v3.25.2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value of Financial Instruments [Abstract]  
Fair Value of Assets Measured on Recurring Basis

 

 

Fair Value Measurements at June 30, 2025

 

 

 

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

 

Significant Other Observable Inputs

 

 

Significant Other Unobservable Inputs

 

 

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

 

 

(Dollars in thousands)

 

Measured at fair value on a recurring basis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies

 

$

 

1,922

 

 

$

 

—

 

 

$

 

1,922

 

 

$

 

—

 

Municipal bonds

 

 

 

31,736

 

 

 

 

—

 

 

 

 

31,736

 

 

 

 

—

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized mortgage obligations-private label

 

 

 

8

 

 

 

 

—

 

 

 

 

8

 

 

 

 

—

 

Collateralized mortgage obligations-government
   sponsored entities

 

 

 

8,358

 

 

 

 

—

 

 

 

 

8,358

 

 

 

 

—

 

Government National Mortgage Association

 

 

 

47

 

 

 

 

—

 

 

 

 

47

 

 

 

 

—

 

Federal National Mortgage Association

 

 

 

8,882

 

 

 

 

—

 

 

 

 

8,882

 

 

 

 

—

 

Federal Home Loan Mortgage Corporation

 

 

 

4,158

 

 

 

 

—

 

 

 

 

4,158

 

 

 

 

—

 

Asset-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Private label

 

 

 

27

 

 

 

 

—

 

 

 

 

27

 

 

 

 

—

 

Government sponsored entities

 

 

 

1

 

 

 

 

—

 

 

 

 

1

 

 

 

 

—

 

Total Debt Securities Available for Sale

 

 

 

55,139

 

 

 

 

—

 

 

 

 

55,139

 

 

 

 

—

 

Equity Securities

 

 

 

184

 

 

 

 

184

 

 

 

 

—

 

 

 

 

—

 

Total Securities

 

$

 

55,323

 

 

$

 

184

 

 

$

 

55,139

 

 

$

 

—

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2024

 

 

 

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

 

Significant Other Observable Inputs

 

 

Significant Other Unobservable Inputs

 

 

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

 

 

(Dollars in thousands)

 

Measured at fair value on a recurring basis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies

 

$

 

1,851

 

 

$

 

—

 

 

$

 

1,851

 

 

$

 

—

 

Municipal bonds

 

 

 

32,288

 

 

 

 

—

 

 

 

 

32,288

 

 

 

 

—

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized mortgage obligations-private label

 

 

 

9

 

 

 

 

—

 

 

 

 

9

 

 

 

 

—

 

Collateralized mortgage obligations-government
   sponsored entities

 

 

 

8,942

 

 

 

 

—

 

 

 

 

8,942

 

 

 

 

—

 

Government National Mortgage Association

 

 

 

50

 

 

 

 

—

 

 

 

 

50

 

 

 

 

—

 

Federal National Mortgage Association

 

 

 

9,013

 

 

 

 

—

 

 

 

 

9,013

 

 

 

 

—

 

Federal Home Loan Mortgage Corporation

 

 

 

4,240

 

 

 

 

—

 

 

 

 

4,240

 

 

 

 

—

 

Asset-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Private label

 

 

 

28

 

 

 

 

—

 

 

 

 

28

 

 

 

 

—

 

Government sponsored entities

 

 

 

1

 

 

 

 

—

 

 

 

 

1

 

 

 

 

—

 

Total Debt Securities Available for Sale

 

 

 

56,422

 

 

 

 

—

 

 

 

 

56,422

 

 

 

 

—

 

Equity Securities

 

 

 

73

 

 

 

 

73

 

 

 

 

—

 

 

 

 

—

 

Total Securities

 

$

 

56,495

 

 

$

 

73

 

 

$

 

56,422

 

 

$

 

—

 

 
Assets Measured at Fair Value on Nonrecurring Basis

 

 

Fair Value Measurements

 

 

 

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

 

Significant Other Observable Inputs

 

 

Significant Other Unobservable Inputs

 

 

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

 

 

(Dollars in thousands)

 

Measured at fair value on a non-recurring basis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage servicing rights

 

$

 

172

 

 

$

 

—

 

 

$

 

—

 

 

$

 

172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage servicing rights

 

$

 

177

 

 

$

 

—

 

 

$

 

—

 

 

$

 

177

 
Additional Quantitative Information About Assets Measured at Fair Value

 

Quantitative Information about Level 3 Fair Value Measurements

(Dollars in thousands)

Fair Value Estimate

 

 

Valuation Technique

 

Unobservable Input

 

Range

 

Weighted Average

At June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

Mortgage servicing rights

 $

 

