Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

Schedule of assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023 are summarized below (in thousands):

							Total
	Fair Value Measurements						Estimated
(in thousands)	Level 1		Level 2		Level 3		Fair Value
Investment Securities Available-for-Sale
U.S. Government Agencies	$	—	$	996	$	—	$	996
Mortgage-Backed Securities		—		85,419		—		85,419
Collateralized Mortgage Obligations		—		2,322		—		2,322
Corporate Bonds		—		4,250		—		4,250
Total	$	—	$	92,987	$	—	$	92,987

							Total
	Fair Value Measurements						Estimated
December 31, 2023	Level 1		Level 2		Level 3		Fair Value
Investment Securities Available-for-Sale
U.S. Government Agencies	$	—	$	966	$	—	$	966
Mortgage-Backed Securities		—		65,328		—		65,328
Collateralized Mortgage Obligations		—		1,607		—		1,607
Total	$	—	$	67,901	$	—	$	67,901

Schedule of assets and liabilities measured at fair value on a non-recurring basis

The following tables present the Company’s assets and liabilities measured at fair value on a non-recurring basis at December 31, 2024 and 2023 (in thousands):

							Total
	Fair Value Measurements						Estimated
(in thousands)	Level 1		Level 2		Level 3		Fair Value
Assets
Collateral Dependent Loans	$	—	$	—	$	1,075	$	1,075
Real Estate Owned		—		—		42		42
Total	$	—	$	—	$	1,117	$	1,117

							Total
	Fair Value Measurements						Estimated
December 31, 2023	Level 1		Level 2		Level 3		Fair Value
Assets
Collateral Dependent Loans	$	—	$	—	$	153	$	153
Real Estate Owned		—		—		42		42
Total	$	—	$	—	$	195	$	195

Schedule of significant unobservable inputs used in the fair value measurement of Level 3 assets

	Valuation	Unobservable	Range of	Weighted Average
December 31, 2024	Technique	Inputs	Discount	Discount
Collateral Dependent Loans	Third-party appraisals and discounted cash flows	Collateral discounts and estimated costs to sell	6% - 10%	6%
Real Estate Owned	Third-party appraisals, sales contracts or brokered price options	Collateral discounts and estimated costs to sell	6% - 10%	6%

	Valuation	Unobservable	Range of	Weighted Average
December 31, 2023	Technique	Inputs	Discount	Discount
Collateral Dependent Loans	Third-party appraisals and discounted cash flows	Collateral discounts and estimated costs to sell	6% - 10%	6%
Real Estate Owned	Third-party appraisals, sales contracts or brokered price options	Collateral discounts and estimated costs to sell	6% - 10%	6%

Schedule of carrying amount and estimated fair value of financial instruments

The carrying amount and estimated fair value of the Company’s financial instruments are as follows (in thousands):

	Carrying		Fair Value Measurements
(in thousands)	Value		Level 1		Level 2		Level 3
Financial Assets
Cash and Cash Equivalents	$	37,916	$	37,916	$	—	$	—
Investment Securities Available-for-Sale		92,987		—		92,987		—
Restricted Stock		910		—		—		910
Loans Receivable, Net		367,333		—		—		308,645
Bank Owned Life Insurance		10,685		10,685		—		—
Financial Liabilities
Deposits		391,476		—		—		351,041

	Carrying		Fair Value Measurements
December 31, 2023	Value		Level 1		Level 2		Level 3
Financial Assets
Cash and Cash Equivalents	$	19,306	$	19,306	$	—	$	—
Investment Securities Available-for-Sale		67,901		—		67,901		—
Restricted Stock		881		—		—		881
Loans Receivable, Net		365,038		—		—		303,183
Bank Owned Life Insurance		10,332		—		—		10,332
Financial Liabilities
Deposits		390,003		—		—		327,412
Short-Term Federal Home Loan Bank Advances		4,000		—		4,000		—