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Fair Value Measures (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Financial Instruments Carried at Fair Value | The following tables present assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, and that were included in the Company’s Condensed Consolidated Statements of Condition at those dates:
| March 31, 2025
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  |  |  | Total Fair Value
Assets: |  |  |  |  |  |  |  |  |
Mortgage-related Debt Securities Available for Sale: |  |  |  |  |  |  |  |  |
GSE CMOs | $ | — |  |  | $ | 8,744 |  |  | $ | — |  |  |  |  | $ | 8,744 |
GSE certificates | — |  |  | 1,110 |  |  | — |  |  |  |  | 1,110 |
Private label collateralized mortgage obligations | — |  |  | 131 |  |  | 31 |  |  |  |  | 162 |
Total mortgage-related debt securities | $ | — |  |  | $ | 9,985 |  |  | $ | 31 |  |  |  |  | $ | 10,016 |
Other Debt Securities Available for Sale: |  |  |  |  |  |  |  |  |
GSE debentures | $ | — |  |  | $ | 1,241 |  |  | $ | — |  |  |  |  | $ | 1,241 |
U. S. Treasury obligations | 1,008 |  |  | — |  |  | — |  |  |  |  | 1,008 |
Corporate bonds | — |  |  | 249 |  |  | — |  |  |  |  | 249 |
Asset-backed securities | — |  |  | 229 |  |  | — |  |  |  |  | 229 |
Municipal bonds, foreign notes, and capital trust | — |  |  | 83 |  |  | — |  |  |  |  | 83 |
Total other debt securities | $ | 1,008 |  |  | $ | 1,802 |  |  | $ | — |  |  |  |  | $ | 2,810 |
Total debt securities available for sale | $ | 1,008 |  |  | $ | 11,787 |  |  | $ | 31 |  |  |  |  | $ | 12,826 |
Equity securities: |  |  |  |  |  |  |  |  |
Mutual funds and common stock | $ | — |  |  | $ | 14 |  |  | $ | — |  |  |  |  | $ | 14 |
Total equity securities | $ | — |  |  | $ | 14 |  |  | $ | — |  |  |  |  | $ | 14 |
Total securities | $ | 1,008 |  |  | $ | 11,801 |  |  | $ | 31 |  |  |  |  | $ | 12,840 |
Loans held for sale |  |  |  |  |  |  |  |  |
Multi-family | $ | — |  |  | $ | 328 |  |  | $ | — |  |  |  |  | $ | 328 |
Commercial real estate(2) | — |  |  | 180 |  |  | — |  |  |  |  | 180 |
Derivative assets |  |  |  |  |  |  |  |  |
Interest rate swaps | — |  |  | 15 |  |  | — |  |  |  |  | 15 |
Rate lock commitments | — |  |  | — |  |  | 4 |  |  |  |  | 4 |
Total assets at fair value | $ | 1,008 |  |  | $ | 12,324 |  |  | $ | 35 |  |  |  |  | $ | 13,367 |
Derivative liabilities |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 23 |  |  | $ | — |  |  |  |  | $ | 23 |
Mortgage-backed securities forwards | — |  |  | 3 |  |  | — |  |  |  |  | 3 |
Rate lock commitments | — |  |  | — |  |  | 3 |  |  |  |  | 3 |
Total liabilities at fair value | $ | — |  |  | $ | 26 |  |  | $ | 3 |  |  |  |  | $ | 29 |
(1)The change in the fair value due to significant unobservable inputs was immaterial. (2)Includes Acquisition, Development, and Construction loans.
