| Assets Measured at Fair Value on Recurring Basis |
The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of December 31, 2025 and 2024, and indicate the level within the fair value hierarchy utilized to determine the fair value:
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December 31, 2025 |
|
Description |
|
Total |
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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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Available-for-Sale Securities, at fair value: |
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|
|
|
|
|
|
|
|
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U.S. Government Bonds |
|
$ |
2,979 |
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|
$ |
2,979 |
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|
$ |
— |
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|
$ |
— |
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Corporate bonds |
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|
12,763 |
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|
492 |
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|
12,271 |
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|
|
— |
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Mortgage-Backed Securities: |
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|
|
|
|
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Collateralized Mortgage Obligations |
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26,346 |
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|
|
— |
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26,346 |
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|
|
— |
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FHLMC Certificates |
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7,125 |
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7,125 |
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FNMA Certificates |
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42,906 |
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|
— |
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42,906 |
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|
— |
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GNMA Certificates |
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|
77 |
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— |
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|
77 |
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— |
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Mortgage Loans Held for Sale, at fair value |
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3,388 |
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— |
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3,388 |
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— |
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$ |
95,584 |
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$ |
3,471 |
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$ |
92,113 |
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$ |
— |
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December 31, 2024 |
|
Description |
|
Total |
|
|
Level 1 |
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|
Level 2 |
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|
Level 3 |
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|
|
(in thousands) |
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Available-for-Sale Securities, at fair value: |
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U.S. Government Bonds |
|
$ |
2,873 |
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|
$ |
2,873 |
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$ |
— |
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|
$ |
— |
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Corporate bonds |
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20,404 |
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|
330 |
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20,074 |
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|
— |
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Mortgage-Backed Securities: |
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|
|
|
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|
|
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Collateralized Mortgage Obligations |
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28,535 |
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— |
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28,535 |
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— |
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FHLMC Certificates |
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7,662 |
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— |
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7,662 |
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— |
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FNMA Certificates |
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45,408 |
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— |
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45,408 |
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— |
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GNMA Certificates |
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|
88 |
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— |
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|
88 |
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— |
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Mortgage Loans Held for Sale, at fair value |
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10,736 |
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— |
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10,736 |
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— |
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Interest rate swap |
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|
2,005 |
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— |
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|
2,005 |
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|
|
— |
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$ |
117,711 |
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|
$ |
3,203 |
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$ |
114,508 |
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$ |
— |
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| Estimated Fair Values of Financial Instruments |
As of December 31, 2025 and 2024, the carrying values and estimated fair values of the Company's financial instruments were as follows:
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Carrying |
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Fair Value Measurements |
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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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Total |
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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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$ |
126,154 |
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$ |
126,154 |
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$ |
— |
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$ |
— |
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$ |
126,154 |
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Available-for-sale securities, at fair value |
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|
92,196 |
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3,471 |
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|
88,725 |
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— |
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|
92,196 |
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Held-to-maturity securities, at amortized cost |
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272,982 |
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— |
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|
268,875 |
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— |
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|
268,875 |
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Placements with banks |
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|
249 |
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— |
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|
249 |
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— |
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|
249 |
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Mortgage loans held for sale, at fair value |
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3,388 |
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— |
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|
3,388 |
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— |
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|
3,388 |
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Loans receivable, net |
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2,599,258 |
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— |
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— |
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|
2,577,298 |
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|
2,577,298 |
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Accrued interest receivable |
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|
17,905 |
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— |
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|
17,905 |
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— |
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|
17,905 |
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FHLBNY stock |
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29,309 |
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29,309 |
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— |
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— |
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|
29,309 |
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FRBNY stock |
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|
10,698 |
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— |
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|
10,698 |
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— |
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|
10,698 |
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Financial liabilities: |
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Deposits: |
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Demand deposits |
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208,250 |
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208,250 |
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— |
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— |
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|
208,250 |
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Interest-bearing deposits |
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1,133,882 |
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|
1,133,882 |
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— |
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— |
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1,133,882 |
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Certificates of deposit |
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704,503 |
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— |
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704,205 |
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— |
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704,205 |
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Borrowings |
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596,100 |
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— |
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595,031 |
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— |
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|
595,031 |
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Accrued interest payable |
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|
3,788 |
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— |
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|
3,788 |
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— |
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|
3,788 |
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|
Carrying |
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|
Fair Value Measurements |
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|
|
Amount |
|
|
Level 1 |
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|
Level 2 |
|
|
Level 3 |
|
|
Total |
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|
(in thousands) |
|
December 31, 2024 |
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Financial assets: |
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Cash and cash equivalents |
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$ |
139,839 |
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|
$ |
139,839 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
139,839 |
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Available-for-sale securities, at fair value |
|
|
104,970 |
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|
3,203 |
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|
101,767 |
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— |
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|
104,970 |
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Held-to-maturity securities, at amortized cost |
|
|
367,938 |
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— |
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|
355,294 |
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— |
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|
355,294 |
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Placements with banks |
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|
249 |
|
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|
— |
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|
249 |
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— |
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|
249 |
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Mortgage loans held for sale, at fair value |
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10,736 |
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— |
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|
10,736 |
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— |
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|
10,736 |
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Loans receivable, net |
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2,286,599 |
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|
— |
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— |
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|
2,260,989 |
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2,260,989 |
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Accrued interest receivable |
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|
17,771 |
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|
— |
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|
17,771 |
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— |
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|
17,771 |
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FHLBNY stock |
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|
29,182 |
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|
29,182 |
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|
— |
|
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|
— |
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|
29,182 |
|
Interest rate swap |
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|
2,005 |
|
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|
— |
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|
2,005 |
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— |
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|
2,005 |
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Financial liabilities: |
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Deposits: |
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|
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Demand deposits |
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|
169,178 |
|
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|
169,178 |
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|
— |
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|
— |
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|
169,178 |
|
Interest-bearing deposits |
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|
945,731 |
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|
945,731 |
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— |
|
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— |
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|
945,731 |
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Certificates of deposit |
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|
780,304 |
|
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|
— |
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|
778,603 |
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— |
|
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|
778,603 |
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Borrowings |
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|
596,100 |
|
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|
— |
|
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|
586,562 |
|
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|
— |
|
|
|
586,562 |
|
Interest rate swap |
|
|
2,005 |
|
|
|
— |
|
|
|
2,005 |
|
|
|
— |
|
|
|
2,005 |
|
Accrued interest payable |
|
|
3,712 |
|
|
|
— |
|
|
|
1,712 |
|
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|
— |
|
|
|
1,712 |
|
|