(69)		7		650
Retained Strategic Program loans	5,761		1,841		(1,962)		309		5,949
Total allowance for credit losses	$	12,632	$	2,393	$	(2,233)	$	335	$	13,127

Unfunded lending commitments	148		(8)		—		—		140
Total allowance for credit losses	$	12,780	$	2,385	$	(2,233)	$	335	$	13,267


	Six Months Ended June 30, 2024
($ in thousands)	Beginning Balance		Provision for Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	316	$	14	$	—	$	—	$	330
Residential real estate	956		81		(64)		56		1,029
Residential real estate multifamily	6		5		—		—		11
Commercial real estate:
Owner occupied	3,336		1,280		(525)		3		4,094
Non-owner occupied	282		98		—		—		380
Commercial and industrial	361		285		(238)		15		423
Consumer	211		108		(59)		1		261
Lease financing receivables	355		468		(180)		7		650
Retained Strategic Program loans	7,065		3,199		(4,908)		593		5,949
Total allowance for credit losses	$	12,888	$	5,538	$	(5,974)	$	675	$	13,127

Unfunded lending commitments	139		1		—		—		140
Total allowance for credit losses	$	13,027	$	5,539	$	(5,974)	$	675	$	13,267


	Three Months Ended June 30, 2023
($ in thousands)	Beginning Balance		Provision for (Reversal of) Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	285	$	(6)	$	—	$	—	$	279
Residential real estate	799		(51)		(121)		81		708
Residential real estate multifamily	5		1		—		—		6
Commercial real estate:
Owner occupied	2,868		100		—		—		2,968
Non-owner occupied	166		33		—		—		199
Commercial and industrial	277		75		(66)		1		287
Consumer	82		27		(19)		—		90
Lease financing receivables	325		203		—		—		528
Retained Strategic Program loans	7,227		2,293		(2,516)		252		7,256
Total allowance for credit losses	$	12,034	$	2,675	$	(2,722)	$	334	$	12,321

Unfunded lending commitments	29		13		—		—		42
Total allowance for credit losses	$	12,063	$	2,688	$	(2,722)	$	334	$	12,363


	Six Months Ended June 30, 2023
($ in thousands)	Beginning Balance		Impact of ASU 2016-13 Adoption		Provision for (Reversal of) Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	424	$	(67)	$	(78)	$	—	$	—	$	279
Residential real estate	876		(58)		(73)		(121)		84		708
Residential real estate multifamily	3		1		2		—		—		6
Commercial real estate:
Owner occupied	3,030		(533)		593		(122)		—		2,968
Non-owner occupied	208		(41)		32		—		—		199
Commercial and industrial	339		(85)		115		(84)		3		287
Consumer	65		14		30		(19)		—		90
Lease financing receivables	339		(105)		294		—		—		528
Retained Strategic Program loans	6,701		1,131		4,429		(5,541)		536		7,256
Total allowance for credit losses	$	11,985	$	257	$	5,343	$	(5,887)	$	623	$	12,321

Unfunded lending commitments	—		26		16		—		—		42
Total allowance for credit losses	$	11,985	$	283	$	5,359	$	(5,887)	$	623	$	12,363

Nonaccrual and past due loans are summarized below as of June 30, 2024 and December 31, 2023:


June 30, 2024
	Loans Past Due and Still Accruing
($ in thousands)	30-89 Days Past Due		90 Days and Greater		Total		Non- Accrual Loans with no ACL(1)		Non-Accrual Loans with ACL		Current Loans		Total Loans
Construction and land development	$	1,040	$	—	$	1,040	$	—	$	—	$	28,821	$	29,861
Residential real estate	41		—		41		1,425		—		56,830		58,296
Residential real estate multifamily	—		—		—		—		—		1,321		1,321
Commercial real estate:
Owner occupied	4,354		—		4,354		14,031		7,477		164,513		190,375
Non-owner occupied	—		—		—		2,378		1,023		15,036		18,437
Commercial and industrial	325		—		325		628		—		24,889		25,842
Consumer	43		12		55		—		—		15,764		15,819
Commercial leases	—		—		—		176		—		56,353		56,529
Retained Strategic Program loans	1,332		88		1,420		—		—		16,441		17,861
Total	$	7,135	$	100	$	7,235	$	18,638	$	8,500	$	379,968	$	414,341

(1) Included in the nonaccrual loan balances are $15.8 million of SBA 7(a) loan balances guaranteed by the SBA.


December 31, 2023
	Loans Past Due and Still Accruing
($ in thousands)	30-89 Days Past Due		90 Days and Greater		Total		Non- Accrual Loans with no ACL(1)		Non-Accrual Loans with ACL		Current Loans		Total Loans
Construction and land development	$	1,648	$	297	$	1,945	$	—	$	—	$	26,385	$	28,330
Residential real estate	23		—		23		1,585		—		49,820		51,428
Residential real estate multifamily	—		—		—		—		—		647		647
Commercial real estate:
Owner occupied	—		—		—		21,643		640		164,267		186,550
Non-owner occupied	—		—		—		2,362		—		12,992		15,354
Commercial and industrial	—		—		—		282		—		21,117		21,399
Consumer	81		47		128		—		—		10,860		10,989
Commercial leases	—		—		—		—		—		38,110		38,110
Retained Strategic Program loans	1,953		96		2,049		—		—		17,359		19,408
Total	$	3,705	$	440	$	4,145	$	25,872	$	640	$	341,558	$	372,215

(1) Included in the nonaccrual loan balances are $15.0 million of SBA 7(a) loan balances guaranteed by the SBA.

There was no interest income for the three and six months ended June 30, 2024 and 2023, recognized on nonaccrual loans.

The allowance for credit losses represents management’s estimate of lifetime credit losses inherent in loans as of the balance sheet date. The allowance for credit losses is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Bank measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. Generally, collectively assessed loans are grouped by Call Report code and then risk grade grouping.

In addition to past due and nonaccrual status criteria, the Company also evaluates loans using a loan grading system. Internal loan grades are based on current financial information, historical payment experience, and credit documentation, among other factors. Performance-based grades are summarized below:

Pass – A Pass asset is higher quality and does not fit any of the other categories described below. The likelihood of loss is believed to be remote.

Watch – A Watch asset may be a larger loan or one that places a heavier reliance on collateral due to the relative financial strength of the borrower. The assets may be maintenance intensive requiring closer monitoring. The obligor is believed to have an adequate primary source of repayment.

Special Mention – A Special Mention asset has potential weaknesses that may be temporary or, if left uncorrected, may result in a loss. While concerns exist, the Company believes that it is currently protected against a default and loss is considered unlikely and not imminent.

Substandard – A Substandard asset is believed to be inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified have identified weaknesses and are characterized by the possibility that the Company may sustain some loss if deficiencies are not corrected.

Not Rated – For certain Strategic Program and consumer loans, the Company does not evaluate and risk rate the loans in the same manner as other loans in the Company’s portfolio. The Not Rated loans are typically homogenous, smaller dollar balances approved using abridged underwriting methods that allow the Company to streamline the loan approval process and increase efficiency. Credit quality for Strategic Program loans is highly correlated with delinquency levels.

The following table presents the ending balances of the Company's loan and lease portfolio including nonperforming loans by CECL segment of receivable and originating year and considering certain credit quality indicators as of the date indicated along with gross charge-offs for the six months ended June 30, 2024:


June 30, 2024	2024		2023		2022		2021		Prior		Revolving Loans		Total
($ in thousands)
Construction and land development
Pass	$	4,925	$	9,696	$	11,087	$	4,122	$	31	$	—	$	29,861
Watch	—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—
Total	4,925		9,696		11,087		4,122		31		—		29,861
Current period gross writeoff	—		—		—		—		—		—		—

Residential real estate
Pass	1,805		1,696		578		1,394		2,744		—		8,217
Watch	9,683		23,529		11,984		1,236		1,893		—		48,326
Special Mention	—		—		—		163		9		—		172
Substandard	—		—		1,386		38		157		—		1,581
Total	11,488		25,225		13,948		2,831		4,803		—		58,296
Current period gross writeoff	—		—		—		(64)		—		—		(64)

Residential real estate multifamily
Pass	682		275		259		79		—		—		1,295
Watch	—		—		—				26		—		26
Special Mention	—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—
Total	682		275		259		79		26		—		1,321
Current period gross writeoff	—		—		—		—		—		—		—

Commercial real estate - owner occupied
Pass	7,921		4,873		1,230		914		11,653		—		26,591
Watch	7,219		64,491		49,291		8,010		7,221		—		136,232
Special Mention	—		3,680		589		—		435		—		4,704
Substandard	—		15,998		4,349		1,299		1,202		—		22,848
Total	15,140		89,042		55,459		10,223		20,511		—		190,375
Current period gross writeoff	—		(364)		(145)		(7)		(10)		—		(525)

Commercial real estate - non-owner occupied
Pass	1,302		3,838		1,274		—		394		—		6,808
Watch	1,250		4,255		2,546		1,172		201		—		9,424
Special Mention	—		—		—		—		—		—		—
Substandard	—		—		2,205		—		—		—		2,205


Total	2,552	8,093	6,025	1,172	595	—	18,437
Current period gross writeoff	—	—	—	—	—	—	—

Commercial and industrial
Pass	308	1,603	663	693	637	—	3,904
Watch	5,218	10,695	4,279	593	783	—	21,568
Special Mention	—	—	—	—	—	—	—
Substandard	—	—	—	—	370	—	370
Total	5,526	12,298	4,942	1,286	1,790	—	25,842
Current period gross writeoff	—	(83)	(21)	(80)	(54)	—	(238)

Consumer
Pass	7,227	6,140	1,606	440	394	—	15,807
Watch	—	12	—	—	—	—	12
Special Mention	—	—	—	—	—	—	—
Substandard	—	—	—	—	—	—	—

Total	7,227	6,152	1,606	440	394	—	15,819
Current period gross writeoff	—	—	(22)	(19)	(18)	—	(59)

Lease financing receivables
Pass	23,994	27,002	5,374	—	159	—	56,529
Watch	—	—	—	—	—	—	—
Special Mention	—	—	—	—	—	—	—
Substandard	—	—	—	—	—	—	—
Total	23,994	27,002	5,374	—	159	—	56,529
Current-period gross writeoffs	—	(180)	—	—	—	—	(180)

Retained Strategic Program loans
Pass	—	—	—	—	—	—	—
Watch	—	—	—	—	—	—	—
Special Mention	—	—	—	—	—	—	—
Substandard	—	—	—	—	—	—	—
Not Rated	10,982	4,234	1,928	717	—	—	17,861
Total	10,982	4,234	1,928	717	—	—	17,861
Current-period gross writeoffs	(478)	(3,549)	(657)	(224)	—	—	(4,908)


Total portfolio loans receivable, gross	$	82,516	$	182,017	$	100,629	$	20,870	$	28,309	$	—	$	414,341
Total current-period gross writeoffs	$	(478)	$	(4,176)	$	(845)	$	(394)	$	(82)	$	—	$	(5,974)

The following table presents the ending balances of the Company's loan and lease portfolio including nonperforming loans by class of receivable and originating year and considering certain credit quality indicators as of the date indicated along with gross charge-offs for the year ended December 31, 2023:


December 31, 2023	2023		2022		2021		Prior		Revolving Loans		Total
($ in thousands)
Construction and land development
Pass	$	12,919	$	10,345	$	4,354	$	97	$	—	$	27,715
Watch	—		—		—		—		—		—
Special Mention	—		—		—		—		—		—
Substandard	—		615		—		—		—		615
Total	12,919		10,960		4,354		97		—		28,330
Current period gross writeoff	—		—		—		—		—		—

Residential real estate
Pass	2,209		874		1,480		2,947		2,249		9,759
Watch	23,614		12,399		1,661		2,035		—		39,709
Special Mention	—		—		208		11		—		219
Substandard	—		1,585		—		156		—		1,741
Total	25,823		14,858		3,349		5,149		2,249		51,428
Current period gross writeoff	—		(121)		—		(104)		—		(225)

Residential real estate multifamily
Pass	278		263		80		—		—		621
Watch	—		—		—		26		—		26
Special Mention	—		—		—		—		—		—
Substandard	—		—		—		—		—		—
Total	278		263		80		26		—		647
Current period gross writeoff	—		—		—		—		—		—

Commercial real estate - owner occupied
Pass	12,566		1,234		854		12,207		—		26,861
Watch	62,360		53,832		11,871		7,654		—		135,717
Special Mention	—		192		—		1,498		—		1,690
Substandard	16,466		3,712		1,066		1,038		—		22,282
Total	91,392		58,970		13,791		22,397		—		186,550
Current period gross writeoff	(318)		(21)		(97)		(278)		—		(714)

Commercial real estate - non-owner occupied
Pass	2,805		1,294		—		419		—		4,518
Watch	4,382		2,635		1,223		234		—		8,474


Special Mention	—		—		—		—		—		—
Substandard	—		2,362		—		—		—		2,362
Total	7,187		6,291		1,223		653		—		15,354
Current period gross writeoff	—		—		—		—		—		—

Commercial and industrial
Pass	2,090		601		744		821		31		4,287
Watch	10,157		4,600		764		930		—		16,451
Special Mention	—		—		—		8		—		8
Substandard	260		—		—		393		—		653
Total	12,507		5,201		1,508		2,152		31		21,399
Current period gross writeoff	(87)		(114)		(122)		(149)		—		(472)

Consumer
Pass	7,792		1,975		637		558		2		10,964
Watch	24		—		—		1		—		25
Special Mention	—		—		—		—		—		—
Substandard	—		—		—		—		—		—

Total	7,816		1,975		637		559		2		10,989
Current period gross writeoff	(3)		(5)		(53)		(7)		—		(68)

Lease financing receivables
Pass	31,313		6,559		—		238		—		38,110
Watch	—		—		—		—		—		—
Special Mention	—		—		—		—		—		—
Substandard	—		—		—		—		—		—
Total	31,313		6,559		—		238		—		38,110
Current-period gross writeoffs	—		—		—		—		—		—

Retained Strategic Program loans
Pass	—		—		—		—		—		—
Watch	—		—		—		—		—		—
Special Mention	—		—		—		—		—		—
Substandard	—		—		—		—		—		—
Not Rated	14,506		3,609		1,292		1		—		19,408
Total	14,506		3,609		1,292		1		—		19,408
Current-period gross writeoffs	(3,773)		(6,154)		(1,017)		(2)		—		(10,946)

Total portfolio loans receivable, gross	$	203,741	$	108,686	$	26,234	$	31,272	$	2,282	$	372,215
Total current-period gross writeoffs	$	(4,181)	$	(6,415)	$	(1,289)	$	(540)	$	—	$	(12,425)

During the three and six months ended June 30, 2024 there were two and three loan modifications with principal totaling $0.4 million and $0.6 million, respectively. The loan modifications deferred payments of principal and interest for six months or more. No concessions were made related to principal or interest reductions or to maturity dates on these loans. The table below reflects the current principal balance outstanding as of June 30, 2024 along with the concession granted for loans that were modified during the three and six months ended June 30, 2024. During the three and six months ended June 30, 2023 there were no material loan modifications.


($ in thousands)	Principal deferment (Months)	Outstanding Balance		% of Total Loan Type
Commercial real estate:
Owner occupied	11 months	$	243	0.13	%
Non owner occupied	11 months	173		0.94	%
Residential	11 months	156		0.27	%
Total		$	572

Collateral-Dependent Financial Loans

A collateral-dependent financial loan relies substantially on the operation or sale of the collateral for repayment. In evaluating the overall risk associated with a loan, the Company considers (1) character, overall financial condition and resources, and payment record of the borrower; (2) the prospects for support from any financially responsible guarantors; and (3) the nature and degree of protection provided by the cash flow and value of any underlying collateral. The loan may become collateral-dependent when foreclosure is probable or the borrower is experiencing financial difficulty and its sources of repayment become inadequate over time. At such time, the Company develops an expectation that repayment will be provided substantially through the operation or sale of the collateral.

The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of the dates indicated:


($ in thousands)			Collateral Type
As of June 30, 2024	Allowance for Credit Losses		Real Estate		Personal Property		Total
Construction and land development	$	—	$	—	$	—	$	—
Residential real estate	—		1,425		—		1,425
Commercial real estate:
Owner occupied	—		21,508		—		21,508
Non-owner occupied	—		3,228		—		3,228
Commercial and industrial	—		—		628		628
Commercial leases	—		—		176		176
Total	$	—	$	26,161	$	804	$	26,965

The amount of collateral-dependent loans as of June 30, 2024 include $15.8 million of SBA 7(a) loan balances that are guaranteed by the SBA.


($ in thousands)			Collateral Type
As of December 31, 2023	Allowance for Credit Losses		Real Estate		Personal Property		Total
Construction and land development	$	—	$	615	$	—	$	615
Residential real estate	—		1,585		—		1,585
Commercial real estate:
Owner occupied	45		21,643		—		21,643
Non-owner occupied	—		2,362		—		2,362
Commercial and industrial	—		—		282		282
Total	$	45	$	26,205	$	282	$	26,487

The amount of collateral-dependent loans as of December 31, 2023 include $15.0 million of SBA 7(a) loan balances that are guaranteed by the SBA.

