v3.26.1
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value [Abstract]  
Assets and Liabilities Measured on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized below:
 
   
Fair Value Measurement
  
   
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
    
Significant
Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
    
Total
  
   
(In thousands)
  
At December 31, 2025:
                        
Securities available-for-sale:
                        
Federal agency mortgage-backed securities
   $ –    
$
114,430
    
$
–
    
$
114,430
  
Federal agency CMOs
     –       69,457       –       69,457  
Federal agency debt
    –       28,413       –       28,413  
Municipal bonds
     –      
4,522
       –      
4,522
  
U.S. Treasuries
    
4,987
      
–
      
–
      
4,987
  
SBA pools
     –       8,275       –       8,275  
Asset-backed securities
     –       9,269       –       9,269  
Corporate bonds
     –       17,482       –       17,482  
Interest rate swap asset
     –       105       –       105  
Interest rate swap liability
     –       (105 )     –       (105 )
                                 
At December 31, 2024:
                                
Securities available-for-sale:
                                
Federal agency mortgage-backed securities
  $ –    
$
53,029
    
$
–
    
$
53,029
  
Federal agency CMOs
    –       20,058       –       20,058  
Federal agency debt
    
–
      
40,034
      
–
      
40,034
  
Municipal bonds
     –       4,388       –       4,388  
U.S. Treasuries
     77,190       –       –       77,190  
SBA pools
     –       9,163       –       9,163  
Assets Measured on a Nonrecurring Basis
The table below presents assets measured at fair value on a nonrecurring basis at December 31, 2025.  At December 31, 2024, the Company did not have any assets or liabilities carried at fair value on a nonrecurring basis.

   
Fair Value Measurement
  
   
Quoted Prices in Active Markets for Identical Assets (Level 1)
    
Significant Other Observable Inputs (Level 2)
    
Significant Unobservable Inputs (Level 3)
    
Total
  
   
(In thousands)
  
At December 31, 2025:
                        
Collateral dependent loans:
Real estate:
                        
Single-family
   $ -     $ -     $ 424     $ 424  
Multi-family
     -       -       2,094       2,094  
Construction
     -       -       7,435       7,435  
Commercial - other
     -       -       138       138  
Quantitative Information about Level 3 Fair Value Assumptions for Assets Measured
The following table represents quantitative information about Level 3 fair value assumptions for assets measured at fair value on a non-recurring basis at December 31, 2025.

   
Fair Value
  
Valuation
Technique(s)
  
Unobservable Input(s)
  
Range
  
   
(In thousands)
At December 31, 2025:
                  
Collateral dependent loans:
Real estate:
                  
Single-family
   $ 424   Market approach
  Adjustments to market data
    5% - 10 %
Multi-family
     2,094  
Market approach
  
Adjustments to market data
    
5% - 10
%
Construction
     7,435   Market approach   Adjustments to market data     5% - 10 %
Commercial - other
     138  
Market approach
  
Adjustments to market data
    
5% - 10
%
Fair Values of Financial Instruments
The carrying amounts and estimated fair values of financial instruments as of the periods indicated were as follows:
 
   
Carrying
    
Fair Value Measurements at December 31, 2025
  
   
Value
    
Level 1
    
Level 2
    
Level 3
    
Total
  
   
(In thousands)
  
Financial Assets:
                              
Cash and cash equivalents
  
$
10,507
    
$
10,507
    
$
–
    
$
–
    
$
10,507
  
Securities available-for-sale
    
256,835
      
4,987
      
251,848
      
–
      
256,835
  
Loans receivable held for investment
    
1,016,540
      
–
      
–
      
1,002,049
      
1,002,049
  
Accrued interest receivable
    
5,999
      
36
      
800
      
5,163
      
5,999
  
Interest rate swaps
     105       –       105       –       105  
Financial Liabilities:
                                        
Non interest bearing deposits
   $ 105,835     $ –     $ 105,835     $ –     $ 105,835  
Interest bearing deposits
     512,034       –       512,034       –       512,034  
Time deposits
     299,734       –       299,434       –       299,434  
FHLB advances
    
72,000
       –      
72,019
      
–
      
72,019
  
Securities sold under agreements to repurchase
    
80,773
       –      
80,773
      
–
      
80,773
  
Accrued interest payable
    
1,633
      
–
      
1,633
      
–
      
1,633
  
Interest rate swaps
     105       –       105       –       105  

   
Carrying
    
Fair Value Measurements at December 31, 2024
  
   
Value
    
Level 1
    
Level 2
    
Level 3
    
Total
  
   
(In thousands)
  
Financial Assets:
                              
Cash and cash equivalents
  
$
61,365
    
$
61,365
     $ –     $ –    
$
61,365
  
Securities available-for-sale
    
203,862
      
77,190
      
126,672
       –      
203,862
  
Loans receivable held for investment
     999,956       –       –       973,183       973,183  
Accrued interest receivable
    
5,001
      
5,001
      
–
      
–
      
5,001
  
Bank owned life insurance
    
3,321
      
3,321
      
–
      
–
      
3,321
  
Financial Liabilities:
                                        
Deposits
  
$
745,399
     $ –    
$
669,695
     $ –    
$
669,695
  
FHLB advances
    
226,888
       –      
227,150
       –      
227,150
  
Securities sold under agreements to repurchase
    
66,610
       –       66,070      
–
      
66,070
  
Accrued interest payable
    
1,349
       –      
1,349
      
–
      
1,349