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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company determines the fair values of its financial instruments based on the requirements established in ASC 820, Fair Value Measurements, which provides a framework for measuring fair value in accordance with GAAP and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 defines fair values for financial instruments as the exit price, the price that would be received for an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date under current market conditions. The Company’s fair values for financial instruments at December 31, 2024 and 2023 were determined based on these requirements.
The following methods and assumptions were used to estimate the fair value of other financial instruments:
Cash and cash equivalents - The estimated fair value is equal to the carrying amount.
Available-for-sale securities – AFS securities are recorded at fair value based on quoted market prices, if available (Level 1).  If quoted market prices are not available, management utilizes third-party pricing services or broker quotations from dealers in the specific instruments (Level 2).  Level 2 securities include those traded on an active exchange, as well as U.S. government securities. 
Held-to-maturity securities – The fair value is based on quoted market prices, if available.  If quoted market prices are not available, management utilizes third-party pricing services or broker quotations from dealers in the specific instruments.  Level 2 securities include those traded on an active exchange, as well as U.S. government securities.   
Loans held-for-sale - The fair value of fixed-rate one-to-four family loans is based on whole loan forward prices obtained from government sponsored enterprises. At December 31, 2024 and 2023, loans held-for-sale were carried at cost, as no impairment was required.
Loans held-for-portfolio - The estimated fair value of loans-held-for portfolio consists of a credit adjustment to reflect the estimated adjustment to the carrying value of the loans due to credit-related factors and a yield adjustment to reflect the estimated adjustment to the carrying value of the loans due to a differential in yield between the portfolio loan yields and
estimated current market rate yields on loans with similar characteristics. The estimated fair values of loans held-for-portfolio reflect exit price assumptions. The liquidity premium/discounts are part of the valuation for exit pricing.
Mortgage servicing rights –The fair value of MSRs is determined through a discounted cash flow analysis, which uses interest rates, prepayment speeds, discount rates, and delinquency rate assumptions as inputs.
Time deposits - The estimated fair value of time deposits is based on the difference between interest costs paid on the Company’s time deposits and current market rates for time deposits with comparable characteristics.
Borrowings - The fair value of borrowings is estimated using the contractual cash flows of each debt instrument discounted using the Company’s current incremental borrowing rates for similar types of borrowing arrangements.
Subordinated notes - The fair value of subordinated notes is estimated using discounted cash flows based on current lending rates for similar long-term debt instruments with similar terms and remaining time to maturity.
A description of the valuation methodologies used for impaired loans and OREO is as follows:
Collateral dependent loans - The fair value of collateral dependent loans is based on the current appraised value of the collateral less estimated costs to sell.
OREO and repossessed assets – The fair value of OREO and repossessed assets is based on the current appraised value of the collateral less estimated costs to sell. 
Off-balance sheet financial instruments - The fair value of off-balance sheet financial instruments, which consisted entirely of loan commitments at December 31, 2024 and 2023, is estimated based on fees charged to others to enter into similar agreements, taking into account the remaining terms of the agreements and credit standing of the Company’s clients. The estimated fair value of these commitments was not significant at December 31, 2024 and 2023.
In certain cases, the inputs used to measure fair value may fall into different levels of the hierarchy. In such cases, the lowest level of inputs that is significant to the measurement is used to determine the hierarchy for the entire asset or liability. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s quarterly valuation process. There were no transfers between levels during the years ended December 31, 2024 and 2023.
