Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023, and indicate the level within the fair value hierarchy utilized to determine the fair value:

			March 31, 2024
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities, at fair value:
U.S. Government Bonds	$	2,780	$	2,780	$	—	$	—
Corporate bonds		23,520		—		23,520		—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		31,954		—		31,954		—
FHLMC Certificates		8,479		—		8,479		—
FNMA Certificates		49,210		—		49,210		—
GNMA Certificates		101		—		101		—
Mortgage Loans Held for Sale, at fair value		7,860		—		7,860		—
Interest rate swap		1,496		—		1,496		—
	$	125,400	$	2,780	$	122,620	$	—

			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	$	—

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 March 31, 2024 and December 31, 2023 and indicate the fair value hierarchy utilized to determine the fair value:

	March 31, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	13,135	$	—	$	—	$	13,135

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

Estimated Fair Values of Financial Instruments

As of March 31, 2024 and December 31, 2023, 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)
March 31, 2024
Financial assets:
Cash and cash equivalents	$	134,724	$	134,724	$	—	$	—	$	134,724
Available-for-sale securities, at fair value		116,044		2,780		113,264		—		116,044
Held-to-maturity securities, at amortized cost, net		452,955		—		438,113		—		438,113
Placements with banks		249		—		249		—		249
Mortgage loans held for sale, at fair value		7,860		—		7,860		—		7,860
Loans receivable, net		1,981,428		—		—		1,935,063		1,935,063
Accrued interest receivable		18,063		—		18,063		—		18,063
FHLBNY stock		23,892		23,892		—		—		23,892
Interest rate swap		1,496		—		1,496		—		1,496
Financial liabilities:
Deposits:
Demand deposits		191,541		191,541		—		—		191,541
Interest-bearing deposits		765,977		765,977		—		—		765,977
Certificates of deposit		628,266		—		621,250		—		621,250
Advance payments by borrowers for taxes and insurance		13,245		—		13,245		—		13,245
Borrowings		680,421		—		667,493		—		667,493
Interest rate swap		1,496		—		1,496		—		1,496
Accrued interest payable		4,218		—		4,218		—		4,218

	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 (1)		185,151		185,151		—		—		185,151
Interest-bearing deposits (1)		721,643		721,643		—		—		721,643
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

(1)As of December 31, 2023, $58.2 million were reclassified from demand deposits to interest-bearing deposits.