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In the ordinary course of business, the Bank may grant loans to certain executive officers and directors and the companies with which they are associated. The Company had de minimis loans outstanding to related parties as of June 30, 2024 and December 31, 2023. Total deposits from certain executive officers and directors and the companies with which they are associated were $1.9 million and $1.5 million as of June 30, 2024 and December 31, 2023, respectively. BFG is a small business loan broker, primarily under the SBA’s 7(a) loan program. As noted in Note 8 Investment in Business Funding Group, the Company has a 20% ownership in the outstanding membership units of BFG. The Company underwrites loans sourced by BFG in its normal course of business. If approved and funded, the Company pays BFG a commission fee based on the amount funded. There is no guarantee or commitment made by the Company to BFG to approve or fund loans referred by BFG. The Company is able to use its sole discretion in deciding to approve and fund loans referred by BFG.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Commitments and Contingent Liabilities - Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance-sheet risk	$ 18,769	$ 19,775
Revolving, open-end lines of credit
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance-sheet risk	2,055	1,630
Commercial real estate
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance-sheet risk	16,388	17,421
Other unused commitments
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance-sheet risk	$ 326	$ 724

Loans Held for Investment and Allowance for Credit Losses - Strategic Program Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Retained Strategic Program loans	$ 414,341	$ 372,215
Retained Strategic Program loans
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Retained Strategic Program loans	17,861	19,408
Strategic Program loans held-for-sale	66,542	47,514
Total Strategic Program loans	$ 84,403	$ 66,922

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and cash equivalents
Cash and due from banks	$ 5,158	$ 411
Interest-bearing deposits in other banks	83,851	116,564
Total cash and cash equivalents	89,009	116,975
Investment securities held-to-maturity, net of allowance for credit losses of $0, (fair value of $12.4 million and $13.8 million, respectively)	13,942	15,388
Investment in Federal Home Loan Bank ("FHLB") stock, at cost	349	238
Strategic Program loans held-for-sale, at lower of cost or fair value	66,542	47,514
Loans held for investment, net of allowance for credit losses of $13.1 million and $12.9 million, respectively	398,512	358,560
Premises and equipment, net	15,665	14,630
Accrued interest receivable	3,390	3,573
Small Business Administration (“SBA”) servicing asset, net	3,689	4,231
Investment in Business Funding Group ("BFG"), at fair value	8,000	4,200
Operating lease right-of-use (“ROU”) assets	3,913	4,293
Income taxes receivable, net	2,103	2,400
Other assets	12,706	14,219
Total assets	617,820	586,221
Deposits
Noninterest-bearing	107,083	95,486
Interest-bearing	322,112	309,347
Total deposits	429,195	404,833
Accrued interest payable	601	619
Income taxes payable, net	0	1,873
Deferred income taxes, net	1,154	748
Paycheck Protection Program Liquidity Facility	127	190
Operating lease liabilities	5,788	6,296
Other liabilities	15,159	16,606
Total liabilities	452,024	431,165
Commitments and contingencies (Note 7)
Shareholders’ equity
Preferred stock, $0.001 par value, 4,000,000 authorized; no shares issued and outstanding as of June 30, 2024 and December 31, 2023	0	0
Common stock, $0.001 par value, 40,000,000 shares authorized; 13,143,560 and 12,493,565 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	13	12
Additional paid-in-capital	55,441	51,200
Retained earnings	110,342	103,844
Total shareholders’ equity	165,796	155,056
Total liabilities and shareholders’ equity	$ 617,820	$ 586,221

Subsequent Events (Details) $ in Thousands	1 Months Ended
Subsequent Events (Details) $ in Thousands	Aug. 13, 2024 USD ($) loan	Jun. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Non-Accrual Loans with ACL		$ 8,500	$ 640
Total loans held for investment, gross		414,341	372,215
30-89 Days Past Due
Subsequent Event [Line Items]
Total loans held for investment, gross		7,135	3,705
SBA \| Subsequent Event
Subsequent Event [Line Items]
Non-Accrual Loans with ACL	$ 6,300
Number of loans placed into nonaccrual status \| loan	3
Collateral Pledged
Subsequent Event [Line Items]
Total loans held for investment, gross		26,965	26,487
Collateral Pledged \| SBA \| 30-89 Days Past Due
Subsequent Event [Line Items]
Total loans held for investment, gross		$ 4,100
Number of loans accruing interest and past due \| loan		2
Collateral Pledged \| SBA \| 30-89 Days Past Due \| Performing Financial Instruments
Subsequent Event [Line Items]
Total loans held for investment, gross		$ 2,300
Collateral Pledged \| SBA \| SBA
Subsequent Event [Line Items]
Total loans held for investment, gross		$ 15,800	$ 15,000
Collateral Pledged \| SBA \| SBA \| Subsequent Event
Subsequent Event [Line Items]
Total loans held for investment, gross	$ 4,400

Stock-Based Compensation - Assumptions Used in Option-Pricing Model for Stock Options (Details) - Stock options	6 Months Ended
	Jun. 30, 2023
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.90%
Expected term in years	5 years 6 months
Expected volatility	44.00%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.00%
Expected term in years	7 years 6 months
Expected volatility	44.90%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent to June 30, 2024, three SBA loans with aggregate outstanding principal of $6.3 million were placed into nonaccrual status. $4.4 million of the outstanding principal is guaranteed by the SBA. Two loans totaling $4.1 million were accruing interest and categorized as 30-89 days past due at June 30, 2024 (see Note 3 – Loans Held for Investment and Allowance for Credit Losses). The third loan in the amount of $2.3 million was performing as of June 30, 2024. The pledge of other collateral also secures each of these loans.

Fair Value of Financial Instruments - Assets Measured on Non-recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Level 3
Nonrecurring assets:
Individually evaluated loans	$ 27,138	$ 27,127
Fair Value
Nonrecurring assets:
Individually evaluated loans	27,138	27,127
Fair Value \| Level 1
Nonrecurring assets:
Individually evaluated loans	0	0
Fair Value \| Level 2
Nonrecurring assets:
Individually evaluated loans	0	0
Fair Value \| Level 3
Nonrecurring assets:
Individually evaluated loans	$ 27,138	$ 27,127

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

Leasing as a Lessor

The Company includes commercial operating leases within premises and equipment. The net book value of the commercial operating leases was $8.7 million and $8.2 million as of June 30, 2024 and December 31, 2023, respectively. Rental income from commercial operating leases for the three and six months ended June 30, 2024 and 2023 was $0.5 million, $0.2 million, $1.1 million and $0.3 million, respectively. Depreciation expense for the related premises and equipment was $0.4 million and $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and $0.8 million and $0.3 million for the six months ended June 30, 2024 and 2023, respectively.

Leasing as a Lessee

The Company leases its facilities under noncancelable operating leases. Rent expense was as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
(in thousands)
Operating leases
Operating lease cost	$	219	$	219	$	438	$	438
Variable lease cost	21		9		42		18
Operating lease expense	240		228		480		456
Short-term lease rent expense	—		—		—		—
Total rent expense	$	240	$	228	$	480	$	456

Future minimum annual undiscounted rental payments for the Company’s operating leases are as follows as of June 30, 2024 ($ in thousands):


Six Months Ended December 31, 2024	$	538
Year Ended December 31, 2025	1,086
Year Ended December 31, 2026	1,118
Year Ended December 31, 2027	1,152
Year Ended December 31, 2028	1,186
Year Ended December 31, 2029	1,017

Total future minimum lease payments	6,097
Less present value discount	(309)
Total operating lease liabilities	$	5,788

The weighted-average lease term and discount rate used are as follows:.


	As of
	June 30, 2024		December 31, 2023

Weighted-average remaining lease term – operating leases (in years)	5.3		5.8
Weighted-average discount rate – operating leases	1.9	%	1.9	%

Supplemental cash flow information related to leases were as follows (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
($ in thousands)
Operating cash flows from operating leases	$	287	$	21	$	566	$	292

Leases

Leasing as a Lessor

Leasing as a Lessee

The Company leases its facilities under noncancelable operating leases. Rent expense was as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
(in thousands)
Operating leases
Operating lease cost	$	219	$	219	$	438	$	438
Variable lease cost	21		9		42		18
Operating lease expense	240		228		480		456
Short-term lease rent expense	—		—		—		—
Total rent expense	$	240	$	228	$	480	$	456

Future minimum annual undiscounted rental payments for the Company’s operating leases are as follows as of June 30, 2024 ($ in thousands):


Six Months Ended December 31, 2024	$	538
Year Ended December 31, 2025	1,086
Year Ended December 31, 2026	1,118
Year Ended December 31, 2027	1,152
Year Ended December 31, 2028	1,186
Year Ended December 31, 2029	1,017

Total future minimum lease payments	6,097
Less present value discount	(309)
Total operating lease liabilities	$	5,788

The weighted-average lease term and discount rate used are as follows:.


	As of
	June 30, 2024		December 31, 2023

Weighted-average remaining lease term – operating leases (in years)	5.3		5.8
Weighted-average discount rate – operating leases	1.9	%	1.9	%

Supplemental cash flow information related to leases were as follows (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
($ in thousands)
Operating cash flows from operating leases	$	287	$	21	$	566	$	292

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value of Financial Instruments - Estimated Fair Value and Carrying Value of Financial Instrument (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Financial assets:
Investment securities held-to-maturity	$ 12,397	$ 13,809
SBA servicing asset, net	3,700	4,200
Investment in BFG	8,000	4,200	$ 4,500	$ 4,800
Level 1 \| Carrying Amount
Financial assets:
Cash and cash equivalents	89,009	116,975
Level 1 \| Estimated Fair Value
Financial assets:
Cash and cash equivalents	89,009	116,975
Level 2 \| Carrying Amount
Financial assets:
Investment securities held-to-maturity	13,942	15,388
Investment in FHLB stock	349	238
Loans held-for-sale	66,542	47,514
Accrued interest receivable	3,390	3,573
SBA servicing asset, net	3,689	4,231
Financial liabilities:
Total deposits	429,195	404,833
Accrued interest payable	601	619
PPP Liquidity Facility	127	190
Level 2 \| Estimated Fair Value
Financial assets:
Investment securities held-to-maturity	12,397	13,809
Investment in FHLB stock	349	238
Loans held-for-sale	66,542	47,509
Accrued interest receivable	3,390	3,573
SBA servicing asset, net	3,689	4,231
Financial liabilities:
Total deposits	412,459	394,195
Accrued interest payable	601	619
PPP Liquidity Facility	127	190
Level 3 \| Carrying Amount
Financial assets:
Loans held for investment, net	398,512	358,560
Investment in BFG	8,000	4,200
Level 3 \| Estimated Fair Value
Financial assets:
Loans held for investment, net	429,774	360,032
Investment in BFG	$ 8,000	$ 4,200

Business, Basis of Presentation, and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Business, Basis of Presentation, and Summary of Significant Accounting Policies	Business, Basis of Presentation, and Summary of Significant Accounting Policies Nature of Business and Organization – FinWise Bancorp is a Utah Corporation headquartered in Murray, Utah and operates all business activities through its wholly-owned subsidiaries FinWise Bank and FinWise Investment, LLC. FinWise Bank was incorporated in the state of Utah on May 7, 1999. FinWise Bancorp was incorporated in the state of Utah on October 22, 2002 after which it acquired 100% of FinWise Bank. As of March 4, 2016, FinWise Bank’s articles of incorporation were amended to rename the entity FinWise Bank. As of March 15, 2021, FinWise Bancorp’s articles of incorporation were amended and restated to rename the entity FinWise Bancorp. References herein to “FinWise Bancorp,” “Bancorp” or the “holding company,” refer to FinWise Bancorp on a standalone basis. The word “Company” refers to FinWise Bancorp, FinWise Investment, LLC, and FinWise Bank collectively and on a consolidated basis. References to the “Bank” refer to FinWise Bank on a standalone basis. The Bank provides a full range of banking services to individual and commercial customers. The Bank’s primary source of revenue is from loans including Small Business Administration ("SBA"), commercial leases, residential real estate, and commercial real estate. The Bank also has established Strategic Programs with various third-party loan origination platforms that use technology to streamline the origination of unsecured consumer and secured or unsecured business loans to borrowers within certain approved credit profiles. The Bank earns monthly program fees based on the volume of loans originated in these Strategic Programs, as well as interest during the time the Bank holds the loans. The Company is subject to competition from other financial institutions and to the regulations of certain federal and state agencies and undergoes periodic examinations by those agencies. Basis of Presentation – The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with rules and regulations of the Securities and Exchange Commission (“SEC”) and include the activity of the Company and its wholly owned subsidiaries, FinWise Investment, LLC and the Bank. The statements do not include all of the information and footnotes required by GAAP for complete financial statements. All significant inter-company transactions have been eliminated in consolidation. In the opinion of management, all the adjustments (consisting of normal and recurring adjustments) necessary for the fair statement of the consolidated financial condition and the consolidated results of operations for the periods presented have been included. The results of operations and other data presented for the three and six months ended June 30, 2024 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. The consolidated balance sheet data as of December 31, 2023 was derived from audited financial statements; however, the accompanying notes to the unaudited consolidated financial statements do not include all of the annual disclosures required by GAAP and should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Certain prior period amounts have been reclassified to conform to the current period presentation. Stock Repurchase Program – On March 7, 2024, the Company announced that its Board of Directors (the “Board”) had authorized, effective March 6, 2024, a common stock repurchase program to purchase up to 641,832 shares of the Company’s common stock in the aggregate. The repurchase program authorizes the repurchase by the Company of its common stock in open market transactions, including pursuant to a trading plan in accordance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or privately negotiated transactions. The authorization permits management to repurchase shares of the Company’s common stock from time to time at management’s discretion. Repurchases could also be made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The actual means and timing of any shares purchased under the program will depend on a variety of factors, including the market price of the Company’s common stock, general market and economic conditions, and applicable legal and regulatory requirements. The repurchase program does not obligate the Company to purchase any particular number of shares. Since commencement of the repurchase program, the Company has repurchased and subsequently retired a total of 44,608 shares for $0.5 million as of June 30, 2024. Recent Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. ASU 2023-09 improves the transparency of income tax disclosures by requiring entities to provide greater disaggregation of information on income taxes paid and on the rate reconciliation disclosures. This pronouncement also requires qualitative discussion of the primary state and local jurisdictions for income taxes and the type of reconciling categories. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company does not expect that the adoption of this standard will have a material impact on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in the update and existing segment disclosures in Topic 280. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt this ASU on a retrospective basis. Early adoption is permitted. The Company does not expect that the adoption of this standard will have a material impact on its consolidated financial statements.

SBA Servicing Asset, Net - SBA Servicing Asset Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	$ 4,072	$ 5,284	$ 4,231	$ 5,210
Additions to servicing asset	0	150	0	150
Recovery of SBA servicing asset	328	339	526	592
Amortization of servicing asset	(711)	(540)	(1,068)	(719)
Ending balance	$ 3,689	$ 5,233	$ 3,689	$ 5,233

Capital Requirements

6 Months Ended

Jun. 30, 2024

Capital Requirements [Abstract]

Capital Requirements

The Bank is subject to various regulatory capital requirements administered by federal and State of Utah banking agencies (the regulators). Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off -balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk -weighting, and other factors. Prompt corrective action provisions are not applicable to the bank holding company.

Beginning January 1, 2020, the bank qualified and elected to use the community bank leverage ratio (“CBLR”) framework for quantitative measures which requires the Bank to maintain minimum amounts and ratios of Tier 1 capital to average total consolidated assets. Management believes, as of June 30, 2024 and December 31, 2023, that the Bank’s capital levels exceed the regulatory floors required to be classified as a well-capitalized bank.

As of June 30, 2024 and December 31, 2023, the most recent notification from the FDIC categorized the Bank as well-capitalized under the regulatory framework for prompt corrective action (there are no conditions or events since that

notification that management believes have changed the Bank’s category). The following table sets forth the actual capital amounts and ratios for the Bank and the minimum amount and ratio of capital required to be categorized as well-capitalized as of the dates indicated:


	Actual				Well-Capitalized Requirement
($ in thousands)	Amount		Ratio		Amount		Ratio
June 30, 2024
Leverage ratio (CBLR election)	$	125,904	20.8	%	$	52,787	9.0	%
December 31, 2023
Leverage ratio (CBLR election)	$	116,108	20.7	%	$	50,441	9.0	%

Federal Reserve Board Regulations can require maintenance of certain minimum reserve balances based on certain average deposits. The Bank had no reserve requirements as of June 30, 2024 and December 31, 2023.

The Federal Reserve’s policy statement and supervisory guidance on the payment of cash dividends by a Bank Holding Company (“BHC”), such as FinWise Bancorp, expresses the view that a BHC should generally pay cash dividends on common stock only to the extent that (1) the BHC’s net income available over the past year is sufficient to cover the cash dividend, (2) the rate of earnings retention is consistent with the organization’s expected future needs and financial condition, and (3) the regulatory capital adequacy ratios are met. Should an insured depository institution controlled by a bank holding company be “significantly undercapitalized” under the applicable federal bank capital ratios, or if the bank subsidiary is “undercapitalized” and has failed to submit an acceptable capital restoration plan or has materially failed to implement such a plan, federal banking regulators (in the case of the Bank, the FDIC) may choose to require prior Federal Reserve approval for any capital distribution by the BHC.

In addition, since FinWise Bancorp is a legal entity separate and distinct from the Bank and does not conduct stand-alone operations, an ability to pay dividends depends on the ability of the Bank to pay dividends to FinWise Bancorp. The FDIC and the Utah Department of Financial Institutions (“UDFI”) may, under certain circumstances, prohibit the payment of dividends to FinWise Bancorp from the Bank. Utah corporate law also requires that dividends can only be paid out of funds legally available.

