0001856365-24-000065 | 10-Q | XBRL Viewer

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Investment in Business Funding Group, LLC	9 Months Ended
Investment in Business Funding Group, LLC	Sep. 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 Units representing 15.3% of the aggregate membership interests of BFG. The remaining 80% of the outstanding 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. 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 9 - Fair Value of Financial Instruments and 11 - Related Party Transactions.

Business, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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”). Accordingly, 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 nine months ended September 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.
Reclassification	Reclassifications have been made to prior year amounts to conform to the current year presentation. Certain of these reclassifications relate to the change in fair value of our SBA servicing asset, which was reclassified from non-interest expense to non-interest income to better align with the SBA servicing asset revenue and the associated costs. The effect of these reclassifications were not material to the previously reported consolidated financial statements.
Securities Available for Sale, at Fair Value	Securities Available-for-Sale, at Fair Value – U.S. Treasury securities that the Company intends to hold for an indefinite period of time, but which may be sold in response to changes in liquidity needs, interest rates, or other similar factors, are classified as “securities available-for-sale”. Such securities are recorded in the Company’s consolidated balance sheets at their respective fair values and increases or decreases in those values are recorded as unrealized gains or losses, respectively, and are reported as other comprehensive income (loss) in the Company’s consolidated balance sheets, rather than included in or deducted from the Company’s earnings. Interest on securities classified as available-for-sale are recorded in interest on securities in the Company’s consolidated statements of income.
Comprehensive Income (Loss)	Comprehensive Income (Loss) – Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. However, certain changes in assets and liabilities, such as unrealized gains and losses on securities available-for-sale, are reported as a separate component of equity in the accompanying consolidated balance sheets, net of income taxes, and such items, along with net income, are components of comprehensive income (loss).
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“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 nine months ended September 30, 2024 and 2023. The following methods were used to estimate the fair value of each class of financial instruments on a recurring basis: Investment securities available-for-sale: Investment securities available-for-sale consist of U.S. Treasury securities and are carried at fair value. The Company estimates the fair value of investment securities available-for-sale using current active market quotes, if available, which are considered Level 1 measurements. Level 1 measurements include securities issued by the U.S. Treasury. Investment in BFG: The Company’s valuation technique utilized the average of the discounted cash flow method and the Guideline Public Company method. 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 September 30, 2024 and December 31, 2023. The calculation of fair value utilized significant unobservable inputs, including projected cash flows, growth rates, and discount rates. 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.

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

Commitments and Contingencies - Narrative (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Paycheck Protection Program Liquidity Facility	$ 106,000		$ 190,000
Allowance for credit losses on unfunded commitments	353,000	$ 140,000	139,000	$ 202,000	$ 42,000	$ 0
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	25,000,000.0		30,500,000
Amounts outstanding under the FHLB line of credit	0		0
Loans pledged to secure FHLB line of credit	41,600,000		46,900,000
Federal Reserve Bank, Discount Window \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	41,900,000		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

Fair Value of Financial Instruments - Schedule of Financial Instruments Valued on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial assets:
Investment securities available-for-sale	$ 30,472	$ 0
Investment in BFG	7,900	4,200
Level 1 \| Fair Value, Recurring
Financial assets:
Investment securities available-for-sale	30,472	0
Level 3 \| Fair Value, Recurring
Financial assets:
Investment in BFG	$ 7,900	$ 4,200

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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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	Accumulated Other Comprehensive Income, Net of Tax
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	1,549			1,549
Common stock repurchased and retired (in shares)			(524,241)
Common stock repurchased and retired	(4,741)		$ (1)	(5,504)	764
Stock options exercised, net (in shares)			17,640
Stock options exercised, net	44			44
Other comprehensive income	0
Net income	13,303				13,303
Ending balance (in shares) at Sep. 30, 2023			12,493,565
Ending balance at Sep. 30, 2023	150,402		$ 12	50,703	99,687
Beginning balance (in shares) at Jun. 30, 2023			12,723,703
Beginning balance at Jun. 30, 2023	147,448		$ 13	52,625	94,810
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense (in shares)			0
Stock-based compensation expense	499			499
Common stock repurchased and retired (in shares)			(230,978)
Common stock repurchased and retired	(2,353)		$ (1)	(2,425)	73
Stock options exercised, net (in shares)			840
Stock options exercised, net	4			4
Other comprehensive income	0
Net income	4,804				4,804
Ending balance (in shares) at Sep. 30, 2023			12,493,565
Ending balance at Sep. 30, 2023	150,402		$ 12	50,703	99,687
Beginning balance (in shares) at Dec. 31, 2023			12,493,565
Beginning balance at Dec. 31, 2023	155,056		$ 12	51,200	103,844		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense (in shares)			393,910
Stock-based compensation expense	1,335			1,335
Common stock repurchased and retired (in shares)			(44,608)
Common stock repurchased and retired	(461)			(469)	8
Stock options exercised, net (in shares)			29,117
Stock options exercised, net	24			24
BFG ownership purchase (in shares)			339,176
BFG ownership purchase	4,125		$ 1	4,124
Other comprehensive income	342						342
Net income	9,949				9,949
Ending balance (in shares) at Sep. 30, 2024			13,211,160
Ending balance at Sep. 30, 2024	170,370		$ 13	56,214	113,801		342
Beginning balance (in shares) at Jun. 30, 2024			13,143,560
Beginning balance at Jun. 30, 2024	165,796		$ 13	55,441	110,342		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense (in shares)			64,600
Stock-based compensation expense	766			766
Common stock repurchased and retired	5				5
Stock options exercised, net (in shares)			3,000
Stock options exercised, net	7			7
Other comprehensive income	342						342
Net income	3,454				3,454
Ending balance (in shares) at Sep. 30, 2024			13,211,160
Ending balance at Sep. 30, 2024	$ 170,370		$ 13	$ 56,214	$ 113,801		$ 342

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent to September 30, 2024, ten loans with aggregate outstanding principal of $7.7 million were placed into nonaccrual status. $2.5 million of the outstanding principal is guaranteed by the SBA. The loans were accruing interest and categorized as 30-89 days past due at September 30, 2024 (see Note 3 – Loans Held for Investment and Allowance for Credit Losses). The pledge of other collateral also secures each of these loans.

Commitments and Contingencies - Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance-sheet risk	$ 20,792	$ 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	2,106	1,630
Commercial real estate
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance-sheet risk	17,742	17,421
Other unused commitments
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance-sheet risk	$ 944	$ 724

Investments - Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	$ 30,472	$ 0
US Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	30,021
Unrealized holding gain	451
Unrealized Loss	0
Estimated Fair Value	$ 30,472

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

- 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.

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Earnings per Share - Reconciliation of Components Used to Derive Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 3,454	$ 4,804	$ 9,949	$ 13,303
Amount allocated to participating common shareholders	(143)	(89)	(267)	(209)
Net income allocated to common shareholders	3,311	4,715	9,682	13,094
Net income allocated to common shareholders	$ 3,311	$ 4,715	$ 9,682	$ 13,094
Denominator:
Weighted average shares outstanding, basic (in shares)	12,658,557	12,387,392	12,596,496	12,565,218
Weighted average effect of dilutive securities:
Stock options (in shares)	472,132	403,012	458,391	374,092
Warrants (in shares)	127,146	77,803	112,428	69,523
Weighted average shares outstanding, diluted (in shares)	13,257,835	12,868,207	13,167,315	13,008,833
Earnings per share, basic (in dollars per share)	$ 0.26	$ 0.38	$ 0.77	$ 1.04
Earnings per share, diluted (in dollars per share)	$ 0.25	$ 0.37	$ 0.74	$ 1.01
Stock options
Weighted average effect of dilutive securities:
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	64,686	116,135	91,629	605,896

Fair Value of Financial Instruments - Investment in BFG Level 3 Recurring Asset (Details) - Level 3 - Fair Value, Recurring	Sep. 30, 2024	Dec. 31, 2023
Discounted Cash Flows \| Revenue growth rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	0.127	0.110
Discounted Cash Flows \| Expense growth rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	0.139	0.134
Discounted Cash Flows \| Discount rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	0.250	0.200
Guideline Public Company \| Multiples of enterprise value \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	4.0	3.5
Guideline Public Company \| Multiples of enterprise value \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	5.3	5.5

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesFor the three months ended September 30, 2024 and 2023, income tax expense was $1.2 million and $1.7 million, respectively, resulting in an effective income tax rate of 25.1% and 26.1%, respectively. For the nine months ended September 30, 2024 and 2023, income tax expense was $3.3 million and $4.7 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 nine months ended September 30, 2024 due primarily to the resolution of state tax matters, and the effects of state income taxes and stock-based compensation. The effective tax rate differs from the statutory rate of 21.0% during the three and nine months ended September 30, 2023 due primarily to the effects of state income taxes, stock-based compensation and nondeductible 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

Loans Held for Investment and Allowance for Credit Losses - Loans Summarized to Major Risk Category (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	$ (12,661)	$ (13,127)	$ (12,888)	$ (12,986)	$ (12,321)	$ (11,985)
Loans held for investment, net	418,065		358,560
Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	433,963		372,215
Deferred loan fees, net	(3,237)		(767)
Allowance for credit losses	(12,661)		(12,888)
Loans held for investment, net	418,065		358,560
SBA \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	251,439		239,922
SBA \| Financing Receivable, Incurred Loss Methodology \| SBA
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	154,500		131,700
Commercial leases \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	64,277		38,110
Commercial, non-real estate \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	3,025		2,457
Residential real estate
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	(781)	(1,029)	(956)	(934)	(708)	(876)
Residential real estate \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	41,391		38,123
Strategic Program loans
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	(6,089)	(5,949)	(7,065)	(7,196)	(7,256)	(6,701)
Loans held for investment, net	19,409		19,408
Strategic Program loans \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	19,409		19,408
Commercial real estate - owner occupied
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	(2,769)	(4,094)	(3,336)	(3,299)	(2,968)	(3,030)
Commercial real estate - owner occupied \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	32,480		20,798
Commercial real estate - non-owner occupied
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	(141)	(380)	(282)	(272)	(199)	(208)
Commercial real estate - non-owner occupied \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	2,736		2,025
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	(530)	$ (261)	(211)	$ (103)	$ (90)	$ (65)
Consumer \| Financing Receivable, Incurred Loss Methodology
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment, gross	$ 19,206		$ 11,372

Fair Value of Financial Instruments - Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Financial assets:
Investment securities available-for-sale	$ 30,472		$ 0
Investment securities held-to-maturity	12,182		13,809
Accrued interest receivable	3,098		3,573
SBA servicing asset, net	3,261	$ 3,689	4,231	$ 4,398	$ 5,233	$ 5,210
Investment in BFG	7,900		4,200
Financial liabilities:
Accrued interest payable	647		619
PPPLF	106		190
Carrying Amount
Financial assets:
Cash and cash equivalents	85,768		116,975
Investment securities available-for-sale	30,472
Investment securities held-to-maturity	13,270		15,388
Investment in FHLB stock	349		238
Loans held for investment, net	418,065		358,560
Strategic Program loans held-for-sale	84,000		47,514
Accrued interest receivable	3,098		3,573
SBA servicing asset, net	3,261		4,231
Investment in BFG	7,900		4,200
Financial liabilities:
Total deposits	488,659		404,833
Accrued interest payable	647		619
PPPLF	106		190
Estimated Fair Value
Financial assets:
Cash and cash equivalents	85,768		116,975
Investment securities available-for-sale	30,472
Investment securities held-to-maturity	12,182		13,809
Investment in FHLB stock	349		238
Loans held for investment, net	412,316		360,032
Strategic Program loans held-for-sale	84,000		47,509
Accrued interest receivable	3,098		3,573
SBA servicing asset, net	3,261		4,231
Investment in BFG	7,900		4,200
Financial liabilities:
Total deposits	476,596		394,195
Accrued interest payable	647		619
PPPLF	106		190
Estimated Fair Value \| Level 1
Financial assets:
Cash and cash equivalents	85,768		116,975
Investment securities available-for-sale	30,472
Investment securities held-to-maturity	0		0
Investment in FHLB stock	0		0
Loans held for investment, net	0		0
Strategic Program loans held-for-sale	0		0
Accrued interest receivable	0		0
SBA servicing asset, net	0		0
Investment in BFG	0		0
Financial liabilities:
Total deposits	0		0
Accrued interest payable	0		0
PPPLF	0		0
Estimated Fair Value \| Level 2
Financial assets:
Cash and cash equivalents	0		0
Investment securities available-for-sale	0
Investment securities held-to-maturity	12,182		13,809
Investment in FHLB stock	349		238
Loans held for investment, net	0		0
Strategic Program loans held-for-sale	84,000		47,509
Accrued interest receivable	3,098		3,573
SBA servicing asset, net	3,261		4,231
Investment in BFG	0		0
Financial liabilities:
Total deposits	476,596		394,195
Accrued interest payable	647		619
PPPLF	106		190
Estimated Fair Value \| Level 3
Financial assets:
Cash and cash equivalents	0		0
Investment securities available-for-sale	0
Investment securities held-to-maturity	0		0
Investment in FHLB stock	0		0
Loans held for investment, net	412,316		360,032
Strategic Program loans held-for-sale	0		0
Accrued interest receivable	0		0
SBA servicing asset, net	0		0
Investment in BFG	7,900		4,200
Financial liabilities:
Total deposits	0		0
Accrued interest payable	0		0
PPPLF	$ 0		$ 0

