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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2025

FAIR VALUE MEASUREMENTS

Schedule of fair values of assets and liabilities measured on a recurring and nonrecurring basis

Fair values of assets and liabilities measured on a recurring basis at September 30, 2025 and December 31, 2024 follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at Reporting Date Using

(Dollars in thousands)

Fair Value

Level 1

Level 2

Level 3

September 30, 2025

​

​

​

​

​

​

​

​

Securities available-for-sale:

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage-backed securities

​

$

43,302

​

$

-

​

$

43,302

​

$

-

Municipal obligations

​

​

1,551

​

​

-

​

​

1,551

​

​

-

Total

​

$

44,853

​

$

-

​

$

44,853

​

$

-

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

​

​

Securities available-for-sale:

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage-backed securities

​

$

27,202

​

$

-

​

$

27,202

​

$

-

Municipal obligations

​

​

1,510

​

​

-

​

​

1,510

​

​

-

Total

​

$

28,712

​

$

-

​

$

28,712

​

$

-

​

​

Fair values of assets and liabilities measured on a nonrecurring basis at September 30, 2025 and December 31, 2024 follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at Reporting Date Using

(Dollars in thousands)

Fair Value

Level 1

Level 2

Level 3

September 30, 2025

​

​

​

​

​

​

​

​

Loans individually evaluated for credit losses

​

$

160

​

$

-

​

$

-

​

$

160

Foreclosed assets

​

​

76

​

-

​

-

​

76

Total

​

$

236

​

$

-

​

$

-

​

$

236

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

Loans individually evaluated for credit losses

​

$

314

​

$

-

​

$

-

​

$

314

Foreclosed assets

​

​

194

​

​

-

​

​

-

​

​

194

Total

​

$

508

​

$

-

​

$

-

​

$

508

Schedule of significant unobservable inputs and valuation technique

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(Dollars in thousands)

Fair Value

​

Valuation Technique

​

Unobservable Inputs

​

Range of Discounts

​

Weighted Average Discount

September 30, 2025

​

​

​

​

​

​

​

​

​

​

​

Loans individually evaluated for credit losses

​

$

160

​

Third party appraisals

​

Market discounts and estimated costs to sell

​

6%

-

30%

​

24%

Foreclosed assets

​

​

76

​

Third party appraisals and sales contracts

​

Market discounts and estimated costs to sell

​

6%

-

100%

​

49%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

Loans individually evaluated for credit losses

​

$

314

​

Third party appraisals

​

Market discounts and estimated costs to sell

​

0%

-

30%

​

18%

Foreclosed assets

​

​

194

​

Third party appraisals and sales contracts

​

Market discounts and estimated costs to sell

​

6%

-

54%

​

22%

​

Schedule of estimated fair values of the financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

(Dollars in thousands)

Carrying Amount

Fair Value

Level 1

Level 2

Level 3

Financial Assets:

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

37,271

​

$

37,271

​

$

37,271

$

-

$

-

Investment securities:

​

​

​

Available-for-sale

​

44,853

​

44,853

​

-

44,853

-

Held-to-maturity

​

14,945

​

13,464

​

-

13,464

-

Loans receivable, net

​

162,370

​

157,811

​

-

-

157,811

Bank-owned life insurance

​

​

14,849

​

​

14,849

​

​

-

​

​

14,849

​

​

-

Financial Liabilities:

​

​

​

Deposits

​

186,372

​

186,012

​

127,300

58,712

-

Borrowed funds

​

14,693

​

14,466

​

-

14,466

-

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

(Dollars in thousands)

Carrying Amount

Fair Value

Level 1

Level 2

Level 3

Financial Assets:

​

​

​

Cash and cash equivalents

​

$

44,295

​

$

44,295

​

$

44,295

$

-

$

-

Investment securities:

​

​

​

Available-for-sale

​

28,712

​

28,712

​

-

28,712

-

Held-to-maturity

​

13,447

​

11,284

​

-

11,284

-

Loans receivable, net

​

164,554

​

161,412

​

-

-

161,412

Bank-owned life insurance

​

​

14,489

​

​

14,489

​

​

-

​

​

14,489

​

​

-

Financial Liabilities:

​

​

​

Deposits

​

185,674

​

185,087

​

124,983

60,104

-

Borrowed funds

​

9,558

​

9,069

​

-

9,069

-

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ 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

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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- 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 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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