Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

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 December 31, 2024:
Securities available-for-sale:
Federal agency mortgage-backed securities	$	–	$	53,029	$	–	$	53,029
Federal agency CMOs		–		20,058		–		20,058
Federal agency debt		–		40,034		–		40,034
Municipal bonds		–		4,388		–		4,388
U.S. Treasuries		77,190		–		–		77,190
SBA pools		–		9,163		–		9,163

At December 31, 2023:
Securities available-for-sale:
Federal agency mortgage-backed	$	–	$	66,778	$	–	$	66,778
Federal agency CMO		–		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

The carrying amounts and estimated fair values of financial instruments as of the periods indicated were as follows:

	Carrying		Fair Value Measurements at December 31, 2024
	Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	61,365	$	61,365	$	–	$	–	$	61,365
Securities available-for-sale		203,862		77,190		126,672		–		203,862
Loans receivable held for investment		968,861		–		–		942,920		942,920
Accrued interest receivable		5,001		5,001		–		–		5,001
Bank owned life insurance		3,321		3,321		–		–		3,321
Financial Liabilities:
Deposits	$	745,399	$	–	$	669,695	$	–	$	669,695
FHLB advances		195,532		–		195,794		–		195,794
Securities sold under agreements to repurchase		66,610		–		66,070		–		66,070
Accrued interest payable		1,349		–		1,349		–		1,349

	Carrying		Fair Value Measurements at December 31, 2023
	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
Securities sold under agreements to repurchase		73,475		–		72,597		–		72,597
Bank Term Funding Program borrowing		100,000		–		100,000		–		100,000
Note payable		14,000		–		–		14,000		14,000
Accrued interest payable		1,420		–		1,420		–		1,420