Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fair Value on Recurring Basis

As of March 31, 2024 and December 31, 2023, the following summarizes assets measured at fair value on a recurring basis:

	Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices		Significant		Significant
			in Active		Other		Unobservable
			Markets for		Observable		Inputs
			Identical Assets		Inputs		Level 3
			Level 1		Level 2
			(in thousands)
March 31, 2024
Available for-sale-securities
Corporate bonds	$	2,500	$	—	$	2,500	$	—
Derivative instruments		633		—		633		—
							$	—
Total assets measured on a recurring basis	$	3,133	$	—	$	3,133	$	—
December 31, 2023
Available for-sale-securities
Corporate bonds	$	5,003	$	—	$	5,003	$	—
Derivative instruments		—		—		—		—
Total assets measured on a recurring basis	$	5,003	$	—	$	5,003	$	—

Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis or Non-Recurring Basis

For March 31, 2024 and December 31, 2023, fair values of loans are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors.

	March 31, 2024
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
			(in thousands)
Financial assets:
Cash and cash equivalents	$	112,368	$	112,368	$	112,368	$	-	$	-
Held-to-maturity securities		77,315		70,662		-		70,662		-
Federal Home Loan Bank stock		9,777		9,777		-		9,777		-
Loans, net		1,070,951		988,342		-		-		988,342
Accrued interest receivable		4,051		4,051		4,051		-		-
Bank-owned life insurance		14,590		14,590		-		14,590		-
Financial liabilities:
Deposits, other than certificates of deposit	$	366,051	$	366,051	$	-	$	366,051	$	-
Certificates of deposit		535,595		531,760		-		531,760		-
Federal Home Loan Bank advances		224,000		220,818		-		220,818		-
Accrued interest payable		1,810		1,810		1,810		-		-

	December 31, 2023
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
			(in thousands)
Financial assets:
Cash and cash equivalents	$	119,036	$	119,036	$	119,036	$	-	$	-
Held-to-maturity securities		76,979		70,590		-		70,590		-
Federal Home Loan Bank stock		9,892		9,892		-		9,892		-
Loans, net		1,039,789		952,867		-		-		952,867
Accrued interest receivable		3,766		3,766		3,766		-		-
Bank-owned life insurance		14,472		14,472		-		14,472		-
Financial liabilities:
Deposits, other than certificates of deposit	$	369,711	$	369,711	$	-	$	369,711	$	-
Certificates of deposit		498,503		495,551		-		495,551		-
Federal Home Loan Bank advances		234,000		233,878		-		233,878		-
Accrued interest payable		2,191		2,191		2,191		-		-