Fair Value (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value [Abstract]

Assets Measured on Recurring Basis

Assets measured at fair value on a recurring basis are summarized below:

	Fair Value Measurement
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In thousands)
At June 30, 2024:
Securities available-for-sale:
Federal agency mortgage-backed securities	$	–	$	57,035	$	–	$	57,035
Federal agency CMOs		–		21,736		–		21,736
Federal agency debt		–		43,800		–		43,800
Municipal bonds		–		4,335		–		4,335
U.S. Treasuries		125,284		–		–		125,284
SBA pools		–		9,264		–		9,264
At December 31, 2023:
Securities available-for-sale:
Federal agency mortgage-backed securities	$	–	$	66,778	$	–	$	66,778
Federal agency CMOs		–		23,339		–		23,339
Federal agency debt		–		47,836		–		47,836
Municipal bonds		–		4,373		–		4,373
U.S. Treasuries		163,880		–		–		163,880
SBA pools		–		10,744		–		10,744

Fair Values of Financial Instruments

The following tables present the carrying amount, fair value, and level within the fair value hierarchy of the Company’s financial instruments not recorded at fair value on a recurring basis as of June 30, 2024 and December 31, 2023.

			Fair Value Measurements at June 30, 2024
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	89,813	$	89,813	$	–	$	–	$	89,813
Securities available-for-sale		261,454		125,284		136,170		–		261,454
Loans receivable held for investment		938,736		–		–		916,566		916,566
Accrued interest receivable		5,228		319		966		3,943		5,228
Bank owned life insurance		3,297		3,297		–		–		3,297
Financial Liabilities:
Deposits	$	687,369	$	–	$	604,328	$	–	$	604,328
FHLB advances		209,242		–		208,437		–		208,437
BTFP borrowing		100,000		–		100,000		–		100,000
Securities sold under agreements to repurchase		72,658		–		71,438		–		71,438
Accrued interest payable		4,272		–		4,272		–		4,272

			Fair Value Measurements at December 31, 2023
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	105,195	$	105,195	$	–	$	–	$	105,195
Securities available-for-sale		316,950		163,880		153,070		–		316,950
Loans receivable held for investment		880,457		–		–		746,539		746,539
Accrued interest receivable		4,938		306		1,301		3,331		4,938
Bank owned life insurance		3,275		3,275		–		–		3,275
Financial Liabilities:
Deposits	$	682,635	$	–	$	536,171	$	–	$	536,171
FHLB advances		209,319		–		208,107		–		208,107
BTFP borrowing		100,000		–		100,000		–		100,000
Securities sold under agreements to repurchase		73,475		–		72,597		–		72,597
Notes payable		14,000		–		–		14,000		14,000
Accrued interest payable		1,420		–		1,420		–		1,420