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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023 are summarized below (in thousands):

Total

Fair Value Measurements

Estimated

June 30, 2024

Level 1

Level 2

Level 3

Fair Value

Investment Securities Available-for-Sale

U.S. Government Agencies

—

1,471

—

1,471

Mortgage-Backed Securities

—

69,180

—

69,180

Collateralized Mortgage Obligations

—

1,458

—

1,458

Total

—

72,109

—

72,109


							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 June 30, 2024 and December 31, 2023 (in thousands):


							Total
	Fair Value Measurements						Estimated
June 30, 2024	Level 1		Level 2		Level 3		Fair Value
Assets
Collateral Dependent Loans	$	—	$	—	$	118	$	118
Real Estate Owned		—		—		42		42

Total	$	—	$	—	$	160	$	160


							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
June 30, 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

June 30, 2024

Value

Level 1

Level 2

Level 3

Financial Assets

Cash and Cash Equivalents

46,215

—

Investment Securities Available-for-Sale

72,109

—

72,109

—

Restricted Stock

895

—

895

Loans Receivable, Net

367,907

—

308,827

Financial Liabilities

Deposits

428,594

—

358,387


	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		—