The Company has not paid any cash dividends on its common stock since inception and it currently has no plans to pay cash dividends in the foreseeable future. However, the Company’s Board of Directors may declare a cash or stock dividend out of retained earnings provided the regulatory capital ratio requirements are met. The Company plans to maintain capital ratios that meet or exceed the well-capitalized standards per the regulations and, therefore, would limit dividends to amounts that are appropriate to maintain those well-capitalized regulatory capital ratios.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended	6 Months Ended		8 Months Ended
	Jun. 27, 2024	Jun. 20, 2019	Apr. 20, 2017	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2017
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted (in shares)					0	124,906
Weighted average grant date fair value (in dollars per share)						$ 9.46
Options exercised				$ 0.2	$ 0.3
2019 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period		10 years
Number of additional shares authorized (in shares)	500,000
Number of shares authorized (in shares)	1,780,000
Number of shares available for grant (in shares)				509,880	509,880
2016 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period			10 years
Number of shares authorized (in shares)			299,628
Number of shares available for grant (in shares)				2,189	2,189
Options granted (in shares)							0
2019 Plan and 2016 Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period					1 year
2019 Plan and 2016 Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period					10 years
Award vesting period					5 years
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense				$ 0.2	$ 0.2
Weighted average recognition period					1 year 4 months 24 days
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense				$ 3.8	$ 3.8
Weighted average recognition period					1 year 10 months 24 days

Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating leases
Operating lease cost	$ 219	$ 219	$ 438	$ 438
Variable lease cost	21	9	42	18
Operating lease expense	240	228	480	456
Short-term lease rent expense	0	0	0	0
Total rent expense	$ 240	$ 228	$ 480	$ 456

Stock-Based Compensation - Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares
Stock Options
Outstanding, beginning of year (in shares) \| shares	981,488	881,625
Options granted (in shares) \| shares	0	124,906
Options exercised (in shares) \| shares	(41,940)	(16,800)
Options forfeited (in shares) \| shares	(30,726)	(8,264)
Outstanding, end of period (in shares) \| shares	908,822	981,467
Options vested and exercisable, end of period (in shares) \| shares	767,328	689,418
Weighted Average Exercise Price
Outstanding, beginning of year (in dollars per share) \| $ / shares	$ 5.72	$ 5.27
Options granted (in dollars per share) \| $ / shares		8.64
Options exercised (in dollars per share) \| $ / shares	4.22	2.37
Options forfeited (in dollars per share) \| $ / shares	7.44	9.25
Outstanding, end of period (in dollars per share) \| $ / shares	5.73	5.72
Options vested and exercisable, end of period (in dollars per share) \| $ / shares	$ 5.20	$ 4.78
Weighted Average Remaining Contractual Life (in years)
Outstanding	6 years 4 months 24 days	7 years 4 months 24 days
Options vested and exercisable	6 years 1 month 6 days	6 years 10 months 24 days
Aggregate Intrinsic Value
Outstanding, end of period \| $	$ 4,300,470	$ 3,546,581
Options vested and exercisable \| $	$ 3,997,890	$ 3,000,920

Investment in Business Funding Group, LLC	6 Months Ended
Investment in Business Funding Group, LLC	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investment in Business Funding Group, LLC	Investment in Business Funding Group, LLC On December 31, 2019, the Company purchased from certain members of BFG a 10% membership interest in exchange for an aggregate of 950,784 shares of the Company’s common stock The exchange was accounted for at fair value based on the fair value of the Company’s shares of approximately $3.5 million. On July 25, 2023 the Company entered into a definitive agreement, as amended, to purchase from certain members of BFG an additional 10% membership interest in exchange for shares of common stock of the Company. On February 5, 2024, the transaction was consummated and the Company issued in the aggregate 339,176 shares of common stock of the Company in a private placement to the sellers in exchange for the additional membership interest in BFG. The second transaction increased the Company’s total ownership interest in BFG to 20%. The ownership interest consists of Class A Voting Units representing 4.7% of the aggregate membership interests of BFG and Class B Non-Voting Unites representing 15.3% of the aggregate membership interests of BFG. The other existing members of BFG jointly own the remaining 80% of the outstanding membership interests, on a fully-diluted basis – all of which membership interests are Class A Voting Units. Based on the Company’s accounting policy with respect to investments in limited liability companies, the Company concluded that its level of ownership was indicative of significant influence and, as a result, the investment would be accounted for using the equity method. However, the Company elected the fair value option for its investment due to cost-benefit considerations. The Company received distributions from BFG in the amounts of $0.2 million and $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and $0.4 million and $0.3 million for the six months ended June 30, 2024 and 2023, respectively. These distributions were recorded in the consolidated statements of income in other miscellaneous income. On March 31, 2020, the Company entered into a right of first refusal and option agreement with the members of BFG whereby the Company has the right of first refusal to purchase additional interests in BFG from any selling members and the option to purchase all, but not less than all, of the interests in BFG from the remaining members. The purchase price for the remaining members’ interests is based on an earnings multiple between 10 times and 15 times BFG’s net profit for the fiscal year ended immediately prior to the exercise of the option. The option period begins on January 1, 2021 and expires on January 1, 2028. The Company issued an aggregate 270,000 warrants to the BFG members as consideration for entering into the agreement. The warrants have an exercise price of $6.67 per share and the warrants expire on March 31, 2028. The warrants are free-standing equity instruments and, as a result, are classified within equity at the fair value on the issuance date. The fair value of the warrants was determined by our board of directors with input from management, relying in part upon valuation reports prepared by a third-party valuation firm using a Black-Scholes option pricing model adjusted for a lack of marketability since the Company’s stock was not publicly traded at that time. The resulting fair value of the warrants was $0.19 per share. For further discussion on the Company’s investment in BFG, see Note 12 Related Party Transactions.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 09, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-40721
Entity Registrant Name	FINWISE BANCORP
Entity Incorporation, State or Country Code	UT
Entity Tax Identification Number	83-0356689
Entity Address, Address Line One	756 East Winchester, Suite 100
Entity Address, City or Town	Murray
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84107
City Area Code	801
Local Phone Number	501-7200
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	FINW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,211,160
Entity Central Index Key	0001856365
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Loans Held for Investment and Allowance for Credit Losses - Modified Loans (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) contract	Jun. 30, 2023 contract	Jun. 30, 2024 USD ($) contract	Jun. 30, 2023 USD ($) contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts modified \| contract	2	0	3	0
Payment term increase from modification, minimum	6 months		6 months
Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total of loan modifications	$ 400		$ 600
Outstanding Balance				$ 572
Owner occupied \| Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Principal deferment (Months)	11 months		11 months
Outstanding Balance				$ 243
% of Total Loan Type				0.13%
Non owner occupied \| Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Principal deferment (Months)	11 months		11 months
Outstanding Balance				$ 173
% of Total Loan Type				0.94%
Residential \| Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Principal deferment (Months)	11 months		11 months
Outstanding Balance				$ 156
% of Total Loan Type				0.27%

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 287	$ 21	$ 566	$ 292

Fair Value of Financial Instruments - Investment in BFG Level 3 Recurring Asset (Details)	Jun. 30, 2024	Dec. 31, 2023
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	0.045	0.045
Discounted Cash Flows \| Level 3 \| Revenue growth rate \| Fair Value, Recurring \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	0.110	0.110
Discounted Cash Flows \| Level 3 \| Expense growth rate \| Fair Value, Recurring \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	0.134	0.134
Discounted Cash Flows \| Level 3 \| Discount rate \| Fair Value, Recurring \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	0.200	0.200
Guideline Public Company \| Level 3 \| Multiples of enterprise value \| Fair Value, Recurring \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	3.5	3.5
Guideline Public Company \| Level 3 \| Multiples of enterprise value \| Fair Value, Recurring \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	5.5	5.5

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Dec. 31, 2022			12,831,345
Beginning balance at Dec. 31, 2022	$ 140,459	$ (212)	$ 13	$ 54,614	$ 85,832	$ (212)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense (in shares)			168,821
Stock-based compensation expense	1,050			1,050
Common stock repurchased and retired (in shares)			(293,263)
Common stock repurchased and retired	$ (2,388)			(3,079)	691
Stock options exercised, net (in shares)	16,800		16,800
Stock options exercised, net	$ 40			40
Net income	8,499				8,499
Ending balance (in shares) at Jun. 30, 2023			12,723,703
Ending balance at Jun. 30, 2023	147,448		$ 13	52,625	94,810
Beginning balance (in shares) at Mar. 31, 2023			12,824,572
Beginning balance at Mar. 31, 2023	144,353		$ 13	54,827	89,513
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense (in shares)			168,821
Stock-based compensation expense	629			629
Common stock repurchased and retired (in shares)			(269,690)
Common stock repurchased and retired	(2,173)			(2,831)	659
Net income	4,638				4,638
Ending balance (in shares) at Jun. 30, 2023			12,723,703
Ending balance at Jun. 30, 2023	147,448		$ 13	52,625	94,810
Beginning balance (in shares) at Dec. 31, 2023			12,493,565
Beginning balance at Dec. 31, 2023	155,056		$ 12	51,200	103,844
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense (in shares)			329,310
Stock-based compensation expense	570			570
Common stock repurchased and retired (in shares)			(44,608)
Common stock repurchased and retired	$ (466)			(469)	3
Stock options exercised, net (in shares)	41,940		26,117
Stock options exercised, net	$ 16			16
BFG ownership purchase (in shares)			339,176
BFG ownership purchase	4,125		$ 1	4,124
Net income	6,495				6,495
Ending balance (in shares) at Jun. 30, 2024			13,143,560
Ending balance at Jun. 30, 2024	165,796		$ 13	55,441	110,342
Beginning balance (in shares) at Mar. 31, 2024			12,793,555
Beginning balance at Mar. 31, 2024	162,482		$ 13	55,304	107,165
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense (in shares)			354,699
Stock-based compensation expense	419			419
Common stock repurchased and retired (in shares)			(26,911)
Common stock repurchased and retired	(285)			(282)	(2)
Stock options exercised, net (in shares)			22,217
Net income	3,180				3,180
Ending balance (in shares) at Jun. 30, 2024			13,143,560
Ending balance at Jun. 30, 2024	$ 165,796		$ 13	$ 55,441	$ 110,342

Fair Value of Financial Instruments - Investment in BFG Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Beginning balance			$ 4,200	$ 4,800
Purchase of BFG ownership interest			4,125	0
Change in fair value of BFG	$ (200)	$ 0	(325)	(300)
Ending balance	$ 8,000	$ 4,500	$ 8,000	$ 4,500

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Lease Cost

The Company leases its facilities under noncancelable operating leases. Rent expense was as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
(in thousands)
Operating leases
Operating lease cost	$	219	$	219	$	438	$	438
Variable lease cost	21		9		42		18
Operating lease expense	240		228		480		456
Short-term lease rent expense	—		—		—		—
Total rent expense	$	240	$	228	$	480	$	456

The weighted-average lease term and discount rate used are as follows:.


	As of
	June 30, 2024		December 31, 2023

Weighted-average remaining lease term – operating leases (in years)	5.3		5.8
Weighted-average discount rate – operating leases	1.9	%	1.9	%

Supplemental cash flow information related to leases were as follows (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
($ in thousands)
Operating cash flows from operating leases	$	287	$	21	$	566	$	292

Schedule of Future Minimum Annual Undiscounted Rental Payments for Operating Leases

Future minimum annual undiscounted rental payments for the Company’s operating leases are as follows as of June 30, 2024 ($ in thousands):


Six Months Ended December 31, 2024	$	538
Year Ended December 31, 2025	1,086
Year Ended December 31, 2026	1,118
Year Ended December 31, 2027	1,152
Year Ended December 31, 2028	1,186
Year Ended December 31, 2029	1,017

Total future minimum lease payments	6,097
Less present value discount	(309)
Total operating lease liabilities	$	5,788

Earnings per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share

The following table is a reconciliation of the components used to derive basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share amounts):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	3,180	$	4,638	$	6,495	$	8,499
Amount allocated to participating common shareholders(1)	(72)		(88)		(125)		(122)
Net income allocated to common shareholders	$	3,108	$	4,550	$	6,370	$	8,377
Denominator:
Weighted average shares outstanding, basic	12,627,800		12,603,463		12,565,124		12,655,605
Weighted average effect of dilutive securities:
Stock options	387,663		327,786		390,589		359,632
Warrants	94,245		58,281		105,070		65,383
Weighted average shares outstanding, diluted	13,109,708		12,989,530		13,060,783		13,080,620
Earnings per share, basic	$	0.25	$	0.36	$	0.51	$	0.66
Earnings per share, diluted	$	0.24	$	0.35	$	0.49	$	0.64

Anti-dilutive stock options excluded from the calculation of diluted earnings per share	113,954		47,152		115,454		621,835

(1)Represents earnings attributable to holders of unvested restricted stock issued to the Company’s directors and employees.

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used

The table below summarizes the assumptions used for the options granted during the six months ended June 30, 2023.


									For the Six Months Ended June 30,
									2023
Risk-free interest rate									3.9% - 4.0%
Expected term in years									5.5 – 7.5
Expected volatility									44.0% – 44.9%

Schedule of Stock Option Activity

The following summarizes stock option activity for the six months ended June 30, 2024 and 2023:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2023	981,488	$	5.72

Options exercised	(41,940)	$	4.22
Options forfeited	(30,726)	$	7.44
Outstanding at June 30, 2024	908,822	$	5.73	6.4	$	4,300,470
Options vested and exercisable at June 30, 2024	767,328	$	5.20	6.1	$	3,997,890


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2022	881,625	$	5.27
Options granted	124,906	$	8.64
Options exercised	(16,800)	$	2.37
Options forfeited	(8,264)	$	9.25
Outstanding at June 30, 2023	981,467	$	5.72	7.4	$	3,546,581
Options vested and exercisable at June 30, 2023	689,418	$	4.78	6.9	$	3,000,920

Schedule of Pre-Tax and After-Tax Stock-Based Compensation Expense

The following tables present pre-tax and after-tax stock-based compensation expense recognized:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
($ in thousands)	2024		2023		2024		2023
Pre-tax
Stock options	$	75	$	142	$	131	$	237
Restricted shares	344		487		439		813
Total	$	419	$	629	$	570	$	1,050
After-tax
Stock options	$	74	$	137	$	125	$	230
Restricted shares	258		366		330		610
Total	$	332	$	503	$	455	$	840

Fair Value of Financial Instruments - Quantitative Information for Level 3 Fair Value Measurements (Details) - Level 3 $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Individually evaluated loans	$ 27,138	$ 27,127
Market comparable \| Adjustment to appraisal value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Individually evaluated loans, measurement input	0.1140	0.0757

SBA Servicing Asset, Net (Tables)

6 Months Ended

Jun. 30, 2024

Transfers and Servicing [Abstract]

Schedule of SBA Servicing Asset Activity

The following table summarizes SBA servicing asset, net activity for the periods indicated:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
($ in thousands)	2024		2023		2024		2023
Beginning balance	$	4,072	$	5,284	$	4,231	$	5,210
Additions to servicing asset	—		150		—		150
Recovery of SBA servicing asset	328		339		526		592
Amortization of servicing asset	(711)		(540)		(1,068)		(719)
Ending balance	$	3,689	$	5,233	$	3,689	$	5,233

Investments - Amortized Cost and Estimated Market Value of Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 0	$ 0
Due after one year through five years	0	0
Due after five years through ten years	2,462	2,745
Due after ten years	11,480	12,643
Amortized Cost	13,942	15,388
Estimated Fair Value
Due in one year or less	0	0
Due after one year through five years	0	0
Due after five years through ten years	2,298	2,577
Due after ten years	10,099	11,232
Estimated fair value	$ 12,397	$ 13,809

Loans Held for Investment and Allowance for Credit Losses - Loans Summarized to Major Risk Category (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	$ 414,341		$ 372,215
Allowance for credit losses	(13,127)	$ (12,632)	(12,888)	$ (12,321)	$ (12,034)	$ (11,985)
Net loans	398,512		358,560
Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	414,341		372,215
Deferred loan fees, net	(2,702)		(767)
Allowance for credit losses	(13,127)		(12,888)
Net loans	398,512		358,560
SBA \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total Strategic Program loans	249,281		239,922
SBA \| Financing Receivable, Incurred Loss Methodology \| SBA
Loans and Leases Receivable Disclosure [Line Items]
Total Strategic Program loans	147,800		131,700
Commercial leases \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total Strategic Program loans	56,529		38,110
Commercial, non-real estate \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total Strategic Program loans	1,999		2,457
Residential real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	58,296		51,428
Allowance for credit losses	(1,029)	(999)	(956)	(708)	(799)	(876)
Residential real estate \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total Strategic Program loans	42,317		38,123
Strategic Program loans
Loans and Leases Receivable Disclosure [Line Items]
Total Strategic Program loans	84,403		66,922
Total loans held for investment, gross	17,861		19,408
Allowance for credit losses	(5,949)	(5,761)	(7,065)	(7,256)	(7,227)	(6,701)
Strategic Program loans \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total Strategic Program loans	17,861		19,408
Commercial real estate - owner occupied
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	190,375		186,550
Allowance for credit losses	(4,094)	(3,910)	(3,336)	(2,968)	(2,868)	(3,030)
Commercial real estate - owner occupied \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total Strategic Program loans	28,340		20,798
Commercial real estate - non-owner occupied
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	18,437		15,354
Allowance for credit losses	(380)	(318)	(282)	(199)	(166)	(208)
Commercial real estate - non-owner occupied \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total Strategic Program loans	2,134		2,025
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	15,819		10,989
Allowance for credit losses	(261)	$ (265)	(211)	$ (90)	$ (82)	$ (65)
Consumer \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total Strategic Program loans	$ 15,880		$ 11,372

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted EPS


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	3,180	$	4,638	$	6,495	$	8,499
Amount allocated to participating common shareholders(1)	(72)		(88)		(125)		(122)
Net income allocated to common shareholders	$	3,108	$	4,550	$	6,370	$	8,377
Denominator:
Weighted average shares outstanding, basic	12,627,800		12,603,463		12,565,124		12,655,605
Weighted average effect of dilutive securities:
Stock options	387,663		327,786		390,589		359,632
Warrants	94,245		58,281		105,070		65,383
Weighted average shares outstanding, diluted	13,109,708		12,989,530		13,060,783		13,080,620
Earnings per share, basic	$	0.25	$	0.36	$	0.51	$	0.66
Earnings per share, diluted	$	0.24	$	0.35	$	0.49	$	0.64

Anti-dilutive stock options excluded from the calculation of diluted earnings per share	113,954		47,152		115,454		621,835

(1)Represents earnings attributable to holders of unvested restricted stock issued to the Company’s directors and employees.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 998	$ 1,638	$ 2,192	$ 3,002
Effective income tax rate	23.90%	26.10%	25.20%	26.10%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
-Subparagraph (ee)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.7-04(9))
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
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-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The Company measures and discloses certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (that is, not a forced liquidation or distressed sale). GAAP establishes a consistent framework for measuring fair value and disclosure requirements about fair value measurements. Among other things, the standard requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s estimates for market assumptions. These two types of inputs create the following fair value hierarchy.

