FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Summary of fair value of assets and liabilities

The following table summarizes the fair value of assets and liabilities as of September 30, 2024:

			Fair Value Measurements at September 30, 2024, Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Measured on a recurring basis:
Financial assets
Securities available-for-sale:
U.S. Treasury notes	$	35,617	$	35,617	$	—	$	—
Corporate bonds	73,705		—		73,705		—
U.S. Government agency obligations	1,040		1,040		—		—
Obligations issued by U.S. states and their political subdivisions	6,130		—		6,130		—
Mortgage-backed securities:
Residential	149,731		—		149,731		—
Multifamily	10,329		—		10,329		—
Asset-backed securities	14,254		—		14,254		—
Total securities available-for-sale	290,806		36,657		254,149		—
Derivatives	5,978		—		5,978		—
Total financial assets measured on a recurring basis	$	296,784	$	36,657	$	260,127	$	—
Financial liabilities
Derivatives	$	1,975	$	—	$	1,975	$	—
Measured on a nonrecurring basis:
Nonfinancial assets
Real estate owned	$	—	$	—	$	—	$	—

The following table summarizes the fair value of assets and liabilities as of December 31, 2023:

			Fair Value Measurements at  December 31, 2023, Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Measured on a recurring basis:
Financial assets
Securities available-for-sale:
U.S. Treasury notes	$	35,060	$	35,060	$	—	$	—
Corporate bonds	76,623		—		76,623		—
U.S. Government agency obligations	11,140		11,140		—		—
Obligations issued by U.S. states and their political subdivisions	6,195		—		6,195		—
Mortgage-backed securities:
Residential	128,542		—		128,542		—
Multifamily	11,523		—		11,523		—
Asset-backed securities	14,683		—		14,683		—
Total securities available-for-sale	283,766		46,200		237,566		—
Derivatives	9,047		—		9,047		—
Total financial assets measured on a recurring basis	$	292,813	$	46,200	$	246,613	$	—
Financial liabilities
Derivatives	$	1,465	$	—	$	1,465	$	—
Measured on a nonrecurring basis:
Nonfinancial assets
Real estate owned	593		—		—		593

Summary of carrying amounts and fair value of financial instruments not carried at fair value

The carrying amounts and fair value of financial instruments not carried at fair value, at September 30, 2024 and December 31, 2023, are as follows:

			Fair Value Measurements at September 30, 2024, Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Book Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Measured on a non-recurring basis:
Financial assets
Securities held-to-maturity:
Corporate bonds	$	18,600	$	—	$	15,611	$	—
Asset-backed securities	14,641		—		13,646		—
Securities held-to-maturity	33,241		—		29,257		—
Loans, net	1,537,971		—		—		1,453,472
Financial liabilities
Time deposits	701,262		—		700,725		—
FHLB advances	348,500		—		356,025		—
			Fair Value Measurements at December 31, 2023, Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Book Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Measured on a non-recurring basis:
Financial assets
Securities held-to-maturity:
Corporate bonds	$	18,600	$	—	$	15,007	$	—
Asset-backed securities	14,812		—		13,316		—
Securities held-to-maturity	33,412		—		28,323		—
Loans, net	1,546,576		—		—		1,332,138
Financial liabilities
Time deposits	596,624		—		592,676		—
FHLB advances	397,500		—		405,015		—