Fair Value (Tables)

12 Months Ended

Dec. 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 December 31, 2021:
Securities available for sale:
Federal agency mortgage‑backed securities	$	-	$	70,030	$	-	$	70,030
Federal agency CMO		-		9,287		-		9,287
Federal agency debt		-		37,988		-		37,988
Municipal bonds		-		4,915		-		4,915
U.S. Treasuries		-		17,951		-		17,951
SBA Pools		-		16,225		-		16,225
At December 31, 2020:		-
Securities available for sale:
Federal agency mortgage‑backed securities	$	-	$	5,807	$	-	$	5,807
Municipal bonds		-		2,019		-		2,019
Federal agency debt		-		2,872		-		2,872

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, 2021
	Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	231,520	$	231,520	$	-	$	-	$	231,520
Securities available‑for‑sale		156,396		-		156,396		-		156,396
Loans receivable held for investment		648,513		-		-		623,778		623,778
Accrued interest receivable		3,372		19		1,089		2,264		3,372
Bank owned life insurance		3,190		3,190		-		-		3,190
Financial Liabilities:
Deposits	$	788,052	$	-	$	754,181	$	-	$	754,181
Federal Home Loan Bank advances		85,952		-		87,082		-		87,082
Securities sold under agreements to repurchase		51,960		-		-		-		51,960
Notes payable		14,000		-		-		-		14,000
Accrued interest payable		119		-		119		-		119

	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