Level 1 – Quoted prices in active markets for identical instruments. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available.

Level 2 – Observable inputs other than Level 1 including quoted prices in active markets for similar instruments, quoted prices in less active markets for identical or similar instruments, or other observable inputs that can be corroborated by observable market data.

Level 3 – Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation also includes observable inputs from nonbinding single dealer quotes not corroborated by observable market data. In developing Level 3 measurements, management incorporates whatever market data might be available and uses discounted cash flow models where appropriate. These calculations include projections of future cash flows, including appropriate default and loss assumptions, and market-based discount rates.

The estimated fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize at a future date. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. In addition, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates that must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values. Transfers

between levels of the fair value hierarchy are deemed to occur at the end of the reporting period. There were no transfers between fair value levels for the three and six months ended June 20, 2024 and 2023.

The following methods were used to estimate the fair value of each class of financial instruments:

Cash and cash equivalents: The carrying amount of these items is a reasonable estimate of their fair value.

Investment securities held-to-maturity: The estimated fair values of investment securities are priced using current active market quotes, if available, which are considered Level 1 measurements. For most of the portfolio, matrix pricing based on the securities’ relationship to other benchmark quoted prices is used to establish the fair value. These measurements are considered Level 2.

Investment in Federal Home Loan Bank stock: The fair value is based upon the redemption value of the stock, which equates to the carrying value.

Strategic Program loans held-for-sale: The carrying amount of these items is a reasonable estimate of their fair value.

Loans held for investment, net: The fair value is estimated by discounting the future cash flows and estimated prepayments using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term. Some loan types’ fair value approximated carrying value because of their floating rate or expected maturity characteristics.

SBA servicing asset, net: The fair value of servicing assets is based on, in part, third-party valuations that project estimated future cash inflows that include servicing fees and outflows that include market rates for costs of servicing. The present value of the future cash flows are calculated utilizing market-based discount rates. The market-based discount rates represent risk spreads based on secondary market transactions utilizing calculated prepayment curves. Because observable loan transactions are used to determine the risk spreads, the Company considers the measurement to be Level 2.

Investment in BFG: The Company’s valuation technique utilized the average of the discounted cash flow method and the Guideline Public Company method. The valuation was also adjusted using a Guideline Transaction method based on the transaction announced on July 25, 2023 and the share price on September 30, 2023. A 20% lack of marketability discount was applied to the valuation as well as a 4.5% discount to non-voting shares to arrive at fair value as of June 30, 2024 and December 31, 2023. The calculation of fair value utilized significant unobservable inputs, including projected cash flows, growth rates, and discount rates. The fair value of the investment in BFG was $8.0 million and $4.2 million as of June 30, 2024 and December 31, 2023, respectively. The following table summarizes investment in BFG activity for the periods indicated:


	For the Six Months Ended June 30,
($ in thousands)	2024		2023
Beginning balance	$	4,200	$	4,800
Purchase of BFG ownership interest	4,125		—
Change in fair value of BFG	(325)		(300)
Ending balance	$	8,000	$	4,500

Deposits: The carrying amount of deposits with no stated maturity, such as savings and checking accounts, is a reasonable estimate of their fair value. The market value of certificates of deposit is based upon the discounted value of contractual cash flows. The discount rate is determined using the rates currently offered on comparable instruments.

Accrued interest receivable and payable: The fair value of accrued interest receivable and payable approximates their carrying amount.

PPP Liquidity Facility: 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.

The table below presents the carrying amount and fair value of the Company's financial instruments:


		June 30, 2024				December 31, 2023
($ in thousands)	Level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Cash and cash equivalents	1	$	89,009	$	89,009	$	116,975	$	116,975
Investment securities held-to-maturity	2	13,942		12,397		15,388		13,809
Investment in FHLB stock	2	349		349		238		238
Loans held for investment, net	3	398,512		429,774		358,560		360,032
Loans held-for-sale	2	66,542		66,542		47,514		47,509
Accrued interest receivable	2	3,390		3,390		3,573		3,573
SBA servicing asset, net	2	3,689		3,689		4,231		4,231
Investment in BFG	3	8,000		8,000		4,200		4,200
Financial liabilities:
Total deposits	2	429,195		412,459		404,833		394,195
Accrued interest payable	2	601		601		619		619
PPP Liquidity Facility	2	127		127		190		190

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
June 30, 2024
Nonrecurring assets:
Individually evaluated loans	$	27,138	$	—	$	—	$	27,138
December 31, 2023
Nonrecurring assets:
Individually evaluated loans	$	27,127	$	—	$	—	$	27,127

Individually evaluated loans – The loan amount above represents loans individually evaluated that have been adjusted to the lower of cost or fair value. When collateral dependent loans are individually evaluated, they are measured using the current fair value of the collateral securing these loans, less selling costs. The fair value of real estate collateral is determined using collateral valuations or a discounted cash flow analysis using inputs such as discount rates, sale prices of similar assets, and term of expected disposition. Some appraised values are adjusted based on management’s review and analysis, which may include historical knowledge, changes in market conditions, estimated selling and other anticipated costs, and/or expertise and knowledge. The loss, if any, represents charge-offs on loans when the fair value of the collateral is less than the carrying amount of the loan.

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 June 30, 2024 and as of December 31, 2023, along with the valuation techniques used, are shown in the following table:

($ in thousands)

Fair Value

Valuation
Technique

Unobservable
Input

Range
(Weighted Average)

June 30, 2024

Individually evaluated loans

27,138

Market
comparable

Adjustment to
appraisal value

11.40

December 31, 2023

Individually evaluated loans

27,127

Market
comparable

Adjustment to
appraisal value

7.57

The range and weighted average of the significant unobservable inputs used to fair value the investment in BFG Level 3 recurring asset as of June 30, 2024 and as of December 31, 2023 are shown in the following table:


($ in thousands)	June 30, 2024 Range (Weighted Average)		December 31, 2023 Range (Weighted Average)
Discounted Cash Flows
Revenue growth rate	11.0	%	11.0	%
Expense growth rate	13.4	%	13.4	%
Discount rate	20.0	%	20.0	%

Guideline Public Company
Multiples of enterprise value	3.5x to 5.5x		3.5x to 5.5x

The valuation as of December 31, 2023 was adjusted using a Guideline Transaction method based on the potential transaction announced on July 25, 2023 and the share price on December 31, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Capital Requirements - Actual Capital Amounts and Ratios (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Amount
Actual	$ 125,904	$ 116,108
Well-Capitalized Requirement	$ 52,787	$ 50,441
Ratio
Actual	0.208	0.207
Well-Capitalized Requirement	0.090	0.090

Business, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation – The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with rules and regulations of the Securities and Exchange Commission (“SEC”) and include the activity of the Company and its wholly owned subsidiaries, FinWise Investment, LLC and the Bank. The statements do not include all of the information and footnotes required by GAAP for complete financial statements. All significant inter-company transactions have been eliminated in consolidation. In the opinion of management, all the adjustments (consisting of normal and recurring adjustments) necessary for the fair statement of the consolidated financial condition and the consolidated results of operations for the periods presented have been included. The results of operations and other data presented for the three and six months ended June 30, 2024 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. The consolidated balance sheet data as of December 31, 2023 was derived from audited financial statements; however, the accompanying notes to the unaudited consolidated financial statements do not include all of the annual disclosures required by GAAP and should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Certain prior period amounts have been reclassified to conform to the current period presentation.
Recent accounting pronouncements	Recent Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. ASU 2023-09 improves the transparency of income tax disclosures by requiring entities to provide greater disaggregation of information on income taxes paid and on the rate reconciliation disclosures. This pronouncement also requires qualitative discussion of the primary state and local jurisdictions for income taxes and the type of reconciling categories. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company does not expect that the adoption of this standard will have a material impact on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in the update and existing segment disclosures in Topic 280. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt this ASU on a retrospective basis. Early adoption is permitted. The Company does not expect that the adoption of this standard will have a material impact on its consolidated financial statements.
Fair Value of Financial Instruments	The Company measures and discloses certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (that is, not a forced liquidation or distressed sale). GAAP establishes a consistent framework for measuring fair value and disclosure requirements about fair value measurements. Among other things, the standard requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s estimates for market assumptions. These two types of inputs create the following fair value hierarchy. Level 1 – Quoted prices in active markets for identical instruments. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. Level 2 – Observable inputs other than Level 1 including quoted prices in active markets for similar instruments, quoted prices in less active markets for identical or similar instruments, or other observable inputs that can be corroborated by observable market data. Level 3 – Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation also includes observable inputs from nonbinding single dealer quotes not corroborated by observable market data. In developing Level 3 measurements, management incorporates whatever market data might be available and uses discounted cash flow models where appropriate. These calculations include projections of future cash flows, including appropriate default and loss assumptions, and market-based discount rates. The estimated fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize at a future date. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. In addition, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates that must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values. Transfers between levels of the fair value hierarchy are deemed to occur at the end of the reporting period. There were no transfers between fair value levels for the three and six months ended June 20, 2024 and 2023. The following methods were used to estimate the fair value of each class of financial instruments: Cash and cash equivalents: The carrying amount of these items is a reasonable estimate of their fair value. Investment securities held-to-maturity: The estimated fair values of investment securities are priced using current active market quotes, if available, which are considered Level 1 measurements. For most of the portfolio, matrix pricing based on the securities’ relationship to other benchmark quoted prices is used to establish the fair value. These measurements are considered Level 2. Investment in Federal Home Loan Bank stock: The fair value is based upon the redemption value of the stock, which equates to the carrying value. Strategic Program loans held-for-sale: The carrying amount of these items is a reasonable estimate of their fair value. Loans held for investment, net: The fair value is estimated by discounting the future cash flows and estimated prepayments using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term. Some loan types’ fair value approximated carrying value because of their floating rate or expected maturity characteristics. SBA servicing asset, net: The fair value of servicing assets is based on, in part, third-party valuations that project estimated future cash inflows that include servicing fees and outflows that include market rates for costs of servicing. The present value of the future cash flows are calculated utilizing market-based discount rates. The market-based discount rates represent risk spreads based on secondary market transactions utilizing calculated prepayment curves. Because observable loan transactions are used to determine the risk spreads, the Company considers the measurement to be Level 2. Deposits: The carrying amount of deposits with no stated maturity, such as savings and checking accounts, is a reasonable estimate of their fair value. The market value of certificates of deposit is based upon the discounted value of contractual cash flows. The discount rate is determined using the rates currently offered on comparable instruments. Accrued interest receivable and payable: The fair value of accrued interest receivable and payable approximates their carrying amount. Individually evaluated loans – The loan amount above represents loans individually evaluated that have been adjusted to the lower of cost or fair value. When collateral dependent loans are individually evaluated, they are measured using the current fair value of the collateral securing these loans, less selling costs. The fair value of real estate collateral is determined using collateral valuations or a discounted cash flow analysis using inputs such as discount rates, sale prices of similar assets, and term of expected disposition. Some appraised values are adjusted based on management’s review and analysis, which may include historical knowledge, changes in market conditions, estimated selling and other anticipated costs, and/or expertise and knowledge. The loss, if any, represents charge-offs on loans when the fair value of the collateral is less than the carrying amount of the loan.

Earnings per Share - Reconciliation of Components Used to Derive Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income	$ 3,180	$ 4,638	$ 6,495	$ 8,499
Amount allocated to participating common shareholders	(72)	(88)	(125)	(122)
Net income allocated to common shareholders	3,108	4,550	6,370	8,377
Net income allocated to common shareholders	$ 3,108	$ 4,550	$ 6,370	$ 8,377
Denominator:
Weighted average shares outstanding, basic (in shares)	12,627,800	12,603,463	12,565,124	12,655,605
Weighted average effect of dilutive securities:
Stock options (in shares)	387,663	327,786	390,589	359,632
Warrants (in shares)	94,245	58,281	105,070	65,383
Weighted average shares outstanding, diluted (in shares)	13,109,708	12,989,530	13,060,783	13,080,620
Earnings per share, basic (in dollars per share)	$ 0.25	$ 0.36	$ 0.51	$ 0.66
Earnings per share, diluted (in dollars per share)	$ 0.24	$ 0.35	$ 0.49	$ 0.64
Stock options
Weighted average effect of dilutive securities:
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	113,954	47,152	115,454	621,835

Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Values of Held-to-Maturity Securities

The amortized cost, unrealized gains and losses, and estimated fair values of the Company’s HTM debt securities at June 30, 2024 and December 31, 2023, are summarized as follows:


	June 30, 2024
($ in thousands)	Amortized Cost		Allowance for Credit Losses		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Mortgage-backed securities	$	6,428	$	—	$	—	$	(774)	$	5,654
Collateralized mortgage obligations	7,514		—		1		(772)		6,743
Total securities held-to-maturity	$	13,942	$	—	$	1	$	(1,546)	$	12,397


	December 31, 2023
($ in thousands)	Amortized Cost		Allowance for Credit Losses		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Mortgage-backed securities	$	6,959	$	—	$	—	$	(817)	$	6,142
Collateralized mortgage obligations	8,429		—		4		(766)		7,667
Total securities held-to-maturity	$	15,388	$	—	$	4	$	(1,583)	$	13,809

Schedule of Fair Value and Unrealized Losses of Securities in Unrealized Loss Position

The following table presents the estimated fair value and gross unrealized losses of HTM debt securities, aggregated by category and length of time in a continuous unrealized loss position at June 30, 2024 and and December 31, 2023:


	June 30, 2024
	Less than 12 months				12 Months or More				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Mortgage-backed securities	$	—	$	—	$	5,654	$	(774)	$	5,654	$	(774)
Collateralized mortgage obligations	725		(2)		5,348		(770)		6,073		(772)
Total securities held-to-maturity	$	725	$	(2)	$	11,002	$	(1,544)	$	11,727	$	(1,546)


	December 31, 2023
	Less than 12 months				12 Months or More				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Mortgage-backed securities	$	680	$	(15)	$	5,462	$	(802)	$	6,142	$	(817)
Collateralized mortgage obligations	934		(4)		4,812		(762)		5,746		(766)
Total securities held-to-maturity	$	1,614	$	(19)	$	10,274	$	(1,564)	$	11,888	$	(1,583)

Schedule of Amortized Cost and Estimated Market Value of Debt Securities

The amortized cost and estimated market value of debt securities at June 30, 2024 and December 31, 2023, by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	June 30, 2024				December 31, 2023
($ in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Securities held-to-maturity
Due in one year or less	$	—	$	—	$	—	$	—
Due after one year through five years	—		—		—		—
Due after five years through ten years	2,462		2,298		2,745		2,577
Due after ten years	11,480		10,099		12,643		11,232
Total securities held-to-maturity	$	13,942	$	12,397	$	15,388	$	13,809

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

+ Details

Capital Requirements - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Capital Requirements [Abstract]
Minimum bank reserve balance	$ 0	$ 0

Investments - FHLB Stock (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investment in Federal Home Loan Bank ("FHLB") stock, at cost	$ 349	$ 238

Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Federal Home Loan Bank Secured Line of Credit

As of June 30, 2024 and December 31, 2023, the Bank’s available line of credit with the FHLB to borrow in overnight funds was $21.2 million and $30.5 million, respectively. All borrowings are short-term and the interest rate is equal to the correspondent bank’s daily federal funds purchase rate. As of June 30, 2024 and December 31, 2023, no amounts were outstanding under the line of credit. Loans totaling $32.6 million and $46.9 million were pledged to secure the FHLB line of credit as of June 30, 2024 and December 31, 2023, respectively.

Lines of Credit

At June 30, 2024 and December 31, 2023, the Bank had the ability to access $10.6 million and $11.4 million, respectively, from the Federal Reserve Bank’s Discount Window on a collateralized basis. At June 30, 2024, the Federal Reserve Bank’s Bank Term Funding Program was no longer active. At December 31, 2023, the Bank had the ability to access $0.8 million from the Federal Reserve Bank’s Bank Term Funding Program on a collateralized basis. Through Zions Bank, the Bank had an available unsecured line of credit of $5.0 million at June 30, 2024 and December 31, 2023. The Bank had an available line of credit with Bankers’ Bank of the West to borrow up to $1.1 million in overnight funds at June 30, 2024 and December 31, 2023. The Bank had no outstanding balances on such unsecured or secured lines of credit as of June 30, 2024 and December 31, 2023.

