Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value

Schedule of assets carried at fair value on a recurring basis

The following tables detail the assets that are carried at fair value on a recurring basis as of the periods shown and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value:

			Quoted Prices in
			Active Markets		Significant		Significant
			for Identical		Observable		Unobservable
	Balance		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
	September 30, 2024
Assets:
U.S. Treasury securities	$	20,656	$	20,656	$	—	$	—
U.S. government agency mortgage-backed securities-residential		111,226		—		111,226		—
U.S. government agency securities		21,243		—		21,243		—
Municipal securities		2,528		—		2,428		100
Corporate bonds		12,798		—		12,798		—
Other		683		—		683		—
Total available for sale securities		169,134		20,656		148,378		100
Loan level interest rate swaps		6,626		—		6,626		—
Total assets	$	175,760	$	20,656	$	155,004	$	100
Liabilities:
Loan level interest rate swaps	$	6,626	$	—	$	6,626	$	—
Total liabilities	$	6,626	$	—	$	6,626	$	—

	December 31, 2023
Assets:
U.S. Treasury securities	$	24,006	$	24,006	$	—	$	—
U.S. government agency mortgage-backed securities – residential		128,580		—		128,580		—
U.S. government agency securities		23,158		—		23,158		—
Municipal securities		2,903		—		2,788		115
Corporate bonds		12,640		—		12,640		—
Other		698		—		698		—
Total available for sale securities		191,985		24,006		167,864		115
Loan level interest rate swaps		6,278		—		6,278		—
Total assets	$	198,263	$	24,006	$	174,142	$	115
Liabilities:
Loan level interest rate swaps	$	6,278	$	—	$	6,278	$	—
Total liabilities	$	6,278	$	—	$	6,278	$	—

Schedule of assets carried at fair value and measured at fair value on a nonrecurring basis

The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of  September 30, 2024 and December 31, 2023, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value:

			Quoted Prices in
			Active Markets		Significant		Significant
			for Identical		Observable		Unobservable
	Balance		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
	September 30, 2024
Individually analyzed loans, with specific reserves	$	354	$	—	$	—	$	354
Total	$	354	$	—	$	—	$	354

	December 31, 2023
Individually analyzed loans, with specific reserves	$	756	$	—	$	—	$	756
Other real estate owned		25		—		—		25
Total	$	781	$	—	$	—	$	781

Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value:

	Quantitative Information About Level 3 Fair Value Measurements
	Fair Value		Valuation		Unobservable		Range
	Estimate		Techniques		Input		(Weighted Average)
	September 30, 2024
Individually analyzed loans, with specific reserves	$	354	Appraisal of collateral	(1)	Liquidation expenses	(3)	0% to 8%
					Appraisal adjustments	(2)	0% to 20%
	December 31, 2023
Individually analyzed loans, with specific reserves	$	756	Appraisal of collateral	(1)	Liquidation expenses	(3)	0% to 8%
					Appraisal adjustments	(2)	0% to 20%
Other real estate owned		25	Appraisal of collateral	(1)	Liquidation expenses	(3)	0% to 6%
					Appraisal adjustments	(2)	0% to 20%

(1) Fair value is generally through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable.

(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraised value.

(3) Estimated costs to sell.

Schedule of carrying value and fair values of the financial instruments

As of the following dates, the carrying value and fair values of the Company’s financial instruments were:

			Fair Value Measurements at
			September 30, 2024 Using
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	46,380	$	46,380	$	—	$	—	$	46,380
Available for sale securities		169,134		20,656		148,378		100		169,134
Loan level interest rate swaps		6,626		—		6,626		—		6,626
FHLB stock		3,510		—		3,510		—		3,510
Loans, net		964,875		—		—		949,452		949,452
Accrued interest receivable		4,375		—		4,375		—		4,375
Mortgage servicing rights		1,680		—		—		4,299		4,299
Financial Liabilities:
Deposits	$	1,046,173	$	—	$	1,002,426	$	—	$	1,002,426
Mortgagors' escrow accounts		3,552		—		3,552		—		3,552
FHLB advances		59,773		—		59,567		—		59,567
Subordinated debt		5,155		—		5,155		—		5,155
Loan level interest rate swaps		6,626		—		6,626		—		6,626
Accrued interest payable		1,014		—		1,014		—		1,014

			Fair Value Measurements at
			December 31, 2023 Using
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	22,129	$	22,129	$	—	$	—	$	22,129
Available for sale securities		191,985		24,006		167,864		115		191,985
Loan level interest rate swaps		6,278		—		6,278		—		6,278
FHLB stock		6,514		—		6,514		—		6,514
Loans, net		1,008,851		—		—		979,037		979,037
Accrued interest receivable		4,616		—		4,616		—		4,616
Mortgage servicing rights		1,977		—		—		4,720		4,720
Financial Liabilities:
Deposits	$	1,030,503	$	—	$	948,140	$	—	$	948,140
Mortgagors' escrow accounts		9,274		—		9,274		—		9,274
FHLB advances		128,064		—		127,592		—		127,592
Subordinated debt		5,155		—		5,155		—		5,155
Loan level interest rate swaps		6,278		—		6,278		—		6,278
Accrued interest payable		1,488		—		1,488		—		1,488