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Federal Home Loan Bank Secured Line of Credit

As of September 30, 2024 and December 31, 2023, the Bank’s available line of credit with the FHLB to borrow in overnight funds was $25.0 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 September 30, 2024 and December 31, 2023, no amounts were outstanding under the line of credit. Loans totaling $41.6 million and $46.9 million were pledged to secure the FHLB line of credit as of September 30, 2024 and December 31, 2023, respectively.

Other Lines of Credit

At September 30, 2024 and December 31, 2023, the Bank had the ability to access $41.9 million and $11.4 million, respectively, from the Federal Reserve Bank’s Discount Window on a collateralized basis. At September 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 September 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 September 30, 2024 and December 31, 2023. The Bank had no outstanding balances on such unsecured or secured lines of credit as of September 30, 2024 and December 31, 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. The Company’s commitments to extend credit as of the dates indicated are summarized below. Since commitments associated with commitments to extend credit may expire unused, the amounts shown in the table below do not necessarily reflect the actual future cash funding requirements.

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


	September 30,		December 31,
($ in thousands)	2024		2023
Revolving, open-end lines of credit	$	2,106	$	1,630
Commercial real estate	17,742		17,421
Other unused commitments	944		724
	$	20,792	$	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 $0.4 million and $0.1 million as of September 30, 2024 and December 31, 2023, respectively.

Capital Requirements - Actual Capital Amounts and Ratios (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Amount
Actual	$ 131,295	$ 116,108
Well-Capitalized Requirement	$ 58,265	$ 50,441
Ratio
Actual	0.203	0.207
Well-Capitalized Requirement	0.090	0.090

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

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

The following table presents stock-based compensation expense recognized:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Stock options	$	54	$	129	$	184	$	366
Restricted shares	712		370		1,151		1,183
Total	$	766	$	499	$	1,335	$	1,549

SBA Servicing Asset, Net (Tables)

9 Months Ended

Sep. 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Balance at beginning of period	$	3,689	$	5,233	$	4,231	$	5,210
Additions to servicing asset	—		—		—		150
Amortization of servicing asset	(724)		(498)		(1,792)		(1,217)
Change in valuation allowance	296		(337)		822		255
Balance at end of period	$	3,261	$	4,398	$	3,261	$	4,398

SBA servicing asset, fair value	$	3,261	$	4,398	$	3,261	$	4,398

Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets

Activity in the valuation allowance for the SBA servicing asset was as follows for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Balance at beginning of period	$	(1,625)	$	(1,936)	$	(2,151)	$	(2,528)
Impairment	—		(337)		—		—
Recovery	296		—		822		255
Balance at end of period	$	(1,329)	$	(2,273)	$	(1,329)	$	(2,273)

Business, Basis of Presentation, and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 bank holding company headquartered in Murray, Utah and operates all business activities through its wholly-owned subsidiaries, FinWise Bank ("Bank") and FinWise Investment, LLC. The Bank provides a full range of banking services to individual and commercial customers and provides banking and payments solutions to fintech brands. As a technology-focused bank, the Bank also has established Strategic Programs with various third-party platforms that use technology to streamline the origination of consumer and business loans and process payments. References to “FinWise Bancorp,” “Bancorp” or the “holding company,” refer to FinWise Bancorp on a standalone basis. References to the “Company” refer to FinWise Bancorp, FinWise Bank, and FinWise Investment, LLC collectively and on a consolidated basis. 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”). Accordingly, 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 nine months ended September 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. Reclassifications have been made to prior year amounts to conform to the current year presentation. Certain of these reclassifications relate to the change in fair value of our SBA servicing asset, which was reclassified from non-interest expense to non-interest income to better align with the SBA servicing asset revenue and the associated costs. The effect of these reclassifications were not material to the previously reported consolidated financial statements. 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. 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 Share Repurchase Committee, designated by the Board of Directors, will determine the actual timing, number and value of any shares repurchased in its discretion depending on a variety of factors, including but not limited to, the market price and trading volume of the Company’s common stock, general market and economic conditions, the ongoing assessment of the Company’s capital needs, and applicable legal and regulatory requirements. The repurchase program does not obligate the Company to purchase any particular number of shares and may be limited or terminated at any time at the Company’s discretion without notice. During the three months ended September 30, 2024, there were no open-market share repurchases. Since the repurchase program’s inception, the Company has repurchased and subsequently retired a total of 44,608 shares for $0.5 million at an average price of $10.30 per share. Securities Available-for-Sale, at Fair Value – U.S. Treasury securities that the Company intends to hold for an indefinite period of time, but which may be sold in response to changes in liquidity needs, interest rates, or other similar factors, are classified as “securities available-for-sale”. Such securities are recorded in the Company’s consolidated balance sheets at their respective fair values and increases or decreases in those values are recorded as unrealized gains or losses, respectively, and are reported as other comprehensive income (loss) in the Company’s consolidated balance sheets, rather than included in or deducted from the Company’s earnings. Interest on securities classified as available-for-sale are recorded in interest on securities in the Company’s consolidated statements of income. Comprehensive Income (Loss) – Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. However, certain changes in assets and liabilities, such as unrealized gains and losses on securities available-for-sale, are reported as a separate component of equity in the accompanying consolidated balance sheets, net of income taxes, and such items, along with net income, are components of comprehensive income (loss). Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“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.

Loans Held for Investment and Allowance for Credit Losses - Allowance for Credit Loss by Loan Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	$ 433,963	$ 372,215
Construction and land development
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	33,903	28,330
Residential real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	59,229	51,428
Residential real estate multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	1,504	647
Commercial real estate - owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	187,890	186,550
Commercial real estate - non-owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	12,783	15,354
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	35,818	21,399
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	19,150	10,989
Lease financing receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	64,277	38,110
Retained Strategic Program loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment, gross	$ 19,409	$ 19,408

Fair Value of Financial Instruments - Investment in BFG Activity (Details) - Fair Value, Recurring - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity Method Investments [Roll Forward]
Beginning balance	$ 8,000	$ 4,500	$ 4,200	$ 4,800
Purchase of BFG ownership interest	0	0	4,125	0
Change in fair value of BFG	(100)	(500)	(425)	(800)
Ending balance	$ 7,900	$ 4,000	$ 7,900	$ 4,000

Investments - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
Investments - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($) security	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) security	Sep. 30, 2023 USD ($)	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
Debt securities, available-for-sale, allowance for credit loss	$ 0		$ 0		$ 0	$ 0
Number of securities in unrealized loss position \| security	17		17		19
Debt securities, amortized cost	$ 13,270		$ 13,270		$ 15,388
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	8		8		9
Debt securities, amortized cost	$ 7,110		$ 7,110		$ 8,429
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	9		9		10
Debt securities, amortized cost	$ 6,160		$ 6,160		$ 6,959
US Treasury Securities
Schedule of Held-to-Maturity Securities [Line Items]
Unrealized loss position	0		0
Amortized Cost	30,021		30,021
Asset Pledged as Collateral
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	30,000		30,000
Debt securities, amortized cost	$ 13,300		$ 13,300

Loans Held for Investment and Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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	$ 44.0		$ 44.0		$ 29.8

Capital Requirements (Tables)

9 Months Ended

Sep. 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
September 30, 2024
Leverage ratio (CBLR election)	$	131,295	20.3	%	$	58,265	9.0	%
December 31, 2023
Leverage ratio (CBLR election)	$	116,108	20.7	%	$	50,441	9.0	%

SBA Servicing Asset, Net

9 Months Ended

Sep. 30, 2024

Transfers and Servicing [Abstract]

SBA Servicing Asset, Net

The Company periodically sells the guaranteed 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 $218.6 million and $275.2 million at September 30, 2024 and December 31, 2023, respectively.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Balance at beginning of period	$	3,689	$	5,233	$	4,231	$	5,210
Additions to servicing asset	—		—		—		150
Amortization of servicing asset	(724)		(498)		(1,792)		(1,217)
Change in valuation allowance	296		(337)		822		255
Balance at end of period	$	3,261	$	4,398	$	3,261	$	4,398

SBA servicing asset, fair value	$	3,261	$	4,398	$	3,261	$	4,398

Activity in the valuation allowance for the SBA servicing asset was as follows for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Balance at beginning of period	$	(1,625)	$	(1,936)	$	(2,151)	$	(2,528)
Impairment	—		(337)		—		—
Recovery	296		—		822		255
Balance at end of period	$	(1,329)	$	(2,273)	$	(1,329)	$	(2,273)

The fair market value of the SBA servicing asset as of September 30, 2024 and December 31, 2023, was $3.3 million and $2.1 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 20.9%, weighted average term of 3.31 years, and a weighted average discount rate of 12.8% at September 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
-Subparagraph (SX 210.6-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-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
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-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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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(i)
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-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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

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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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/860/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-Name Accounting Standards Codification
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-Publisher FASB
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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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-Paragraph 1A
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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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

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

The table below presents the Company's financial instruments valued on a recurring basis at the dates indicated:


		September 30, 2024		December 31, 2023
($ in thousands)	Level	Estimated Fair Value		Estimated Fair Value
Financial assets:
Investment securities available-for-sale	1	$	30,472	$	—
Investment in BFG	3	$	7,900	$	4,200

Reconciliation of Investment in BFG

The table below presents a reconciliation of our investment in BFG classified as a Level 3 financial instrument and measured at fair value on a recurring basis for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Beginning balance	$	8,000	$	4,500	$	4,200	$	4,800
Purchase of BFG ownership interest	—		—		4,125		—
Change in fair value of BFG	(100)		(500)		(425)		(800)
Ending balance	$	7,900	$	4,000	$	7,900	$	4,000

Schedule of Assets Measured at Fair Value on a Nonrecurring Basis

The table below presents the Company’s financial instruments valued on a nonrecurring basis at the dates indicated:


($ in thousands)			Fair Value Measurements Using
Description of Financial Instrument	Fair Value		Level 1		Level 2		Level 3
September 30, 2024
Nonrecurring assets:
Individually evaluated loans	$	29,882	$	—	$	—	$	29,882
December 31, 2023
Nonrecurring assets:
Individually evaluated loans	$	27,127	$	—	$	—	$	27,127

Schedule of Quantitative Information for Level 3 Fair Value Measurements

The following table presents information about quantitative inputs and assumptions used to fair value Level 3 nonrecurring assets as of September 30, 2024 and December 31, 2023:

($ in thousands)

