XML 44 R34.htm IDEA: XBRL DOCUMENT v3.24.3
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

​