Fair Value (FY) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

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 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, 2019:
Securities available-for-sale – federal agency mortgage-backed	$	-	$	7,956	$	-	$	7,956
Securities available-for-sale – federal agency debt		-		3,050		-		3,050
At December 31, 2018:
Securities available-for-sale – federal agency mortgage-backed	$	-	$	9,508	$	-	$	9,508
Securities available-for-sale – federal agency debt		1,979		3,235				5,214

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

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 these assets falls within Level 3 of the fair value hierarchy.

	December 31, 2019		December 31, 2018
	(In thousands)
Impaired loans carried at fair value of collateral	$	130	$	591
Real estate owned		-		833

Losses Recognized on Assets Measured at Fair Value on Non-Recurring Basis

The following table provides information regarding losses recognized on assets measured at fair value on a non-recurring basis for the years ended December 31, 2019 and 2018.

	For the year ended December 31,
	2019		2018
	(In thousands)
Impaired loans carried at fair value of collateral	$	-	$	-
Real estate owned		-		45
Total	$	-	$	45

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

The carrying amounts and estimated fair values of financial instruments as of the periods indicated were as follows:

	Carrying Value		Fair Value Measurements at December 31, 2019
			Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	15,566	$	15,566	$	-	$	-	$	15,566
Securities available-for-sale		11,006		-		11,006		-		11,006
Loans receivable held for investment (1)		397,847		-		-		404,923		404,923
Accrued interest receivable		1,223		69		22		1,132		1,223
Financial Liabilities:
Deposits	$	297,724	$	-	$	289,629	$	-	$	289,629
Federal Home Loan Bank advances		84,000		-		84,997		-		84,997
Junior subordinated debentures		4,335		-		-		3,734		3,734
Accrued interest payable		384		-		377		7		384

	Carrying Value		Fair Value Measurements at December 31, 2018
			Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	16,651	$	16,651	$	-	$	-	$	16,651
Securities available-for-sale		14,722		1,979		12,743		-		14,722
Loans receivable held for sale		6,231		-		6,270		-		6,270
Loans receivable held for investment		355,556		-		-		354,792		354,792
Accrued interest receivable		1,143		78		43		1,022		1,143
Financial Liabilities:
Deposits	$	281,414	$	-	$	269,418	$	-	$	269,418
Federal Home Loan Bank advances		70,000		-		69,933		-		69,933
Junior subordinated debentures		5,100		-		-		4,481		4,481
Accrued interest payable		334		-		324		10		334
(1)   The estimated value of loans held for investment at December 31, 2019 and 2018 reflect an exit price assumption.