Fair Value

Valuation
Technique

Unobservable
Input

Range
(Weighted Average)

September 30, 2024

Individually evaluated loans

29,882

Market
comparable

Discount to
appraisal value for estimated selling costs

11.40

December 31, 2023

Individually evaluated loans

27,127

Market
comparable

Discount to
appraisal value for estimated selling costs

7.57

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


($ in thousands)	September 30, 2024 Range (Weighted Average)		December 31, 2023 Range (Weighted Average)
Discounted Cash Flows
Revenue growth rate	12.7	%	11.0	%
Expense growth rate	13.9	%	13.4	%
Discount rate	25.0	%	20.0	%

Guideline Public Company
Multiples of enterprise value	4.0x to 5.3x		3.5x to 5.5x

Schedule of Estimated Fair Value and Carrying Value of Financial Instrument

The tables below present the carrying amount and estimated fair value of the Company's financial instruments at the dates indicated:


	September 30, 2024
					Fair Value Measurements Using
($ in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	85,768	$	85,768	$	85,768	$	—	$	—
Investment securities available-for-sale	30,472		30,472		30,472		—		—
Investment securities held-to-maturity	13,270		12,182		—		12,182		—
Investment in FHLB stock	349		349		—		349		—
Loans held for investment, net	418,065		412,316		—		—		412,316
Strategic Program loans held-for-sale	84,000		84,000		—		84,000		—
Accrued interest receivable	3,098		3,098		—		3,098		—
SBA servicing asset, net	3,261		3,261		—		3,261		—
Investment in BFG	7,900		7,900		—		—		7,900
Financial liabilities:
Total deposits	$	488,659	$	476,596	$	—	$	476,596	$	—
Accrued interest payable	647		647		—		647		—
PPPLF	106		106		—		106		—


	December 31, 2023
					Fair Value Measurements Using
($ in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	116,975	$	116,975	$	116,975	$	—	$	—
Investment securities held-to-maturity	15,388		13,809		—		13,809		—
Investment in FHLB stock	238		238		—		238		—
Loans held for investment, net	358,560		360,032		—		—		360,032
Strategic Program loans held-for-sale	47,514		47,509		—		47,509		—
Accrued interest receivable	3,573		3,573		—		3,573		—
SBA servicing asset, net	4,231		4,231		—		4,231		—
Investment in BFG	4,200		4,200		—		—		4,200
Financial liabilities:
Total deposits	$	404,833	$	394,195	$	—	$	394,195	$	—
Accrued interest payable	619		619		—		619		—
PPPLF	190		190		—		190		—

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Loans Held for Investment and Allowance for Credit Losses - Modified Loans (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) contract	Sep. 30, 2023 contract	Sep. 30, 2024 USD ($) contract	Sep. 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				1.35%
Residential \| Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Principal deferment (Months)	11 months		11 months
Outstanding Balance				$ 156
% of Total Loan Type				0.26%

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in BFG	$ 7,900	$ 4,200
Measurement Input, Discount for Lack of Marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	0.20	0.20
Measurement Input, Discount to Non-Voting Shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	0.045	0.045

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 3,454	$ 4,804	$ 9,949	$ 13,303

- 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
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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 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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-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Debt securities, available-for-sale, allowance for credit loss	$ 0	$ 0
Amortized cost	30,021
Allowance for credit losses related to HTM securities	0	0
Estimated Fair Value	12,182	13,809
Allowance for Credit Losses	$ 12,661	$ 12,888
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)	13,211,160	12,493,565
Common stock, shares, outstanding (in shares)	13,211,160	12,493,565

SBA Servicing Asset, Net - SBA Servicing Asset Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of period	$ 3,689	$ 5,233	$ 4,231	$ 5,210
Additions to servicing asset	0	0	0	150
Amortization of servicing asset	(724)	(498)	(1,792)	(1,217)
Change in valuation allowance	296	(337)	822	255
Balance at end of period	3,261	4,398	3,261	4,398
SBA servicing asset, fair value	$ 3,261	$ 4,398	$ 3,261	$ 4,398

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income
Interest and fees on loans	$ 17,590	$ 15,555	$ 50,506	$ 42,252
Interest on securities	298	88	496	237
Other interest income	1,036	1,569	3,989	3,993
Total interest income	18,924	17,212	54,991	46,482
Interest expense
Interest on deposits	4,161	2,801	11,607	6,290
Total interest expense	4,161	2,801	11,607	6,290
Net interest income	14,763	14,411	43,384	40,192
Provision for credit losses	2,157	3,070	7,696	8,429
Net interest income after provision for credit losses	12,606	11,341	35,688	31,763
Non-interest income
Strategic Program fees	4,862	3,945	12,862	11,684
Gain on sale of loans, net	393	357	1,164	1,244
SBA loan servicing fees, net	87	(138)	957	1,271
Change in fair value on investment in BFG	(100)	(500)	(425)	(800)
Other miscellaneous income	812	1,228	2,324	1,900
Total non-interest income	6,054	4,892	16,882	15,299
Non-interest expense
Salaries and employee benefits	9,659	6,416	25,830	18,354
Professional services	1,331	750	4,180	3,529
Occupancy and equipment expenses	1,046	958	3,147	2,388
Other operating expenses	2,013	1,609	6,115	4,790
Total non-interest expense	14,049	9,733	39,272	29,061
Income before income taxes	4,611	6,500	13,298	18,001
Provision for income taxes	1,157	1,696	3,349	4,698
Net income	$ 3,454	$ 4,804	$ 9,949	$ 13,303
Earnings per share, basic (in dollars per share)	$ 0.26	$ 0.38	$ 0.77	$ 1.04
Earnings per share, diluted (in dollars per share)	$ 0.25	$ 0.37	$ 0.74	$ 1.01
Weighted average shares outstanding, basic (in shares)	12,658,557	12,387,392	12,596,496	12,565,218
Weighted average shares outstanding, diluted (in shares)	13,257,835	12,868,207	13,167,315	13,008,833

Loans Held for Investment and Allowance for Credit Losses - Loans by Origination Year (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 137,143		$ 137,143		$ 203,741
2023	166,852		166,852		108,686
2022	88,656		88,656		26,234
2021	17,105		17,105
Prior	24,207		24,207
Prior					31,272
Revolving Loans	0		0		2,282
Total	433,963		433,963		372,215
2024, Writeoff			(1,852)		(4,181)
2023, Writeoff			(5,037)		(6,415)
2022, Writeoff			(1,407)		(1,289)
2021, Writeoff			(514)
Prior, Writeoff			(99)
Prior, Writeoff					(540)
Revolving Loans, Writeoff			0		0
Writeoff	(2,935)	$ (2,914)	(8,909)	$ (8,801)	(12,425)
Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
2024	10,248		10,248		12,919
2023	9,811		9,811		10,960
2022	11,268		11,268		4,354
2021	2,574		2,574
Prior	2		2
Prior					97
Revolving Loans	0		0		0
Total	33,903		33,903		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	14,636		14,636		25,823
2023	24,545		24,545		14,858
2022	13,746		13,746		3,349
2021	2,725		2,725
Prior	3,577		3,577
Prior					5,149
Revolving Loans	0		0		2,249
Total	59,229		59,229		51,428
2024, Writeoff			0		0
2023, Writeoff			0		(121)
2022, Writeoff			0		0
2021, Writeoff			(91)
Prior, Writeoff			0
Prior, Writeoff					(104)
Revolving Loans, Writeoff			0		0
Writeoff	(27)	0	(91)	(121)	(225)
Residential real estate multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2024	847		847		278
2023	294		294		263
2022	258		258		80
2021	79		79
Prior	26		26
Prior					26
Revolving Loans	0		0		0
Total	1,504		1,504		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	32,187		32,187		91,392
2023	83,906		83,906		58,970
2022	45,076		45,076		13,791
2021	8,711		8,711
Prior	18,010		18,010
Prior					22,397
Revolving Loans	0		0		0
Total	187,890		187,890		186,550
2024, Writeoff			0		(318)
2023, Writeoff			(364)		(21)
2022, Writeoff			(227)		(97)
2021, Writeoff			(27)
Prior, Writeoff			(10)
Prior, Writeoff					(278)
Revolving Loans, Writeoff			0		0
Writeoff	(103)	(31)	(628)	(153)	(714)
Commercial real estate - non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2024	1,000		1,000		7,187
2023	4,183		4,183		6,291
2022	5,959		5,959		1,223
2021	1,145		1,145
Prior	496		496
Prior					653
Revolving Loans	0		0		0
Total	12,783		12,783		15,354
2024, Writeoff			0		0
2023, Writeoff			0		0
2022, Writeoff			(221)		0
2021, Writeoff			0
Prior, Writeoff			0
Prior, Writeoff					0
Revolving Loans, Writeoff			0		0
Writeoff	(221)	0	(221)	0	0
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	17,185		17,185		12,507
2023	11,420		11,420		5,201
2022	4,618		4,618		1,508
2021	948		948
Prior	1,647		1,647
Prior					2,152
Revolving Loans	0		0		31
Total	35,818		35,818		21,399
2024, Writeoff			0		(87)
2023, Writeoff			(83)		(114)
2022, Writeoff			(99)		(122)
2021, Writeoff			(81)
Prior, Writeoff			(71)
Prior, Writeoff					(149)
Revolving Loans, Writeoff			0		0
Writeoff	(96)	(107)	(334)	(191)	(472)
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
2024	11,783		11,783		7,816
2023	5,218		5,218		1,975
2022	1,440		1,440		637
2021	378		378
Prior	331		331
Prior					559
Revolving Loans	0		0		2
Total	19,150		19,150		10,989
2024, Writeoff			0		(3)
2023, Writeoff			(15)		(5)
2022, Writeoff			(22)		(53)
2021, Writeoff			(19)
Prior, Writeoff			(18)
Prior, Writeoff					(7)
Revolving Loans, Writeoff			0		0
Writeoff	(15)	(28)	(74)	(47)	(68)
Lease financing receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2024	34,350		34,350		31,313
2023	24,969		24,969		6,559
2022	4,840		4,840		0
2021	0		0
Prior	118		118
Prior					238
Revolving Loans	0		0		0
Total	64,277		64,277		38,110
2024, Writeoff			0		0
2023, Writeoff			(293)		0
2022, Writeoff			0		0
2021, Writeoff			0
Prior, Writeoff			0
Prior, Writeoff					0
Revolving Loans, Writeoff			0		0
Writeoff	(113)	0	(293)	0	0
Retained Strategic Program loans
Financing Receivable, Credit Quality Indicator [Line Items]
2024	14,907		14,907		14,506
2023	2,506		2,506		3,609
2022	1,451		1,451		1,292
2021	545		545
Prior	0		0
Prior					1
Revolving Loans	0		0		0
Total	19,409		19,409		19,408
2024, Writeoff			(1,852)		(3,773)
2023, Writeoff			(4,282)		(6,154)
2022, Writeoff			(838)		(1,017)
2021, Writeoff			(296)
Prior, Writeoff			0
Prior, Writeoff					(2)
Revolving Loans, Writeoff			0		0
Writeoff	(2,360)	$ (2,748)	(7,268)	$ (8,289)	(10,946)
Pass \| Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
2024	10,248		10,248		12,919
2023	9,811		9,811		10,345
2022	11,268		11,268		4,354
2021	2,574		2,574
Prior	2		2
Prior					97
Revolving Loans	0		0		0
Total	33,903		33,903		27,715
Pass \| Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2024	3,570		3,570		2,209
2023	1,400		1,400		874
2022	524		524		1,480
2021	1,382		1,382
Prior	1,732		1,732
Prior					2,947
Revolving Loans	0		0		2,249
Total	8,608		8,608		9,759
Pass \| Residential real estate multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2024	847		847		278
2023	294		294		263
2022	258		258		80
2021	79		79
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	1,478		1,478		621
Pass \| Commercial real estate - owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2024	17,536		17,536		12,566
2023	3,916		3,916		1,234
2022	3,478		3,478		854
2021	1,184		1,184
Prior	11,968		11,968
Prior					12,207
Revolving Loans	0		0		0
Total	38,082		38,082		26,861
Pass \| Commercial real estate - non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0		2,805
2023	0		0		1,294
2022	1,264		1,264		0
2021	0		0
Prior	354		354
Prior					419
Revolving Loans	0		0		0
Total	1,618		1,618		4,518
Pass \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	1,946		1,946		2,090
2023	375		375		601
2022	594		594		744
2021	397		397
Prior	568		568
Prior					821
Revolving Loans	0		0		31
Total	3,880		3,880		4,287
Pass \| Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
2024	11,738		11,738		7,792
2023	5,212		5,212		1,975
2022	1,440		1,440		637
2021	378		378
Prior	331		331
Prior					558
Revolving Loans	0		0		2
Total	19,099		19,099		10,964
Pass \| Lease financing receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2024	34,350		34,350		31,313
2023	24,747		24,747		6,559
2022	4,840		4,840		0
2021	0		0
Prior	118		118
Prior					238
Revolving Loans	0		0		0
Total	64,055		64,055		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	11,066		11,066		23,614
2023	23,145		23,145		12,399
2022	11,871		11,871		1,661
2021	1,145		1,145
Prior	1,679		1,679
Prior					2,035
Revolving Loans	0		0		0
Total	48,906		48,906		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	0		0
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	14,651		14,651		62,360
2023	63,840		63,840		53,832
2022	34,796		34,796		11,871
2021	6,047		6,047
Prior	4,432		4,432
Prior					7,654
Revolving Loans	0		0		0
Total	123,766		123,766		135,717
Watch \| Commercial real estate - non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2024	1,000		1,000		4,382
2023	4,183		4,183		2,635
2022	2,510		2,510		1,223
2021	1,145		1,145
Prior	142		142
Prior					234
Revolving Loans	0		0		0
Total	8,980		8,980		8,474
Watch \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	14,573		14,573		10,157
2023	10,536		10,536		4,600
2022	3,671		3,671		764
2021	551		551
Prior	710		710
Prior					930
Revolving Loans	0		0		0
Total	30,041		30,041		16,451
Watch \| Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
2024	45		45		24
2023	6		6		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					1
Revolving Loans	0		0		0
Total	51		51		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	160		160
Prior	9		9
Prior					11
Revolving Loans	0		0		0
Total	169		169		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	0		0		192
2022	191		191		0
2021	0		0
Prior	350		350
Prior					1,498
Revolving Loans	0		0		0
Total	541		541		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	1,351		1,351		0
2021	38		38
Prior	157		157
Prior					156
Revolving Loans	0		0		0
Total	1,546		1,546		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	16,150		16,150		3,712
2022	6,611		6,611		1,066
2021	1,480		1,480
Prior	1,260		1,260
Prior					1,038
Revolving Loans	0		0		0
Total	25,501		25,501		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	2,185		2,185		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	2,185		2,185		2,362
Substandard \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	666		666		260
2023	509		509		0
2022	353		353		0
2021	0		0
Prior	369		369
Prior					393
Revolving Loans	0		0		0
Total	1,897		1,897		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	222		222		0
2022	0		0		0
2021	0		0
Prior	0		0
Prior					0
Revolving Loans	0		0		0
Total	222		222		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	14,907		14,907		14,506
2023	2,506		2,506		3,609
2022	1,451		1,451		1,292
2021	545		545
Prior	0		0
Prior					1
Revolving Loans	0		0		0
Total	$ 19,409		$ 19,409		$ 19,408

