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Fair Value of Financial Instruments | 3 Months Ended
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Mar. 31, 2026
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs supported by little or no market activity that are significant to the fair value of the assets or liabilities Recurring Measurements The following tables present the fair value measurements of assets recognized in the Condensed Consolidated Balance Sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2026 and December 31, 2025:
|  |  | Fair Value Measurements Using
| Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
March 31, 2026 |  |  |  |  |  |  |
Available for sale securities |  |  |  |  |  |  |
SBA Pools | $ | 2,948 |  |  | $ | — |  |  | $ | 2,948 |  |  | $ | — |
Federal agencies | 14,044 |  |  | — |  |  | 14,044 |  |  | — |
State and municipal obligations | 127,733 |  |  | — |  |  | 126,270 |  |  | 1,463 |
Mortgage-backed securities - GSE residential | 90,929 |  |  | — |  |  | 90,929 |  |  | — |
Corporate obligations | 9,865 |  |  | — |  |  | 9,865 |  |  | — |
| $ | 245,519 |  |  | $ | — |  |  | $ | 244,056 |  |  | $ | 1,463 |
|  |  | Fair Value Measurements Using
| Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
December 31, 2025 |  |  |  |  |  |  |
Available for sale securities |  |  |  |  |  |  |
SBA Pools | $ | 3,124 |  |  | $ | — |  |  | $ | 3,124 |  |  | $ | — |
Federal agencies | 14,061 |  |  | — |  |  | 14,061 |  |  | — |
State and municipal obligations | 131,818 |  |  | — |  |  | 130,339 |  |  | 1,479 |
Mortgage-backed securities - GSE residential | 93,105 |  |  | — |  |  | 93,105 |  |  | — |
Corporate obligations | 9,807 |  |  | — |  |  | 9,807 |  |  | — |
| $ | 251,915 |  |  | $ | — |  |  | $ | 250,436 |  |  | $ | 1,479 |
Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the three months ended March 31, 2026. Available for Sale Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy, which includes equity securities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Level 2 securities include agency securities, obligations of state and political subdivisions, and mortgage-backed securities. Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Nonrecurring Measurements As of March 31, 2026 and December 31, 2025, there were no assets or liabilities measured at fair value on a nonrecurring basis. Fair Value of Financial Instruments The following tables present estimated fair values of the Company’s financial instruments at March 31, 2026 and December 31, 2025:
|  |  | Fair Value Measurements Using
| Carrying Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
March 31, 2026 |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 34,798 |  |  | $ | 34,798 |  |  | $ | — |  |  | $ | — |
Interest-earning time deposits | 2,820 |  |  | — |  |  | 2,820 |  |  | — |
Available for sale securities | 245,519 |  |  | — |  |  | 244,056 |  |  | 1,463 |
Held to maturity securities | 2,353 |  |  | — |  |  | 2,717 |  |  | — |
Loans held for sale | 835 |  |  | — |  |  | — |  |  | 835 |
Loans and leases receivable, net | 1,174,122 |  |  | — |  |  | — |  |  | 1,139,564 |
FHLB stock | 13,907 |  |  | — |  |  | 13,907 |  |  | — |
Interest receivable | 6,175 |  |  | — |  |  | 6,175 |  |  | — |
Financial liabilities |  |  |  |  |  |  |
Deposits | 1,106,365 |  |  | — |  |  | 1,108,239 |  |  | — |
FHLB advances | 256,000 |  |  | — |  |  | 256,069 |  |  | — |
Interest payable | 2,662 |  |  | — |  |  | 2,662 |  |  | — |
|  |  | Fair Value Measurements Using
| Carrying Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
December 31, 2025 |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 33,130 |  |  | $ | 33,130 |  |  | $ | — |  |  | $ | — |
Interest-earning time deposits | 2,070 |  | — |  | 2,070 |  | —
Available for sale securities | 251,915 |  |  | — |  | 250,436 |  |  | 1,479 |
Held to maturity securities | 2,748 |  |  | — |  |  | 2,717 |  |  | — |
Loans held for sale | 828 |  |  | — |  |  | — |  |  | 828 |
Loans and leases receivable, net | 1,176,813 |  |  | — |  |  | — |  |  | 1,148,160 |
FHLB stock | 13,907 |  |  | — |  |  | 13,907 |  |  | — |
Interest receivable | 6,300 |  |  | — |  |  | 6,300 |  |  | — |
Financial liabilities |  |  |  |  |  |  |
Deposits | 1,114,893 |  |  | — |  |  | 1,117,026 |  |  | — |
FHLB advances | 240,000 |  |  | — |  |  | 240,832 |  |  | — |
Other borrowings | 12,000 |  |  | — |  |  | 12,041 |  |  | — |
Interest payable | 3,457 |  |  | — |  |  | 3,457 |  |  | — |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 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/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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