XML 58 R43.htm IDEA: XBRL DOCUMENT v3.25.1
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

​

 

—