Paycheck Protection Program Liquidity Facility

On April 20, 2020, the Bank was approved by the Federal Reserve to access its SBA Paycheck Protection Program Liquidity Facility (“PPPLF”) through the discount window. The PPPLF enables the Company to fund Paycheck Protection Program (“PPP”) loans without taking on additional liquidity or funding risks because the Company is able to pledge PPP loans as collateral to secure extensions of credit under the PPPLF on a non-recourse basis. Borrowings under the PPPLF have a fixed-rate of 0.35%, with a term that matches the underlying loans. The Bank pledged $0.1 million and $0.2 million of PPP loans as eligible collateral under the PPPLF borrowing arrangement at June 30, 2024 and December 31, 2023, respectively. The average outstanding borrowings were $0.2 million during the six months ended June 30, 2024 and $0.3 million during the six months ended June 30, 2023.

Commitments to Extend Credit

In the ordinary course of business, the Bank has entered into commitments to extend credit to customers which have not yet been exercised. These financial instruments include commitments to extend credit in the form of loans. Those instruments involve to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheets.

At June 30, 2024 and December 31, 2023, financial instruments with off-balance-sheet risk were as follows:


	June 30,		December 31,
($ in thousands)	2024		2023
Revolving, open-end lines of credit	$	2,055	$	1,630
Commercial real estate	16,388		17,421
Other unused commitments	326		724
	$	18,769	$	19,775

Allowance for Credit Losses on Unfunded Commitments

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The allowance for credit losses on unfunded commitments is included in other liabilities on the consolidated balance sheets and is adjusted through a charge to provision for credit loss expense on the consolidated statements of income. The allowance for credit losses on unfunded commitments estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The allowance for credit losses on unfunded commitments was $0.1 million as of June 30, 2024 and December 31, 2023.

Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Held-to-Maturity Securities [Line Items]
Less than 12 months, Fair Value	$ 725	$ 1,614
Less than 12 months, Unrealized Losses	(2)	(19)
12 Months or More, Fair Value	11,002	10,274
12 Months or More, Unrealized Losses	(1,544)	(1,564)
Total, Fair Value	11,727	11,888
Total, Unrealized Losses	(1,546)	(1,583)
Mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Less than 12 months, Fair Value	0	680
Less than 12 months, Unrealized Losses	0	(15)
12 Months or More, Fair Value	5,654	5,462
12 Months or More, Unrealized Losses	(774)	(802)
Total, Fair Value	5,654	6,142
Total, Unrealized Losses	(774)	(817)
Collateralized mortgage obligations
Schedule of Held-to-Maturity Securities [Line Items]
Less than 12 months, Fair Value	725	934
Less than 12 months, Unrealized Losses	(2)	(4)
12 Months or More, Fair Value	5,348	4,812
12 Months or More, Unrealized Losses	(770)	(762)
Total, Fair Value	6,073	5,746
Total, Unrealized Losses	$ (772)	$ (766)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions (Details) - USD ($) $ in Millions	Jun. 30, 2024	Feb. 05, 2024	Dec. 31, 2023	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Deposits	$ 1.9		$ 1.5
BFG
Schedule of Equity Method Investments [Line Items]
Membership interest	20.00%	20.00%		10.00%

Investments - Narrative (Details)	3 Months Ended		6 Months Ended
Investments - Narrative (Details)	Jun. 30, 2024 USD ($) security	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) security	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) security	Jan. 01, 2023 USD ($)
Schedule of Held-to-Maturity Securities [Line Items]
Allowance for credit losses related to HTM securities	$ 0		$ 0		$ 0	$ 0
Number of securities in unrealized loss position \| security	20		20		19
Debt securities, amortized cost	$ 13,942,000		$ 13,942,000		$ 15,388,000
Sales or transfers of investment securities	0	$ 0	0	$ 0
Realized gains or losses on investment securities	0	$ 0	0	$ 0
Collateralized mortgage obligations
Schedule of Held-to-Maturity Securities [Line Items]
Allowance for credit losses related to HTM securities	$ 0		$ 0		$ 0
Number of securities in unrealized loss position \| security	10		10		9
Debt securities, amortized cost	$ 7,514,000		$ 7,514,000		$ 8,429,000
Mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Allowance for credit losses related to HTM securities	$ 0		$ 0		$ 0
Number of securities in unrealized loss position \| security	10		10		10
Debt securities, amortized cost	$ 6,428,000		$ 6,428,000		$ 6,959,000
Asset Pledged as Collateral
Schedule of Held-to-Maturity Securities [Line Items]
Debt securities, amortized cost	$ 12,400,000		$ 12,400,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses related to HTM securities	$ 0	$ 0
Estimated Fair Value	12,397,000	13,809,000
Allowance for Credit Losses	$ 13,127,000	$ 12,888,000
Preferred stock, par or stated value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	4,000,000	4,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par or stated value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares, issued (in shares)	13,143,560	12,493,565
Common stock, shares, outstanding (in shares)	13,143,560	12,493,565

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 6,495	$ 8,499
Adjustments to reconcile net income to net cash used in operating activities
Depreciation and amortization	2,643	1,648
Provision for credit losses	5,539	5,359
Noncash operating lease cost	380	373
Net (accretion) amortization in securities discounts and premiums	(10)	1
Additions to servicing asset	0	(150)
Gain on sale of loans, net	(771)	(887)
Originations of Strategic Program loans held-for-sale	(2,196,032)	(1,942,395)
Proceeds from sale of Strategic Program loans held-for-sale	2,177,004	1,923,622
Change in fair value of BFG	325	300
Recovery of SBA servicing asset	(526)	(592)
Stock-based compensation expense	570	1,050
Deferred income tax expense	406	1,307
Net changes in:
Accrued interest receivable	183	(498)
Accrued interest payable	(18)	412
Other assets	1,810	(1,647)
Operating lease liabilities	(508)	(228)
Other liabilities	(3,320)	(1,938)
Net cash used in operating activities	(5,831)	(5,764)
Cash flows from investing activities:
Net increase in loans receivable	(34,044)	(45,743)
Purchase of lease pools	(10,676)	(12,386)
Investment in equity securities	0	(9)
Purchase of bank premises and equipment, net	(2,610)	(4,605)
Proceeds from maturities and paydowns of securities held-to-maturity	1,456	879
Purchases of securities held-to-maturity	0	(992)
Purchase of FHLB stock	(111)	(27)
Net cash used in investing activities	(45,985)	(62,883)
Cash flows from financing activities:
Net increase in deposits	24,362	89,532
Common stock repurchased	(466)	(2,388)
Proceeds from exercise of stock options	16	40
Repayment of PPP Liquidity Facility	(63)	(62)
Net cash provided by financing activities	23,850	87,122
Net change in cash and cash equivalents	(27,966)	18,475
Cash and cash equivalents, beginning of the period	116,975	100,567
Cash and cash equivalents, end of the period	89,009	119,042
Cash paid during the period
Income taxes	1,363	5,050
Interest	7,464	3,077
Supplemental disclosures of noncash investing and financing activities:
Increase in BFG investment in exchange for shares of the Company’s common stock	$ 4,125	$ 0

SBA Servicing Asset, Net

6 Months Ended

Jun. 30, 2024

Transfers and Servicing [Abstract]

SBA Servicing Asset, Net

The Company periodically sells portions of SBA loans and retains rights to service the loans. Loans serviced for others are not included in the accompanying balance sheet. The unpaid principal balances of SBA loans serviced for others was $240.7 million and $275.2 million at June 30, 2024 and December 31, 2023, respectively.

The following table summarizes SBA servicing asset, net activity for the periods indicated:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
($ in thousands)	2024		2023		2024		2023
Beginning balance	$	4,072	$	5,284	$	4,231	$	5,210
Additions to servicing asset	—		150		—		150
Recovery of SBA servicing asset	328		339		526		592
Amortization of servicing asset	(711)		(540)		(1,068)		(719)
Ending balance	$	3,689	$	5,233	$	3,689	$	5,233

The fair market value of the SBA servicing asset as of June 30, 2024 and December 31, 2023, was $3.7 million and $4.2 million, respectively. Recovery or impairment adjustments to servicing rights are mainly due to market-based assumptions associated with discounted cash flows, loan prepayment speeds, and changes in interest rates. A significant change in prepayments of the loans in the servicing portfolio could result in significant changes in the valuation adjustments, thus creating potential volatility in the carrying amount of servicing rights.

The Company assumed a weighted average prepayment rate of 20.4%, weighted average term of 3.36 years, and a weighted average discount rate of 12.6% at June 30, 2024.

The Company assumed a weighted average prepayment rate of 18.2%, weighted average term of 3.72 years, and a weighted average discount rate of 15.4% at December 31, 2023.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 50
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-Section 50
-Paragraph 4
-Subparagraph (a)(7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-Paragraph 3
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

+ Details

Loans Held for Investment and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2024

Loans and Leases Receivable Disclosure [Abstract]

Schedule of Loans Outstanding by General Ledger Classification

Loans held for investment outstanding by general ledger classification as of June 30, 2024 and December 31, 2023, consisted of the following:


	June 30,		December 31,
	2024		2023
($ in thousands)
SBA(1)	$	249,281	$	239,922
Commercial leases	56,529		38,110
Commercial, non-real estate	1,999		2,457
Residential real estate	42,317		38,123
Strategic Program loans	17,861		19,408
Commercial real estate:
Owner occupied	28,340		20,798
Non-owner occupied	2,134		2,025
Consumer	15,880		11,372
Total loans held for investment, gross	$	414,341	$	372,215
Deferred loan fees, net	(2,702)		(767)
Allowance for credit losses	(13,127)		(12,888)
Net loans	$	398,512	$	358,560

(1) Included in the SBA loans held for investment above are $147.8 million and $131.7 million of loans guaranteed by the SBA as of June 30, 2024 and December 31, 2023, respectively.

In determining an appropriate amount for the allowance, the Bank segmented and aggregated the loan portfolio based on the Federal Deposit Insurance Corporation (“FDIC”) Consolidated Reports of Condition and Income (“Call Report”) codes. These classifications, which in general are based upon the nature of the collateral and type of borrower, are different than the classifications adopted for other financial reporting purposes, which are based upon the proposed use of the loan proceeds. The following pool segments identified as of June 30, 2024 and December 31, 2023 are based on the CECL methodology:


	June 30, 2024		December 31, 2023
($ in thousands)
Construction and land development	$	29,861	$	28,330
Residential real estate	58,296		51,428
Residential real estate multifamily	1,321		647
Commercial real estate:
Owner occupied	190,375		186,550
Non-owner occupied	18,437		15,354
Commercial and industrial	25,842		21,399
Consumer	15,819		10,989
Lease financing receivables	56,529		38,110
Retained Strategic Program loans	17,861		19,408
Total loans held for investment, gross	$	414,341	$	372,215

The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of the dates indicated:


($ in thousands)			Collateral Type
As of June 30, 2024	Allowance for Credit Losses		Real Estate		Personal Property		Total
Construction and land development	$	—	$	—	$	—	$	—
Residential real estate	—		1,425		—		1,425
Commercial real estate:
Owner occupied	—		21,508		—		21,508
Non-owner occupied	—		3,228		—		3,228
Commercial and industrial	—		—		628		628
Commercial leases	—		—		176		176
Total	$	—	$	26,161	$	804	$	26,965

The amount of collateral-dependent loans as of June 30, 2024 include $15.8 million of SBA 7(a) loan balances that are guaranteed by the SBA.


($ in thousands)			Collateral Type
As of December 31, 2023	Allowance for Credit Losses		Real Estate		Personal Property		Total
Construction and land development	$	—	$	615	$	—	$	615
Residential real estate	—		1,585		—		1,585
Commercial real estate:
Owner occupied	45		21,643		—		21,643
Non-owner occupied	—		2,362		—		2,362
Commercial and industrial	—		—		282		282
Total	$	45	$	26,205	$	282	$	26,487

Schedule of Strategic Program Loans Retained and Held-for-sale

Strategic Program loans retained and held-for-sale as of June 30, 2024 and December 31, 2023, are summarized as follows:


	June 30, 2024		December 31, 2023
($ in thousands)
Retained Strategic Program loans	$	17,861	$	19,408
Strategic Program loans held-for-sale	66,542		47,514
Total Strategic Program loans	$	84,403	$	66,922

Schedule of Changes in Allowance for Loan Losses

Activity in the ACL by common characteristic loan pools based on the CECL methodology was as follows:


	Three Months Ended June 30, 2024
($ in thousands)	Beginning Balance		Provision for (Reversal of) Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	333	$	(3)	$	—	$	—	$	330
Residential real estate	999		27		—		3		1,029
Residential real estate multifamily	8		3		—		—		11
Commercial real estate:
Owner occupied	3,910		184		—		—		4,094
Non-owner occupied	318		62		—		—		380
Commercial and industrial	482		110		(184)		15		423
Consumer	265		13		(18)		1		261
Lease financing receivables	556		156		(69)		7		650
Retained Strategic Program loans	5,761		1,841		(1,962)		309		5,949
Total allowance for credit losses	$	12,632	$	2,393	$	(2,233)	$	335	$	13,127

Unfunded lending commitments	148		(8)		—		—		140
Total allowance for credit losses	$	12,780	$	2,385	$	(2,233)	$	335	$	13,267


	Six Months Ended June 30, 2024
($ in thousands)	Beginning Balance		Provision for Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	316	$	14	$	—	$	—	$	330
Residential real estate	956		81		(64)		56		1,029
Residential real estate multifamily	6		5		—		—		11
Commercial real estate:
Owner occupied	3,336		1,280		(525)		3		4,094
Non-owner occupied	282		98		—		—		380
Commercial and industrial	361		285		(238)		15		423
Consumer	211		108		(59)		1		261
Lease financing receivables	355		468		(180)		7		650
Retained Strategic Program loans	7,065		3,199		(4,908)		593		5,949
Total allowance for credit losses	$	12,888	$	5,538	$	(5,974)	$	675	$	13,127

Unfunded lending commitments	139		1		—		—		140
Total allowance for credit losses	$	13,027	$	5,539	$	(5,974)	$	675	$	13,267


	Three Months Ended June 30, 2023
($ in thousands)	Beginning Balance		Provision for (Reversal of) Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	285	$	(6)	$	—	$	—	$	279
Residential real estate	799		(51)		(121)		81		708
Residential real estate multifamily	5		1		—		—		6
Commercial real estate:
Owner occupied	2,868		100		—		—		2,968
Non-owner occupied	166		33		—		—		199
Commercial and industrial	277		75		(66)		1		287
Consumer	82		27		(19)		—		90
Lease financing receivables	325		203		—		—		528
Retained Strategic Program loans	7,227		2,293		(2,516)		252		7,256
Total allowance for credit losses	$	12,034	$	2,675	$	(2,722)	$	334	$	12,321

Unfunded lending commitments	29		13		—		—		42
Total allowance for credit losses	$	12,063	$	2,688	$	(2,722)	$	334	$	12,363


	Six Months Ended June 30, 2023
($ in thousands)	Beginning Balance		Impact of ASU 2016-13 Adoption		Provision for (Reversal of) Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	424	$	(67)	$	(78)	$	—	$	—	$	279
Residential real estate	876		(58)		(73)		(121)		84		708
Residential real estate multifamily	3		1		2		—		—		6
Commercial real estate:
Owner occupied	3,030		(533)		593		(122)		—		2,968
Non-owner occupied	208		(41)		32		—		—		199
Commercial and industrial	339		(85)		115		(84)		3		287
Consumer	65		14		30		(19)		—		90
Lease financing receivables	339		(105)		294		—		—		528
Retained Strategic Program loans	6,701		1,131		4,429		(5,541)		536		7,256
Total allowance for credit losses	$	11,985	$	257	$	5,343	$	(5,887)	$	623	$	12,321

Unfunded lending commitments	—		26		16		—		—		42
Total allowance for credit losses	$	11,985	$	283	$	5,359	$	(5,887)	$	623	$	12,363

Schedule of Nonaccrual and Past Due Loans

Nonaccrual and past due loans are summarized below as of June 30, 2024 and December 31, 2023:


June 30, 2024
	Loans Past Due and Still Accruing
($ in thousands)	30-89 Days Past Due		90 Days and Greater		Total		Non- Accrual Loans with no ACL(1)		Non-Accrual Loans with ACL		Current Loans		Total Loans
Construction and land development	$	1,040	$	—	$	1,040	$	—	$	—	$	28,821	$	29,861
Residential real estate	41		—		41		1,425		—		56,830		58,296
Residential real estate multifamily	—		—		—		—		—		1,321		1,321
Commercial real estate:
Owner occupied	4,354		—		4,354		14,031		7,477		164,513		190,375
Non-owner occupied	—		—		—		2,378		1,023		15,036		18,437
Commercial and industrial	325		—		325		628		—		24,889		25,842
Consumer	43		12		55		—		—		15,764		15,819
Commercial leases	—		—		—		176		—		56,353		56,529
Retained Strategic Program loans	1,332		88		1,420		—		—		16,441		17,861
Total	$	7,135	$	100	$	7,235	$	18,638	$	8,500	$	379,968	$	414,341

(1) Included in the nonaccrual loan balances are $15.8 million of SBA 7(a) loan balances guaranteed by the SBA.


