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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2021
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 March 31, 2021:
            
Securities available-for-sale – federal agency mortgage-backed
 
$
-
  
$
5,261
  
$
-
  
$
5,261
 
Securities available-for-sale – federal agency debt
  
-
   
2,782
   
-
   
2,782
 
Municipal bonds
  
-
   
1,980
   
-
   
1,980
 
At December 31, 2020:
                
Securities available-for-sale – federal agency mortgage-backed
 
$
-
  
$
5,807
  
$
-
  
$
5,807
 
Securities available-for-sale – federal agency debt
  
-
   
2,872
   
-
   
2,872
 
Municipal bonds
  
-
   
2,019
   
-
   
2,019
 
Fair Values of Financial Instruments
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 March 31, 2021
 
  
Carrying
Value
  
Level 1
  
Level 2
  
Level 3
  
Total
 
  
(In thousands)
 
Financial Assets:
               
Cash and cash equivalents
 
$
88,156
  
$
88,156
  
$
-
  
$
-
  
$
88,156
 
Securities available-for-sale
  
9,716
   
-
   
10,023
   
-
   
10,023
 
Loans receivable held for investment
  
362,520
   
-
   
-
   
370,702
   
370,702
 
Accrued interest receivable
  
1,157
   
82
   
12
   
1,063
   
1,157
 
Bank owned life insurance
  
3,157
   
3,157
   
-
   
-
   
3,157
 
                     
Financial Liabilities:
                    
Time Deposits
 
$
312,315
  
$
-
  
$
303,598
  
$
-
  
$
303,598
 
Federal Home Loan Bank advances
  
110,500
   
-
   
112,778
   
-
   
112,778
 
Junior subordinated debentures
  
3,060
   
-
   
-
   
2,570
   
2,570
 
Accrued interest payable
  
37
   
-
   
34
   
3
   
37
 
  

     
Fair Value Measurements at December 31, 2020
 
  
Carrying
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
  
3,147
   
3,147
   
-
   
-
   
3,147
 
                     
Financial Liabilities:
                    
Time 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