Fair Value (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023, and indicate the level within the fair value hierarchy utilized to determine the fair value:

			June 30, 2024
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities, at fair value:
U.S. Government Bonds	$	2,796	$	2,796	$	—	$	—
Corporate bonds		23,914		—		23,914		—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		30,606		—		30,606		—
FHLMC Certificates		8,088		—		8,088		—
FNMA Certificates		47,623		—		47,623		—
GNMA Certificates		98		—		98		—
Mortgage Loans Held for Sale, at fair value		37,764		—		37,764		—
Interest rate swap		790		—		790		—
	$	151,679	$	2,796	$	148,883	$	—

			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 June 30, 2024 and December 31, 2023 and indicate the fair value hierarchy utilized to determine the fair value:

	June 30, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	14,091	$	—	$	—	$	14,091

	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 June 30, 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)
June 30, 2024
Financial assets:
Cash and cash equivalents	$	103,166	$	103,166	$	—	$	—	$	103,166
Available-for-sale securities, at fair value		113,125		2,796		110,329		—		113,125
Held-to-maturity securities, at amortized cost, net		442,113		—		425,645		—		425,645
Placements with banks		249		—		249		—		249
Mortgage loans held for sale, at fair value		37,764		—		37,764		—		37,764
Loans receivable, net		2,022,173		—		—		1,980,112		1,980,112
Accrued interest receivable		17,441		—		17,441		—		17,441
FHLBNY stock		23,972		23,972		—		—		23,972
Interest rate swap		790		—		790		—		790
Financial liabilities:
Deposits:
Demand deposits		178,125		178,125		—		—		178,125
Interest-bearing deposits		803,072		803,072		—		—		803,072
Certificates of deposit		624,900		—		618,206		—		618,206
Advance payments by borrowers for taxes and insurance		10,838		—		10,838		—		10,838
Borrowings		680,421		—		667,493		—		667,493
Interest rate swap		790		—		790		—		790
Accrued interest payable		6,820		—		6,820		—		6,820

	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.