December 31, 2023
	Loans Past Due and Still Accruing
($ in thousands)	30-89 Days Past Due		90 Days and Greater		Total		Non- Accrual Loans with no ACL(1)		Non-Accrual Loans with ACL		Current Loans		Total Loans
Construction and land development	$	1,648	$	297	$	1,945	$	—	$	—	$	26,385	$	28,330
Residential real estate	23		—		23		1,585		—		49,820		51,428
Residential real estate multifamily	—		—		—		—		—		647		647
Commercial real estate:
Owner occupied	—		—		—		21,643		640		164,267		186,550
Non-owner occupied	—		—		—		2,362		—		12,992		15,354
Commercial and industrial	—		—		—		282		—		21,117		21,399
Consumer	81		47		128		—		—		10,860		10,989
Commercial leases	—		—		—		—		—		38,110		38,110
Retained Strategic Program loans	1,953		96		2,049		—		—		17,359		19,408
Total	$	3,705	$	440	$	4,145	$	25,872	$	640	$	341,558	$	372,215

(1) Included in the nonaccrual loan balances are $15.0 million of SBA 7(a) loan balances guaranteed by the SBA.

Schedule of Outstanding Loan Balances Categorized by Credit Quality Indicators


June 30, 2024	2024		2023		2022		2021		Prior		Revolving Loans		Total
($ in thousands)
Construction and land development
Pass	$	4,925	$	9,696	$	11,087	$	4,122	$	31	$	—	$	29,861
Watch	—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—
Total	4,925		9,696		11,087		4,122		31		—		29,861
Current period gross writeoff	—		—		—		—		—		—		—

Residential real estate
Pass	1,805		1,696		578		1,394		2,744		—		8,217
Watch	9,683		23,529		11,984		1,236		1,893		—		48,326
Special Mention	—		—		—		163		9		—		172
Substandard	—		—		1,386		38		157		—		1,581
Total	11,488		25,225		13,948		2,831		4,803		—		58,296
Current period gross writeoff	—		—		—		(64)		—		—		(64)

Residential real estate multifamily
Pass	682		275		259		79		—		—		1,295
Watch	—		—		—				26		—		26
Special Mention	—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—
Total	682		275		259		79		26		—		1,321
Current period gross writeoff	—		—		—		—		—		—		—

Commercial real estate - owner occupied
Pass	7,921		4,873		1,230		914		11,653		—		26,591
Watch	7,219		64,491		49,291		8,010		7,221		—		136,232
Special Mention	—		3,680		589		—		435		—		4,704
Substandard	—		15,998		4,349		1,299		1,202		—		22,848
Total	15,140		89,042		55,459		10,223		20,511		—		190,375
Current period gross writeoff	—		(364)		(145)		(7)		(10)		—		(525)

Commercial real estate - non-owner occupied
Pass	1,302		3,838		1,274		—		394		—		6,808
Watch	1,250		4,255		2,546		1,172		201		—		9,424
Special Mention	—		—		—		—		—		—		—
Substandard	—		—		2,205		—		—		—		2,205


Total	2,552	8,093	6,025	1,172	595	—	18,437
Current period gross writeoff	—	—	—	—	—	—	—

Commercial and industrial
Pass	308	1,603	663	693	637	—	3,904
Watch	5,218	10,695	4,279	593	783	—	21,568
Special Mention	—	—	—	—	—	—	—
Substandard	—	—	—	—	370	—	370
Total	5,526	12,298	4,942	1,286	1,790	—	25,842
Current period gross writeoff	—	(83)	(21)	(80)	(54)	—	(238)

Consumer
Pass	7,227	6,140	1,606	440	394	—	15,807
Watch	—	12	—	—	—	—	12
Special Mention	—	—	—	—	—	—	—
Substandard	—	—	—	—	—	—	—

Total	7,227	6,152	1,606	440	394	—	15,819
Current period gross writeoff	—	—	(22)	(19)	(18)	—	(59)

Lease financing receivables
Pass	23,994	27,002	5,374	—	159	—	56,529
Watch	—	—	—	—	—	—	—
Special Mention	—	—	—	—	—	—	—
Substandard	—	—	—	—	—	—	—
Total	23,994	27,002	5,374	—	159	—	56,529
Current-period gross writeoffs	—	(180)	—	—	—	—	(180)

Retained Strategic Program loans
Pass	—	—	—	—	—	—	—
Watch	—	—	—	—	—	—	—
Special Mention	—	—	—	—	—	—	—
Substandard	—	—	—	—	—	—	—
Not Rated	10,982	4,234	1,928	717	—	—	17,861
Total	10,982	4,234	1,928	717	—	—	17,861
Current-period gross writeoffs	(478)	(3,549)	(657)	(224)	—	—	(4,908)


Total portfolio loans receivable, gross	$	82,516	$	182,017	$	100,629	$	20,870	$	28,309	$	—	$	414,341
Total current-period gross writeoffs	$	(478)	$	(4,176)	$	(845)	$	(394)	$	(82)	$	—	$	(5,974)


December 31, 2023	2023		2022		2021		Prior		Revolving Loans		Total
($ in thousands)
Construction and land development
Pass	$	12,919	$	10,345	$	4,354	$	97	$	—	$	27,715
Watch	—		—		—		—		—		—
Special Mention	—		—		—		—		—		—
Substandard	—		615		—		—		—		615
Total	12,919		10,960		4,354		97		—		28,330
Current period gross writeoff	—		—		—		—		—		—

Residential real estate
Pass	2,209		874		1,480		2,947		2,249		9,759
Watch	23,614		12,399		1,661		2,035		—		39,709
Special Mention	—		—		208		11		—		219
Substandard	—		1,585		—		156		—		1,741
Total	25,823		14,858		3,349		5,149		2,249		51,428
Current period gross writeoff	—		(121)		—		(104)		—		(225)

Residential real estate multifamily
Pass	278		263		80		—		—		621
Watch	—		—		—		26		—		26
Special Mention	—		—		—		—		—		—
Substandard	—		—		—		—		—		—
Total	278		263		80		26		—		647
Current period gross writeoff	—		—		—		—		—		—

Commercial real estate - owner occupied
Pass	12,566		1,234		854		12,207		—		26,861
Watch	62,360		53,832		11,871		7,654		—		135,717
Special Mention	—		192		—		1,498		—		1,690
Substandard	16,466		3,712		1,066		1,038		—		22,282
Total	91,392		58,970		13,791		22,397		—		186,550
Current period gross writeoff	(318)		(21)		(97)		(278)		—		(714)

Commercial real estate - non-owner occupied
Pass	2,805		1,294		—		419		—		4,518
Watch	4,382		2,635		1,223		234		—		8,474


Special Mention	—		—		—		—		—		—
Substandard	—		2,362		—		—		—		2,362
Total	7,187		6,291		1,223		653		—		15,354
Current period gross writeoff	—		—		—		—		—		—

Commercial and industrial
Pass	2,090		601		744		821		31		4,287
Watch	10,157		4,600		764		930		—		16,451
Special Mention	—		—		—		8		—		8
Substandard	260		—		—		393		—		653
Total	12,507		5,201		1,508		2,152		31		21,399
Current period gross writeoff	(87)		(114)		(122)		(149)		—		(472)

Consumer
Pass	7,792		1,975		637		558		2		10,964
Watch	24		—		—		1		—		25
Special Mention	—		—		—		—		—		—
Substandard	—		—		—		—		—		—

Total	7,816		1,975		637		559		2		10,989
Current period gross writeoff	(3)		(5)		(53)		(7)		—		(68)

Lease financing receivables
Pass	31,313		6,559		—		238		—		38,110
Watch	—		—		—		—		—		—
Special Mention	—		—		—		—		—		—
Substandard	—		—		—		—		—		—
Total	31,313		6,559		—		238		—		38,110
Current-period gross writeoffs	—		—		—		—		—		—

Retained Strategic Program loans
Pass	—		—		—		—		—		—
Watch	—		—		—		—		—		—
Special Mention	—		—		—		—		—		—
Substandard	—		—		—		—		—		—
Not Rated	14,506		3,609		1,292		1		—		19,408
Total	14,506		3,609		1,292		1		—		19,408
Current-period gross writeoffs	(3,773)		(6,154)		(1,017)		(2)		—		(10,946)

Total portfolio loans receivable, gross	$	203,741	$	108,686	$	26,234	$	31,272	$	2,282	$	372,215
Total current-period gross writeoffs	$	(4,181)	$	(6,415)	$	(1,289)	$	(540)	$	—	$	(12,425)

Schedule of Loans Modified and Recorded as TDR's

The table below reflects the current principal balance outstanding as of June 30, 2024 along with the concession granted for loans that were modified during the three and six months ended June 30, 2024. During the three and six months ended June 30, 2023 there were no material loan modifications.


($ in thousands)	Principal deferment (Months)	Outstanding Balance		% of Total Loan Type
Commercial real estate:
Owner occupied	11 months	$	243	0.13	%
Non owner occupied	11 months	173		0.94	%
Residential	11 months	156		0.27	%
Total		$	572

Business, Basis of Presentation, and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	4 Months Ended
	Jun. 30, 2024	Mar. 06, 2024
Subsidiary, Sale of Stock [Line Items]
Common stock repurchase program, shares authorized to be purchased (in shares)		641,832
Stock repurchases (in shares)	44,608
Common stock repurchased, value	$ 0.5
FinWise Bank
Subsidiary, Sale of Stock [Line Items]
Percentage of business acquired	100.00%

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Loans Held for Investment and Allowance for Credit Losses - Allowance for Credit Loss by Loan Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	$ 414,341	$ 372,215
Construction and land development
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	29,861	28,330
Residential real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	58,296	51,428
Residential real estate multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	1,321	647
Commercial real estate - owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	190,375	186,550
Commercial real estate - non-owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	18,437	15,354
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	25,842	21,399
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	15,819	10,989
Lease financing receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	56,529	38,110
Retained Strategic Program loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	$ 17,861	$ 19,408

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Option Plans

The Company utilizes stock-based compensation plans, as well as discretionary grants, for employees, directors and consultants to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentives and to promote the success of the Company’s business.

The 2019 Stock Option Plan (“2019 Plan”) was adopted on June 20, 2019 following approval by the Company’s Board of Directors and shareholders. The 2019 Plan will terminate as to future awards 10 years from the later of the effective date or the earlier of the most recent Board or stockholder approval of an increase in the number of shares reserved for issuance under the 2019 Plan. On June 27, 2024, the shareholders of the Company approved an amendment to the 2019 Plan increasing the number of shares of common stock reserved for issuance under the plan by an additional 500,000 shares to 1,780,000. At June 30, 2024, 509,880 shares under the 2019 Plan were available for future issuance.

The 2016 Stock Option Plan (“2016 Plan”) was adopted on April 20, 2017 following approval by the Company’s Board of Directors and shareholders. The 2016 Plan authorizes the issuance of 299,628 common shares. The 2016 Plan will terminate as to future awards 10 years from the later of the effective date or the earlier of the most recent Board or stockholder approval of an increase in the number of shares reserved for issuance under the 2016 Plan. No shares were granted under the 2016 Plan prior to 2018. At June 30, 2024, 2,189 shares under the 2016 Plan were available for future issuance.

The 2019 Plan and the 2016 Plan (collectively, the “Plans”) provide for the issuance of non-statutory stock options and restricted stock to employees, directors and consultants. The Plans also provide for the issuance of incentive stock options only to employees. The stock-based incentive awards for the Plans are granted at an exercise price not less than the fair market value of the Company’s common stock on the date of grant in the case of stock options. Restricted stock is valued based on the fair market value of the Company’s common stock on the grant date. Vesting of the options vary by employee or director and can have a term no more than 10 years, with the options generally having vesting periods ranging from 1 to 5 years.

Under the Plans, if an award expires or becomes un-exercisable without having been exercised in full, or is surrendered pursuant to an exchange program, the unpurchased shares that were subject thereto shall become available for future grant or sale under the Plans. However, shares that have actually been issued under the Plans, upon exercise of an award, shall not be returned to the Plans and shall not become available for future distribution under the Plans, except that if unvested shares of restricted stock are repurchased by the Company at their original purchase price, such shares shall become available for future grant under the Plans.

Stock Options

The grant date fair value is determined using the Black-Scholes option valuation model.

The assumptions for expected life reflected management’s judgment and include consideration of historical experience. Expected volatility is based on data from comparable public companies for the expected option term. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. Management believes that the assumptions used in the option-pricing model are highly subjective and

represent only one estimate of possible value, as there is no active market for the options granted. No options were granted during the first six months of 2024. The table below summarizes the assumptions used for the options granted during the six months ended June 30, 2023.


									For the Six Months Ended June 30,
									2023
Risk-free interest rate									3.9% - 4.0%
Expected term in years									5.5 – 7.5
Expected volatility									44.0% – 44.9%

The following summarizes stock option activity for the six months ended June 30, 2024 and 2023:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2023	981,488	$	5.72

Options exercised	(41,940)	$	4.22
Options forfeited	(30,726)	$	7.44
Outstanding at June 30, 2024	908,822	$	5.73	6.4	$	4,300,470
Options vested and exercisable at June 30, 2024	767,328	$	5.20	6.1	$	3,997,890


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2022	881,625	$	5.27
Options granted	124,906	$	8.64
Options exercised	(16,800)	$	2.37
Options forfeited	(8,264)	$	9.25
Outstanding at June 30, 2023	981,467	$	5.72	7.4	$	3,546,581
Options vested and exercisable at June 30, 2023	689,418	$	4.78	6.9	$	3,000,920

The weighted average grant-date fair value of options granted during the six months ended June 30, 2023 was $9.46

The total intrinsic value of options exercised during the three and six months ended June 30, 2024 was $0.2 million and $0.3 million, respectively, and was de minimis for the three and six months ended June 30, 2023. During the three and six months ended June 30, 2024 and the three and six months ended June 30, 2023, the Company received de minimis proceeds from the exercise of stock options and recognized a de minimis actual tax benefit for the tax deductions from the exercise of stock options. Upon exercise of the stock options, the Company will issue new authorized shares.

Stock-based Compensation Expense

The following tables present pre-tax and after-tax stock-based compensation expense recognized:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
($ in thousands)	2024		2023		2024		2023
Pre-tax
Stock options	$	75	$	142	$	131	$	237
Restricted shares	344		487		439		813
Total	$	419	$	629	$	570	$	1,050
After-tax
Stock options	$	74	$	137	$	125	$	230
Restricted shares	258		366		330		610
Total	$	332	$	503	$	455	$	840

During the three and six months ended June 30, 2024 and the three and six months ended June 30, 2023, the Company recognized a de minimis income tax benefit for stock-based compensation. As of June 30, 2024, the Company had unrecognized stock-based compensation expense related to stock options and restricted stock of approximately $0.2 million and $3.8 million, respectively, which is expected to be recognized over the remaining weighted average recognition period of 1.4 years and 1.9 years, respectively.

Commitments and Contingent Liabilities - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Apr. 20, 2020
Line of Credit Facility [Line Items]
Paycheck Protection Program Liquidity Facility	$ 127,000			$ 190,000
Allowance for credit losses on unfunded commitments	140,000	$ 42,000	$ 148,000	139,000	$ 29,000	$ 0
Paycheck Protection Program Liquidity Facility
Line of Credit Facility [Line Items]
Borrowings, PPPLF, Fixed interest rate							0.35%
Pledged amount of PPP loans	100,000			200,000
Average outstanding borrowings	200,000	$ 300,000
Line of Credit
Line of Credit Facility [Line Items]
Paycheck Protection Program Liquidity Facility	0			0
Federal Home Loan Bank Secured Line of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Available line of credit with the FHLB	21,200,000			30,500,000
Amounts outstanding under the FHLB line of credit	0			0
Loans pledged to secure FHLB line of credit	32,600,000			46,900,000
Federal Reserve Bank, Discount Window \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	10,600,000			11,400,000
Federal Reserve Bank, Term Funding Program \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity				800,000
Zions Bank \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	5,000,000.0			5,000,000.0
Bank of the West \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,100,000			$ 1,100,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 3,180	$ 4,638	$ 6,495	$ 8,499

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Leases - Lease Assets and Liabilities (Details)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term – operating leases (in years)	5 years 3 months 18 days	5 years 9 months 18 days
Weighted-average discount rate – operating leases	1.90%	1.90%

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Investment in BFG Activity

The following table summarizes investment in BFG activity for the periods indicated:


	For the Six Months Ended June 30,
($ in thousands)	2024		2023
Beginning balance	$	4,200	$	4,800
Purchase of BFG ownership interest	4,125		—
Change in fair value of BFG	(325)		(300)
Ending balance	$	8,000	$	4,500

Schedule of Estimated Fair Value and Carrying Value of Financial Instrument

The table below presents the carrying amount and fair value of the Company's financial instruments:


		June 30, 2024				December 31, 2023
($ in thousands)	Level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Cash and cash equivalents	1	$	89,009	$	89,009	$	116,975	$	116,975
Investment securities held-to-maturity	2	13,942		12,397		15,388		13,809
Investment in FHLB stock	2	349		349		238		238
Loans held for investment, net	3	398,512		429,774		358,560		360,032
Loans held-for-sale	2	66,542		66,542		47,514		47,509
Accrued interest receivable	2	3,390		3,390		3,573		3,573
SBA servicing asset, net	2	3,689		3,689		4,231		4,231
Investment in BFG	3	8,000		8,000		4,200		4,200
Financial liabilities:
Total deposits	2	429,195		412,459		404,833		394,195
Accrued interest payable	2	601		601		619		619
PPP Liquidity Facility	2	127		127		190		190

