| Summary of Financial Instruments Measured at Fair Value on Recurring Basis |
Financial instruments measured at fair value on a recurring basis are summarized below. There are no liabilities measured at fair value on recurring basis at June 30, 2025.
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December 31, 2025 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Fair Value |
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(In thousands) |
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Assets |
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Debt securities available for sale |
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$ |
— |
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$ |
63,854 |
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$ |
— |
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$ |
63,854 |
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Derivative assets |
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— |
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118 |
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— |
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118 |
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Total |
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$ |
— |
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$ |
63,972 |
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$ |
— |
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$ |
63,972 |
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Liabilities |
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Derivative liabilities |
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$ |
— |
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$ |
118 |
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$ |
— |
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$ |
118 |
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June 30, 2025 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Fair Value |
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Assets |
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(In thousands) |
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Debt securities available for sale |
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$ |
— |
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$ |
47,299 |
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$ |
— |
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$ |
47,299 |
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Total |
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$ |
— |
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$ |
47,299 |
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$ |
— |
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$ |
47,299 |
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| Schedule of Comparison of Carrying Amounts and Estimated Fair Value of Financial Instruments |
The estimated fair values, and related carrying amounts, of the Bank’s financial instruments are as follows. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company.
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Carrying |
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Fair Value |
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Amount |
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Level 1 |
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Level 2 |
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Level 3 |
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(In Thousands) |
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December 31, 2025 |
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Financial assets: |
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Cash and cash equivalents |
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$ |
54,785 |
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$ |
54,785 |
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$ |
— |
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$ |
— |
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Securities available for sale |
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63,854 |
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— |
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63,854 |
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— |
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Securities held to maturity |
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58,893 |
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— |
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57,654 |
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— |
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Federal Home Loan Bank stock |
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6,161 |
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— |
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6,161 |
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— |
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Derivative assets |
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118 |
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118 |
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Loans, net |
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800,153 |
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— |
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— |
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776,284 |
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Accrued interest receivable |
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3,626 |
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— |
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3,626 |
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— |
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Financial liabilities: |
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Deposits |
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746,323 |
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— |
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— |
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712,801 |
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Federal Home Loan Bank advances |
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143,596 |
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— |
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143,980 |
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— |
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Mortgagors’ escrow accounts |
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1,987 |
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— |
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1,987 |
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— |
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Accrued interest payable |
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|
434 |
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— |
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|
434 |
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— |
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Derivative liabilities |
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|
118 |
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— |
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118 |
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— |
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June 30, 2025 |
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Financial assets: |
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Cash and cash equivalents |
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$ |
55,244 |
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$ |
55,244 |
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$ |
— |
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$ |
— |
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Securities available for sale |
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47,299 |
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— |
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47,299 |
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— |
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Securities held to maturity |
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57,211 |
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— |
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55,323 |
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— |
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Federal Home Loan Bank stock |
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6,278 |
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— |
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6,278 |
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— |
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Loans, net |
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751,220 |
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— |
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— |
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719,669 |
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Accrued interest receivable |
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3,327 |
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— |
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3,327 |
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— |
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Financial liabilities: |
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Deposits |
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679,182 |
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— |
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— |
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644,452 |
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Federal Home Loan Bank advances |
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147,000 |
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— |
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147,082 |
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— |
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Mortgagors’ escrow accounts |
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1,756 |
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— |
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1,756 |
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— |
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Accrued interest payable |
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|
538 |
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— |
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|
538 |
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— |
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