The following tables present information about the level in the fair value hierarchy for the Company’s financial assets and liabilities, whether or not recognized or recorded at fair value, as of December 31, 2024 and 2023 (in thousands):
 December 31, 2024Fair Value Measurements Using:
 Carrying
Value		Estimated
Fair Value		Level 1Level 2Level 3
FINANCIAL ASSETS:     
Cash and cash equivalents$43,641 $43,641 $43,641 $— $— 
AFS securities
7,790 7,790 — 7,790 — 
HTM securities
2,130 1,712 — 1,712 — 
Loans held-for-sale487 487 — 487 — 
Loans held-for-portfolio, net 891,672 850,813 — — 850,813 
MSRs
4,769 4,769 — — 4,769 
FINANCIAL LIABILITIES:
Time deposits295,822 296,575 — 296,575 — 
Borrowings25,000 25,000 — 25,000 — 
Subordinated notes11,759 12,653 — 12,653 — 
 December 31, 2023Fair Value Measurements Using:
 Carrying
Value		Estimated
Fair Value		Level 1Level 2Level 3
FINANCIAL ASSETS:     
Cash and cash equivalents$49,690 $49,690 $49,690 $— $— 
AFS securities
8,287 8,287 — 8,287 — 
HTM securities
2,166 1,787 — 1,787 — 
Loans held-for-sale603 603 — 603 — 
Loans held-for-portfolio, net885,718 837,579 — — 837,579 
MSRs
4,632 4,632 — — 4,632 
FINANCIAL LIABILITIES:
Time deposits307,962 308,604 — 308,604 — 
Borrowings40,000 40,000 — 40,000 — 
Subordinated notes11,717 9,996 — 9,996 — 

The following tables present the balance of assets measured at fair value on a recurring basis at December 31, 2024 and 2023 (in thousands):
 Fair Value at December 31, 2024
DescriptionTotalLevel 1Level 2Level 3
Municipal bonds$5,374 $— $5,374 $— 
Agency mortgage-backed securities2,416 — 2,416 — 
MSRs4,769 — — 4,769 
 Fair Value at December 31, 2023
DescriptionTotalLevel 1Level 2Level 3
Municipal bonds$5,528 $— $5,528 $— 
Agency mortgage-backed securities2,759 — 2,759 — 
MSRs4,632 — — 4,632 
The following table provides a description of the valuation technique, unobservable input, and qualitative information about the unobservable inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at December 31, 2024:
Financial
Instrument		 Valuation
Technique		 Unobservable Input(s) Range
(Weighted Average)
MSRs Discounted cash flow Prepayment speed assumption 
125%-556% (125%)
    Discount rate 
10.0%
The following table provides a description of the valuation technique, unobservable input, and qualitative information about the unobservable inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at December 31, 2023:
Financial
Instrument		 Valuation
Technique		 Unobservable Input(s) Range
(Weighted Average)
MSRs Discounted cash flow Prepayment speed assumption 
109%-208% (129%)
    Discount rate 
10.5%-14.5% (12.5%)

Generally, any significant increases in the constant prepayment rate and discount rate utilized in the fair value measurement of the MSRs will result in a negative fair value adjustment (and decrease in the fair value measurement). Conversely, a decrease in the constant prepayment rate and discount rate will result in a positive fair value adjustment (and increase in the fair value measurement). An increase in the weighted average life assumptions will result in a decrease in the constant prepayment rate and conversely, a decrease in the weighted average life will result in an increase of the constant prepayment rate. As a result of the difficulty in observing certain significant valuation inputs affecting our “Level 3” fair value assets, we are required to make judgments regarding these items’ fair values.
There were no assets or liabilities (excluding MSRs) measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the years ended December 31, 2024 and 2023.
MSRs are measured at fair value using significant unobservable input (Level 3) on a recurring basis and a reconciliation of this asset can be found in “Note 6—Mortgage Servicing Rights.”
The following table presents the balance of assets measured at fair value on a nonrecurring basis (in thousands):
 Fair Value at December 31, 2024
DescriptionTotalLevel 1Level 2Level 3
OREO and repossessed assets$— $— $— $— 
Collateral-dependent loans
7,627 — — 7,627 
 Fair Value at December 31, 2023
DescriptionTotalLevel 1Level 2Level 3
OREO and repossessed assets$575 $— $— $575 
Impaired loans3,656 — — 3,656 
There were no liabilities carried at fair value, measured on a recurring or nonrecurring basis, at December 31, 2024 and 2023.