Assets and liabilities measured at fair value on a non-recurring basis are summarized below (dollars in thousands):

Fair Value Measurements Using

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Fair Value

(Level 1)

(Level 2)

(Level 3)

March 31, 2025

Individually evaluated loans:

Commercial loans

$

1,001

$

—

$

—

$

1,001

The carrying and estimated fair values of financial assets and liabilities were as follows (dollars in thousands):


	March 31, 2025
						Fair Value Measurements Using
								Significant
					Quoted Prices in			Other			Significant
					Active Markets for			Observable			Unobservable
	Carrying		Estimated		Identical Assets			Inputs			Inputs
	Amount		Fair Value		(Level 1)		…	(Level 2)		…	(Level 3)
Financial assets
Cash and cash equivalents	$	139,626	$	139,626	$	139,626		$	—		$	—
Securities available for sale		311,030		311,030		172,853			138,177			—
Securities held to maturity		31,437		28,335		—			28,335			—
FHLBNY and FRBNY stock		3,608		3,608		—			3,608			—
Net loans receivable		1,487,176		1,445,874		—			—			1,445,874
Accrued interest receivable		8,379		8,379		—			8,379			—
Derivative assets ⁽¹⁾		10,729		10,729		—			10,729			—

Financial liabilities
Deposits
Savings, money market, and demand accounts	$	1,571,582	$	1,571,582	$	—		$	1,571,582		$	—
Time deposits		150,065		149,265		—			149,265			—
Mortgagors’ escrow deposits		6,508		6,508		—			6,508			—
Derivative liabilities ⁽¹⁾		10,729		10,729		—			10,729			—


	December 31, 2024
						Fair Value Measurements Using
								Significant
					Quoted Prices in			Other			Significant
					Active Markets for			Observable			Unobservable
	Carrying		Estimated		Identical Assets			Inputs			Inputs
	Amount		Fair Value		(Level 1)		…	(Level 2)		…	(Level 3)
Financial assets
Cash and cash equivalents	$	96,521	$	96,521	$	96,521		$	—		$	—
Securities available for sale		321,537		321,537		216,706			104,831			—
Securities held to maturity		25,400		22,457		—			22,457			—
FHLBNY and FRBNY stock		5,283		5,283		—			5,283			—
Net loans receivable		1,434,575		1,373,719		—			—			1,373,719
Accrued interest receivable		7,937		7,937		—			7,937			—
Derivative assets ⁽¹⁾		13,735		13,735		—			13,735			—

Financial liabilities
Deposits
Savings, money market, and demand accounts	$	1,411,385	$	1,411,385	$	—		$	1,411,385		$	—
Time deposits		174,798		173,881		—			173,881			—
Mortgagors’ escrow deposits		8,097		8,097		—			8,097			—
FHLB advances		40,000		39,995		—			39,995			—
Derivative liabilities ⁽¹⁾		13,735		13,735		—			13,735			—

(1)

Additional information regarding the impact of offsetting cash collateral can be found in Note 5 – Derivatives.