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Fair Value Measurements and Disclosure (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary Of Financial Assets Measured At Fair Value On Recurring Basis

For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2023 were as follows:

Description		(Level 1) Quoted Price in Active Markets for Identical Assets				(Level 2) Significant Other Observable Inputs				(Level 3) Significant Unobservable Inputs				Total Fair Value September 30, 2023
						(In thousands)
Mortgage-backed securities -U.S. government sponsored enterprise (GSEs)		$	—			$	40,043			$	—			$	40,043
U.S. government agency securities			—				4,904				—				4,904
Obligations of state and political subdivisions			—				37,627				—				37,627
Small Business Association (SBA) securities			—				2,818				—				2,818
Subordinated debentures			—				453				—				453
SBIC securities			—				—				2,219				2,219
Securities available-for-sale at fair value		$	—			$	85,845			$	2,219			$	88,064

For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy, used at December 31, 2022 were as follows:

Description		(Level 1) Quoted Price in Active Markets for Identical Assets				(Level 2) Significant Other Observable Inputs				(Level 3) Significant Unobservable Inputs				Total Fair Value December 31, 2022
						(In thousands)
Mortgage-backed securities -U.S. government sponsored enterprise (GSEs)		$	—			$	34,915			$	—			$	34,915
U.S. government agency securities							5,085				—				5,085
Obligations of state and political subdivisions			—				41,341				—				41,341
SBIC securities			—				—				2,061				2,061
Securities available-for-sale at fair value		$	—			$	81,341			$	2,061			$	83,402

Summary Of Financial Assets Measured At Fair Value On NonRecurring Basis

For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2023, were as follows.

Description		(Level 1) Quoted Price in Active Markets for Identical Assets				(Level 2) Significant Other Observable Inputs				(Level 3) Significant Unobservable Inputs				Total Fair Value September 30, 2023
						(In thousands)
Collateral dependent loan		$	—			$	—			$	4,485			$	4,485
		$	—			$	—			$	4,485			$	4,485

The following table presents quantitative information using Level 3 fair value measurements at September 30, 2023.

Description		September 30, 2023				Valuation Technique				Unobservable Input				Range (Weighted Average)
						(Dollars in thousands)
											Discount				0.0	%
Collateral dependent loan		$	4,485				Collateral	1			adjustment				(0.0	%)

1 Value based on third party offer to purchase note from the Bank.

Summary Of Quantitative Information With Regards To Level 3 Fair Value Measurements

For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2022, were as follows:

Description		(Level 1) Quoted Price in Active Markets for Identical Assets				(Level 2) Significant Other Observable Inputs				(Level 3) Significant Unobservable Inputs				Total Fair Value December 31, 2022
						(In thousands)
Impaired loans		$	—			$	—			$	30			$	30
		$	—			$	—			$	30			$	30

The following table presents quantitative information using Level 3 fair value measurements at December 31, 2022.

Description		Fair Value December 31, 2022				Valuation Technique				Unobservable Input				Range (Weighted Average)
						(Dollars in thousands)
											Discount				6.0	%
Impaired loans		$	30				Collateral	1			adjustment				(6.0	%)

1 Fair value is generally determined through independent appraisal of the underlying collateral, primarily using comparable sales.

Summary Of Carrying Amounts And Estimated Fair Value Of Financial Instruments

The carrying amounts and estimated fair value of financial instruments at September 30, 2023 are as follows.

		September 30, 2023
		Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
										(In thousands)
Financial Assets:
Cash and cash equivalents		$	206,931			$	206,931			$	206,931			$	—			$	—
Securities available-for-sale at fair value			88,064				88,064				—				85,845				2,219
Securities held-to-maturity			195				189				—				189				—
Loans receivable, net			1,480,508				1,470,144				—				—				1,470,144
Restricted investments in bank stock			1,385				1,385				—				1,385				—
Accrued interest receivable			5,783				5,783				—				5,783				—
Financial Liabilities:
Deposits		$	1,637,966			$	1,534,774			$	—			$	1,534,774			$	—
Accrued interest payable			10,243				10,243				—				10,243				—

The carrying amounts and estimated fair value of financial instruments at December 31, 2022 are as follows:

		December 31, 2022
		Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
										(In thousands)
Financial Assets:
Cash and cash equivalents		$	53,351			$	53,351			$	53,351			$	—			$	—
Securities AFS			83,402				83,402				—				81,341				2,061
Securities HTM			201				200				—				200				—
Loans receivable, net			1,353,907				1,347,137				—				—				1,347,137
Restricted bank stock			1,742				1,742				—				1,742				—
Accrued interest receivable			4,756				4,756				—				4,756				—
Financial Liabilities
Deposits			1,347,730				1,225,087								1,225,087				—
Borrowings			10,000				10,000								10,000
Accrued interest payable			1,027				1,027				—				1,027				—

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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).

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

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