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Fair Value Measures (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2025 and December 31, 2024, and that were included in the Company’s Condensed Consolidated Statements of Condition at those dates:
| June 30, 2025
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)(1) |  |  |  | Total Fair Value
Assets: |  |  |  |  |  |  |  |  |
Mortgage-related debt securities available for sale: |  |  |  |  |  |  |  |  |
GSE CMOs | $ | — |  |  | $ | 10,942 |  |  | $ | — |  |  |  |  | $ | 10,942 |
GSE certificates | — |  |  | 1,011 |  |  | — |  |  |  |  | 1,011 |
Private label CMOs | — |  |  | 128 |  |  | 31 |  |  |  |  | 159 |
Total mortgage-related debt securities | $ | — |  |  | $ | 12,081 |  |  | $ | 31 |  |  |  |  | $ | 12,112 |
Other debt securities available for sale: |  |  |  |  |  |  |  |  |
GSE debentures | $ | — |  |  | $ | 1,262 |  |  | $ | — |  |  |  |  | $ | 1,262 |
U. S. treasury obligations | 1,013 |  |  | — |  |  | — |  |  |  |  | 1,013 |
Asset-backed securities | — |  |  | 222 |  |  | — |  |  |  |  | 222 |
Corporate bonds | — |  |  | 167 |  |  | — |  |  |  |  | 167 |
Municipal bonds, foreign notes, and capital trust | — |  |  | 47 |  |  | — |  |  |  |  | 47 |
Total other debt securities | $ | 1,013 |  |  | $ | 1,698 |  |  | $ | — |  |  |  |  | $ | 2,711 |
Total debt securities available for sale | $ | 1,013 |  |  | $ | 13,779 |  |  | $ | 31 |  |  |  |  | $ | 14,823 |
Equity securities: |  |  |  |  |  |  |  |  |
Mutual funds and common stock | $ | — |  |  | $ | 14 |  |  | $ | — |  |  |  |  | $ | 14 |
Total equity securities | $ | — |  |  | $ | 14 |  |  | $ | — |  |  |  |  | $ | 14 |
Total securities | $ | 1,013 |  |  | $ | 13,793 |  |  | $ | 31 |  |  |  |  | $ | 14,837 |
Loans held for sale |  |  |  |  |  |  |  |  |
Commercial real estate(2) | $ | — |  |  | $ | 175 |  |  | $ | — |  |  |  |  | $ | 175 |
One-to-four family first mortgage | — |  |  | 142 |  |  | — |  |  |  |  | 142 |
Derivative assets |  |  |  |  |  |  |  |  |
Interest rate swaps | — |  |  | 17 |  |  | — |  |  |  |  | 17 |
Rate lock commitments | — |  |  | — |  |  | 4 |  |  |  |  | 4 |
Total assets at fair value | $ | 1,013 |  |  | $ | 14,127 |  |  | $ | 35 |  |  |  |  | $ | 15,175 |
Derivative liabilities |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 22 |  |  | $ | — |  |  |  |  | $ | 22 |
Mortgage-backed securities forwards | — |  |  | 5 |  |  | — |  |  |  |  | 5 |
Rate lock commitments | — |  |  | — |  |  | 3 |  |  |  |  | 3 |
Total liabilities at fair value | $ | — |  |  | $ | 27 |  |  | $ | 3 |  |  |  |  | $ | 30 |
(1)The change in the fair value due to significant unobservable inputs was immaterial. (2)Includes ADC 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)(1) |  |  |  | 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 CMOs | — |  | 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 |  |  |  |  |  |  |  |  |
One-to-four family first mortgage | $ | — |  |  | $ | 382 |  |  | $ | — |  |  |  |  | $ | 382 |
Commercial real estate(2) | — |  | 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 |
(1)The change in the fair value due to significant unobservable inputs was immaterial. (2)Includes ADC loans.
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:
| Fair Value Measurements at June 30, 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) | $ | — |  |  | $ | — |  |  | $ | 2,977 |  |  | $ | 2,977 |
Loans held for sale | — |  |  | 2 |  |  | — |  |  | 2 |
Other assets(2) | — |  |  | — |  |  | 52 |  |  | 52 |
Total | $ | — |  |  | $ | 2 |  |  | $ | 3,029 |  |  | $ | 3,031 |
(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:
| June 30, 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 | $ | 8,094 |  |  | $ | 8,094 |  |  | $ | 8,094 |  |  |  | $ | — |  |  |  | $ | — |
FHLB and FRB-NY stock (1) | 1,017 |  |  | 1,017 |  |  | — |  |  |  | 1,017 |  |  |  | — |
Loans and leases held for investment, net(2) | 63,015 |  |  | 58,662 |  |  | — |  |  |  | — |  |  |  | 58,662 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits | $ | 69,745 |  |  | $ | 69,721 |  |  | $ | 45,533 |  | (3) |  | $ | 24,188 |  | (4) |  | $ | — |
Borrowed funds | 13,180 |  |  | 13,036 |  |  | — |  |  |  | 13,036 |  |  |  | — |
(1)Carrying value and estimated fair value are at cost. (2)Carrying value and estimated fair value include the impaired loans held for investment. (3)Includes interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (4)Includes CDs.
| 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-NY stock (1) | 1,146 |  | 1,146 |  | — |  |  |  | 1,146 |  |  | — |
Loans and leases held for investment, net(2) | 67,071 |  | 61,831 |  | — |  |  |  | — |  |  |  | 61,831
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits | $ | 75,870 |  |  | $ | 75,894 |  |  | $ | 48,546 |  | (3) |  | $ | 27,348 |  | (4) |  | $ | — |
Borrowed funds | 14,426 |  | 14,217 |  | — |  |  |  | 14,217 |  |  | — |
(1)Carrying value and estimated fair value are at cost. (2)Carrying value and estimated fair value include the impaired loans held for investment. (3)Includes interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (4)Includes CDs.
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 June 30, |  | Six Months Ended June 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |
Loans held for sale: |  |  |  |  |  |  |  |  |  |  |
Net gain on loan sales and securitizations | $ | 6 |  |  | $ | 12 |  |  | $ | 14 |  |  | $ | 15 |  |  |  |  |
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:
| June 30, 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 | $ | 4 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | — |
Total non-accrual loans | $ | 4 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | — |
Accrual loans: |  |  |  |  |  |  |  |  |  |  |
Loans held for sale | $ | 307 |  |  | $ | 313 |  |  | $ | 6 |  |  | $ | 553 |  |  | $ | 560 |  |  | $ | 7 |
Loans held-for-investment | — |  |  | — |  |  | — |  |  | 67 |  |  | 66 |  |  | (1) |
Total accrual loans | $ | 307 |  |  | $ | 313 |  |  | $ | 6 |  |  | $ | 620 |  |  | $ | 626 |  |  | $ | 6 |
Total loans: |  |  |  |  |  |  |  |  |  |  |
Loans held for sale | $ | 311 |  |  | $ | 317 |  |  | $ | 6 |  |  | $ | 557 |  |  | $ | 564 |  |  | $ | 7 |
Loans held-for-investment | — |  |  | — |  |  | — |  |  | 67 |  | — |  | 66 |  |  | (1) |
Total loans | $ | 311 |  |  | $ | 317 |  |  | $ | 6 |  |  | $ | 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 the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of information about asset and liability measured at fair value under fair value option. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-32 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-30 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28 + 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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