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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Measurements

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2025

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

Fair Value Measurements

​

Estimated

(in thousands)

Level 1

Level 2

Level 3

Fair Value

Investment Securities Available-for-Sale

​

​

​

​

U.S. Government Agencies

​

$

—

​

$

989

​

$

—

​

$

989

Mortgage-Backed Securities

​

—

​

86,799

​

—

​

86,799

Collateralized Mortgage Obligations

​

—

​

2,127

​

—

​

2,127

Corporate Bonds

​

​

—

​

​

10,500

​

​

—

​

​

10,500

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

—

​

$

100,415

​

$

—

​

$

100,415

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

Fair Value Measurements

​

Estimated

(in thousands)

Level 1

Level 2

Level 3

Fair Value

Investment Securities Available-for-Sale

​

​

​

​

U.S. Government Agencies

​

$

—

​

$

996

​

$

—

​

$

996

Mortgage-Backed Securities

​

—

​

85,419

​

—

​

85,419

Collateralized Mortgage Obligations

​

​

​

​

​

2,322

​

​

—

​

​

2,322

Corporate Bonds

​

—

​

4,250

​

—

​

4,250

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

—

​

$

92,987

​

$

—

​

$

92,987

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2025

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

Fair Value Measurements

​

Estimated

(in thousands)

Level 1

Level 2

Level 3

Fair Value

Assets

​

​

​

​

Collateral Dependent Loans

​

$

—

​

$

—

​

$

1,268

​

$

1,268

Real Estate Owned

​

—

​

—

​

42

​

42

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

—

​

$

—

​

$

1,310

​

$

1,310

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

Fair Value Measurements

​

Estimated

(in thousands)

Level 1

Level 2

Level 3

Fair Value

Assets

​

​

​

​

Collateral Dependent Loans

​

$

—

​

$

—

​

$

1,075

​

$

1,075

Real Estate Owned

​

—

​

—

​

42

​

42

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

—

​

$

—

​

$

1,117

​

$

1,117

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

​

​	​	​	​	​	​	​	​	​
​	​	Valuation	​	Unobservable	​	Range of	​	Weighted Average
June 30, 2025		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, 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%

Schedule of carrying amount and estimated fair value of financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2025

​

​

Carrying

​

Fair Value Measurements

(in thousands)

Value

Level 1

Level 2

Level 3

Financial Assets

​

​

​

​

​

​

​

​

​

​

​

​

Cash and Cash Equivalents

​

$

27,694

​

$

27,694

​

$

—

​

$

—

Investment Securities Available-for-Sale

​

100,415

​

—

​

100,415

​

—

Restricted Stock

​

922

​

—

​

—

​

922

Loans Receivable, Net

​

379,607

​

—

​

—

​

323,635

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities

​

​

​

​

​

​

​

​

Deposits

​

398,243

​

—

​

—

​

357,374

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

Carrying

​

Fair Value Measurements

(in thousands)

Value

Level 1

Level 2

Level 3

Financial Assets

​

​

​

​

Cash and Cash Equivalents

​

$

37,916

​

$

37,916

​

$

—

​

$

—

Investment Securities Available-for-Sale

​

92,987

​

—

​

92,987

​

—

Restricted Stock

​

910

​

—

​

—

​

910

Loans Receivable, Net

​

367,333

​

—

​

—

​

308,645

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities

​

​

​

​

Deposits

​

391,476

​

—

​

—

​

351,041

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/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 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 3: 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

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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://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-13

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-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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