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted EPS

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income	$	3,454	$	4,804	$	9,949	$	13,303
Amount allocated to participating common shareholders(1)	(143)		(89)		(267)		(209)
Net income allocated to common shareholders	$	3,311	$	4,715	$	9,682	$	13,094
Denominator:
Weighted average shares outstanding, basic	12,658,557		12,387,392		12,596,496		12,565,218
Weighted average effect of dilutive securities:
Stock options	472,132		403,012		458,391		374,092
Warrants	127,146		77,803		112,428		69,523
Weighted average shares outstanding, diluted	13,257,835		12,868,207		13,167,315		13,008,833
Earnings per share, basic	$	0.26	$	0.38	$	0.77	$	1.04
Earnings per share, diluted	$	0.25	$	0.37	$	0.74	$	1.01

Anti-dilutive stock options excluded from the calculation of diluted earnings per share	64,686		116,135		91,629		605,896

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

Fair Value of Financial Instruments - Quantitative Information for Level 3 Fair Value Measurements (Details) - Level 3 $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Individually evaluated loans	$ 29,882	$ 27,127
Market comparable \| Discount to appraisal value for estimated selling costs
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Individually evaluated loans, measurement input	0.1140	0.0757

Investments - Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Jan. 01, 2023
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	$ 13,270	$ 15,388
Allowance for Credit Losses	0	0	$ 0
Unrealized Gain	18	4
Unrealized Loss	(1,106)	(1,583)
Estimated Fair Value	12,182	13,809
Mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	6,160	6,959
Allowance for Credit Losses	0	0
Unrealized Gain	2	0
Unrealized Loss	(537)	(817)
Estimated Fair Value	5,625	6,142
Collateralized mortgage obligations
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	7,110	8,429
Allowance for Credit Losses	0	0
Unrealized Gain	16	4
Unrealized Loss	(569)	(766)
Estimated Fair Value	$ 6,557	$ 7,667

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

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-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 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
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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
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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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-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

+ Details

SBA Servicing Asset, Net - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Transfers and Servicing [Abstract]
SBA loans serviced for others	$ 218.6	$ 275.2
SBA servicing asset, net	$ 3.3	$ 2.1
Weighted average prepayment rate	20.90%	18.20%
Weighted average term (in years)	3 years 3 months 21 days	3 years 8 months 19 days
Weighted average discount rate	12.80%	15.40%

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 11, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
Amendment Flag	false

Earnings per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income	$	3,454	$	4,804	$	9,949	$	13,303
Amount allocated to participating common shareholders(1)	(143)		(89)		(267)		(209)
Net income allocated to common shareholders	$	3,311	$	4,715	$	9,682	$	13,094
Denominator:
Weighted average shares outstanding, basic	12,658,557		12,387,392		12,596,496		12,565,218
Weighted average effect of dilutive securities:
Stock options	472,132		403,012		458,391		374,092
Warrants	127,146		77,803		112,428		69,523
Weighted average shares outstanding, diluted	13,257,835		12,868,207		13,167,315		13,008,833
Earnings per share, basic	$	0.26	$	0.38	$	0.77	$	1.04
Earnings per share, diluted	$	0.25	$	0.37	$	0.74	$	1.01

Anti-dilutive stock options excluded from the calculation of diluted earnings per share	64,686		116,135		91,629		605,896

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

Stock-Based Compensation

9 Months Ended

Sep. 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 September 30, 2024, 445,334 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 September 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, or 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-based Compensation Expense

The following table presents stock-based compensation expense recognized:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Stock options	$	54	$	129	$	184	$	366
Restricted shares	712		370		1,151		1,183
Total	$	766	$	499	$	1,335	$	1,549

During the three and nine months ended September 30, 2024 and the three and nine months ended September 30, 2023, the Company recognized a de minimis income tax benefit for stock-based compensation. As of September 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 1.1 years and 3.2 years, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 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

Investment in Business Funding Group, LLC - Narrative (Details) $ / shares in Units, $ in Thousands	Feb. 05, 2024 shares	Jul. 25, 2023	Dec. 31, 2019 USD ($) shares	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2020 $ / shares shares
Schedule of Equity Method Investments [Line Items]
Investment in BFG \| $				$ 7,900	$ 4,200
Business Funding Group, LLC
Schedule of Equity Method Investments [Line Items]
Membership interest	20.00%		10.00%	20.00%
BFG ownership purchase (in shares)			950,784
Investment in BFG \| $			$ 3,500
Additional ownership percentage		0.10
Membership interests held by other existing members			80.00%
Number of warrants (in 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)	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%

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,157	$ 1,696	$ 3,349	$ 4,698
Effective income tax rate	25.10%	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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) (Parenthetical)	12 Months Ended
	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

Loans Held for Investment and Allowance for Credit Losses - Collateral-Dependent Financial Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	$ 196	$ 45
Total loans held for investment, gross	29,882	26,487
Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	28,832	26,205
Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	1,050	282
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	1,389	1,585
Residential real estate \| Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held for investment, gross	1,389	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 \| Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	196	45
Total loans held for investment, gross	24,318	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	24,318	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 \| 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	3,125	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	3,125	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 \| 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	862	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	862	$ 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	188
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	$ 188

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions				8 Months Ended	9 Months Ended
	Jun. 27, 2024	Jun. 20, 2019	Apr. 20, 2017	Dec. 31, 2017	Sep. 30, 2024
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)					445,334
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
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
Weighted average recognition period					1 year 1 month 6 days
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense					$ 3.8
Weighted average recognition period					3 years 2 months 12 days

Loans Held for Investment and Allowance for Credit Losses - Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Total allowance for credit losses on financing receivables
Beginning Balance	$ 13,127	$ 12,321	$ 12,888	$ 11,985	$ 11,985
Provision for (Reversal of) Credit Losses	1,944	2,910	7,482	8,253
Charge-Offs	(2,935)	(2,914)	(8,909)	(8,801)	(12,425)
Recoveries	525	669	1,200	1,292
Ending Balance	12,661	12,986	12,661	12,986	12,888
Unfunded lending commitments
Beginning Balance	140	42	139	0	0
Provision for (Reversal of) Credit Losses	213	160	214	176
Ending Balance	353	202	353	202	139
Total allowance for credit losses
Beginning Balance	13,267	12,363	13,027	11,985	11,985
Provision for (Reversal of) Credit Losses	2,157	3,070	7,696	8,429
Charge-Offs	(2,935)	(2,914)	(8,909)	(8,801)
Recoveries	525	669	1,200	1,292
Ending Balance	13,014	13,188	13,014	13,188	13,027
Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses on financing receivables
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 on financing receivables
Beginning Balance	330	279	316	424	424
Provision for (Reversal of) Credit Losses	382	14	396	(64)
Charge-Offs	0	0	0	0	0
Recoveries	0	0	0	0
Ending Balance	712	293	712	293	316
Construction and land development \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses on financing receivables
Beginning Balance				(67)	(67)
Residential real estate
Total allowance for credit losses on financing receivables
Beginning Balance	1,029	708	956	876	876
Provision for (Reversal of) Credit Losses	(224)	223	(143)	150
Charge-Offs	(27)	0	(91)	(121)	(225)
Recoveries	3	3	59	87
Ending Balance	781	934	781	934	956
Residential real estate \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses on financing receivables
Beginning Balance				(58)	(58)
Residential real estate multifamily
Total allowance for credit losses on financing receivables
Beginning Balance	11	6	6	3	3
Provision for (Reversal of) Credit Losses	23	0	28	2
Charge-Offs	0	0	0	0	0
Recoveries	0	0	0	0
Ending Balance	34	6	34	6	6
Residential real estate multifamily \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses on financing receivables
Beginning Balance				1	1
Commercial real estate - owner occupied
Total allowance for credit losses on financing receivables
Beginning Balance	4,094	2,968	3,336	3,030	3,030
Provision for (Reversal of) Credit Losses	(1,441)	362	(161)	955
Charge-Offs	(103)	(31)	(628)	(153)	(714)
Recoveries	219	0	222	0
Ending Balance	2,769	3,299	2,769	3,299	3,336
Commercial real estate - owner occupied \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses on financing receivables
Beginning Balance				(533)	(533)
Commercial real estate - non-owner occupied
Total allowance for credit losses on financing receivables
Beginning Balance	380	199	282	208	208
Provision for (Reversal of) Credit Losses	(18)	(316)	80	(284)
Charge-Offs	(221)	0	(221)	0	0
Recoveries	0	389	0	389
Ending Balance	141	272	141	272	282
Commercial real estate - non-owner occupied \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses on financing receivables
Beginning Balance				(41)	(41)
Commercial and industrial
Total allowance for credit losses on financing receivables
Beginning Balance	423	287	361	339	339
Provision for (Reversal of) Credit Losses	42	151	327	265
Charge-Offs	(96)	(107)	(334)	(191)	(472)
Recoveries	2	18	17	21
Ending Balance	371	349	371	349	361
Commercial and industrial \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses on financing receivables
Beginning Balance				(85)	(85)
Consumer
Total allowance for credit losses on financing receivables
Beginning Balance	261	90	211	65	65
Provision for (Reversal of) Credit Losses	280	39	388	69
Charge-Offs	(15)	(28)	(74)	(47)	(68)
Recoveries	4	2	5	2
Ending Balance	530	103	530	103	211
Consumer \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses on financing receivables
Beginning Balance				14	14
Lease financing receivables
Total allowance for credit losses on financing receivables
Beginning Balance	650	528	355	339	339
Provision for (Reversal of) Credit Losses	689	6	1,157	300
Charge-Offs	(113)	0	(293)	0	0
Recoveries	8	0	15	0
Ending Balance	1,234	534	1,234	534	355
Lease financing receivables \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses on financing receivables
Beginning Balance				(105)	(105)
Retained Strategic Program loans
Total allowance for credit losses on financing receivables
Beginning Balance	5,949	7,256	7,065	6,701	6,701
Provision for (Reversal of) Credit Losses	2,211	2,431	5,410	6,860
Charge-Offs	(2,360)	(2,748)	(7,268)	(8,289)	(10,946)
Recoveries	289	257	882	793
Ending Balance	$ 6,089	$ 7,196	$ 6,089	7,196	7,065
Retained Strategic Program loans \| Cumulative Effect, Period of Adoption, Adjustment
Total allowance for credit losses on financing receivables
Beginning Balance				$ 1,131	$ 1,131