Schedule of 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
June 30, 2024
Nonrecurring assets:
Individually evaluated loans	$	27,138	$	—	$	—	$	27,138
December 31, 2023
Nonrecurring assets:
Individually evaluated loans	$	27,127	$	—	$	—	$	27,127

Schedule of 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 June 30, 2024 and as of December 31, 2023, along with the valuation techniques used, are shown in the following table:

($ in thousands)

Fair Value

Valuation
Technique

Unobservable
Input

Range
(Weighted Average)

June 30, 2024

Individually evaluated loans

27,138

Market
comparable

Adjustment to
appraisal value

11.40

December 31, 2023

Individually evaluated loans

27,127

Market
comparable

Adjustment to
appraisal value

7.57

Schedule of Significant Unobservable Inputs Used to Fair Value Investment in BFG on Recurring Asset


($ in thousands)	June 30, 2024 Range (Weighted Average)		December 31, 2023 Range (Weighted Average)
Discounted Cash Flows
Revenue growth rate	11.0	%	11.0	%
Expense growth rate	13.4	%	13.4	%
Discount rate	20.0	%	20.0	%

Guideline Public Company
Multiples of enterprise value	3.5x to 5.5x		3.5x to 5.5x

Loans Held for Investment and Allowance for Credit Losses - Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Total allowance for credit losses
Beginning Balance	$ 12,632	$ 12,034	$ 12,888	$ 11,985	$ 11,985
Provision for (Reversal of) Credit Losses	2,393	2,675	5,538	5,343
Charge-Offs	(2,233)	(2,722)	(5,974)	(5,887)	(12,425)
Recoveries	335	334	675	623
Ending Balance	13,127	12,321	13,127	12,321	12,888
Unfunded lending commitments
Beginning Balance	148	29	139	0	0
Provision for (Reversal of) Credit Losses	(8)	13	1	16
Charge-Offs	0	0	0	0
Recoveries	0	0	0	0
Ending Balance	140	42	140	42	139
Total allowance for credit losses
Beginning Balance	12,780	12,063	13,027	11,985	11,985
Provision for (Reversal of) Credit Losses	2,385	2,688	5,539	5,359
Charge-Offs	(2,233)	(2,722)	(5,974)	(5,887)
Recoveries	335	334	675	623
Ending Balance	13,267	12,363	13,267	12,363	13,027
Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses
Beginning Balance				257	257
Unfunded lending commitments
Beginning Balance				26	26
Total allowance for credit losses
Beginning Balance				283	283
Construction and land development
Total allowance for credit losses
Beginning Balance	333	285	316	424	424
Provision for (Reversal of) Credit Losses	(3)	(6)	14	(78)
Charge-Offs	0	0	0	0	0
Recoveries	0	0	0	0
Ending Balance	330	279	330	279	316
Construction and land development \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses
Beginning Balance				(67)	(67)
Residential real estate
Total allowance for credit losses
Beginning Balance	999	799	956	876	876
Provision for (Reversal of) Credit Losses	27	(51)	81	(73)
Charge-Offs	0	(121)	(64)	(121)	(225)
Recoveries	3	81	56	84
Ending Balance	1,029	708	1,029	708	956
Residential real estate \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses
Beginning Balance				(58)	(58)
Residential real estate multifamily
Total allowance for credit losses
Beginning Balance	8	5	6	3	3
Provision for (Reversal of) Credit Losses	3	1	5	2
Charge-Offs	0	0	0	0	0
Recoveries	0	0	0	0
Ending Balance	11	6	11	6	6
Residential real estate multifamily \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses
Beginning Balance				1	1
Commercial real estate - owner occupied
Total allowance for credit losses
Beginning Balance	3,910	2,868	3,336	3,030	3,030
Provision for (Reversal of) Credit Losses	184	100	1,280	593
Charge-Offs	0	0	(525)	(122)	(714)
Recoveries	0	0	3	0
Ending Balance	4,094	2,968	4,094	2,968	3,336
Commercial real estate - owner occupied \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses
Beginning Balance				(533)	(533)
Commercial real estate - non-owner occupied
Total allowance for credit losses
Beginning Balance	318	166	282	208	208
Provision for (Reversal of) Credit Losses	62	33	98	32
Charge-Offs	0	0	0	0	0
Recoveries	0	0	0	0
Ending Balance	380	199	380	199	282
Commercial real estate - non-owner occupied \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses
Beginning Balance				(41)	(41)
Commercial and industrial
Total allowance for credit losses
Beginning Balance	482	277	361	339	339
Provision for (Reversal of) Credit Losses	110	75	285	115
Charge-Offs	(184)	(66)	(238)	(84)	(472)
Recoveries	15	1	15	3
Ending Balance	423	287	423	287	361
Commercial and industrial \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses
Beginning Balance				(85)	(85)
Consumer
Total allowance for credit losses
Beginning Balance	265	82	211	65	65
Provision for (Reversal of) Credit Losses	13	27	108	30
Charge-Offs	(18)	(19)	(59)	(19)	(68)
Recoveries	1	0	1	0
Ending Balance	261	90	261	90	211
Consumer \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses
Beginning Balance				14	14
Lease financing receivables
Total allowance for credit losses
Beginning Balance	556	325	355	339	339
Provision for (Reversal of) Credit Losses	156	203	468	294
Charge-Offs	(69)	0	(180)	0	0
Recoveries	7	0	7	0
Ending Balance	650	528	650	528	355
Lease financing receivables \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses
Beginning Balance				(105)	(105)
Retained Strategic Program loans
Total allowance for credit losses
Beginning Balance	5,761	7,227	7,065	6,701	6,701
Provision for (Reversal of) Credit Losses	1,841	2,293	3,199	4,429
Charge-Offs	(1,962)	(2,516)	(4,908)	(5,541)	(10,946)
Recoveries	309	252	593	536
Ending Balance	$ 5,949	$ 7,256	$ 5,949	7,256	7,065
Retained Strategic Program loans \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses
Beginning Balance				$ 1,131	$ 1,131

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingent Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Financial Instruments with Off-Balance Sheet Risk

At June 30, 2024 and December 31, 2023, financial instruments with off-balance-sheet risk were as follows:


	June 30,		December 31,
($ in thousands)	2024		2023
Revolving, open-end lines of credit	$	2,055	$	1,630
Commercial real estate	16,388		17,421
Other unused commitments	326		724
	$	18,769	$	19,775

Investments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Investment Securities Held-to-Maturity, at Cost

The Company's held-to-maturity (“HTM”) investment portfolio consists of agency mortgage-backed securities and agency collateralized mortgage obligations. The Company reports HTM debt securities on the Company's consolidated balance sheets at carrying value which is amortized cost. The amortized cost, unrealized gains and losses, and estimated fair values of the Company’s HTM debt securities at June 30, 2024 and December 31, 2023, are summarized as follows:


	June 30, 2024
($ in thousands)	Amortized Cost		Allowance for Credit Losses		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Mortgage-backed securities	$	6,428	$	—	$	—	$	(774)	$	5,654
Collateralized mortgage obligations	7,514		—		1		(772)		6,743
Total securities held-to-maturity	$	13,942	$	—	$	1	$	(1,546)	$	12,397


	December 31, 2023
($ in thousands)	Amortized Cost		Allowance for Credit Losses		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Mortgage-backed securities	$	6,959	$	—	$	—	$	(817)	$	6,142
Collateralized mortgage obligations	8,429		—		4		(766)		7,667
Total securities held-to-maturity	$	15,388	$	—	$	4	$	(1,583)	$	13,809

Credit Quality Indicators & Allowance for Credit Losses - HTM

On January 1, 2023, the Company adopted ASU 2016-13, which replaced the legacy GAAP other-than-temporary impairment (“OTTI”) model with an expected credit loss model (“CECL”). ASU 2016-13 requires an allowance on lifetime expected credit losses on HTM debt securities but retains the concept from the OTTI model that credit losses are recognized once securities become impaired. For HTM debt securities, the Company evaluates the credit risk of its securities on at least a quarterly basis. The Company estimates expected credit losses on HTM debt securities on a collective basis by major security type. Accrued interest receivable on HTM debt securities is excluded from the estimate of credit losses. At June 30, 2024 and at adoption of CECL on January 1, 2023, there was no ACL related to HTM debt

securities due to the composition of the portfolio which is generally considered not to have credit risk given the United States government guarantee associated with these agency securities.

The Company had twenty securities, consisting of ten collateralized mortgage obligations and ten mortgage-backed securities, in an unrealized loss position at June 30, 2024 and nineteen securities, consisting of nine collateralized mortgage obligations and ten mortgage-backed securities, in an unrealized loss position at December 31, 2023. The following table presents the estimated fair value and gross unrealized losses of HTM debt securities, aggregated by category and length of time in a continuous unrealized loss position at June 30, 2024 and and December 31, 2023:


	June 30, 2024
	Less than 12 months				12 Months or More				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Mortgage-backed securities	$	—	$	—	$	5,654	$	(774)	$	5,654	$	(774)
Collateralized mortgage obligations	725		(2)		5,348		(770)		6,073		(772)
Total securities held-to-maturity	$	725	$	(2)	$	11,002	$	(1,544)	$	11,727	$	(1,546)


	December 31, 2023
	Less than 12 months				12 Months or More				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Mortgage-backed securities	$	680	$	(15)	$	5,462	$	(802)	$	6,142	$	(817)
Collateralized mortgage obligations	934		(4)		4,812		(762)		5,746		(766)
Total securities held-to-maturity	$	1,614	$	(19)	$	10,274	$	(1,564)	$	11,888	$	(1,583)


	June 30, 2024				December 31, 2023
($ in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Securities held-to-maturity
Due in one year or less	$	—	$	—	$	—	$	—
Due after one year through five years	—		—		—		—
Due after five years through ten years	2,462		2,298		2,745		2,577
Due after ten years	11,480		10,099		12,643		11,232
Total securities held-to-maturity	$	13,942	$	12,397	$	15,388	$	13,809

At June 30, 2024, HTM debt securities in the amount of $12.4 million were pledged as collateral for a credit line held by the Bank. There were no sales or transfers of investment securities and no realized gains or losses on these securities during the three and six months ended June 30, 2024 or 2023.

FHLB Stock

The Bank is a member of the FHLB system. Members are required to own FHLB stock of at least the greater of 0.06% of FHLB membership asset value or 4.50% of outstanding FHLB advances. At June 30, 2024 and December 31, 2023, the Bank owned $0.3 million and $0.2 million, respectively, of FHLB stock, which is carried at cost. The Company evaluated the carrying value of its FHLB stock investment at June 30, 2024 and determined that it was not impaired. This evaluation considered the long-term nature of the investment, the current financial and liquidity position of the FHLB, repurchase activity of excess stock by the FHLB at its carrying value, the return on the investment from recurring and special dividends, and the Company’s intent and ability to hold this investment for a period of time sufficient to recover its recorded investment.

Investments - Held-to-Maturity Securities (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Jan. 01, 2023
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	$ 13,942,000	$ 15,388,000
Allowance for Credit Losses	0	0	$ 0
Unrealized Gain	1,000	4,000
Unrealized Loss	(1,546,000)	(1,583,000)
Estimated Fair Value	12,397,000	13,809,000
Mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	6,428,000	6,959,000
Allowance for Credit Losses	0	0
Unrealized Gain	0	0
Unrealized Loss	(774,000)	(817,000)
Estimated Fair Value	5,654,000	6,142,000
Collateralized mortgage obligations
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	7,514,000	8,429,000
Allowance for Credit Losses	0	0
Unrealized Gain	1,000	4,000
Unrealized Loss	(772,000)	(766,000)
Estimated Fair Value	$ 6,743,000	$ 7,667,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended June 30, 2024 and 2023, income tax expense was $1.0 million and $1.6 million, respectively, resulting in an effective income tax rate of 23.9% and 26.1%, respectively. For the six months ended June 30, 2024 and 2023, income tax expense was $2.2 million and $3.0 million, respectively, resulting in an effective income tax rate of 25.2% and 26.1%, respectively. The effective tax rate differs from the statutory rate of 21.0% during the three and six months ended June 30, 2024 due primarily to the resolution of state tax matters, state taxes and the tax effect of stock-based compensation. The effective tax rate differs from the statutory rate of 21.0% during the three and six months ended June 30, 2023 due primarily to state taxes, the tax effect of nondeductible wages and stock-based compensation.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in BFG	$ 8,000	$ 4,200	$ 4,500	$ 4,800
Measurement Input, Discount for Lack of Marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	0.20	0.20
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	0.045	0.045

Investment in Business Funding Group, LLC (Details) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended
	Feb. 05, 2024 shares	Jul. 25, 2023	Dec. 31, 2019 USD ($) shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2020 $ / shares shares
Schedule of Equity Method Investments [Line Items]
Investment in BFG \| $				$ 8,000	$ 4,500	$ 8,000	$ 4,500	$ 4,200	$ 4,800
Business Funding Group, LLC
Schedule of Equity Method Investments [Line Items]
Membership interest	20.00%		10.00%	20.00%		20.00%
BFG ownership purchase (in shares) \| shares			950,784
Investment in BFG \| $			$ 3,500
Additional ownership percentage		0.10
Membership interests held by other existing members			80.00%
Distributions received \| $				$ 200	$ 100	$ 400	$ 300
Number of warrants (in shares) \| shares										270,000
Warrant exercise price (in dollars per share) \| $ / shares										$ 6.67
Fair value of warrants issued per share (in dollars per share) \| $ / shares										$ 0.19
Business Funding Group, LLC \| Private Placement
Schedule of Equity Method Investments [Line Items]
BFG ownership purchase (in shares) \| shares	339,176
Business Funding Group, LLC \| Minimum
Schedule of Equity Method Investments [Line Items]
Earnings multiplier used for purchase price										10
Business Funding Group, LLC \| Maximum
Schedule of Equity Method Investments [Line Items]
Earnings multiplier used for purchase price										15
Business Funding Group, LLC \| Class A Voting Units
Schedule of Equity Method Investments [Line Items]
Membership interest	4.70%
Business Funding Group, LLC \| Class B Non-Voting Units
Schedule of Equity Method Investments [Line Items]
Membership interest	15.30%

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Rental income	$ 0.5	$ 0.2	$ 1.1	$ 0.3
Depreciation	0.4	$ 0.1	0.8	$ 0.3
Commercial Operating Leases
Lessee, Lease, Description [Line Items]
Net book value	$ 8.7		$ 8.7		$ 8.2

Loans Held for Investment and Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Interest income	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Strategic Program loans
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Cash held in reserve by strategic programs	$ 34.8		$ 34.8		$ 29.8

Capital Requirements (Tables)

6 Months Ended

Jun. 30, 2024

Capital Requirements [Abstract]

Schedule of Capital Amounts and Ratios

The following table sets forth the actual capital amounts and ratios for the Bank and the minimum amount and ratio of capital required to be categorized as well-capitalized as of the dates indicated:


	Actual				Well-Capitalized Requirement
($ in thousands)	Amount		Ratio		Amount		Ratio
June 30, 2024
Leverage ratio (CBLR election)	$	125,904	20.8	%	$	52,787	9.0	%
December 31, 2023
Leverage ratio (CBLR election)	$	116,108	20.7	%	$	50,441	9.0	%

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income
Interest and fees on loans	$ 16,881	$ 14,355	$ 32,916	$ 26,697
Interest on securities	97	77	198	149
Other interest income	1,444	1,437	2,953	2,424
Total interest income	18,422	15,869	36,067	29,270
Interest expense
Interest on deposits	3,807	2,194	7,446	3,489
Total interest expense	3,807	2,194	7,446	3,489
Net interest income	14,615	13,675	28,621	25,781
Provision for credit losses	2,385	2,688	5,539	5,359
Net interest income after provision for credit losses	12,230	10,987	23,082	20,422
Non-interest income
Strategic Program fees	4,035	4,054	8,000	7,739
Gain on sale of loans, net	356	700	771	887
SBA loan servicing fees and servicing asset amortization	(124)	226	342	817
Change in fair value on investment in BFG	(200)	0	(325)	(300)
Other miscellaneous income	771	308	1,512	672
Total non-interest income	4,838	5,288	10,302	9,815
Non-interest expense
Salaries and employee benefits	8,609	6,681	16,171	11,938
Professional services	1,282	1,305	2,849	2,779
Occupancy and equipment expenses	1,121	718	2,101	1,430
Recovery of SBA servicing asset	(328)	(339)	(526)	(592)
Other operating expenses	2,206	1,634	4,102	3,181
Total non-interest expense	12,890	9,999	24,697	18,736
Income before provision for income taxes	4,178	6,276	8,687	11,501
Provision for income taxes	998	1,638	2,192	3,002
Net income	$ 3,180	$ 4,638	$ 6,495	$ 8,499
Earnings per share, basic (in dollars per share)	$ 0.25	$ 0.36	$ 0.51	$ 0.66
Earnings per share, diluted (in dollars per share)	$ 0.24	$ 0.35	$ 0.49	$ 0.64
Weighted average shares outstanding, basic (in shares)	12,627,800	12,603,463	12,565,124	12,655,605
Weighted average shares outstanding, diluted (in shares)	13,109,708	12,989,530	13,060,783	13,080,620

