Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of December 31, 2023 and 2022, and indicate the level within the fair value hierarchy utilized to determine the fair value:

			December 31, 2023
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities, at fair value:
U.S. Government Bonds	$	2,784	$	2,784	$	—	$	—
Corporate bonds		23,668		536		23,132		—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		33,148		—		33,148		—
FHLMC Certificates		8,681				8,681
FNMA Certificates		51,517		—		51,517		—
GNMA Certificates		104		—		104		—
Mortgage Loans Held for Sale, at fair value		9,980		—		9,980		—
Interest rate swap		4,435		—		4,435		—
	$	134,317	$	3,320	$	130,997	$	—

			December 31, 2022
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities, at fair value:
U.S. Government Bonds	$	2,689	$	2,689	$	—	$	—
Corporate bonds		23,359		730		22,629		—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		37,777		—		37,777		—
FHLMC Certificates		9,634		—		9,634		—
FNMA Certificates		55,928		—		55,928		—
GNMA Certificates		118		—		118		—
Mortgage Loans Held for Sale, at fair value		1,979		—		1,979		—
Derivatives from interest rate lock commitments		22		—		—		22
	$	131,506	$	3,419	$	128,065	$	22

Assets Measured at Fair Value on Nonrecurring Basis

The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of December 31, 2023 and 2022 and indicate the fair value hierarchy utilized to determine the fair value:

	December 31, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	12,726	$	—	$	—	$	12,726

	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	17,952	$	—	$	—	$	17,952

Estimated Fair Values of Financial Instruments

As of December 31, 2023 and 2022, the carrying values and estimated fair values of the Company's financial instruments were as follows:

	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2023
Financial assets:
Cash and cash equivalents	$	139,190	$	139,190	$	—	$	—	$	139,190
Available-for-sale securities, at fair value		119,902		3,320		116,582		—		119,902
Held-to-maturity securities, at amortized cost		461,748		—		450,042		—		450,042
Placements with banks		249		—		249		—		249
Mortgage loans held for sale, at fair value		9,980		—		9,980		—		9,980
Loans receivable, net		1,895,886		—		—		1,844,507		1,844,507
Accrued interest receivable		18,010		—		18,010		—		18,010
FHLBNY stock		19,377		19,377		—		—		19,377
Interest rate swap		4,435		—		4,435		—		4,435
Financial liabilities:
Deposits:
Demand deposits		243,384		243,384		—		—		243,384
Interest-bearing deposits		663,410		663,410		—		—		663,410
Certificates of deposit		600,826		—		594,234		—		594,234
Advance payments by borrowers for taxes and insurance		10,778		—		10,778		—		10,778
Borrowings		684,421		—		674,155		—		674,155
Interest rate swap		4,435		—		4,435		—		4,435
Accrued interest payable		11,965		—		11,965		—		11,965

	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2022
Financial assets:
Cash and cash equivalents	$	54,360	$	54,360	$	—	$	—	$	54,360
Available-for-sale securities, at fair value		129,505		3,419		126,086		—		129,505
Held-to-maturity securities, at amortized cost		510,820		—		495,851		—		495,851
Placements with banks		1,494		—		1,494		—		1,494
Mortgage loans held for sale, at fair value		1,979		—		1,979		—		1,979
Loans receivable, net		1,493,127		—		—		1,430,864		1,430,864
Accrued interest receivable		15,049		—		15,049		—		15,049
FHLBNY stock		24,661		24,661		—		—		24,661
Financial liabilities:
Deposits:
Demand deposits		289,149		289,149		—		—		289,149
Interest-bearing deposits		504,973		504,973		—		—		504,973
Certificates of deposit		458,290		—		450,224		—		450,224
Advance payments by borrowers for taxes and insurance		9,724		—		9,724		—		9,724
Borrowings		517,375		—		503,406		—		503,406
Accrued interest payable		1,390		—		1,390		—		1,390

Schedule of Beginning and Ending Balances for Debt Securities Available-for-Sale Recognized at Fair Value On Recurring Basis

The following table reconciles, at December 31, 2023 and 2022, the beginning and ending balances for debt securities available-for-sale that are recognized at fair value on a recurring basis, in the Consolidated Statements of Financial Condition, using significant unobservable inputs.

	December 31,
	2023		2022
	(in thousands)
Beginning balance	$	—	$	4,929
Total loss included in earnings		—		(344	)
Securities sold		—		—
Transfer out of level 3		—		(4,585	)
Ending balance	$	—	$	—