Investments - Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 2,468
Due after one year through five years	27,553
Total securities AFS	30,021
Estimated Fair Value
Due in one year or less	2,479
Due after one year through five years	27,993
Total securities AFS	$ 30,472	$ 0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

Business, Basis of Presentation, and Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		7 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Mar. 06, 2024
Accounting Policies [Abstract]
Common stock repurchase program, shares authorized to be purchased (in shares)						641,832
Common stock repurchased and retired (in shares)			44,608
Common stock repurchased and retired	$ (5)	$ 2,353	$ 500	$ 461	$ 4,741
Shares acquired, average cost per share			$ 10.30

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash and cash equivalents
Cash and due from banks	$ 7,705	$ 411
Interest-bearing deposits in other banks	78,063	116,564
Total cash and cash equivalents	85,768	116,975
Investment securities available-for-sale, at fair value, net of allowance for credit losses of $0, (amortized cost of $30.0 million)	30,472	0
Investment securities held-to-maturity, net of allowance for credit losses of $0, (fair value of $12.2 million and $13.8 million, respectively)	13,270	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	84,000	47,514
Loans held for investment, net of allowance for credit losses of $12.7 million and $12.9 million, respectively	418,065	358,560
Premises and equipment, net	17,099	14,630
Accrued interest receivable	3,098	3,573
Small Business Administration (“SBA”) servicing asset, net	3,261	4,231
Investment in Business Funding Group ("BFG"), at fair value	7,900	4,200
Operating lease right-of-use (“ROU”) assets	3,735	4,293
Income taxes receivable, net	3,317	2,400
Other assets	12,697	14,219
Total assets	683,031	586,221
Deposits
Noninterest-bearing	142,785	95,486
Interest-bearing	345,874	309,347
Total deposits	488,659	404,833
Accrued interest payable	647	619
Income taxes payable, net	0	1,873
Deferred income taxes, net	1,036	748
Paycheck Protection Program Liquidity Facility	106	190
Operating lease liabilities	5,542	6,296
Other liabilities	16,671	16,606
Total liabilities	512,661	431,165
Commitments and contingencies (Note 6)
Shareholders’ equity
Preferred stock, $0.001 par value, 4,000,000 authorized; no shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock, $0.001 par value, 40,000,000 shares authorized; 13,211,160 and 12,493,565 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	13	12
Additional paid-in-capital	56,214	51,200
Retained earnings	113,801	103,844
Accumulated other comprehensive income, net of tax	342	0
Total shareholders’ equity	170,370	155,056
Total liabilities and shareholders’ equity	$ 683,031	$ 586,221

Loans Held for Investment and Allowance for Credit Losses - Strategic Program Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Retained Strategic Program loans	$ 418,065	$ 358,560
Strategic Program loans held-for-sale	84,000	47,514
Retained Strategic Program loans
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Retained Strategic Program loans	19,409	19,408
Strategic Program loans held-for-sale	84,000	47,514
Total Strategic Program loans	$ 103,409	$ 66,922

Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Held-to-Maturity Securities [Line Items]
Less than 12 months, Fair Value	$ 0	$ 1,614
Less than 12 months, Unrealized Losses	0	(19)
12 Months or More, Fair Value	9,740	10,274
12 Months or More, Unrealized Losses	(1,106)	(1,564)
Total, Fair Value	9,740	11,888
Total, Unrealized Losses	(1,106)	(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	5,078	5,462
12 Months or More, Unrealized Losses	(537)	(802)
Total, Fair Value	5,078	6,142
Total, Unrealized Losses	(537)	(817)
Collateralized mortgage obligations
Schedule of Held-to-Maturity Securities [Line Items]
Less than 12 months, Fair Value	0	934
Less than 12 months, Unrealized Losses	0	(4)
12 Months or More, Fair Value	4,662	4,812
12 Months or More, Unrealized Losses	(569)	(762)
Total, Fair Value	4,662	5,746
Total, Unrealized Losses	$ (569)	$ (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

+ Details

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Feb. 05, 2024	Dec. 31, 2023	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Deposits	$ 1.9		$ 1.9			$ 1.5
Related Party \| Commissions Paid to BFG
Schedule of Equity Method Investments [Line Items]
(Commissions paid to) distributions received from BFG	(0.7)	$ (1.5)	(1.7)	$ (4.0)
Related Party \| Distributions From BFG
Schedule of Equity Method Investments [Line Items]
(Commissions paid to) distributions received from BFG	$ 0.2	$ 0.2	$ 0.5	$ 0.5
BFG
Schedule of Equity Method Investments [Line Items]
Membership interest	20.00%		20.00%		20.00%		10.00%

Capital Requirements

9 Months Ended

Sep. 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 September 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 September 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
September 30, 2024
Leverage ratio (CBLR election)	$	131,295	20.3	%	$	58,265	9.0	%
December 31, 2023
Leverage ratio (CBLR election)	$	116,108	20.7	%	$	50,441	9.0	%

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 does not intend 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

SBA Servicing Asset, Net - Valuation Allowance SBA Servicing Asset Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]
Balance at beginning of period	$ (1,625)	$ (1,936)	$ (2,151)	$ (2,528)
Impairment		(337)
Recovery	296		822	255
Balance at end of period	$ (1,329)	$ (2,273)	$ (1,329)	$ (2,273)

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 766	$ 499	$ 1,335	$ 1,549
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	54	129	184	366
Restricted shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 712	$ 370	$ 1,151	$ 1,183

- 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 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

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

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023, consisted of the following:


	September 30,		December 31,
	2024		2023
($ in thousands)
SBA(1)	$	251,439	$	239,922
Commercial leases	64,277		38,110
Commercial, non-real estate	3,025		2,457
Residential real estate	41,391		38,123
Strategic Program loans	19,409		19,408
Commercial real estate:
Owner occupied	32,480		20,798
Non-owner occupied	2,736		2,025
Consumer	19,206		11,372
Total loans held for investment, gross	$	433,963	$	372,215
Deferred loan fees, net	(3,237)		(767)
Allowance for credit losses	(12,661)		(12,888)
Loans held for investment, net	$	418,065	$	358,560

(1) Included in the SBA loans held for investment above are $154.5 million and $131.7 million of loans guaranteed by the SBA as of September 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 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 September 30, 2024 and December 31, 2023 are based on the CECL methodology:


	September 30, 2024		December 31, 2023
($ in thousands)
Construction and land development	$	33,903	$	28,330
Residential real estate	59,229		51,428
Residential real estate multifamily	1,504		647
Commercial real estate:
Owner occupied	187,890		186,550
Non-owner occupied	12,783		15,354
Commercial and industrial	35,818		21,399
Consumer	19,150		10,989
Lease financing receivables	64,277		38,110
Retained Strategic Program loans	19,409		19,408
Total loans held for investment, gross	$	433,963	$	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 September 30, 2024	Allowance for Credit Losses		Real Estate		Personal Property		Total
Construction and land development	$	—	$	—	$	—	$	—
Residential real estate	—		1,389		—		1,389
Commercial real estate:
Owner occupied	196		24,318		—		24,318
Non-owner occupied	—		3,125		—		3,125
Commercial and industrial	—		—		862		862
Commercial leases	—		—		188		188
Total	$	196	$	28,832	$	1,050	$	29,882

The amount of collateral-dependent loans as of September 30, 2024 include $17.5 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 September 30, 2024 and December 31, 2023, are summarized as follows:


	September 30, 2024		December 31, 2023
($ in thousands)
Retained Strategic Program loans	$	19,409	$	19,408
Strategic Program loans held-for-sale	84,000		47,514
Total Strategic Program loans	$	103,409	$	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 September 30, 2024
($ in thousands)	Beginning Balance		Provision for (Reversal of) Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	330	$	382	$	—	$	—	$	712
Residential real estate	1,029		(224)		(27)		3		781
Residential real estate multifamily	11		23		—		—		34
Commercial real estate:
Owner occupied	4,094		(1,441)		(103)		219		2,769
Non-owner occupied	380		(18)		(221)		—		141
Commercial and industrial	423		42		(96)		2		371
Consumer	261		280		(15)		4		530
Lease financing receivables	650		689		(113)		8		1,234
Retained Strategic Program loans	5,949		2,211		(2,360)		289		6,089
Total allowance for credit losses on financing receivables	$	13,127	$	1,944	$	(2,935)	$	525	$	12,661

Unfunded lending commitments	140		213		—		—		353
Total allowance for credit losses	$	13,267	$	2,157	$	(2,935)	$	525	$	13,014


	Nine Months Ended September 30, 2024
($ in thousands)	Beginning Balance		Provision for (Reversal of) Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	316	$	396	$	—	$	—	$	712
Residential real estate	956		(143)		(91)		59		781
Residential real estate multifamily	6		28		—		—		34
Commercial real estate:
Owner occupied	3,336		(161)		(628)		222		2,769
Non-owner occupied	282		80		(221)		—		141
Commercial and industrial	361		327		(334)		17		371
Consumer	211		388		(74)		5		530
Lease financing receivables	355		1,157		(293)		15		1,234
Retained Strategic Program loans	7,065		5,410		(7,268)		882		6,089
Total allowance for credit losses on financing receivables	$	12,888	$	7,482	$	(8,909)	$	1,200	$	12,661

Unfunded lending commitments	139		214		—		—		353
Total allowance for credit losses	$	13,027	$	7,696	$	(8,909)	$	1,200	$	13,014


	Three Months Ended September 30, 2023
($ in thousands)	Beginning Balance		Provision for (Reversal of) Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	279	$	14	$	—	$	—	$	293
Residential real estate	708		223		—		3		934
Residential real estate multifamily	6		—		—		—		6
Commercial real estate:
Owner occupied	2,968		362		(31)		—		3,299
Non-owner occupied	199		(316)		—		389		272
Commercial and industrial	287		151		(107)		18		349
Consumer	90		39		(28)		2		103
Lease financing receivables	528		6		—		—		534
Retained Strategic Program loans	7,256		2,431		(2,748)		257		7,196
Total allowance for credit losses on financing receivables	$	12,321	$	2,910	$	(2,914)	$	669	$	12,986