Loans Held for Investment and Allowance for Credit Losses - Loans by Origination Year (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 82,516		$ 82,516		$ 203,741
2023	182,017		182,017		108,686
2022	100,629		100,629		26,234
2021	20,870		20,870
Prior	28,309		28,309
Prior					31,272
Revolving Loans	0		0		2,282
Total	414,341		414,341		372,215
2024, Writeoff			(478)		(4,181)
2023, Writeoff			(4,176)		(6,415)
2022, Writeoff			(845)		(1,289)
2021, Writeoff			(394)
Prior, Writeoff			(82)
Prior, Writeoff					(540)
Revolving Loans, Writeoff			0		0
Writeoff	(2,233)	$ (2,722)	(5,974)	$ (5,887)	(12,425)
Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
2024	4,925		4,925		12,919
2023	9,696		9,696		10,960
2022	11,087		11,087		4,354
2021	4,122		4,122
Prior	31		31
Prior					97
Revolving Loans	0		0		0
Total	29,861		29,861		28,330
2024, Writeoff			0		0
2023, Writeoff			0		0
2022, Writeoff			0		0
2021, Writeoff			0
Prior, Writeoff			0
Prior, Writeoff					0
Revolving Loans, Writeoff			0		0
Writeoff	0	0	0	0	0
Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2024	11,488		11,488		25,823
2023	25,225		25,225		14,858
2022	13,948		13,948		3,349
2021	2,831		2,831
Prior	4,803		4,803
Prior					5,149
Revolving Loans	0		0		2,249
Total	58,296		58,296		51,428
2024, Writeoff			0		0
2023, Writeoff			0		(121)
2022, Writeoff			0		0
2021, Writeoff			(64)
Prior, Writeoff			0
Prior, Writeoff					(104)
Revolving Loans, Writeoff			0		0
Writeoff	0	(121)	(64)	(121)	(225)
Residential real estate multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2024	682		682		278
2023	275		275		263
2022	259		259		80
2021	79		79
Prior	26		26
Prior					26
Revolving Loans	0		0		0
Total	1,321		1,321		647
2024, Writeoff			0		0
2023, Writeoff			0		0
2022, Writeoff			0		0
2021, Writeoff			0
Prior, Writeoff			0
Prior, Writeoff					0
Revolving Loans, Writeoff			0		0
Writeoff	0	0	0	0	0
Commercial real estate - owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2024	15,140		15,140		91,392
2023	89,042		89,042		58,970
2022	55,459		55,459		13,791
2021	10,223		10,223
Prior	20,511		20,511
Prior					22,397
Revolving Loans	0		0		0
Total	190,375		190,375		186,550
2024, Writeoff			0		(318)
2023, Writeoff			(364)		(21)
2022, Writeoff			(145)		(97)
2021, Writeoff			(7)
Prior, Writeoff			(10)
Prior, Writeoff					(278)
Revolving Loans, Writeoff			0		0
Writeoff	0	0	(525)	(122)	(714)
Commercial real estate - non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2024	2,552		2,552		7,187
2023	8,093		8,093		6,291
2022	6,025		6,025		1,223
2021	1,172		1,172
Prior	595		595
Prior					653
Revolving Loans	0		0		0
Total	18,437		18,437		15,354
2024, Writeoff			0		0
2023, Writeoff			0		0
2022, Writeoff			0		0
2021, Writeoff			0
Prior, Writeoff			0
Prior, Writeoff					0
Revolving Loans, Writeoff			0		0
Writeoff	0	0	0	0	0
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	5,526		5,526		12,507
2023	12,298		12,298		5,201
2022	4,942		4,942		1,508
2021	1,286		1,286
Prior	1,790		1,790
Prior					2,152
Revolving Loans	0		0		31
Total	25,842		25,842		21,399
2024, Writeoff			0		(87)
2023, Writeoff			(83)		(114)
2022, Writeoff			(21)		(122)
2021, Writeoff			(80)
Prior, Writeoff			(54)
Prior, Writeoff					(149)
Revolving Loans, Writeoff			0		0
Writeoff	(184)	(66)	(238)	(84)	(472)
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
2024	7,227		7,227		7,816
2023	6,152		6,152		1,975
2022	1,606		1,606		637
2021	440		440
Prior	394		394
Prior					559
Revolving Loans	0		0		2
Total	15,819		15,819		10,989
2024, Writeoff			0		(3)
2023, Writeoff			0		(5)
2022, Writeoff			(22)		(53)
2021, Writeoff			(19)
Prior, Writeoff			(18)
Prior, Writeoff					(7)
Revolving Loans, Writeoff			0		0
Writeoff	(18)	(19)	(59)	(19)	(68)
Lease financing receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2024	23,994		23,994		31,313
2023	27,002		27,002		6,559
2022	5,374		5,374		0
2021	0		0
Prior	159		159
Prior					238
Revolving Loans	0		0		0
Total	56,529		56,529		38,110
2024, Writeoff			0		0
2023, Writeoff			(180)		0
2022, Writeoff			0		0
2021, Writeoff			0
Prior, Writeoff			0
Prior, Writeoff					0
Revolving Loans, Writeoff			0		0
Writeoff	(69)	0	(180)	0	0
Retained Strategic Program loans
Financing Receivable, Credit Quality Indicator [Line Items]
2024	10,982		10,982		14,506
2023	4,234		4,234		3,609
2022	1,928		1,928		1,292
2021	717		717
Prior	0		0
Prior					1
Revolving Loans	0		0		0
Total	17,861		17,861		19,408
2024, Writeoff			(478)		(3,773)
2023, Writeoff			(3,549)		(6,154)
2022, Writeoff			(657)		(1,017)
2021, Writeoff			(224)
Prior, Writeoff			0
Prior, Writeoff					(2)
Revolving Loans, Writeoff			0		0
Writeoff	(1,962)	$ (2,516)	(4,908)	$ (5,541)	(10,946)
Pass \| Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
2024	4,925		4,925		12,919
2023	9,696		9,696		10,345
2022	11,087		11,087		4,354
2021	4,122		4,122
Prior	31		31
Prior					97
Revolving Loans	0		0		0
Total	29,861		29,861		27,715
Pass \| Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2024	1,805		1,805		2,209
2023	1,696		1,696		874
2022	578		578		1,480
2021	1,394		1,394
Prior	2,744		2,744
Prior					2,947
Revolving Loans	0		0		2,249
Total	8,217		8,217		9,759
Pass \| Residential real estate multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2024	682		682		278
2023	275		275		263
2022	259		259		80
2021	79		79
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	1,295		1,295		621
Pass \| Commercial real estate - owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2024	7,921		7,921		12,566
2023	4,873		4,873		1,234
2022	1,230		1,230		854
2021	914		914
Prior	11,653		11,653
Prior					12,207
Revolving Loans	0		0		0
Total	26,591		26,591		26,861
Pass \| Commercial real estate - non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2024	1,302		1,302		2,805
2023	3,838		3,838		1,294
2022	1,274		1,274		0
2021	0		0
Prior	394		394
Prior					419
Revolving Loans	0		0		0
Total	6,808		6,808		4,518
Pass \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	308		308		2,090
2023	1,603		1,603		601
2022	663		663		744
2021	693		693
Prior	637		637
Prior					821
Revolving Loans	0		0		31
Total	3,904		3,904		4,287
Pass \| Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
2024	7,227		7,227		7,792
2023	6,140		6,140		1,975
2022	1,606		1,606		637
2021	440		440
Prior	394		394
Prior					558
Revolving Loans	0		0		2
Total	15,807		15,807		10,964
Pass \| Lease financing receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2024	23,994		23,994		31,313
2023	27,002		27,002		6,559
2022	5,374		5,374		0
2021	0		0
Prior	159		159
Prior					238
Revolving Loans	0		0		0
Total	56,529		56,529		38,110
Pass \| Retained Strategic Program loans
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	0		0		0
Watch \| Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	0		0		0
Watch \| Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2024	9,683		9,683		23,614
2023	23,529		23,529		12,399
2022	11,984		11,984		1,661
2021	1,236		1,236
Prior	1,893		1,893
Prior					2,035
Revolving Loans	0		0		0
Total	48,326		48,326		39,709
Watch \| Residential real estate multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021
Prior	26		26
Prior					26
Revolving Loans	0		0		0
Total	26		26		26
Watch \| Commercial real estate - owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2024	7,219		7,219		62,360
2023	64,491		64,491		53,832
2022	49,291		49,291		11,871
2021	8,010		8,010
Prior	7,221		7,221
Prior					7,654
Revolving Loans	0		0		0
Total	136,232		136,232		135,717
Watch \| Commercial real estate - non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2024	1,250		1,250		4,382
2023	4,255		4,255		2,635
2022	2,546		2,546		1,223
2021	1,172		1,172
Prior	201		201
Prior					234
Revolving Loans	0		0		0
Total	9,424		9,424		8,474
Watch \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	5,218		5,218		10,157
2023	10,695		10,695		4,600
2022	4,279		4,279		764
2021	593		593
Prior	783		783
Prior					930
Revolving Loans	0		0		0
Total	21,568		21,568		16,451
Watch \| Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		24
2023	12		12		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					1
Revolving Loans	0		0		0
Total	12		12		25
Watch \| Lease financing receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	0		0		0
Watch \| Retained Strategic Program loans
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	0		0		0
Special Mention \| Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	0		0		0
Special Mention \| Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		208
2021	163		163
Prior	9		9
Prior					11
Revolving Loans	0		0		0
Total	172		172		219
Special Mention \| Residential real estate multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	0		0		0
Special Mention \| Commercial real estate - owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	3,680		3,680		192
2022	589		589		0
2021	0		0
Prior	435		435
Prior					1,498
Revolving Loans	0		0		0
Total	4,704		4,704		1,690
Special Mention \| Commercial real estate - non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	0		0		0
Special Mention \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					8
Revolving Loans	0		0		0
Total	0		0		8
Special Mention \| Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	0		0		0
Special Mention \| Lease financing receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	0		0		0
Special Mention \| Retained Strategic Program loans
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	0		0		0
Substandard \| Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		615
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	0		0		615
Substandard \| Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		1,585
2022	1,386		1,386		0
2021	38		38
Prior	157		157
Prior					156
Revolving Loans	0		0		0
Total	1,581		1,581		1,741
Substandard \| Residential real estate multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	0		0		0
Substandard \| Commercial real estate - owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		16,466
2023	15,998		15,998		3,712
2022	4,349		4,349		1,066
2021	1,299		1,299
Prior	1,202		1,202
Prior					1,038
Revolving Loans	0		0		0
Total	22,848		22,848		22,282
Substandard \| Commercial real estate - non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		2,362
2022	2,205		2,205		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	2,205		2,205		2,362
Substandard \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		260
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	370		370
Prior					393
Revolving Loans	0		0		0
Total	370		370		653
Substandard \| Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	0		0		0
Substandard \| Lease financing receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	0		0		0
Substandard \| Retained Strategic Program loans
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	0		0		0
Not Rated \| Retained Strategic Program loans
Financing Receivable, Credit Quality Indicator [Line Items]
2024	10,982		10,982		14,506
2023	4,234		4,234		3,609
2022	1,928		1,928		1,292
2021	717		717
Prior	0		0
Prior					1
Revolving Loans	0		0		0
Total	$ 17,861		$ 17,861		$ 19,408

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Pre-tax stock-based compensation expense	$ 419	$ 629	$ 570	$ 1,050
After-tax stock-based compensation expense	332	503	455	840
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Pre-tax stock-based compensation expense	75	142	131	237
After-tax stock-based compensation expense	74	137	125	230
Restricted shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Pre-tax stock-based compensation expense	344	487	439	813
After-tax stock-based compensation expense	$ 258	$ 366	$ 330	$ 610

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SBA Servicing Asset, Net - Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Transfers and Servicing [Abstract]
SBA loans serviced for others	$ 240.7	$ 275.2
SBA servicing asset, net	$ 3.7	$ 4.2
Weighted average prepayment rate	20.40%	18.20%
Weighted average term (in years)	3 years 4 months 9 days	3 years 8 months 19 days
Weighted average discount rate	12.60%	15.40%

Leases - Minimum Future Rental Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Six Months Ended December 31, 2024	$ 538
Year Ended December 31, 2025	1,086
Year Ended December 31, 2026	1,118
Year Ended December 31, 2027	1,152
Year Ended December 31, 2028	1,186
Year Ended December 31, 2029	1,017
Total future minimum lease payments	6,097
Less present value discount	(309)
Operating lease liabilities	$ 5,788	$ 6,296

Loans Held for Investment and Allowance for Credit Losses - Nonaccrual and Past Due Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	$ 414,341	$ 372,215
Non-Accrual Loans with no ACL	18,638	25,872
Non-Accrual Loans with ACL	8,500	640
Collateral Pledged
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	26,965	26,487
Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	379,968	341,558
Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	7,235	4,145
30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	7,135	3,705
90 Days and Greater
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	100	440
Construction and land development
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	29,861	28,330
Non-Accrual Loans with no ACL	0	0
Non-Accrual Loans with ACL	0	0
Construction and land development \| Collateral Pledged
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	615
Construction and land development \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	28,821	26,385
Construction and land development \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	1,040	1,945
Construction and land development \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	1,040	1,648
Construction and land development \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	297
Residential real estate
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	58,296	51,428
Non-Accrual Loans with no ACL	1,425	1,585
Non-Accrual Loans with ACL	0	0
Residential real estate \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	56,830	49,820
Residential real estate \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	41	23
Residential real estate \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	41	23
Residential real estate \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	0
Residential real estate multifamily
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	1,321	647
Non-Accrual Loans with no ACL	0	0
Non-Accrual Loans with ACL	0	0
Residential real estate multifamily \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	1,321	647
Residential real estate multifamily \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	0
Residential real estate multifamily \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	0
Residential real estate multifamily \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	0
Commercial real estate - owner occupied
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	190,375	186,550
Non-Accrual Loans with no ACL	14,031	21,643
Non-Accrual Loans with ACL	7,477	640
Commercial real estate - owner occupied \| Collateral Pledged
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	21,508	21,643
Commercial real estate - owner occupied \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	164,513	164,267
Commercial real estate - owner occupied \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	4,354	0
Commercial real estate - owner occupied \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	4,354	0
Commercial real estate - owner occupied \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	0
Commercial real estate - non-owner occupied
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	18,437	15,354
Non-Accrual Loans with no ACL	2,378	2,362
Non-Accrual Loans with ACL	1,023	0
Commercial real estate - non-owner occupied \| Collateral Pledged
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	3,228	2,362
Commercial real estate - non-owner occupied \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	15,036	12,992
Commercial real estate - non-owner occupied \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	0
Commercial real estate - non-owner occupied \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	0
Commercial real estate - non-owner occupied \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	0
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	25,842	21,399
Non-Accrual Loans with no ACL	628	282
Non-Accrual Loans with ACL	0	0
Commercial and industrial \| Collateral Pledged
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	628	282
Commercial and industrial \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	24,889	21,117
Commercial and industrial \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	325	0
Commercial and industrial \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	325	0
Commercial and industrial \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	0
Consumer
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	15,819	10,989
Non-Accrual Loans with no ACL	0	0
Non-Accrual Loans with ACL	0	0
Consumer \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	15,764	10,860
Consumer \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	55	128
Consumer \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	43	81
Consumer \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	12	47
Lease financing receivables
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	56,529	38,110
Non-Accrual Loans with no ACL	176	0
Non-Accrual Loans with ACL	0	0
Lease financing receivables \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	56,353	38,110
Lease financing receivables \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	0
Lease financing receivables \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	0
Lease financing receivables \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	0
Retained Strategic Program loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	17,861	19,408
Non-Accrual Loans with no ACL	0	0
Non-Accrual Loans with ACL	0	0
Retained Strategic Program loans \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	16,441	17,359
Retained Strategic Program loans \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	1,420	2,049
Retained Strategic Program loans \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	1,332	1,953
Retained Strategic Program loans \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	88	96
SBA \| Collateral Pledged \| SBA
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	15,800	$ 15,000
SBA \| 30-89 Days Past Due \| Collateral Pledged
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	$ 4,100

Loans Held for Investment and Allowance for Credit Losses - Collateral-Dependent Financial Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	$ 13,127	$ 12,632	$ 12,888	$ 12,321	$ 12,034	$ 11,985
Total loans held for investment, gross	414,341		372,215
Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	0		45
Total loans held for investment, gross	26,965		26,487
Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	26,161		26,205
Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	804		282
Construction and land development
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	330	333	316	279	285	424
Total loans held for investment, gross	29,861		28,330
Construction and land development \| Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	0		0
Total loans held for investment, gross	0		615
Construction and land development \| Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	0		615
Construction and land development \| Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	0		0
Residential real estate \| Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	0		0
Total loans held for investment, gross	1,425		1,585
Residential real estate \| Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	1,425		1,585
Residential real estate \| Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	0		0
Commercial real estate - owner occupied
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	4,094	3,910	3,336	2,968	2,868	3,030
Total loans held for investment, gross	190,375		186,550
Commercial real estate - owner occupied \| Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	0		45
Total loans held for investment, gross	21,508		21,643
Commercial real estate - owner occupied \| Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	21,508		21,643
Commercial real estate - owner occupied \| Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	0		0
Commercial real estate - non-owner occupied
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	380	318	282	199	166	208
Total loans held for investment, gross	18,437		15,354
Commercial real estate - non-owner occupied \| Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	0		0
Total loans held for investment, gross	3,228		2,362
Commercial real estate - non-owner occupied \| Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	3,228		2,362
Commercial real estate - non-owner occupied \| Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	0		0
Commercial and industrial
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	423	$ 482	361	$ 287	$ 277	$ 339
Total loans held for investment, gross	25,842		21,399
Commercial and industrial \| Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	0		0
Total loans held for investment, gross	628		282
Commercial and industrial \| Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	0		0
Commercial and industrial \| Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	628		$ 282
Commercial leases \| Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	0
Total loans held for investment, gross	176
Commercial leases \| Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	0
Commercial leases \| Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	$ 176