Fair Value (Tables)

9 Months Ended

Sep. 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 September 30, 2022:
Securities available-for-sale:
Federal agency mortgage-backed	$	–	$	78,591	$	–	$	78,591
Federal agency CMO		–		24,852		–		24,852
Federal agency debt		–		52,204		–		52,204
Municipal bonds		–		4,127		–		4,127
U.S. Treasuries		–		160,185		–		160,185
SBA pools		–		12,786		–		12,786
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 September 30, 2022
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	52,217	$	52,217	$	–	$	–	$	52,217
Securities available-for-sale		332,745		–		332,745		–		332,745
Loans receivable held for investment		722,685		–		–		603,731		603,731
Accrued interest receivables		3,467		266		849		2,352		3,467
Bank owned life insurance		3,222		3,222		–		–		3,222
Financial Liabilities:
Deposits	$	768,511	$	–	$	682,420	$	–	$	682,420
Federal Home Loan Bank advances		32,888		–		31,581		–		31,581
Securities sold under agreements to repurchase		65,407		–		62,716		–		62,716
Note payable		14,000		–		–		14,000		14,000
Accrued interest payable		186		–		186		–		186

			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