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Fair Values of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

		Total				Level 1				Level 2				Level 3
		(Dollars in thousands)
June 30, 2025
Securities available-for-sale:
U.S. Government-sponsored enterprises obligations		$	1,438			$	—			$	1,438			$	—
U.S. Government agency small business administration    pools guaranteed by the SBA			11,901				—				11,901				—
Collateralized mortgage obligations issued by    the FHLMC, FNMA and GNMA			35,906				—				35,906				—
Residential mortgage-backed securities			58,907				—				58,907				—
Municipal bonds			27,740				—				27,740				—
Corporate debt			487				—				487				—
Corporate subordinated debt			7,903				—				7,903				—
Other assets:
Mortgage servicing rights			280				—				—				280
Derivatives			64				—				64				—
Other liabilities:
Derivatives			179				—				179				—

		Total				Level 1				Level 2				Level 3
		(Dollars in thousands)
December 31, 2024
Securities available-for-sale:
U.S. Government-sponsored enterprises obligations		$	1,387			$	—			$	1,387			$	—
U.S Government agency small business administration    pools guaranteed by the SBA			13,125				—				13,125				—
Collateralized mortgage obligations issued by    the FHLMC, FNMA and GNMA			19,362				—				19,362				—
Residential mortgage-backed securities			48,462				—				48,462				—
Municipal bonds			29,532				—				29,532				—
Corporate debt			484				—				484				—
Corporate subordinated debt			7,865				—				7,865				—
Other assets:
Mortgage servicing rights			305				—				—				305
Derivatives			114				—				114				—
Other liabilities:
Derivatives			114				—				114				—

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

For the six months ended June 30, 2025 and 2024, the changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:

(Dollars in thousands)		Mortgage Servicing Rights (1)
Balance as of January 1, 2025		$	305
Included in net loss			(25	)
Balance as of June 30, 2025		$	280
Total unrealized net gains (losses) included in net loss related to assets still held as of June 30, 2025		$	—
Balance as of January 1, 2024		$	339
Included in net income			(18	)
Balance as of June 30, 2024		$	321
Total unrealized net gains (losses) included in net income related to assets still held as of June 30, 2024		$	—

(1) Realized and unrealized gains and losses related to mortgage servicing rights are reported as a component of loan servicing fee income in the Company’s consolidated statements of (loss) income.

Summary of Significant Unobservable Inputs used in Level 3 Assets Measured at Fair Value on Recurring Basis

For Level 3 assets measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, the significant unobservable inputs used in the fair value measurements were as follows:

		June 30, 2025
(Dollars in thousands)		Valuation Technique		Description		Range		Weighted Average (1)		Fair Value
Mortgage Servicing Rights		Discounted Cash Flow		Prepayment Rate		4.49% - 23.71%		8.38%		$	280
				Discount Rate		9.500% - 9.500%		9.50%
				Delinquency Rate		1.90% - 2.53%		2.01%
				Default Rate		0.16% - 0.32%		0.19%

		December 31, 2024
(Dollars in thousands)		Valuation Technique		Description		Range		Weighted Average (1)		Fair Value
Mortgage Servicing Rights		Discounted Cash Flow		Prepayment Rate		4.54% - 18.71%		6.51%		$	305
				Discount Rate		10.00% - 10.00%		10.00%
				Delinquency Rate		2.17% - 2.64%		2.25%
				Default Rate		0.14% - 0.24%		0.16%

(1)Unobservable inputs for mortgage servicing rights were weighted by loan amount.

Fair Value Measurements, Recurring and Nonrecurring

The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments at June 30, 2025 and December 31, 2024 are as follows:

(Dollars in thousands)		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
June 30, 2025
Financial Assets:
Cash and due from banks		$	6,712			$	6,712			$	6,712			$	—			$	—
Federal Home Loan Bank stock			2,677				2,677				—				2,677				—
Bank-owned life insurance			4,811				4,811				—				4,811				—
Loans, net			435,980				401,412				—				—				401,412
Accrued interest receivable			2,154				2,154				2,154				—				—
Financial Liabilities:
Deposits		$	472,264			$	472,225			$	309,974			$	162,251			$	—
Advances from Federal Home Loan Bank			58,953				58,947				—				58,947				—
Mortgagors’ tax escrow			634				634				—				634				—
Accrued interest payable			494				494				494				—				—
December 31, 2024
Financial Assets:
Cash and due from banks		$	7,100			$	7,100			$	7,100			$	—			$	—
Federal Home Loan Bank stock			2,498				2,498				—				2,498				—
Bank-owned life insurance			4,768				4,768				—				4,768				—
Loans, net			435,481				397,154				—				—				397,154
Accrued interest receivable			2,103				2,103				2,103				—				—
Financial Liabilities:
Deposits		$	454,208			$	453,890			$	318,520			$	135,370			$	—
Advances from Federal Home Loan Bank			52,268				52,208				—				52,208				—
Mortgagors’ tax escrow			654				654				—				654				—
Accrued interest payable			475				475				475				—				—

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- 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.

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-Topic 820
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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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).

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