Fair Value (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value [Abstract]

Assets Measured on Recurring Basis

Assets 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 September 30, 2020:
Securities available-for-sale – federal agency mortgage-backed	$	-	$	6,460	$	-	$	6,460
Securities available-for-sale – federal agency debt		-		3,058		-		3,058
Municipal bonds		-		854		-		854
At December 31, 2019:
Securities available-for-sale – federal agency mortgage-backed	$	-	$	7,956	$	-	$	7,956
Securities available-for-sale – federal agency debt		-		3,050		-		3,050

Assets Measured on Non-Recurring Basis

The following table provides information regarding the carrying values of our assets measured at fair value on a non-recurring basis as of the periods indicated.  The fair value measurement for all of these assets falls within Level 3 of the fair value hierarchy.

	September 30, 2020		December 31, 2019
	(In thousands)
Impaired loans carried at fair value of collateral	$	-	$	130

Fair Values of Financial Instruments

The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments not recorded at fair value on a recurring basis as of September 30, 2020 and December 31, 2019.  This table excludes financial instruments for which the carrying amount approximates fair value.  For short-term financial assets such as cash and due from banks, interest-bearing deposits in other banks, and accrued interest receivable/payable, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization.  For non-marketable equity securities such as Federal Home Loan Bank stock, the carrying amount is a reasonable estimate of fair value as these securities can only be redeemed or sold at their par value and only to the respective issuing government supported institution or to another member institution.  For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity.

			Fair Value Measurements at September 30, 2020
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Loans receivable held for sale	$	40,653	$	-	$	40,667	$	-	$	40,667
Loans receivable held for investment		361,793		-		-		366,160		366,160
Financial Liabilities:
Time Deposits	$	147,703	$	-	$	148,380	$	-	$	148,380
Federal Home Loan Bank advances		115,500		-		119,334		-		119,334
Junior subordinated debentures		3,570		-		-		3,029		3,029

			Fair Value Measurements at December 31, 2019
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Loans receivable held for sale	$	-	$	-	$	-	$	-	$	-
Loans receivable held for investment		397,847		-		-		404,923		404,923
Financial Liabilities:
Time Deposits	$	190,235	$	-	$	190,353	$	-	$	190,353
Federal Home Loan Bank advances		84,000		-		84,997		-		84,997
Junior subordinated debentures		4,335		-		-		3,734		3,734