Fair Value (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2021:
Securities available-for-sale – federal agency mortgage-backed	$	-	$	84,256	$	-	$	84,256
Securities available-for-sale – federal agency debt		-		33,406		-		33,406
Municipal bonds		-		4,972		-		4,972
U. S. Treasuries		-		18,215		-		18,215
SBA pools		-		17,983		-		17,983
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 June 30, 2021
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	210,383	$	210,383	$	-	$	-	$	210,383
Securities available-for-sale		158,832		-		158,832		-		158,832
Loans receivable held for investment		614,718		-		-		612,712		612,712
Accrued interest receivables		2,572		206		282		2,084		2,572
Bank owned life insurance		3,168		3,168		-		-		3,168
Financial Liabilities:
Deposits	$	705,041	$	-	$	705,199	$	-	$	705,199
Securities sold under agreements to repurchase		70,660		-		70,063		-		70,063
Federal Home Loan Bank advances		96,022		-		98,160		-		98,160
Junior subordinated debentures		2,805		-		-		2,344		2,344
Note payable		14,000		-		-		14,000		14,000
Accrued interest payable		104		-		104		-		104

			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 receivables		1,202		60		14		1,128		1,202
Bank owned life insurance		3,147		3,147		-		-		3,147
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