Unfunded lending commitments	42		160		—		—		202
Total allowance for credit losses	$	12,363	$	3,070	$	(2,914)	$	669	$	13,188


	Nine Months Ended September 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)	$	(64)	$	—	$	—	$	293
Residential real estate	876		(58)		150		(121)		87		934
Residential real estate multifamily	3		1		2		—		—		6
Commercial real estate:
Owner occupied	3,030		(533)		955		(153)		—		3,299
Non-owner occupied	208		(41)		(284)		—		389		272
Commercial and industrial	339		(85)		265		(191)		21		349
Consumer	65		14		69		(47)		2		103
Lease financing receivables	339		(105)		300		—		—		534
Retained Strategic Program loans	6,701		1,131		6,860		(8,289)		793		7,196
Total allowance for credit losses on financing receivables	$	11,985	$	257	$	8,253	$	(8,801)	$	1,292	$	12,986

Unfunded lending commitments	—		26		176		—		—		202
Total allowance for credit losses	$	11,985	$	283	$	8,429	$	(8,801)	$	1,292	$	13,188

Schedule of Nonaccrual and Past Due Loans

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


September 30, 2024
	Loans Past Due and Still Accruing
($ in thousands)	30-89 Days Past Due		90 Days and Greater		Total		Nonaccrual Loans with no ACL(1)		Nonaccrual Loans with ACL		Current Loans		Total Loans
Construction and land development	$	—	$	—	$	—	$	—	$	—	$	33,903	$	33,903
Residential real estate	6,081		—		6,081		1,389		—		51,759		59,229
Residential real estate multifamily	—		—		—		—		—		1,504		1,504
Commercial real estate:
Owner occupied	1,178		—		1,178		23,141		1,177		162,394		187,890
Non-owner occupied	632		—		632		3,125		—		9,026		12,783
Commercial and industrial	1,107		—		1,107		862		—		33,849		35,818
Consumer	107		6		113		—		—		19,037		19,150
Commercial leases	317		—		317		188		—		63,772		64,277
Retained Strategic Program loans	1,509		47		1,556		—		—		17,853		19,409
Total	$	10,931	$	53	$	10,984	$	28,705	$	1,177	$	393,097	$	433,963

(1) Included in the nonaccrual loan balances are $17.5 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		Nonaccrual Loans with no ACL(1)		Nonaccrual 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		48		129		—		—		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	$	441	$	4,146	$	25,872	$	640	$	341,557	$	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

The following table presents the amortized cost of the Company's loan and lease portfolio by collateral type, risk rating and origination year as of September 30, 2024, in addition to the gross writeoff by collateral type for the nine months ended September 30, 2024. The loans are grouped based on how they are assessed under CECL.


	Loans and Leases Amortized Cost Basis by Origination Year
September 30, 2024	2024		2023		2022		2021		Prior		Revolving Loans		Total
($ in thousands)
Construction and land development
Pass	$	10,248	$	9,811	$	11,268	$	2,574	$	2	$	—	$	33,903
Watch	—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—
Total	10,248		9,811		11,268		2,574		2		—		33,903
Current period gross writeoff	—		—		—		—		—		—		—

Residential real estate
Pass	3,570		1,400		524		1,382		1,732		—		8,608
Watch	11,066		23,145		11,871		1,145		1,679		—		48,906
Special Mention	—		—		—		160		9		—		169
Substandard	—		—		1,351		38		157		—		1,546
Total	14,636		24,545		13,746		2,725		3,577		—		59,229
Current period gross writeoff	—		—		—		(91)		—		—		(91)



Residential real estate multifamily
Pass	847	294	258	79	—	—	1,478
Watch	—	—	—	—	26	—	26
Special Mention	—	—	—	—	—	—	—
Substandard	—	—	—	—	—	—	—
Total	847	294	258	79	26	—	1,504
Current period gross writeoff	—	—	—	—	—	—	—

Commercial real estate - owner occupied
Pass	17,536	3,916	3,478	1,184	11,968	—	38,082
Watch	14,651	63,840	34,796	6,047	4,432	—	123,766
Special Mention	—	—	191	—	350	—	541
Substandard	—	16,150	6,611	1,480	1,260	—	25,501
Total	32,187	83,906	45,076	8,711	18,010	—	187,890
Current period gross writeoff	—	(364)	(227)	(27)	(10)	—	(628)

Commercial real estate - non-owner occupied
Pass	—	—	1,264	—	354	—	1,618
Watch	1,000	4,183	2,510	1,145	142	—	8,980
Special Mention	—	—	—	—	—	—	—
Substandard	—	—	2,185	—	—	—	2,185
Total	1,000	4,183	5,959	1,145	496	—	12,783
Current period gross writeoff	—	—	(221)	—	—	—	(221)

Commercial and industrial
Pass	1,946	375	594	397	568	—	3,880
Watch	14,573	10,536	3,671	551	710	—	30,041
Special Mention	—	—	—	—	—	—	—
Substandard	666	509	353	—	369	—	1,897
Total	17,185	11,420	4,618	948	1,647	—	35,818
Current period gross writeoff	—	(83)	(99)	(81)	(71)	—	(334)

Consumer
Pass	11,738	5,212	1,440	378	331	—	19,099
Watch	45	6	—	—	—	—	51
Special Mention	—	—	—	—	—	—	—
Substandard	—	—	—	—	—	—	—

Total	11,783	5,218	1,440	378	331	—	19,150
Current period gross writeoff	—	(15)	(22)	(19)	(18)	—	(74)

Lease financing receivables
Pass	34,350	24,747	4,840	—	118	—	64,055
Watch	—	—	—	—	—	—	—


Special Mention	—		—		—		—		—		—		—
Substandard	—		222		—		—		—		—		222
Total	34,350		24,969		4,840		—		118		—		64,277
Current period gross writeoff	—		(293)		—		—		—		—		(293)

Retained Strategic Program loans
Pass	—		—		—		—		—		—		—
Watch	—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—
Not Rated	14,907		2,506		1,451		545		—		—		19,409
Total	14,907		2,506		1,451		545		—		—		19,409
Current period gross writeoff	(1,852)		(4,282)		(838)		(296)		—		—		(7,268)

Total portfolio loans receivable, gross	$	137,143	$	166,852	$	88,656	$	17,105	$	24,207	$	—	$	433,963
Total current period gross writeoff	$	(1,852)	$	(5,037)	$	(1,407)	$	(514)	$	(99)	$	—	$	(8,909)

The following table presents the amortized cost of the Company's loan and lease portfolio by collateral type, risk rating and origination year as of December 31, 2023, in addition to the gross writeoff by collateral type for the year ended December 31, 2023. The loans are grouped based on how they are assessed under CECL.


	Loans and Leases Amortized Cost Basis by Origination Year
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 writeoff	—	—	—	—	—	—

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 writeoff	(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 writeoff	$	(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 September 30, 2024 along with the concession granted for loans that were modified during the three and nine months ended September 30, 2024. During the three and nine months ended September 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		1.35	%
Residential	11 months	156		0.26	%
Total		$	572

Investments - Amortized Cost and Estimated Market Value of Debt Securities (Details) - USD ($) $ in Thousands	Sep. 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	2,314	2,745
Due after ten years	10,956	12,643
Amortized Cost	13,270	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	2,223	2,577
Due after ten years	9,959	11,232
Estimated fair value	$ 12,182	$ 13,809

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

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 9,949	$ 13,303
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	4,154	2,844
Provision for credit losses	7,696	8,429
Noncash operating lease cost	558	560
Net (accretion) amortization in securities discounts and premiums	(17)	0
Additions to servicing asset	0	(150)
Gain on sale of loans, net	(1,164)	(1,244)
Originations of Strategic Program loans held-for-sale	(3,594,347)	(2,929,506)
Proceeds from sale of Strategic Program loans held-for-sale	3,557,861	2,907,384
Change in fair value of BFG	425	800
Recovery of SBA servicing asset	(822)	(255)
Stock-based compensation expense	1,335	1,549
Deferred income taxes	179	1,401
Net changes in:
Accrued interest receivable	475	(892)
Other assets	605	(2,122)
Accrued interest payable	28	526
Operating lease liabilities	(754)	(475)
Other liabilities	(1,809)	385
Net cash (used in) provided by operating activities	(15,648)	2,537
Cash flows from investing activities:
Net increase in loans receivable	(51,070)	(85,325)
Purchase of lease pools	(14,967)	(22,052)
Investment in equity securities	0	(18)
Purchase of bank premises and equipment, net	(4,830)	(6,329)
Purchase of investment securities available-for-sale	(30,018)	0
Proceeds from maturities and paydowns of securities held-to-maturity	2,132	1,392
Purchases of securities held-to-maturity	0	(2,939)
Purchase of FHLB stock	(111)	(27)
Net cash used in investing activities	(98,864)	(115,298)
Cash flows from financing activities:
Net increase in deposits	83,826	143,755
Common stock repurchased	(461)	(4,741)
Proceeds from exercise of stock options	24	44
Repayment of PPP Liquidity Facility	(84)	(93)
Net cash provided by financing activities	83,305	138,965
Net change in cash and cash equivalents	(31,207)	26,204
Cash and cash equivalents, beginning of the period	116,975	100,567
Cash and cash equivalents, end of the period	85,768	126,771
Supplemental disclosures of cash flow information:
Cash paid for income taxes	4,400	5,050
Cash paid for interest	11,579	5,764
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
Unrealized gain on investment securities available-for-sale	$ 451	$ 0

Fair Value of Financial Instruments - Assets Measured on Non-recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Level 3
Nonrecurring assets:
Individually evaluated loans	$ 29,882	$ 27,127
Fair Value
Nonrecurring assets:
Individually evaluated loans	29,882	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	$ 29,882	$ 27,127

Subsequent Events (Details) $ in Thousands	1 Months Ended
Subsequent Events (Details) $ in Thousands	Nov. 12, 2024 USD ($) loan	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Non-accrual loans with ACL		$ 1,177	$ 640
Total loans held for investment, gross		$ 433,963	372,215
Subsequent Event
Subsequent Event [Line Items]
Number of loans placed into nonaccrual status \| loan	10
Non-accrual loans with ACL	$ 7,700
Collateral Pledged \| SBA \| SBA
Subsequent Event [Line Items]
Total loans held for investment, gross			$ 15,000
Collateral Pledged \| SBA \| SBA \| Subsequent Event
Subsequent Event [Line Items]
Total loans held for investment, gross	$ 2,500

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-Sale

The amortized cost, gross unrealized gains and losses, and estimated fair value of AFS securities as of September 30, 2024, are summarized as follows:


	September 30, 2024
($ in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
U.S. Treasury securities	$	30,021	$	451	$	—	$	30,472

Schedule of Amortized Cost and Estimated Market Value of Debt Securities

The following table presents the amortized cost and estimated fair value of AFS securities as of the period ended, by contractual maturity:


	September 30, 2024
($ in thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	2,468	$	2,479
Due after one year through five years	27,553		27,993


Total securities AFS	$	30,021	$	30,472

The amortized cost and estimated market value of debt securities HTM at September 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.


	September 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	2,314		2,223		2,745		2,577
Due after ten years	10,956		9,959		12,643		11,232
Total securities held-to-maturity	$	13,270	$	12,182	$	15,388	$	13,809

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 September 30, 2024 and December 31, 2023, are summarized as follows:


	September 30, 2024
($ in thousands)	Amortized Cost		Allowance for Credit Losses		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Mortgage-backed securities	$	6,160	$	—	$	2	$	(537)	$	5,625
Collateralized mortgage obligations	7,110		—		16		(569)		6,557
Total securities held-to-maturity	$	13,270	$	—	$	18	$	(1,106)	$	12,182


	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 September 30, 2024 and December 31, 2023:


	September 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	$	—	$	—	$	5,078	$	(537)	$	5,078	$	(537)
Collateralized mortgage obligations	—		—		4,662		(569)		4,662		(569)
Total securities held-to-maturity	$	—	$	—	$	9,740	$	(1,106)	$	9,740	$	(1,106)


	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)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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- Definition

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

+ References

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+ Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 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 September 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 September 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 7 - 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. The Company paid commission fees to BFG in the amounts of $0.7 million and $1.5 million for the three months ended September 30, 2024 and 2023, respectively, and $1.7 million and $4.0 million for the nine months ended September 30, 2024 and 2023, respectively. The Company received distributions from BFG in the amounts of $0.2 million and $0.2 million for the three months ended September 30, 2024 and 2023, respectively, and $0.5 million and $0.5 million for the nine months ended September 30, 2024 and 2023, respectively. These distributions were recorded in the consolidated statements of income in other miscellaneous income.