| December 31, 2024
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  |  |  | Total Fair Value
Assets: |  |  |  |  |  |  |  |  |
Mortgage-related Debt Securities Available for Sale: |  |  |  |  |  |  |  |  |
GSE CMOs | $ | — |  |  | $ | 7,304 |  |  | $ | — |  |  |  |  | $ | 7,304 |
GSE certificates | — |  | 1,106 |  | — |  |  |  | 1,106
Private label collateralized mortgage obligations | — |  | 130 |  | 33 |  |  |  | 163
Total mortgage-related debt securities | $ | — |  |  | $ | 8,540 |  |  | $ | 33 |  |  |  |  | $ | 8,573 |
Other Debt Securities Available for Sale: |  |  |  |  |  |  |  |  |
GSE debentures | $ | — |  |  | $ | 1,203 |  |  | $ | — |  |  |  |  | $ | 1,203 |
Corporate bonds | — |  | 308 |  | — |  |  |  | 308
Asset-backed securities | — |  | 236 |  | — |  |  |  | 236
Municipal bonds, foreign notes, and capital trust | — |  | 82 |  | — |  |  |  | 82
Total other debt securities | $ | — |  |  | $ | 1,829 |  |  | $ | — |  |  |  |  | $ | 1,829 |
Total debt securities available for sale | $ | — |  |  | $ | 10,369 |  |  | $ | 33 |  |  |  |  | $ | 10,402 |
Equity securities: |  |  |  |  |  |  |  |  |
Mutual funds and common stock | $ | — |  |  | $ | 14 |  |  | $ | — |  |  |  |  | $ | 14 |
Total equity securities | $ | — |  |  | $ | 14 |  |  | $ | — |  |  |  |  | $ | 14 |
Total securities | $ | — |  |  | $ | 10,383 |  |  | $ | 33 |  |  |  |  | $ | 10,416 |
Loans held for sale |  |  |  |  |  |  |  |  |
Multi-family | $ | — |  |  | $ | 382 |  |  | $ | — |  |  |  |  | $ | 382 |
Acquisition, development, and construction | — |  | 182 |  | — |  |  |  | 182 |
Derivative assets |  |  |  |  |  |  |  |  |
Interest rate swaps | — |  |  | 15 |  |  | — |  |  |  |  | 15 |
Mortgage-backed securities forwards | — |  |  | 7 |  |  | — |  |  |  |  | 7 |
Rate lock commitments | — |  |  | — |  |  | 3 |  |  |  |  | 3 |
Mortgage servicing rights | — |  |  | — |  |  | 26 |  |  |  |  | 26 |
Total assets at fair value | $ | — |  |  | $ | 10,969 |  |  | $ | 62 |  |  |  |  | $ | 11,031 |
Derivative liabilities |  |  |  |  |  |  |  |  |
Interest rate swaps and swaptions | $ | — |  |  | $ | 30 |  |  | $ | — |  |  |  |  | $ | 30 |
Rate lock commitments | — |  |  | — |  |  | 3 |  |  |  |  | 3 |
Mortgage-backed securities forwards | — |  |  | 2 |  |  | — |  |  |  |  | 2 |
Total liabilities at fair value | $ | — |  |  | $ | 32 |  |  | $ | 3 |  |  |  |  | $ | 35 |
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis | The following tables present assets that were measured at fair value on a non-recurring basis as of March 31, 2025 and December 31, 2024:
| Fair Value Measurements at March 31, 2025 Using
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Loans held for investment(1) | $ | — |  |  | $ | — |  |  | $ | 3,166 |  |  | $ | 3,166 |
Loans held for sale | — |  |  | 23 |  |  | — |  |  | 23 |
Other assets(2) | — |  |  | — |  |  | 43 |  |  | 43 |
Total | $ | — |  |  | $ | 23 |  |  | $ | 3,209 |  |  | $ | 3,232 |
(1)Represents the fair value of impaired loans, based primarily on the value of the collateral less costs to sell. (2)Primarily comprised of equity securities without readily determinable fair values.
