Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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 September 30, 2024 and December 31, 2023:


	Fair Value Measurements at September 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)
Investments available-for-sale:
Mortgage-backed investments:
Fannie Mae	$	10,063	$	—	$	10,063	$	—
Freddie Mac	10,595		—		10,595		—
Ginnie Mae	25,999		—		25,999		—
Other	23,253		—		23,253		—
Municipal bonds	32,053		—		32,053		—
U.S. Government agencies	24,641		—		24,641		—
Corporate bonds	30,005		—		30,005		—
Total available-for-sale investments	156,609		—		156,609		—
Derivative fair value asset	5,222		—		5,222		—
Total	$	161,831	$	—	$	161,831	$	—


	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)

Investments available-for-sale:
Mortgage-backed investments:
Fannie Mae	$	9,878	$	—	$	9,878	$	—
Freddie Mac	11,179		—		11,179		—
Ginnie Mae	26,580		—		26,580		—
Other	29,193		—		29,193		—
Municipal bonds	31,849		—		31,849		—
U.S. Government agencies	69,957		39,603		30,354		—
Corporate bonds	29,279		—		29,279		—
Total available-for-sale investments	207,915		39,603		168,312		—
Derivative fair value asset	7,565		—		7,565		—
Total	$	215,480	$	39,603	$	175,877	$	—

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

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


	Fair Value Measurements at September 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	$	32,928	$	—	$	—	$	32,928

Total	$	32,928	$	—	$	—	$	32,928


	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

Schedule of quantitative information about Level 3 Fair Value Measurements on a nonrecurring basis

The following tables present quantitative information about Level 3 fair value measurements for assets measured at fair value on a nonrecurring basis at September 30, 2024 and December 31, 2023:

September 30, 2024

Fair Value

Valuation Technique

Unobservable Input(s)

Range (Weighted Average)

(Dollars in thousands)

Collateral dependent loans

32,928

Market approach

Appraised value of collateral discounted by expected selling costs

0.0% - 28.0%

(6.88%)

December 31, 2023

Fair Value

Valuation Technique

Unobservable Input(s)

Range (Weighted Average)

(Dollars in thousands)

Collateral dependent loans

45,912

Market approach

Appraised value of collateral discounted by expected selling costs

0.0% - 14.26%

(0.04%)

Fair Value, by Balance Sheet Grouping

The carrying amounts and estimated fair values of financial instruments were as follows at the dates indicated:


	September 30, 2024
			Estimated		Fair Value Measurements Using:
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash on hand and in banks	$	8,423	$	8,423	$	8,423	$	—	$	—
Interest-earning deposits with banks	72,884		72,884		72,884		—		—
Investments available-for-sale	156,609		156,609				156,609		—
Investments held-to-maturity	2,462		2,462		—		2,462		—
Loans receivable, net	1,126,146		1,076,804		—		—		1,076,804
FHLB stock	5,403		5,403		—		5,403		—
Accrued interest receivable	6,638		6,638		—		6,638		—
Derivative fair value asset	5,222		5,222		—		5,222		—

Financial Liabilities:
Deposits	668,981		668,981		668,981		—		—
Certificates of deposit, retail	447,474		447,770		—		447,770		—

Brokered deposits	50,900		51,077		—		51,077		—
Advances from the FHLB	100,000		100,015		—		100,015		—
Accrued interest payable	294		294		—		294		—


	December 31, 2023
			Estimated		Fair Value Measurements Using:
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash on hand and in banks	$	8,391	$	8,391	$	8,391	$	—	$	—
Interest-earning deposits with banks	22,138		22,138		22,138		—		—
Investments available-for-sale	207,915		207,915		39,603		168,312		—
Investments held-to-maturity	2,456		2,456		—		2,456		—
Loans receivable, net	1,175,925		1,113,642		—		—		1,113,642
FHLB stock	6,527		6,527		—		6,527		—
Accrued interest receivable	7,359		7,359		—		7,359		—
Derivative fair value asset	7,565		7,565		—		7,565		—

Financial Liabilities:
Deposits	706,162		706,162		706,162		—		—
Certificates of deposit, retail	357,154		353,881		—		353,881		—
Brokered deposits	130,791		130,977		—		130,977		—
Advances from the FHLB	125,000		124,976		—		124,976		—
Accrued interest payable	2,739		2,739		—		2,739		—