Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

As of September 30, 2024 and December 31, 2023, the following summarizes assets and liabilities measured at fair value on a recurring basis:

	Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices		Significant		Significant
			in Active		Other		Unobservable
			Markets for		Observable		Inputs
			Identical Assets		Inputs		Level 3
			Level 1		Level 2
			(in thousands)
September 30, 2024
Assets:
Available-for-sale securities
Agency mortgage-backed securities	$	4,163		—		4,163		—
Total assets measured at fair value on a recurring basis	$	4,163	$	—	$	4,163	$	—
Liabilities:
Derivative instruments	$	1,250	$	—	$	1,250	$	—
Total liabilities measured at fair value on a recurring basis	$	1,250	$	—	$	1,250	$	—
December 31, 2023
Assets:
Available-for-sale securities
Corporate bonds	$	5,003	$	—	$	5,003	$	—
Total assets measured at fair value on a recurring basis	$	5,003	$	—	$	5,003	$	—

Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis or Non-Recurring Basis

The following table represents the fair value of financial instruments that are not measured at fair value at September 30, 2024 and December 31, 2023.

	September 30, 2024
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
			(in thousands)
Financial assets:
Cash and cash equivalents	$	119,630	$	119,630	$	119,630	$	-	$	-
Held-to-maturity securities		77,233		72,841		-		72,841		-
Federal Home Loan Bank stock		9,850		9,850		-		9,850		-
Loans, net		1,114,943		1,039,071		-		-		1,039,071
Loans held for sale		703		703		-		703		-
Accrued interest receivable		4,164		4,164		4,164		-		-
Financial liabilities:
Deposits, other than certificates of deposit	$	362,783	$	362,783	$	-	$	362,783	$	-
Certificates of deposit		581,542		583,113		-		583,113		-
Federal Home Loan Bank advances		234,000		237,619		-		237,619		-
Accrued interest payable		2,351		2,351		2,351		-		-

	December 31, 2023
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
			(in thousands)
Financial assets:
Cash and cash equivalents	$	119,036	$	119,036	$	119,036	$	-	$	-
Held-to-maturity securities		76,979		70,590		-		70,590		-
Federal Home Loan Bank stock		9,892		9,892		-		9,892		-
Loans, net		1,039,789		952,867		-		-		952,867
Accrued interest receivable		3,766		3,766		3,766		-		-
Financial liabilities:
Deposits, other than certificates of deposit	$	369,711	$	369,711	$	-	$	369,711	$	-
Certificates of deposit		498,503		495,551		-		495,551		-
Federal Home Loan Bank advances		234,000		233,878		-		233,878		-
Accrued interest payable		2,191		2,191		2,191		-		-