v3.25.4

Fair Value (as Restated) (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value (as Restated) [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 March 31, 2025:
Securities available-for-sale:
Federal agency mortgage-backed securities		$	–			$	52,331			$	–			$	52,331
Federal agency CMOs			–				19,255				–				19,255
Federal agency debt			–				40,527				–				40,527
Municipal bonds			–				4,418				–				4,418
U.S. Treasuries			60,552				–				–				60,552
SBA pools			–				8,855				–				8,855
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

Assets Measured on Nonrecurring Basis

The table below presents assets measured at fair value on a nonrecurring basis.  As of December 31, 2024, the Company did not have any assets or liabilities carried at fair value on a nonrecurring basis.

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 March 31, 2025:

Individually evaluated loans: Real estate:

Multi-family

$

–

$

–

$

4,110

$

4,110

Commercial real estate

–

–

1,768

1,768

SBA loans

–

–

35

35

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 as of March 31, 2025 and December 31, 2024.

						Fair Value Measurements at March 31, 2025
		Carrying Value				Level 1				Level 2				Level 3				Total
		(In thousands)
Financial Assets:
Cash and cash equivalents		$	15,794			$	15,794			$	–			$	–			$	15,794
Securities available-for-sale			185,938				60,552				125,386				–				185,938
Loans receivable held for investment			991,587				–				–				964,977				964,977
Accrued interest receivable			5,624				399				453				4,772				5,624
Financial Liabilities:
Non interest bearing deposits		$	94,588			$	–			$	94,588			$	–			$	94,588
Interest bearing deposits			419,531				–				419,531				–				419,531
Time deposits			262,424				–				261,728				–				261,728
FHLB borrowings			78,000				–				78,000				–				78,000
Secured borrowings			31,256				–				31,256				–				31,256
Securities sold under agreements to repurchase			80,778				–				80,778				–				80,778
Accrued interest payable			1,704				–				1,704				–				1,704

						Fair Value Measurements at December 31, 2024
		Carrying 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			999,956				–				–				973,183				973,183
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
Borrowings			226,888				–				227,150				–				227,150
Securities sold under agreements to repurchase			66,610				–				66,070				–				66,070
Accrued interest payable			1,349				–				1,349				–				1,349

X

- 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 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

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