Fair Value Measurements and Disclosure (Tables)

3 Months Ended

Mar. 31, 2024

Summary Of Financial Assets Measured At Fair Value On Recurring Basis

For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2024 were as follows:


Description	(Level 1) Quoted Price in Active Markets for Identical Assets		(Level 2) Significant Other Observable Inputs		(Level 3) Significant Unobservable Inputs		Total Fair Value March 31, 2024
	(In thousands)
Mortgage-backed securities -U.S. government sponsored enterprise (GSEs)	$	—	$	64,841	$	—	$	64,841
U.S. government agency securities		—		10,182		—		10,182
Obligations of state and political subdivisions		—		40,680		—		40,680
Small Business Association (SBA) securities		—		2,395		—		2,395

Securities available-for-sale at fair value	$	—	$	118,098	$	—	$	118,098

For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy, used at December 31, 2023 were as follows:


Description	(Level 1) Quoted Price in Active Markets for Identical Assets		(Level 2) Significant Other Observable Inputs		(Level 3) Significant Unobservable Inputs		Total Fair Value December 31, 2023
	(In thousands)
Mortgage-backed securities -U.S. government sponsored enterprise (GSEs)	$	—	$	42,634	$	—	$	42,634
U.S. government agency securities				5,291		—		5,291
Obligations of state and political subdivisions		—		40,809		—		40,809
Small Business Association (SBA) securities		—		2,618		—		2,618

Securities available-for-sale at fair value	$	—	$	91,352	$	—	$	91,352

Summary Of Financial Assets Measured At Fair Value On NonRecurring Basis

For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2024, were as follows.


Description	(Level 1) Quoted Price in Active Markets for Identical Assets		(Level 2) Significant Other Observable Inputs		(Level 3) Significant Unobservable Inputs		Total Fair Value March 31, 2024
	(In thousands)
Collateral dependent loan	$	—	$	—	$	95	$	95

	$	—	$	—	$	95	$	95

For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2023, were as follows:


Description	(Level 1) Quoted Price in Active Markets for Identical Assets		(Level 2) Significant Other Observable Inputs		(Level 3) Significant Unobservable Inputs		Total Fair Value December 31 2023
	(In thousands)
Collateral dependent loan	$	—	$	—	$	4,485	$	4,485

	$	—	$	—	$	4,485	$	4,485

Summary Of Quantitative Information Using Level 3 Fair Value Measurements

The following table presents quantitative information using Level 3 fair value measurements at March 31, 2024.


Description	March 31, 2024		Valuation Technique			Unobservable Input		Range (Weighted Average)
	(Dollars in thousands)
							Discount		6.0	%
Collateral dependent loan	$	95		Collateral	1		adjustment		(6.0	%)

1	Value based on third party offer to purchase note from the Bank.

The following table presents quantitative information using Level 3 fair value measurements at December 31, 2023.


Description	December 31, 2023		Valuation Technique			Unobservable Input		Range (Weighted Average)
	(Dollars in thousands)
							Discount		0.0	%
Collateral dependent loan	$	4,485		Collateral	1		adjustment		(0.0	%)

1	Value based on third party offer to purchase note from the Bank.

Summary Of Carrying Amounts And Estimated Fair Value Of Financial Instruments

The carrying amounts and estimated fair value of financial instruments at March 31, 2024 are as follows.


	March 31, 2024
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	172,067	$	172,067	$	172,067	$	—	$	—
Securities available-for-sale at fair value		118,098		118,098		—		118,098		—
Securities held-to-maturity		167		167		—		167		—
Loans receivable, net		1,552,613		1,495,787		—		—		1,495,787
Restricted investments in bank stock		1,398		1,398		—		1,398		—
Accrued interest receivable		6,405		6,405		—		6,405		—
Equity method investments		9,051		9,051		—		5,900		3,151
Mortgage servicing rights		1,383		1,383		—		1,383		—
Financial Liabilities:
Deposits	$	1,705,620		1,705,620	$	—	$	1,705,620	$	—
Accrued interest payable		11,831		11,831		—		11,831		—

The carrying amounts and estimated fair value of financial instruments at December 31, 2023 are as follows:


	December 31, 2023
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	150,557	$	150,557	$	150,557	$	—	$	—
Securities AFS		91,352		91,352		—		91,352		—
Securities HTM		193		192		—		192		—
Loans receivable, net		1,529,843		1,425,814		—		—		1,425,814
Restricted bank stock		1,410		1,410		—		1,410		—
Accrued interest receivable		6,089		6,089		—		6,089		—
Equity method investments		8,296		8,296		—		5,900		2,396
Financial Liabilities
Deposits		1,635,741		1,581,762		—		1,581,762		—
Accrued interest payable		9,162		9,162		—		9,162		—