| Schedule of assets that are measured at estimated fair value on a recurring basis |
The following tables present assets that are measured at estimated fair value on a recurring basis at the dates indicated (in thousands): | | | | | | | | | | | | | | | Total Estimated | | Estimated Fair Value Measurements Using | March 31, 2025 | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | | | | | | | | | | | | | Investment securities available for sale: | | | | | | | | | | | | | Municipal securities | | $ | 31,019 | | $ | — | | $ | 31,019 | | $ | — | Agency securities | | | 30,203 | | | — | | | 30,203 | | | — | Real estate mortgage investment conduits | | | 23,490 | | | — | | | 23,490 | | | — | Residential mortgage-backed securities | | | 10,226 | | | — | | | 10,226 | | | — | Other mortgage-backed securities | | | 24,498 | | | — | | | 24,498 | | | — | Total assets measured at fair value on a recurring basis | | $ | 119,436 | | $ | — | | $ | 119,436 | | $ | — |
| | | | | | | | | | | | | | | Total Estimated | | Estimated Fair Value Measurements Using | March 31, 2024 | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | | | | | | | | | | | | | Investment securities available for sale: | | | | | | | | | | | | | Municipal securities | | $ | 35,136 | | $ | — | | $ | 35,136 | | $ | — | Agency securities | | | 43,577 | | | — | | | 43,577 | | | — | Real estate mortgage investment conduits | | | 25,665 | | | — | | | 25,665 | | | — | Residential mortgage-backed securities | | | 12,551 | | | — | | | 12,551 | | | — | Other mortgage-backed securities | | | 26,267 | | | — | | | 26,267 | | | — | Total assets measured at fair value on a recurring basis | | $ | 143,196 | | $ | — | | $ | 143,196 | | $ | — |
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| Schedule of carrying amount and estimated fair value of financial instruments |
The carrying amounts and estimated fair values of financial instruments are as follows at the dates indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying | | | | | | | | | | | Estimated | March 31, 2025 | | Amount | | Level 1 | | Level 2 | | Level 3 | | Fair Value | | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 29,414 | | $ | 29,414 | | $ | — | | $ | — | | $ | 29,414 | Investment securities available for sale | | | 119,436 | | | — | | | 119,436 | | | — | | | 119,436 | Investment securities held to maturity | | | 203,079 | | | — | | | 175,392 | | | — | | | 175,392 | Loans receivable, net | | | 1,047,086 | | | — | | | — | | | 974,523 | | | 974,523 | FHLB stock | | | 4,342 | | | — | | | 4,342 | | | — | | | 4,342 | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | | | | Certificates of deposit | | | 227,459 | | | — | | | 226,392 | | | — | | | 226,392 | FHLB advances | | | 76,400 | | | — | | | 76,316 | | | — | | | 76,316 | Junior subordinated debentures | | | 27,091 | | | — | | | — | | | 19,650 | | | 19,650 |
| | | | | | | | | | | | | | | | | | Carrying | | | | | | | | | | | Estimated | March 31, 2024 | | Amount | | Level 1 | | Level 2 | | Level 3 | | Fair Value | | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 23,642 | | $ | 23,642 | | $ | — | | $ | — | | $ | 23,642 | Investment securities available for sale | | | 143,196 | | | — | | | 143,196 | | | — | | | 143,196 | Investment securities held to maturity | | | 229,510 | | | — | | | 195,519 | | | — | | | 195,519 | Loans receivable, net | | | 1,008,649 | | | — | | | — | | | 909,254 | | | 909,254 | FHLB stock | | | 4,927 | | | — | | | 4,927 | | | — | | | 4,927 | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | | | | Certificates of deposit | | | 190,972 | | | — | | | 188,972 | | | — | | | 188,972 | FHLB advances | | | 88,304 | | | — | | | 88,101 | | | — | | | 88,101 | Junior subordinated debentures | | | 27,004 | | | — | | | — | | | 19,327 | | | 19,327 |
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