Fair Value (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022:
Securities available-for-sale:
Federal agency mortgage-backed	$	-	$	83,102	$	-	$	83,102
Federal agency CMO		-		26,820		-		26,820
Federal agency debt		-		48,874		-		48,874
Municipal bonds		-		4,339		-		4,339
U.S. Treasuries		-		61,180		-		61,180
SBA pools		-		13,983		-		13,983
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

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, 2022
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	280,137	$	280,137	$	-	$	-	$	280,137
Securities available-for-sale		238,298		-		238,298		-		238,298
Loans receivable held for investment		646,868		-		-		607,927		607,927
Accrued interest receivables		2,694		162		475		2,057		2,694
Bank owned life insurance		3,211		3,211		-		-		3,211
Financial Liabilities:
Deposits	$	816,177	$	-	$	731,780	$	-	$	731,780
Federal Home Loan Bank advances		32,932		-		31,581		-		31,581
Securities sold under agreements to repurchase		67,292		-		62,716		-		62,716
Note payable		14,000		-		-		14,000		14,000
Accrued interest payable		241		-		241		-		241

			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 receivables		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
Note payable		14,000		-		-		14,000		14,000
Accrued interest payable		119		-		119		-		119