Fair Value of Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value of Financial Instruments [Abstract] |
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| Fair Value of Assets Measured on Recurring Basis |
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Fair Value Measurements at June 30, 2026 |
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Quoted Prices in Active Markets for Identical Assets |
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Significant Other Observable Inputs |
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Significant Other Unobservable Inputs |
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Fair Value |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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(Dollars in thousands) |
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Measured at fair value on a recurring basis: |
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Securities: |
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Debt Securities Available for Sale |
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U.S. government agencies |
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$ |
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1,904 |
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$ |
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— |
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$ |
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1,904 |
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$ |
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— |
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Municipal bonds |
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33,220 |
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— |
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33,220 |
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— |
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Mortgage-backed securities: |
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Collateralized mortgage obligations-private label |
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6 |
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— |
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6 |
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— |
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Collateralized mortgage obligations-government
sponsored entities |
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6,580 |
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— |
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6,580 |
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— |
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Government National Mortgage Association |
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42 |
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— |
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42 |
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— |
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Federal National Mortgage Association |
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8,045 |
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— |
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8,045 |
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— |
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Federal Home Loan Mortgage Corporation |
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3,769 |
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— |
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3,769 |
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— |
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Asset-backed securities- government sponsored entities: |
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1 |
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— |
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1 |
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— |
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Total Debt Securities Available for Sale |
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$ |
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53,567 |
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$ |
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— |
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$ |
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53,567 |
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$ |
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— |
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Fair Value Measurements at December 31, 2025 |
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Quoted Prices in Active Markets for Identical Assets |
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Significant Other Observable Inputs |
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Significant Other Unobservable Inputs |
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Fair Value |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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(Dollars in thousands) |
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Measured at fair value on a recurring basis: |
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Securities: |
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Debt Securities Available for Sale |
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U.S. government agencies |
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$ |
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1,937 |
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$ |
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— |
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$ |
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1,937 |
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$ |
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— |
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Municipal bonds |
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33,840 |
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— |
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33,840 |
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— |
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Mortgage-backed securities: |
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Collateralized mortgage obligations-private label |
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8 |
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— |
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8 |
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— |
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Collateralized mortgage obligations-government sponsored entities |
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7,764 |
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— |
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7,764 |
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— |
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Government National Mortgage Association |
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45 |
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— |
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45 |
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— |
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Federal National Mortgage Association |
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8,537 |
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— |
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8,537 |
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— |
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Federal Home Loan Mortgage Corporation |
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4,006 |
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— |
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4,006 |
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— |
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Asset-backed securities- government sponsored entities: |
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1 |
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— |
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1 |
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— |
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Total Debt Securities Available for Sale |
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$ |
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56,138 |
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$ |
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— |
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$ |
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56,138 |
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$ |
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— |
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| Assets Measured at Fair Value on Nonrecurring Basis |
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Fair Value Measurements |
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Quoted Prices in Active Markets for Identical Assets |
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Significant Other Observable Inputs |
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Significant Other Unobservable Inputs |
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Fair Value |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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(Dollars in thousands) |
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Measured at fair value on a non-recurring basis: |
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At June 30, 2026 |
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Mortgage servicing rights |
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$ |
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156 |
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$ |
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— |
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$ |
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— |
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$ |
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156 |
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Collateral-dependent loans |
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185 |
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— |
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— |
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185 |
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Foreclosed real estate |
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57 |
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— |
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— |
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57 |
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At December 31, 2025 |
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Mortgage servicing rights |
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$ |
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163 |
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$ |
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— |
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$ |
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— |
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$ |
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163 |
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Collateral-dependent loan |
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131 |
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131 |
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| Additional Quantitative Information About Assets Measured at Fair Value |
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Quantitative Information about Level 3 Fair Value Measurements |
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(Dollars in thousands) |
Fair Value Estimate |
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Valuation Technique |
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Unobservable Input |
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Range |
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Weighted Average |
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At June 30, 2026 |
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Mortgage servicing rights |
$ |
