Fair Value (Tables)

9 Months Ended

Sep. 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 September 30, 2021:
Securities available-for-sale – federal agency mortgage-backed	$	-	$	82,365	$	-	$	82,365
Securities available-for-sale – federal agency CMO		-		5,478		-		5,478
Securities available-for-sale – federal agency debt		-		36,061		-		36,061
Municipal bonds		-		4,933		-		4,933
U. S. Treasuries		-		18,167		-		18,167
SBA pools		-		10,624		-		10,624
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 September 30, 2021
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	208,687	$	208,687	$	-	$	-	$	208,687
Securities available-for-sale		157,628		-		157,628		-		157,628
Loans receivable held for investment		642,198		-		-		647,988		647,988
Accrued interest receivables		2,565		206		275		2,084		2,565
Bank owned life insurance		3,179		3,179		-		-		3,179
Financial Liabilities:
Deposits	$	749,645	$	-	$	749,645	$	-	$	749,645
Securities sold under agreements to repurchase		52,876		-		52,332		-		52,332
Federal Home Loan Bank advances		91,070		-		92,836		-		92,836
Note payable		14,000		-		-		14,000		14,000
Accrued interest payable		99		-		99		-		99

			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