XML 32 R26.htm IDEA: XBRL DOCUMENT v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
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

 

 

 

-

 

 

 

-