Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

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)
	March 31, 2025
Assets:
U.S. Treasury securities	$	14,938	$	14,938	$	—	$	—
U.S. government agency mortgage-backed securities-residential		92,669		—		92,669		—
U.S. government agency securities		21,401		—		21,401		—
Municipal securities		2,522		—		2,422		100
Corporate bonds		12,822		—		12,822		—
Other		520		—		520		—
Total available for sale securities		144,872		14,938		129,834		100
Loan level interest rate swaps		7,176		—		7,176		—
Total assets	$	152,048	$	14,938	$	137,010	$	100
Liabilities:
Loan level interest rate swaps	$	7,176	$	—	$	7,176	$	—
Total liabilities	$	7,176	$	—	$	7,176	$	—

	December 31, 2024
Assets:
U.S. Treasury securities	$	29,693	$	29,693	$	—	$	—
U.S. government agency mortgage-backed securities – residential		93,492		—		93,492		—
U.S. government agency securities		21,166		—		21,166		—
Municipal securities		2,493		—		2,393		100
Corporate bonds		12,583		—		12,583		—
Other		520		—		520		—
Total available for sale securities		159,947		29,693		130,154		100
Loan level interest rate swaps		6,743		—		6,743		—
Total assets	$	166,690	$	29,693	$	136,897	$	100
Liabilities:
Loan level interest rate swaps	$	6,743	$	—	$	6,743	$	—
Total liabilities	$	6,743	$	—	$	6,743	$	—

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  March 31, 2025 and December 31, 2024, 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)
	March 31, 2025
Individually analyzed loans, with specific reserves	$	352	$	—	$	—	$	352
Total	$	352	$	—	$	—	$	352

	December 31, 2024
Individually analyzed loans, with specific reserves	$	320	$	—	$	—	$	320
Total	$	320	$	—	$	—	$	320

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)
	March 31, 2025
Individually analyzed loans, with specific reserves	$	352	Appraisal of collateral	(1)	Liquidation expenses	(3)	0% to 8%
					Appraisal adjustments	(2)	0% to 20%
	December 31, 2024
Individually analyzed loans, with specific reserves	$	320	Appraisal of collateral	(1)	Liquidation expenses	(3)	0% to 8%
					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
			March 31, 2025 Using
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	50,517	$	50,517	$	—	$	—	$	50,517
Available for sale securities		144,872		14,938		129,834		100		144,872
Loan level interest rate swaps		7,176		—		7,176		—		7,176
FHLB stock		3,245		—		3,245		—		3,245
Loans, net		976,502		—		—		960,797		960,797
Accrued interest receivable		4,632		—		4,632		—		4,632
Mortgage servicing rights		1,503		—		—		4,146		4,146
Financial Liabilities:
Deposits	$	1,034,241	$	—	$	978,854	$	—	$	978,854
Mortgagors' escrow accounts		7,626		—		7,626		—		7,626
FHLB advances		53,873		—		53,513		—		53,513
Subordinated debt		5,155		—		5,155		—		5,155
Loan level interest rate swaps		7,176		—		7,176		—		7,176
Accrued interest payable		802		—		802		—		802

			Fair Value Measurements at
			December 31, 2024 Using
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	37,484	$	37,484	$	—	$	—	$	37,484
Available for sale securities		159,947		29,693		130,154		100		159,947
Loan level interest rate swaps		6,743		—		6,743		—		6,743
FHLB stock		3,960		—		3,960		—		3,960
Loans, net		971,779		—		—		955,123		955,123
Accrued interest receivable		4,435		—		4,435		—		4,435
Mortgage servicing rights		1,592		—		—		4,370		4,370
Financial Liabilities:
Deposits	$	1,020,783	$	—	$	968,878	$	—	$	968,878
Mortgagors' escrow accounts		9,425		—		9,425		—		9,425
FHLB advances		69,773		—		69,071		—		69,071
Subordinated debt		5,155		—		5,155		—		5,155
Loan level interest rate swaps		6,743		—		6,743		—		6,743
Accrued interest payable		943		—		943		—		943