- 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

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Financial Instruments with Off-Balance Sheet Risk

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


	September 30,		December 31,
($ in thousands)	2024		2023
Revolving, open-end lines of credit	$	2,106	$	1,630
Commercial real estate	17,742		17,421
Other unused commitments	944		724
	$	20,792	$	19,775

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 3,454	$ 4,804	$ 9,949	$ 13,303
Securities available-for-sale
Unrealized holding gain	451	0	451	0
Income tax expense related to unrealized holding gain	(109)	0	(109)	0
Other comprehensive income, net of tax	342	0	342	0
Comprehensive income	$ 3,796	$ 4,804	$ 10,291	$ 13,303

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Investments

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Investment Securities Available-for-Sale, at Fair Value

The Company’s available-for-sale (“AFS”) investment portfolio consists of U.S. Treasury securities. The Company reports AFS debt securities on the Company’s consolidated balance sheets at fair value. The amortized cost, gross unrealized gains and losses, and estimated fair value of AFS securities as of September 30, 2024, are summarized as follows:


	September 30, 2024
($ in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
U.S. Treasury securities	$	30,021	$	451	$	—	$	30,472

There were no U.S. Treasury securities in an unrealized loss position at September 30, 2024.

The following table presents the amortized cost and estimated fair value of AFS securities as of the period ended, by contractual maturity:


	September 30, 2024
($ in thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	2,468	$	2,479
Due after one year through five years	27,553		27,993


Total securities AFS	$	30,021	$	30,472

At September 30, 2024, AFS debt securities in the amount of $30.0 million were pledged as collateral for a credit line held by the Bank.

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 September 30, 2024 and December 31, 2023, are summarized as follows:


	September 30, 2024
($ in thousands)	Amortized Cost		Allowance for Credit Losses		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Mortgage-backed securities	$	6,160	$	—	$	2	$	(537)	$	5,625
Collateralized mortgage obligations	7,110		—		16		(569)		6,557
Total securities held-to-maturity	$	13,270	$	—	$	18	$	(1,106)	$	12,182


	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 and AFS

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 and AFS debt securities but retains the concept from the OTTI model that credit losses are recognized once securities become impaired. For HTM and AFS 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 and AFS debt securities on a collective basis by major security type. Accrued interest receivable on HTM and AFS debt securities is excluded from the estimate of credit losses. At September 30, 2024, December 31, 2023, and at adoption of CECL on January 1, 2023, there was no ACL related to HTM or AFS 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 seventeen securities, consisting of eight collateralized mortgage obligations and nine mortgage-backed securities, in an unrealized loss position at September 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 September 30, 2024 and December 31, 2023:


	September 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	$	—	$	—	$	5,078	$	(537)	$	5,078	$	(537)
Collateralized mortgage obligations	—		—		4,662		(569)		4,662		(569)
Total securities held-to-maturity	$	—	$	—	$	9,740	$	(1,106)	$	9,740	$	(1,106)


	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)


	September 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	2,314		2,223		2,745		2,577
Due after ten years	10,956		9,959		12,643		11,232
Total securities held-to-maturity	$	13,270	$	12,182	$	15,388	$	13,809

At September 30, 2024, HTM debt securities in the amount of $13.3 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 nine months ended September 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 September 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 September 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.

Fair Value of Financial Instruments

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023.

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

Investment securities available-for-sale: Investment securities available-for-sale consist of U.S. Treasury securities and are carried at fair value. The Company estimates the fair value of investment securities available-for-sale using current active market quotes, if available, which are considered Level 1 measurements. Level 1 measurements include securities issued by the U.S. Treasury.

Investment in BFG: The Company’s valuation technique utilized the average of the discounted cash flow method and the Guideline Public Company method. 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 September 30, 2024 and December 31, 2023. The calculation of fair value utilized significant unobservable inputs, including projected cash flows, growth rates, and discount rates. See Note 6 - Commitments and Contingencies and Note 11 - Related Party Transactions for more information.

The table below presents the Company's financial instruments valued on a recurring basis at the dates indicated:


		September 30, 2024		December 31, 2023
($ in thousands)	Level	Estimated Fair Value		Estimated Fair Value
Financial assets:
Investment securities available-for-sale	1	$	30,472	$	—
Investment in BFG	3	$	7,900	$	4,200

The table below presents a reconciliation of our investment in BFG classified as a Level 3 financial instrument and measured at fair value on a recurring basis for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Beginning balance	$	8,000	$	4,500	$	4,200	$	4,800
Purchase of BFG ownership interest	—		—		4,125		—
Change in fair value of BFG	(100)		(500)		(425)		(800)
Ending balance	$	7,900	$	4,000	$	7,900	$	4,000

The table below presents the Company’s financial instruments valued on a nonrecurring basis at the dates indicated:


($ in thousands)			Fair Value Measurements Using
Description of Financial Instrument	Fair Value		Level 1		Level 2		Level 3
September 30, 2024
Nonrecurring assets:
Individually evaluated loans	$	29,882	$	—	$	—	$	29,882
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 following table presents information about quantitative inputs and assumptions used to fair value Level 3 nonrecurring assets as of September 30, 2024 and December 31, 2023:

($ in thousands)

Fair Value

Valuation
Technique

Unobservable
Input

Range
(Weighted Average)

September 30, 2024

Individually evaluated loans

29,882

Market
comparable

Discount to
appraisal value for estimated selling costs

11.40

December 31, 2023

Individually evaluated loans

27,127

Market
comparable

Discount to
appraisal value for estimated selling costs

7.57

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


($ in thousands)	September 30, 2024 Range (Weighted Average)		December 31, 2023 Range (Weighted Average)
Discounted Cash Flows
Revenue growth rate	12.7	%	11.0	%
Expense growth rate	13.9	%	13.4	%
Discount rate	25.0	%	20.0	%

Guideline Public Company
Multiples of enterprise value	4.0x to 5.3x		3.5x to 5.5x

The tables below present the carrying amount and estimated fair value of the Company's financial instruments at the dates indicated:


	September 30, 2024
					Fair Value Measurements Using
($ in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	85,768	$	85,768	$	85,768	$	—	$	—
Investment securities available-for-sale	30,472		30,472		30,472		—		—
Investment securities held-to-maturity	13,270		12,182		—		12,182		—
Investment in FHLB stock	349		349		—		349		—
Loans held for investment, net	418,065		412,316		—		—		412,316
Strategic Program loans held-for-sale	84,000		84,000		—		84,000		—
Accrued interest receivable	3,098		3,098		—		3,098		—
SBA servicing asset, net	3,261		3,261		—		3,261		—
Investment in BFG	7,900		7,900		—		—		7,900
Financial liabilities:
Total deposits	$	488,659	$	476,596	$	—	$	476,596	$	—
Accrued interest payable	647		647		—		647		—
PPPLF	106		106		—		106		—


	December 31, 2023
					Fair Value Measurements Using
($ in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	116,975	$	116,975	$	116,975	$	—	$	—
Investment securities held-to-maturity	15,388		13,809		—		13,809		—
Investment in FHLB stock	238		238		—		238		—
Loans held for investment, net	358,560		360,032		—		—		360,032
Strategic Program loans held-for-sale	47,514		47,509		—		47,509		—
Accrued interest receivable	3,573		3,573		—		3,573		—
SBA servicing asset, net	4,231		4,231		—		4,231		—
Investment in BFG	4,200		4,200		—		—		4,200
Financial liabilities:
Total deposits	$	404,833	$	394,195	$	—	$	394,195	$	—
Accrued interest payable	619		619		—		619		—
PPPLF	190		190		—		190		—

- 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
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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-Topic 820
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+ Details

Loans Held for Investment and Allowance for Credit Losses

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023, consisted of the following:


	September 30,		December 31,
	2024		2023
($ in thousands)
SBA(1)	$	251,439	$	239,922
Commercial leases	64,277		38,110
Commercial, non-real estate	3,025		2,457
Residential real estate	41,391		38,123
Strategic Program loans	19,409		19,408
Commercial real estate:
Owner occupied	32,480		20,798
Non-owner occupied	2,736		2,025
Consumer	19,206		11,372
Total loans held for investment, gross	$	433,963	$	372,215
Deferred loan fees, net	(3,237)		(767)
Allowance for credit losses	(12,661)		(12,888)
Loans held for investment, net	$	418,065	$	358,560

(1) Included in the SBA loans held for investment above are $154.5 million and $131.7 million of loans guaranteed by the SBA as of September 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 – The Company originates loans with various third-party loan origination platforms that use technology and other innovative systems to streamline the origination of unsecured and secured consumer and 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 provider 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 and measured at the lower of cost or market.

The Company may also hold loans or a portion of the loans or receivables and sell the remainder directly to the Strategic Program provider 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 provider 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 Program providers at the Company at September 30, 2024 and December 31, 2023, was $44.0 million and $29.8 million, respectively.

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


	September 30, 2024		December 31, 2023
($ in thousands)
Retained Strategic Program loans	$	19,409	$	19,408
Strategic Program loans held-for-sale	84,000		47,514
Total Strategic Program loans	$	103,409	$	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 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 September 30, 2024 and December 31, 2023 are based on the CECL methodology:


	September 30, 2024		December 31, 2023
($ in thousands)
Construction and land development	$	33,903	$	28,330
Residential real estate	59,229		51,428
Residential real estate multifamily	1,504		647
Commercial real estate:
Owner occupied	187,890		186,550
Non-owner occupied	12,783		15,354
Commercial and industrial	35,818		21,399
Consumer	19,150		10,989
Lease financing receivables	64,277		38,110
Retained Strategic Program loans	19,409		19,408
Total loans held for investment, gross	$	433,963	$	372,215

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


	Three Months Ended September 30, 2024
($ in thousands)	Beginning Balance		Provision for (Reversal of) Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	330	$	382	$	—	$	—	$	712
Residential real estate	1,029		(224)		(27)		3		781
Residential real estate multifamily	11		23		—		—		34
Commercial real estate:
Owner occupied	4,094		(1,441)		(103)		219		2,769
Non-owner occupied	380		(18)		(221)		—		141
Commercial and industrial	423		42		(96)		2		371
Consumer	261		280		(15)		4		530
Lease financing receivables	650		689		(113)		8		1,234
Retained Strategic Program loans	5,949		2,211		(2,360)		289		6,089
Total allowance for credit losses on financing receivables	$	13,127	$	1,944	$	(2,935)	$	525	$	12,661

Unfunded lending commitments	140		213		—		—		353
Total allowance for credit losses	$	13,267	$	2,157	$	(2,935)	$	525	$	13,014


	Nine Months Ended September 30, 2024
($ in thousands)	Beginning Balance		Provision for (Reversal of) Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	316	$	396	$	—	$	—	$	712
Residential real estate	956		(143)		(91)		59		781
Residential real estate multifamily	6		28		—		—		34
Commercial real estate:
Owner occupied	3,336		(161)		(628)		222		2,769
Non-owner occupied	282		80		(221)		—		141
Commercial and industrial	361		327		(334)		17		371
Consumer	211		388		(74)		5		530
Lease financing receivables	355		1,157		(293)		15		1,234
Retained Strategic Program loans	7,065		5,410		(7,268)		882		6,089
Total allowance for credit losses on financing receivables	$	12,888	$	7,482	$	(8,909)	$	1,200	$	12,661

