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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | As of March 31, 2025 and December 31, 2024, the following summarizes assets and liabilities 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, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 7,485 |  |  | $ | — |  |  | $ | 7,485 |  |  | $ | — |
Collateralized mortgage obligation |  |  | 1,428 |  |  |  | — |  |  |  | 1,428 |  |  |  | — |
Corporate bonds |  |  | 5,037 |  |  |  | — |  |  |  | 5,037 |  |  |  | — |
Derivative instruments |  |  | 39 |  |  |  | — |  |  |  | 39 |  |  |  | — |
Total assets measured at fair value on a recurring basis |  | $ | 13,989 |  |  | $ | — |  |  | $ | 13,989 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | 795 |  |  | $ | — |  |  | $ | 795 |  |  | $ | — |
Total liabilities measured at fair value on a recurring basis |  | $ | 795 |  |  | $ | — |  |  | $ | 795 |  |  | $ | — |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 4,126 |  |  | $ | — |  |  | $ | 4,126 |  |  | $ | — |
Collateralized mortgage obligation |  |  | 1,438 |  |  |  | — |  |  |  | 1,438 |  |  |  | — |
Corporate bonds |  |  | 1,000 |  |  |  | — |  |  |  | 1,000 |  |  |  | — |
Derivative instruments |  |  | 557 |  |  |  | — |  |  |  | 557 |  |  |  | — |
Total assets measured at fair value on a recurring basis |  | $ | 7,121 |  |  | $ | — |  |  | $ | 7,121 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | 173 |  |  | $ | — |  |  | $ | 173 |  |  | $ | — |
Total liabilities measured at fair value on a recurring basis |  | $ | 173 |  |  | $ | — |  |  | $ | 173 |  |  | $ | — |
Summary of Estimated Fair Values and Related Carrying Amounts of Assets and Liabilities | The estimated fair values and related carrying amounts of assets and liabilities for which fair value is only disclosed are shown below at the dates indicated:
|  | March 31, 2025 |
|  | Carrying |  |  | Fair |  |  |  |  |  |  |  |  |  |
|  | Amount |  |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  |  |  |  | (in thousands) |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 148,108 |  |  | $ | 148,108 |  |  | $ | 148,108 |  |  | $ | - |  |  | $ | - |
Interest-bearing time deposits |  |  | 100 |  |  |  | 100 |  |  |  | - |  |  |  | 100 |  |  |  | - |
Held-to-maturity securities |  |  | 68,081 |  |  |  | 63,355 |  |  |  | - |  |  |  | 63,355 |  |  |  | - |
Federal Home Loan Bank stock |  |  | 10,000 |  |  |  | 10,000 |  |  |  | - |  |  |  | 10,000 |  |  |  | - |
Loans, net |  |  | 1,177,543 |  |  |  | 1,127,467 |  |  |  | - |  |  |  | - |  |  |  | 1,127,467 |
Loans held for sale |  |  | 83 |  |  |  | 83 |  |  |  | - |  |  |  | 83 |  |  |  | - |
Accrued interest receivable |  |  | 4,343 |  |  |  | 4,343 |  |  |  | 4,343 |  |  |  | - |  |  |  | - |
Bank-owned life insurance |  |  | 15,061 |  |  |  | 15,061 |  |  |  | - |  |  |  | 15,061 |  |  |  | - |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits, other than certificates of deposit |  | $ | 399,697 |  |  | $ | 399,697 |  |  | $ | - |  |  | $ | 399,697 |  |  | $ | - |
Certificates of deposit |  |  | 636,923 |  |  |  | 637,601 |  |  |  | - |  |  |  | 637,601 |  |  |  | - |
Federal Home Loan Bank advances |  |  | 234,000 |  |  |  | 234,213 |  |  |  | - |  |  |  | 234,213 |  |  |  | - |
Accrued interest payable |  |  | 1,537 |  |  |  | 1,537 |  |  |  | 1,537 |  |  |  | - |  |  |  | - |
|  | December 31, 2024 |
|  | Carrying |  |  | Fair |  |  |  |  |  |  |  |  |  |
|  | Amount |  |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  |  |  |  | (in thousands) |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 157,617 |  |  | $ | 157,617 |  |  | $ | 157,617 |  |  | $ | - |  |  | $ | - |
Interest-bearing time deposits |  |  | 100 |  |  |  | 100 |  |  |  | - |  |  |  | 100 |  |  |  | - |
Held-to-maturity securities |  |  | 73,215 |  |  |  | 67,505 |  |  |  | - |  |  |  | 67,505 |  |  |  | - |
Federal Home Loan Bank stock |  |  | 10,000 |  |  |  | 10,000 |  |  |  | - |  |  |  | 10,000 |  |  |  | - |
Loans, net |  |  | 1,136,449 |  |  |  | 1,079,916 |  |  |  | - |  |  |  | - |  |  |  | 1,079,916 |
Accrued interest receivable |  |  | 4,015 |  |  |  | 4,015 |  |  |  | 4,015 |  |  |  | - |  |  |  | - |
Bank-owned life insurance |  |  | 14,945 |  |  |  | 14,945 |  |  |  | - |  |  |  | 14,945 |  |  |  | - |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits, other than certificates of deposit |  | $ | 393,018 |  |  | $ | 393,018 |  |  | $ | - |  |  | $ | 393,018 |  |  | $ | - |
Certificates of deposit |  |  | 605,515 |  |  |  | 606,387 |  |  |  | - |  |  |  | 606,387 |  |  |  | - |
Federal Home Loan Bank advances |  |  | 234,000 |  |  |  | 232,027 |  |  |  | - |  |  |  | 232,027 |  |  |  | - |
Accrued interest payable |  |  | 2,207 |  |  |  | 2,207 |  |  |  | 2,207 |  |  |  | - |  |  |  | - |

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- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + 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 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + 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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