Fair Value (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022:
Securities available for sale:
Federal agency mortgage-backed	$	-	$	79,222	$	-	$	79,222
Federal agency CMO		-		8,910		-		8,910
Federal agency debt		-		42,035		-		42,035
Municipal bonds		-		4,890		-		4,890
U. S. Treasuries		-		26,168		-		26,168
SBA pools		-		15,770		-		15,770
At December 31, 2021:
Securities available for sale:
Federal agency mortgage-backed	$	-	$	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

Fair Values of Financial Instruments

The following tables present the carrying amount, fair value, and level within the fair value hierarchy of the Company’s financial instruments as of March 31, 2022 and December 31, 2021.

			Fair Value Measurements at March 31, 2022
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	246,106	$	246,106	$	-	$	-	$	246,106
Securities available-for-sale		170,308		-		170,308		-		170,308
Loans receivable held for investment		653,375		-		-		598,354		598,354
Accrued interest receivable		2,449		1		266		2,182		2,449
Bank owned life insurance		3,200		3,200		-		-		3,200
Financial Liabilities:
Deposits	$	839,714	$	-	$	784,698	$	-	$	784,698
Federal Home Loan Bank advances		73,001		-		72,037		-		72,037
Securities sold under agreements to repurchase		56,003		-		52,873		-		52,873
Notes payable		14,000		-		14,000		-		14,000
Accrued interest payable		135		-		135		-		135

			Fair Value Measurements at December 31, 2021
	Carrying 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		-		51,960
Notes payable		14,000		-		14,000		-		14,000
Accrued interest payable		119		-		119		-		119