FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2025

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of financial assets measured at fair value on a recurring basis

	Total		Level 1		Level 2		Level 3
	(In thousands)
Available-for-sale Securities:
June 30, 2025 (unaudited):
U.S. Treasury securities	$	18,682	$	—	$	18,682	$	—
U.S. Government Agency securities		869		—		869		—
Municipal securities		13,831		—		13,380		451
Mortgage-backed securities and collateralized mortgage obligations		5,538		—		5,538		—
Corporate securities		9,677		—		9,677		—
	$	48,597	$	—	$	48,146	$	451
December 31, 2024:
U.S. Treasury securities	$	15,811	$	—	$	15,811	$	—
U.S. Government Agency securities		838		—		838		—
Municipal securities		14,281		—		14,281		—
Mortgage-backed securities and collateralized mortgage obligations		5,755		—		5,755		—
Corporate securities		9,799		—		9,799		—
	$	46,484	$	—	$	46,484	$	—

Schedule of carrying amounts and estimated fair values of financial assets and liabilities

	Fair Value	Carrying		Fair
	Hierarchy	Amount		Value
	(In thousands)
June 30, 2025 (Unaudited):
Financial assets:
Cash and cash equivalents	Level 1	$	12,830	$	12,830
Securities available-for-sale, net of allowance for credit losses of $498	Level 2/3		48,597		48,597
Federal Home Loan Bank of New York stock, at cost	Level 2		3,453		3,453
Loans, net of allowance for credit losses of $1,751	Level 3		209,597		197,894
Accrued interest receivable	Level 1		1,370		1,370
Financial liabilities:
Deposits	Level 1/2		228,817		209,443
Federal Home Loan Bank advances	Level 2		40,567		40,567
Accrued interest payable	Level 1		153		153
Advances from borrowers for taxes and insurance	Level 1		3,008		3,008
December 31, 2024:
Financial assets:
Cash and cash equivalents	Level 1	$	6,788	$	6,788
Securities available-for-sale, net of allowance for credit losses of $498	Level 2/3		46,484		46,484
Federal Home Loan Bank of New York stock, at cost	Level 2		3,361		3,361
Loans, net of allowance for credit losses of $1,804	Level 3		202,429		189,034
Accrued interest receivable	Level 1		1,247		1,247
Financial liabilities:
Deposits	Level 1/2		210,571		187,395
Federal Home Loan Bank advances	Level 2		41,253		41,253
Accrued interest payable	Level 1		146		146
Advances from borrowers for taxes and insurance	Level 1		2,349		2,349

Schedule of assets measured at fair value on a nonrecurring basis

	Total		Level 1		Level 2		Level 3
	(In thousands)
June 30, 2025 (Unaudited):
Collateral-dependent loans	$	708	$	—	$	—	$	708
	$	708	$	—	$	—	$	708
December 31, 2024:
Collateral-dependent loans	$	652	$	—	$	—	$	652
	$	652	$	—	$	—	$	652

Schedule of quantitative information about assets measured at fair value on a nonrecurring basis

	Quantitative Information about Level 3 Fair Value Measurements
			Adjustment
	Valuation	Unobservable		(Weighted-
	Techniques	Input	Range	average)
Collateral-dependent loans	Lower of appraisal	Appraisal	10%-55%	(26%) 2025
	of collateral or	adjustments	10%	(10%) 2024
	asking priceless
	selling costs
		Selling costs	7%-14%	(10%) 2025
			8%-13%	(10%) 2024