XML 34 R23.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Measurements

Schedule of assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 are summarized below (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

Fair Value Measurements

​

Estimated

March 31, 2024

Level 1

Level 2

Level 3

Fair Value

Investment Securities Available-for-Sale

​

​

​

​

U.S. Government Agencies

​

$

—

​

$

1,460

​

$

—

​

$

1,460

Mortgage-Backed Securities

​

—

​

50,796

​

—

​

50,796

Collateralized Mortgage Obligations

​

—

​

1,518

​

—

​

1,518

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

—

​

$

53,774

​

$

—

​

$

53,774

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

Fair Value Measurements

​

Estimated

December 31, 2023

Level 1

Level 2

Level 3

Fair Value

Investment Securities Available-for-Sale

​

​

​

​

U.S. Government Agencies

​

$

—

​

$

966

​

$

—

​

$

966

Mortgage-Backed Securities

​

—

​

65,328

​

—

​

65,328

Collateralized Mortgage Obligations

​

—

​

1,607

​

—

​

1,607

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

—

​

$

67,901

​

$

—

​

$

67,901

​

Schedule of assets and liabilities measured at fair value on a non-recurring basis

The following tables present the Bank’s assets and liabilities measured at fair value on a non-recurring basis at March 31, 2024 and December 31, 2023 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

Fair Value Measurements

​

Estimated

March 31, 2024

Level 1

Level 2

Level 3

Fair Value

Assets

​

​

​

​

Collateral Dependent Loans

​

$

—

​

$

—

​

$

212

​

$

212

Real Estate Owned

​

—

​

—

​

42

​

42

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

—

​

$

—

​

$

254

​

$

254

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

Fair Value Measurements

​

Estimated

December 31, 2023

Level 1

Level 2

Level 3

Fair Value

Assets

​

​

​

​

Collateral Dependent Loans

​

$

—

​

$

—

​

$

153

​

$

153

Real Estate Owned

​

—

​

—

​

42

​

42

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

—

​

$

—

​

$

195

​

$

195

Schedule of significant unobservable inputs used in the fair value measurement of Level 3 assets

​

​	​	​	​	​	​	​	​	​
​	​	Valuation	​	Unobservable	​	Range of	​	Weighted Average
March 31, 2024		Technique		Inputs		Discount		Discount
Collateral Dependent Loans		Third-party appraisals and discounted cash flows		Collateral discounts and estimated costs to sell		6% - 10%	​	6%
Real Estate Owned		Third-party appraisals, sales contracts or brokered price options		Collateral discounts and estimated costs to sell		6% - 10%	​	6%

​

​	​	​	​	​	​	​	​	​
​	​	Valuation	​	Unobservable	​	Range of	​	Weighted Average
December 31, 2023		Technique		Inputs		Discount		Discount
Collateral Dependent Loans		Third-party appraisals and discounted cash flows		Collateral discounts and estimated costs to sell		6% - 10%	​	6%
Real Estate Owned		Third-party appraisals, sales contracts or brokered price options		Collateral discounts and estimated costs to sell		6% - 10%	​	6%

Schedule of carrying amount and estimated fair value of financial instruments

The carrying amount and estimated fair value of the Bank’s financial instruments are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying

​

Fair Value Measurements

March 31, 2024

Value

Level 1

Level 2

Level 3

Financial Assets

​

​

​

​

​

​

​

​

​

​

​

​

Cash and Cash Equivalents

​

$

36,625

​

$

36,625

​

$

—

​

$

—

Investment Securities Available-for-Sale

​

53,774

​

—

​

53,774

​

—

Restricted Stock

​

888

​

—

​

—

​

888

Loans Receivable, Net

​

365,403

​

—

​

—

​

308,698

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities

​

​

​

​

​

​

​

​

Deposits

​

400,386

​

—

​

—

​

331,905

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying

​

Fair Value Measurements

December 31, 2023

Value

Level 1

Level 2

Level 3

Financial Assets

​

​

​

​

Cash and Cash Equivalents

​

$

19,306

​

$

19,306

​

$

—

​

$

—

Investment Securities Available-for-Sale

​

67,901

​

—

​

67,901

​

—

Restricted Stock

​

881

​

—

​

—

​

881

Loans Receivable, Net

​

365,038

​

—

​

—

​

303,183

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities

​

​

​

​

Deposits

​

390,003

​

—

​

—

​

327,412

Short-Term Federal Home Loan Bank Advances

​

4,000

​

—

​

4,000

​

—

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: 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

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- Definition

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).

+ 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

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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- References

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- Definition

Tabular disclosure of liabilities measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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/2003/role/disclosureRef
-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

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