| Fair Value Measurements at December 31, 2024 Using
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Loans held for investment(1) | $ | — |  |  | $ | — |  |  | $ | 2,469 |  |  | $ | 2,469 |
Loans held for sale | — |  |  | 335 |  |  | — |  |  | 335 |
Other assets (2) | — |  |  | — |  |  | 52 |  |  | 52 |
Total | $ | — |  |  | $ | 335 |  |  | $ | 2,521 |  |  | $ | 2,856 |
(1)Represents the fair value of impaired loans, based primarily on the value of the collateral less costs to sell. (2)Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity securities without readily determinable fair values. These equity securities are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments | The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Condensed Consolidated Statements of Condition at March 31, 2025 and December 31, 2024:
| March 31, 2025
|  |  |  |  | Fair Value Measurement Using
| Carrying Value |  | Estimated Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3)
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 12,614 |  |  | $ | 12,614 |  |  | $ | 12,614 |  |  |  | $ | — |  |  |  | $ | — |
FHLB and FRB stock (1) | 1,061 |  |  | 1,061 |  |  | — |  |  |  | 1,061 |  |  |  | — |
Loans and leases held for investment, net(4) | 65,424 |  |  | 60,840 |  |  | — |  |  |  | — |  |  |  | 60,840 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits | $ | 73,906 |  |  | $ | 73,923 |  |  | $ | 945 |  | (2) |  | $ | 72,978 |  | (3) |  | $ | — |
Borrowed funds | 14,178 |  |  | 13,979 |  |  | — |  |  |  | 13,979 |  |  |  | — |
(1)Carrying value and estimated fair value are at cost. (2)Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3)Certificates of deposit. (4)Carrying value and estimated fair value include the impaired loans held for investment.
| December 31, 2024
|  |  |  |  | Fair Value Measurement Using
| Carrying Value |  | Estimated Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3)
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 15,430 |  |  | $ | 15,430 |  |  | $ | 15,430 |  |  |  | $ | — |  |  |  | $ | — |
FHLB and FRB stock (1) | 1,146 |  | 1,146 |  | — |  |  |  | 1,146 |  |  | — |
Loans and leases held for investment, net(4) | 67,071 |  | 61,831 |  | — |  |  |  | — |  |  |  | 61,831
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits | $ | 75,870 |  |  | $ | 75,894 |  |  | $ | 48,546 |  | (2) |  | $ | 27,348 |  | (3) |  | $ | — |
Borrowed funds | 14,426 |  | 14,217 |  | — |  |  |  | 14,217 |  |  | — |
(1)Carrying value and estimated fair value are at cost. (2)Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3)Certificates of deposit. (4)Carrying value and estimated fair value include the impaired loans held for investment.
Schedule of Changes in Fair Value Included in Earnings - Fair Value Option | The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Assets |  |  |  |  |  |  |
Loans held for sale |  |  |  |  |  |  |
Net gain on loan sales | $ | 7 |  |  | $ | 3 |  |  |  |  |
Schedule of Differences Between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding - Fair Value Option | The following table reflects the difference between the aggregate fair value and aggregate remaining contractual principal balance outstanding for assets and liabilities for which the fair value option has been elected:
| March 31, 2025 |  | December 31, 2024
| Unpaid Principal Balance |  | Fair Value |  | Fair Value Over / (Under) UPB |  | Unpaid Principal Balance |  | Fair Value |  | Fair Value Over / (Under) UPB
Assets: |  |  |  |  |  |  |  |  |  |  |
Non-accrual loans: |  |  |  |  |  |  |  |  |  |  |
Loans held for sale | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | — |
Loans held-for-investment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total non-accrual loans | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | — |
Accrual loans: |  |  |  |  |  |  |  |  |  |  |
Loans held for sale | $ | 498 |  |  | $ | 508 |  |  | $ | 10 |  |  | $ | 553 |  |  | $ | 560 |  |  | $ | 7 |
Loans held-for-investment | — |  |  | — |  |  | — |  |  | 67 |  |  | 66 |  |  | (1) |
Total accrual loans | $ | 498 |  |  | $ | 508 |  |  | $ | 10 |  |  | $ | 620 |  |  | $ | 626 |  |  | $ | 6 |
Total loans: |  |  |  |  |  |  |  |  |  |  |
Loans held for sale | $ | 501 |  |  | $ | 511 |  |  | $ | 10 |  |  | $ | 557 |  |  | $ | 564 |  |  | $ | 7 |
Loans held-for-investment | — |  |  | — |  |  | — |  |  | 67 |  | — |  | 66 |  |  | (1) |
Total loans | $ | 501 |  |  | $ | 511 |  |  | $ | 10 |  |  | $ | 624 |  |  | $ | 630 |  |  | $ | 6 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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