Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value [Abstract]

Assets Measured on Recurring Basis

Assets measured at fair value on a recurring basis are summarized below:

	Fair Value Measurement
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In thousands)
At March 31, 2024:
Securities available-for-sale:
Federal agency mortgage-backed securities	$	–	$	64,030	$	–	$	64,030
Federal agency CMOs		–		22,529		–		22,529
Federal agency debt		–		47,846		–		47,846
Municipal bonds		–		4,351		–		4,351
U.S. Treasuries		144,444		–		–		144,444
SBA pools		–		10,043		–		10,043
At December 31, 2023:
Securities available-for-sale:
Federal agency mortgage-backed securities	$	–	$	66,778	$	–	$	66,778
Federal agency CMOs		–		23,339		–		23,339
Federal agency debt		–		47,836		–		47,836
Municipal bonds		–		4,373		–		4,373
U.S. Treasuries		163,880		–		–		163,880
SBA pools		–		10,744		–		10,744

Fair Values of Financial Instruments

The following tables present the carrying amount, fair value, and level within the fair value hierarchy of the Company’s financial instruments not recorded at fair value on a recurring basis as of March 31, 2024 and December 31, 2023.

			Fair Value Measurements at March 31, 2024
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	67,122	$	67,122	$	–	$	–	$	67,122
Securities available-for-sale		293,243		144,444		148,799		–		293,243
Loans receivable held for investment		926,497		–		–		778,813		778,813
Accrued interest receivable		5,638		416		1,343		3,879		5,638
Bank owned life insurance		3,286		3,286		–		–		3,286
Financial Liabilities:
Deposits	$	695,494	$	–	$	608,134	$		$	608,134
FHLB advances		209,280		–		208,213		–		208,213
BTFP borrowing		100,000		–		100,000		–		100,000
Securities sold under agreements to repurchase		71,681		–		70,510		–		70,510
Accrued interest payable		2,810		–		2,810		–		2,810

			Fair Value Measurements at December 31, 2023
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	105,195	$	105,195	$	–	$	–	$	105,195
Securities available-for-sale		316,950		163,880		153,070		–		316,950
Loans receivable held for investment		880,457		–		–		746,539		746,539
Accrued interest receivable		4,938		306		1,301		3,331		4,938
Bank owned life insurance		3,275		3,275		–		–		3,275
Financial Liabilities:
Deposits	$	682,635	$	–	$	536,171	$	–	$	536,171
FHLB advances		209,319		–		208,107		–		208,107
BTFP borrowing		100,000		–		100,000		–		100,000
Securities sold under agreements to repurchase		73,475		–		72,597		–		72,597
Notes payable		14,000		–		–		14,000		14,000
Accrued interest payable		1,420		–		1,420		–		1,420