Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value

Schedule of estimated fair values of financial instruments

	Carrying				Fair Value Measurements Using
(Dollars in thousands)	Amount		Fair Value		Level 1		Level 2		Level 3
March 31, 2024
Assets
Cash and cash equivalents	$	90,059	$	90,059	$	90,059	$	—	$	—
Investment securities available for sale		19,483		19,483		—		19,483		—
Investment securities held to maturity		677,578		547,290		—		547,290		—
Loans receivable, net		1,309,712		1,095,737		—		—		1,095,737
FHLB stock		12,232		12,232		—		12,232		—
FRB stock		3,182		3,182		—		3,182		—
Accrued interest receivable		6,281		6,281		158		1,472		4,651
Liabilities
Deposits		1,600,148		1,596,514		—		1,072,875		523,639
Advances from the Federal Home Loan Bank		242,000		238,033		—		238,033		—
Advances from the Federal Reserve Bank		50,000		49,815		—		49,815		—
Securities sold under agreements to repurchase		10,000		9,755		—		9,755		—
Accrued interest payable		1,285		1,285		—		537		748
December 31, 2023
Assets
Cash and cash equivalents	$	126,659	$	126,659	$	126,659	$	—	$	—
Investment securities available for sale		20,171		20,171		—		20,171		—
Investment securities held to maturity		685,728		568,128		—		568,128		—
Loans receivable, net		1,303,431		1,120,704		—		—		1,120,704
FHLB stock		12,192		12,192		—		12,192		—
FRB stock		3,180		3,180		—		3,180		—
Accrued interest receivable		6,105		6,105		79		1,441		4,585
Liabilities
Deposits		1,636,604		1,633,164		—		1,104,171		528,993
Advances from the Federal Home Loan Bank		242,000		238,380		—		238,380		—
Advances from the Federal Reserve Bank		50,000		50,049		—		50,049		—
Securities sold under agreements to repurchase		10,000		9,700		—		9,700		—
Accrued interest payable		1,183		1,183		—		157		1,026

Schedule of assets and liabilities measured at fair value on a recurring basis

(Dollars in thousands)	Level 1		Level 2		Level 3		Total
March 31, 2024
Investment securities available for sale	$	—	$	19,483	$	—	$	19,483
December 31, 2023
Investment securities available for sale	$	—	$	20,171	$	—	$	20,171