172

 

 

Discounted Cash Flow Model (1)

 

Servicing Fees

 

0.25%

 

0.25%

 

 

 

 

 

 

Servicing Costs

 

0.10%

 

0.10%

 

 

 

 

 

 

Estimated Life of Loans

 

4.47 - 5.58 years

 

5.03 years

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Mortgage servicing rights

 

 

177

 

 

Discounted Cash Flow Model (1)

 

Servicing Fees

 

0.25%

 

0.25%

 

 

 

 

 

 

Servicing Costs

 

0.10%

 

0.10%

 

 

 

 

 

 

Estimated Life of Loans

 

5.17 - 6.17 years

 

5.67 years

 

(1)
The fair value is based on a discounted cash flow model. The model's key assumptions are the estimated life of loans sold with servicing retained and the estimated cost to service the loans.
Carrying Amount and Estimated Fair Value of Financial Instruments

 

 

Fair Value Measurements at June 30, 2025

 

 

 

Carrying

 

 

Estimated

 

 

Quoted Prices in Active Markets for Identical Assets

 

 

Significant Other Observable Inputs

 

 

Significant Other Unobservable Inputs

 

 

 

Amount

 

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

 

(Dollars in thousands)

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

75,367

 

 

$

 

75,367

 

 

$

 

75,367

 

 

$

 

—

 

 

$

 

—

 

Securities

 

 

 

55,323

 

 

 

 

55,323

 

 

 

 

184

 

 

 

 

55,139

 

 

 

 

—

 

Federal Home Loan Bank stock

 

 

 

763

 

 

 

 

763

 

 

 

 

—

 

 

 

 

763

 

 

 

 

—

 

Loans receivable, net

 

 

 

552,389

 

 

 

 

539,242

 

 

 

 

—

 

 

 

 

—

 

 

 

 

539,242

 

Accrued interest receivable

 

 

 

2,878

 

 

 

 

2,878

 

 

 

 

—

 

 

 

 

2,878

 

 

 

 

—

 

Bank-owned life insurance

 

 

 

29,778

 

 

 

 

29,778

 

 

 

 

—

 

 

 

 

29,778

 

 

 

 

—

 

Mortgage servicing rights

 

 

 

172

 

 

 

 

172

 

 

 

 

—

 

 

 

 

—

 

 

 

 

172

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

627,499

 

 

 

 

626,206

 

 

 

 

—

 

 

 

 

626,206

 

 

 

 

—

 

Long-term debt

 

 

 

2,000

 

 

 

 

1,986

 

 

 

 

—

 

 

 

 

1,986

 

 

 

 

—

 

Accrued interest payable

 

 

 

41

 

 

 

 

41

 

 

 

 

—

 

 

 

 

41

 

 

 

 

—

 

 

 

 

 

Fair Value Measurements at December 31, 2024

 

 

 

Carrying

 

 

Estimated

 

 

Quoted Prices in Active Markets for Identical Assets

 

 

Significant Other Observable Inputs

 

 

Significant Other Unobservable Inputs

 

 

 

Amount

 

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

 

(Dollars in thousands)

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

33,131

 

 

$

 

33,131

 

 

$

 

33,131

 

 

$

 

—

 

 

$

 

—

 

Securities

 

 

 

56,495

 

 

 

 

56,495

 

 

 

 

73

 

 

 

 

56,422

 

 

 

 

—

 

Federal Home Loan Bank stock

 

 

 

1,157

 

 

 

 

1,157

 

 

 

 

—

 

 

 

 

1,157

 

 

 

 

—

 

Loans receivable, net

 

 

 

544,620

 

 

 

 

525,728

 

 

 

 

—

 

 

 

 

—

 

 

 

 

525,728

 

Accrued interest receivable

 

 

 

2,819

 

 

 

 

2,819

 

 

 

 

—

 

 

 

 

2,819

 

 

 

 

—

 

Bank-owned life insurance

 

 

 

29,340

 

 

 

 

29,340

 

 

 

 

—

 

 

 

 

29,340

 

 

 

 

—

 

Mortgage servicing rights

 

 

 

177

 

 

 

 

177

 

 

 

 

—

 

 

 

 

—

 

 

 

 

177

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

572,978

 

 

 

 

572,082

 

 

 

 

—

 

 

 

 

572,082

 

 

 

 

—

 

Long-term debt

 

 

 

10,250

 

 

 

 

10,199

 

 

 

 

—

 

 

 

 

10,199

 

 

 

 

—

 

Accrued interest payable

 

 

 

99

 

 

 

 

99

 

 

 

 

—

 

 

 

 

99

 

 

 

 

—