Fair Value (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2020:
Securities available‑for‑sale – federal agency mortgage‑backed	$	‑	$	5,807	$                    ‑	$	5,807
Municipal bonds				2,019			2,019
Securities available‑for‑sale – federal agency debt		-		2,872	‑		2,872
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 these assets falls within Level 3 of the fair value hierarchy.

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

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, 2020
	Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	96,109	$	96,109	$	-	$	-	$	96,109
Securities available‑for‑sale		10,698		-		10,698		-		10,698
Loans receivable held for investment		360,129		-		-		366,279		366,279
Accrued interest receivable		1,202		60		14		1,128		1,202
Bank owned life insurance		5,633		5,633		-		-		5,633
Financial Liabilities:
Deposits	$	315,630	$	-	$	312,725	$	-	$	312,725
Federal Home Loan Bank advances		110,500				113,851		-		113,851
Junior subordinated debentures		3,315				-		2,798		2,798
Accrued interest payable		88		-		84		4		88

	Carrying		Fair Value Measurements at December 31, 2019
	Value		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 sale			‑				‑
Loans receivable held for investment		397,847	‑		‑			404,923		404,923
Accrued interest receivable		1,223		69		22		1,132		1,223
Bank owned life insurance		5,220		5,220		-		-		5,220
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