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Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value [Abstract]

Assets Measured on Recurring Basis

Assets measured at fair value on a recurring basis are summarized below:

		Fair Value Measurement
		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
		(In thousands)
At September 30, 2024:
Securities available-for-sale:
Federal agency mortgage-backed securities		$	–			$	57,208			$	–			$	57,208
Federal agency CMOs			–				21,308				–				21,308
Federal agency debt			–				44,164				–				44,164
Municipal bonds			–				4,455				–				4,455
U.S. Treasuries			101,738				–				–				101,738
SBA pools			–				9,616				–				9,616
At December 31, 2023:
Securities available-for-sale:
Federal agency mortgage-backed securities		$	–			$	66,778			$	–			$	66,778
Federal agency CMOs			–				23,339				–				23,339
Federal agency debt			–				47,836				–				47,836
Municipal bonds			–				4,373				–				4,373
U.S. Treasuries			163,880				–				–				163,880
SBA pools			–				10,744				–				10,744

Fair Values of Financial Instruments

The following tables present the carrying amount, fair value, and level within the fair value hierarchy of the Company’s financial instruments not recorded at fair value on a recurring basis as of September 30, 2024 and December 31, 2023.

						Fair Value Measurements at September 30, 2024
		Carrying Value				Level 1				Level 2				Level 3				Total
		(In thousands)
Financial Assets:
Cash and cash equivalents		$	97,079			$	97,079			$	–			$	–			$	97,079
Securities available-for-sale			238,489				101,738				136,751				–				238,489
Loans receivable held for investment			966,788				–				–				958,934				958,934
Accrued interest receivable			5,744				5,744				–				–				5,744
Bank owned life insurance			3,309				3,309				–				–				3,309
Financial Liabilities:
Deposits		$	672,248			$	–			$	608,374			$	–			$	608,374
FHLB advances			208,568				–				208,202				–				208,202
BTFP borrowing			100,000				–				100,000				–				100,000
Securities sold under agreements to repurchase			89,798				–				89,671				–				89,671
Accrued interest payable			4,885				–				4,885				–				4,885

						Fair Value Measurements at December 31, 2023
		Carrying Value				Level 1				Level 2				Level 3				Total
		(In thousands)
Financial Assets:
Cash and cash equivalents		$	105,195			$	105,195			$	–			$	–			$	105,195
Securities available-for-sale			316,950				163,880				153,070				–				316,950
Loans receivable held for investment			880,457				–				–				746,539				746,539
Accrued interest receivable			4,938				4,938				–				–				4,938
Bank owned life insurance			3,275				3,275				–				–				3,275
Financial Liabilities:
Deposits		$	682,635			$	–			$	536,171			$	–			$	536,171
FHLB advances			209,319				–				208,107				–				208,107
BTFP borrowing			100,000				–				100,000				–				100,000
Securities sold under agreements to repurchase			73,475				–				72,597				–				72,597
Notes payable			14,000				–				–				14,000				14,000
Accrued interest payable			1,420				–				1,420				–				1,420

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 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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X

- 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

No definition available.

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