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156 |
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Discounted Cash Flow Model (1) |
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Servicing Fees |
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0.25 |
% |
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0.25 |
% |
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Servicing Costs |
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0.11 |
% |
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0.11 |
% |
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Estimated Life of Loans |
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3.58 - 7.24 years |
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5.41 years |
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Collateral-dependent loans |
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185 |
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Appraisal of collateral (2) |
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Direct Disposal Costs (3) |
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8.00 |
% |
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8.00 |
% |
Foreclosed Real Estate |
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57 |
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Appraisal of collateral (2) |
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Direct Disposal Costs (3) |
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8.00 |
% |
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8.00 |
% |
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At December 31, 2025 |
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Mortgage servicing rights |
$ |
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163 |
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Discounted Cash Flow Model (1) |
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Servicing Fees |
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0.25 |
% |
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0.25 |
% |
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Servicing Costs |
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0.10 |
% |
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0.10 |
% |
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Estimated Life of Loans |
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4.04 - 7.68 years |
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5.86 years |
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Collateral-dependent loan |
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131 |
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Appraisal of collateral (2) |
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Direct Disposal Costs (3) |
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8.00 |
% |
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8.00 |
% |
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(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. (2)Fair value is generally determined through independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable. (3)The fair value basis of collateral-dependent loans and foreclosed real estate may be adjusted to reflect estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions, legal fees, and delinquent property taxes.
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| Carrying Amount and Estimated Fair Value of Financial Instruments |
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Fair Value Measurements at June 30, 2026 |
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Carrying |
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Estimated |
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Quoted Prices in Active Markets for Identical Assets |
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Significant Other Observable Inputs |
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Significant Other Unobservable Inputs |
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Amount |
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Fair Value |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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(Dollars in thousands) |
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Financial assets: |
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Cash and cash equivalents |
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$ |
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72,237 |
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$ |
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72,237 |
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$ |
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72,237 |
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$ |
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— |
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$ |
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— |
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Securities |
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53,567 |
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53,567 |
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— |
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53,567 |
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— |
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Federal Home Loan Bank stock |
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666 |
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666 |
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— |
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666 |
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— |
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Loans receivable, net |
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558,317 |
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553,451 |
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— |
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— |
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553,451 |
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Accrued interest receivable |
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2,964 |
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2,964 |
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— |
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2,964 |
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— |
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Bank-owned life insurance |
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32,015 |
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32,015 |
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— |
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32,015 |
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— |
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Mortgage servicing rights |
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|
156 |
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156 |
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— |
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— |
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156 |
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Financial liabilities: |
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Deposits |
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578,240 |
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577,285 |
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— |
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577,285 |
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— |
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Accrued interest payable |
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15 |
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15 |
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— |
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15 |
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— |
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Fair Value Measurements at December 31, 2025 |
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Carrying |
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Estimated |
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Quoted Prices in Active Markets for Identical Assets |
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|
Significant Other Observable Inputs |
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Significant Other Unobservable Inputs |
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Amount |
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Fair Value |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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(Dollars in thousands) |
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Financial assets: |
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Cash and cash equivalents |
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$ |
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64,280 |
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$ |
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64,280 |
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$ |
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64,280 |
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$ |
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— |
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$ |
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— |
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Securities |
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56,138 |
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56,138 |
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— |
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56,138 |
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— |
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Federal Home Loan Bank stock |
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|
673 |
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|
673 |
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— |
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|
673 |
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— |
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Loans receivable, net |
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555,441 |
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547,492 |
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— |
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— |
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547,492 |
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Accrued interest receivable |
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3,007 |
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3,007 |
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— |
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3,007 |
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— |
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Bank-owned life insurance |
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31,525 |
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31,525 |
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— |
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31,525 |
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— |
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Mortgage servicing rights |
|
|
|
163 |
|
|
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|
163 |
|
|
|
|
— |
|
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|
|
— |
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|
163 |
|
Financial liabilities: |
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Deposits |
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573,277 |
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|
572,772 |
|
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— |
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572,772 |
|
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— |
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Accrued interest payable |
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|
|
58 |
|
|
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|
58 |
|
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|
— |
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|
58 |
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— |
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