Unfunded lending commitments	139		214		—		—		353
Total allowance for credit losses	$	13,027	$	7,696	$	(8,909)	$	1,200	$	13,014


	Three Months Ended September 30, 2023
($ in thousands)	Beginning Balance		Provision for (Reversal of) Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	279	$	14	$	—	$	—	$	293
Residential real estate	708		223		—		3		934
Residential real estate multifamily	6		—		—		—		6
Commercial real estate:
Owner occupied	2,968		362		(31)		—		3,299
Non-owner occupied	199		(316)		—		389		272
Commercial and industrial	287		151		(107)		18		349
Consumer	90		39		(28)		2		103
Lease financing receivables	528		6		—		—		534
Retained Strategic Program loans	7,256		2,431		(2,748)		257		7,196
Total allowance for credit losses on financing receivables	$	12,321	$	2,910	$	(2,914)	$	669	$	12,986

Unfunded lending commitments	42		160		—		—		202
Total allowance for credit losses	$	12,363	$	3,070	$	(2,914)	$	669	$	13,188


	Nine Months Ended September 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)	$	(64)	$	—	$	—	$	293
Residential real estate	876		(58)		150		(121)		87		934
Residential real estate multifamily	3		1		2		—		—		6
Commercial real estate:
Owner occupied	3,030		(533)		955		(153)		—		3,299
Non-owner occupied	208		(41)		(284)		—		389		272
Commercial and industrial	339		(85)		265		(191)		21		349
Consumer	65		14		69		(47)		2		103
Lease financing receivables	339		(105)		300		—		—		534
Retained Strategic Program loans	6,701		1,131		6,860		(8,289)		793		7,196
Total allowance for credit losses on financing receivables	$	11,985	$	257	$	8,253	$	(8,801)	$	1,292	$	12,986

Unfunded lending commitments	—		26		176		—		—		202
Total allowance for credit losses	$	11,985	$	283	$	8,429	$	(8,801)	$	1,292	$	13,188

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


September 30, 2024
	Loans Past Due and Still Accruing
($ in thousands)	30-89 Days Past Due		90 Days and Greater		Total		Nonaccrual Loans with no ACL(1)		Nonaccrual Loans with ACL		Current Loans		Total Loans
Construction and land development	$	—	$	—	$	—	$	—	$	—	$	33,903	$	33,903
Residential real estate	6,081		—		6,081		1,389		—		51,759		59,229
Residential real estate multifamily	—		—		—		—		—		1,504		1,504
Commercial real estate:
Owner occupied	1,178		—		1,178		23,141		1,177		162,394		187,890
Non-owner occupied	632		—		632		3,125		—		9,026		12,783
Commercial and industrial	1,107		—		1,107		862		—		33,849		35,818
Consumer	107		6		113		—		—		19,037		19,150
Commercial leases	317		—		317		188		—		63,772		64,277
Retained Strategic Program loans	1,509		47		1,556		—		—		17,853		19,409
Total	$	10,931	$	53	$	10,984	$	28,705	$	1,177	$	393,097	$	433,963

(1) Included in the nonaccrual loan balances are $17.5 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		Nonaccrual Loans with no ACL(1)		Nonaccrual 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		48		129		—		—		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	$	441	$	4,146	$	25,872	$	640	$	341,557	$	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 recognized for the three and nine months ended September 30, 2024 and 2023, while loans were classified as nonaccrual.

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.


	Loans and Leases Amortized Cost Basis by Origination Year
September 30, 2024	2024		2023		2022		2021		Prior		Revolving Loans		Total
($ in thousands)
Construction and land development
Pass	$	10,248	$	9,811	$	11,268	$	2,574	$	2	$	—	$	33,903
Watch	—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—
Total	10,248		9,811		11,268		2,574		2		—		33,903
Current period gross writeoff	—		—		—		—		—		—		—

Residential real estate
Pass	3,570		1,400		524		1,382		1,732		—		8,608
Watch	11,066		23,145		11,871		1,145		1,679		—		48,906
Special Mention	—		—		—		160		9		—		169
Substandard	—		—		1,351		38		157		—		1,546
Total	14,636		24,545		13,746		2,725		3,577		—		59,229
Current period gross writeoff	—		—		—		(91)		—		—		(91)



Residential real estate multifamily
Pass	847	294	258	79	—	—	1,478
Watch	—	—	—	—	26	—	26
Special Mention	—	—	—	—	—	—	—
Substandard	—	—	—	—	—	—	—
Total	847	294	258	79	26	—	1,504
Current period gross writeoff	—	—	—	—	—	—	—

Commercial real estate - owner occupied
Pass	17,536	3,916	3,478	1,184	11,968	—	38,082
Watch	14,651	63,840	34,796	6,047	4,432	—	123,766
Special Mention	—	—	191	—	350	—	541
Substandard	—	16,150	6,611	1,480	1,260	—	25,501
Total	32,187	83,906	45,076	8,711	18,010	—	187,890
Current period gross writeoff	—	(364)	(227)	(27)	(10)	—	(628)

Commercial real estate - non-owner occupied
Pass	—	—	1,264	—	354	—	1,618
Watch	1,000	4,183	2,510	1,145	142	—	8,980
Special Mention	—	—	—	—	—	—	—
Substandard	—	—	2,185	—	—	—	2,185
Total	1,000	4,183	5,959	1,145	496	—	12,783
Current period gross writeoff	—	—	(221)	—	—	—	(221)

Commercial and industrial
Pass	1,946	375	594	397	568	—	3,880
Watch	14,573	10,536	3,671	551	710	—	30,041
Special Mention	—	—	—	—	—	—	—
Substandard	666	509	353	—	369	—	1,897
Total	17,185	11,420	4,618	948	1,647	—	35,818
Current period gross writeoff	—	(83)	(99)	(81)	(71)	—	(334)

Consumer
Pass	11,738	5,212	1,440	378	331	—	19,099
Watch	45	6	—	—	—	—	51
Special Mention	—	—	—	—	—	—	—
Substandard	—	—	—	—	—	—	—

Total	11,783	5,218	1,440	378	331	—	19,150
Current period gross writeoff	—	(15)	(22)	(19)	(18)	—	(74)

Lease financing receivables
Pass	34,350	24,747	4,840	—	118	—	64,055
Watch	—	—	—	—	—	—	—


Special Mention	—		—		—		—		—		—		—
Substandard	—		222		—		—		—		—		222
Total	34,350		24,969		4,840		—		118		—		64,277
Current period gross writeoff	—		(293)		—		—		—		—		(293)

Retained Strategic Program loans
Pass	—		—		—		—		—		—		—
Watch	—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—
Not Rated	14,907		2,506		1,451		545		—		—		19,409
Total	14,907		2,506		1,451		545		—		—		19,409
Current period gross writeoff	(1,852)		(4,282)		(838)		(296)		—		—		(7,268)

Total portfolio loans receivable, gross	$	137,143	$	166,852	$	88,656	$	17,105	$	24,207	$	—	$	433,963
Total current period gross writeoff	$	(1,852)	$	(5,037)	$	(1,407)	$	(514)	$	(99)	$	—	$	(8,909)


	Loans and Leases Amortized Cost Basis by Origination Year
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 writeoff	—	—	—	—	—	—

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 writeoff	(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 writeoff	$	(4,181)	$	(6,415)	$	(1,289)	$	(540)	$	—	$	(12,425)

Modified Loans to Troubled Borrowers

During the three and nine months ended September 30, 2024 there were two and three loan modifications to loans with borrowers experiencing financial difficulty 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 September 30, 2024 along with the concession granted for loans that were modified during the three and nine months ended September 30, 2024. During the three and nine months ended September 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		1.35	%
Residential	11 months	156		0.26	%
Total		$	572

Collateral-Dependent Loans

A collateral-dependent loan is a nonaccrual loan for which the Bank 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 September 30, 2024	Allowance for Credit Losses		Real Estate		Personal Property		Total
Construction and land development	$	—	$	—	$	—	$	—
Residential real estate	—		1,389		—		1,389
Commercial real estate:
Owner occupied	196		24,318		—		24,318
Non-owner occupied	—		3,125		—		3,125
Commercial and industrial	—		—		862		862
Commercial leases	—		—		188		188
Total	$	196	$	28,832	$	1,050	$	29,882

The amount of collateral-dependent loans as of September 30, 2024 include $17.5 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.

Loans Held for Investment and Allowance for Credit Losses - Nonaccrual and Past Due Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	$ 433,963	$ 372,215
Nonaccrual Loans with no ACL	28,705	25,872
Nonaccrual Loans with ACL	1,177	640
Collateral Pledged
Financing Receivable, Past Due [Line Items]
Loans held for investment	29,882	26,487
Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	393,097	341,557
Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	10,984	4,146
30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	10,931	3,705
90 Days and Greater
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	53	441
Construction and land development
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	33,903	28,330
Nonaccrual Loans with no ACL	0	0
Nonaccrual Loans with ACL	0	0
Construction and land development \| Collateral Pledged
Financing Receivable, Past Due [Line Items]
Loans held for investment	0	615
Construction and land development \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	33,903	26,385
Construction and land development \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	1,945
Construction and land development \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	0	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	59,229	51,428
Nonaccrual Loans with no ACL	1,389	1,585
Nonaccrual Loans with ACL	0	0
Residential real estate \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	51,759	49,820
Residential real estate \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	6,081	23
Residential real estate \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	6,081	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	1,504	647
Nonaccrual Loans with no ACL	0	0
Nonaccrual Loans with ACL	0	0
Residential real estate multifamily \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	1,504	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	187,890	186,550
Nonaccrual Loans with no ACL	23,141	21,643
Nonaccrual Loans with ACL	1,177	640
Commercial real estate - owner occupied \| Collateral Pledged
Financing Receivable, Past Due [Line Items]
Loans held for investment	24,318	21,643
Commercial real estate - owner occupied \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	162,394	164,267
Commercial real estate - owner occupied \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	1,178	0
Commercial real estate - owner occupied \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	1,178	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	12,783	15,354
Nonaccrual Loans with no ACL	3,125	2,362
Nonaccrual Loans with ACL	0	0
Commercial real estate - non-owner occupied \| Collateral Pledged
Financing Receivable, Past Due [Line Items]
Loans held for investment	3,125	2,362
Commercial real estate - non-owner occupied \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	9,026	12,992
Commercial real estate - non-owner occupied \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	632	0
Commercial real estate - non-owner occupied \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	632	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	35,818	21,399
Nonaccrual Loans with no ACL	862	282
Nonaccrual Loans with ACL	0	0
Commercial and industrial \| Collateral Pledged
Financing Receivable, Past Due [Line Items]
Loans held for investment	862	282
Commercial and industrial \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	33,849	21,117
Commercial and industrial \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	1,107	0
Commercial and industrial \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	1,107	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	19,150	10,989
Nonaccrual Loans with no ACL	0	0
Nonaccrual Loans with ACL	0	0
Consumer \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	19,037	10,860
Consumer \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	113	129
Consumer \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	107	81
Consumer \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	6	48
Commercial leases
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	64,277	38,110
Nonaccrual Loans with no ACL	188	0
Nonaccrual Loans with ACL	0	0
Commercial leases \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	63,772	38,110
Commercial leases \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	317	0
Commercial leases \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	317	0
Commercial leases \| 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	19,409	19,408
Nonaccrual Loans with no ACL	0	0
Nonaccrual Loans with ACL	0	0
Retained Strategic Program loans \| Current Loans
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	17,853	17,359
Retained Strategic Program loans \| Total
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	1,556	2,049
Retained Strategic Program loans \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	1,509	1,953
Retained Strategic Program loans \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross	47	96
SBA \| Collateral Pledged \| SBA
Financing Receivable, Past Due [Line Items]
Total loans held for investment, gross		15,000
Loans held for investment	$ 17,500	$ 15,000