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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, All Other Investments [Abstract]  
Schedule of Estimated Fair Value of Financial Instruments

The estimated fair values of the Company’s financial instruments were as follows (in thousands):

 

   At December 31, 2023   At December 31, 2022 
   Carrying Amount   Fair Value   Level   Carrying Amount   Fair Value   Level 
Financial assets:                              
Cash and cash equivalents  $76,663   $76,663    1   $71,836   $71,836    1 
Debt Securities available for sale   24,355    24,355    2    25,102    25,102    2 
Debt Securities held-to-maturity   360    326    2    540    504    2 
Loans   671,094    652,965    3    477,218    476,566    3 
Federal Home Loan Bank stock   3,354    3,354    3    600    600    3 
Accrued interest receivable   2,474    2,474    3    1,444    1,444    3 
                               
Financial liabilities:                              
Deposit liabilities   639,581    645,426    3    507,899    512,357    3 
Federal Home Loan Bank advances   62,000    61,565    3    10,000    9,450    3 
Federal Reserve Bank advances   13,600    13,592    3    —    —    3 
Off-balance sheet financial instruments   —    —         —    —    3 
    —    —    3    —    —    3 
Schedule of Off-Balance Sheet Risks of Financial Instruments

 

Commitments to extend credit  $31,044 
      
Unused lines of credit  $69,978 
      
Standby letters of credit  $4,559