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Fair Value
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The Company measures the fair value of financial instruments for reporting in accordance with ASC Topic 820, Fair Value Measurements. Fair values of assets or liabilities are based on estimates of the exit price, which is the price that would be received to sell an asset or paid to transfer a liability. When available, observable market transactions or market information is used. The fair value estimate of loans receivable was based on similar techniques, with the addition of current origination spreads, liquidity premiums, or credit adjustments. The fair value of nonperforming loans is based on the underlying value of the collateral.

The Company determines the fair values of its financial instruments based on the fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair values. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect its estimate for market assumptions.

Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability using one of the three valuation techniques. Inputs can be observable or unobservable. Observable inputs are those assumptions that market participants would use in pricing the particular asset or liability. These inputs are based on market data and are obtained from an independent source. Unobservable inputs are assumptions based on the Company’s own information or estimate of assumptions used by market participants in pricing the asset or liability. Unobservable inputs are based on the best and most current information available on the measurement date.
        
All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy:

•Level 1 - Quoted prices for identical instruments in active markets.
•Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable.

•Level 3 - Instruments whose significant value drivers are unobservable.

The Company used the following methods to measure fair value on a recurring or nonrecurring basis:

•Investments available-for-sale: The fair value of all investments, excluding FHLB stock, is based upon quoted market prices for similar investments in active markets, identical or similar investments in markets that are not active, and model-derived valuations whose inputs are observable.

•Loans individually evaluated: The fair value of individually evaluated loans is based on an analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans as appropriate.

•Derivatives: The fair value of derivatives is based on pricing models utilizing observable market data and discounted cash flow methodologies for which the determination of fair value may require significant management judgement or estimation.  

The tables below present the balances of assets measured at fair value on a recurring basis (there were no transfers between Level 1, Level 2 and Level 3 recurring measurements) at June 30, 2024 and December 31, 2023:
 Fair Value Measurements at June 30, 2024
 Fair Value MeasurementsQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
 (In thousands)
Investments available-for-sale:    
Mortgage-backed investments:   
Fannie Mae$9,769 $— $9,769 $— 
Freddie Mac10,254 — 10,254 — 
Ginnie Mae25,951 — 25,951 — 
Other26,923 — 26,923 — 
Municipal bonds31,127 — 31,127 — 
U.S. Government agencies27,059 — 27,059 — 
Corporate bonds29,610 — 29,610 — 
Total available-for-sale investments160,693 — 160,693 — 
Derivative fair value asset7,980 — 7,980 — 
Total$168,673 $— $168,673 $— 
 Fair Value Measurements at December 31, 2023
 Fair Value MeasurementsQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
(In thousands)
Investments available-for-sale:
Mortgage-backed investments:    
Fannie Mae$9,878 $— $9,878 $— 
Freddie Mac11,179 — 11,179 — 
Ginnie Mae26,580 — 26,580 — 
Other29,193 — 29,193 — 
Municipal bonds31,849 — 31,849 — 
U.S. Government agencies69,957 39,603 30,354 — 
Corporate bonds29,279 — 29,279 — 
Total available-for-sale investments207,915 39,603 168,312 — 
Derivative fair value asset7,565 — 7,565 — 
Total$215,480 $39,603 $175,877 $— 

    The estimated fair value of Level 2 investments is based on quoted prices for similar investments in active markets, identical or similar investments in markets that are not active and model-derived valuations whose inputs are observable.

The tables below present the balances of assets measured at fair value on a nonrecurring basis at June 30, 2024 and December 31, 2023: 

 Fair Value Measurements at June 30, 2024
Fair Value
Measurements		Quoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (In thousands)
Collateral dependent loans included in loans receivable $38,179 $— $— $38,179 
Total$38,179 $— $— $38,179 

 Fair Value Measurements at December 31, 2023
Fair Value
Measurements		Quoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (In thousands)
Collateral dependent loans included in loans receivable$45,912 $— $— $45,912 
Total$45,912 $— $— $45,912 
 
The fair value of collateral dependent (individually evaluated) loans reflects the exit price and is calculated using the collateral value method or on a discounted cash flow basis. Inputs used in the collateral value method include appraised values, less estimated costs to sell. Some of these inputs may not be observable in the marketplace. Appraised values may be discounted based on management’s knowledge of the marketplace, subsequent changes in market conditions, or management’s knowledge of the borrower.
The following tables present quantitative information about Level 3 fair value measurements for assets measured at fair value on a nonrecurring basis at June 30, 2024 and December 31, 2023:

June 30, 2024
Fair ValueValuation TechniqueUnobservable Input(s)Range (Weighted Average)
(Dollars in thousands)
Collateral dependent loans$38,179 Market approachAppraised value of collateral discounted by expected selling costs
0.0% - 13.1%
(3.09%)
December 31, 2023
Fair ValueValuation TechniqueUnobservable Input(s)Range (Weighted Average)
(Dollars in thousands)
Collateral dependent loans$45,912 Market approachAppraised value of collateral discounted by expected selling costs
0.0% - 14.26%
(0.04%)

The carrying amounts and estimated fair values of financial instruments were as follows at the dates indicated: 
June 30, 2024
 EstimatedFair Value Measurements Using:
 Carrying ValueFair ValueLevel 1Level 2Level 3
 (In thousands)
Financial Assets:    
Cash on hand and in banks$10,811 $10,811 $10,811 $— $— 
Interest-earning deposits with banks48,173 48,173 48,173 — — 
Investments available-for-sale160,693 160,693 160,693 — 
Investments held-to-maturity2,456 2,456 — 2,456 — 
Loans receivable, net1,135,067 1,072,935 — — 1,072,935 
FHLB stock8,823 8,823 — 8,823 — 
Accrued interest receivable6,632 6,632 — 6,632 — 
Derivative fair value asset7,980 7,980 — 7,980 — 
Financial Liabilities:  
Deposits671,643 671,643 671,643 — — 
Certificates of deposit, retail365,527 362,070 — 362,070 — 
Brokered deposits51,004 51,027 — 51,027 — 
Advances from the FHLB176,000 175,999 — 175,999 — 
Accrued interest payable1,117 1,117 — 1,117 — 
December 31, 2023
 EstimatedFair Value Measurements Using:
 Carrying ValueFair ValueLevel 1Level 2Level 3
 (In thousands)
Financial Assets:    
Cash on hand and in banks$8,391 $8,391 $8,391 $— $— 
Interest-earning deposits with banks22,138 22,138 22,138 — — 
Investments available-for-sale207,915 207,915 39,603 168,312 — 
Investments held-to-maturity2,456 2,456 — 2,456 — 
Loans receivable, net1,175,925 1,113,642 — — 1,113,642 
FHLB stock6,527 6,527 — 6,527 — 
Accrued interest receivable7,359 7,359 — 7,359 — 
Derivative fair value asset7,565 7,565 — 7,565 — 
Financial Liabilities:    
Deposits706,162 706,162 706,162 — — 
Certificates of deposit, retail357,154 353,881 — 353,881 — 
Brokered deposits130,791 130,977 — 130,977 — 
Advances from the FHLB125,000 124,976 — 124,976 — 
Accrued interest payable2,739 2,739 — 2,739 —