Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023:
Securities available-for-sale:
Federal agency mortgage-backed	$	–	$	73,017	$	–	$	73,017
Federal agency CMO		–		25,749		–		25,749
Federal agency debt		–		52,030		–		52,030
Municipal bonds		–		4,299		–		4,299
U.S. Treasuries		162,096		–		–		162,096
SBA pools		–		11,835		–		11,835
At December 31, 2022:
Securities available-for-sale:
Federal agency mortgage-backed	$	–	$	74,169	$	–	$	74,169
Federal agency CMO		–		26,100		–		26,100
Federal agency debt		–		51,425		–		51,425
Municipal bonds		–		4,197		–		4,197
U.S. Treasuries		160,589		–		–		160,589
SBA pools		–		12,269		–		12,269

Fair Values of Financial Instruments

The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments not recorded at fair value on a recurring basis as of March 31, 2023 and December 31, 2022.

			Fair Value Measurements at March 31, 2023
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	29,648	$	29,648	$	–	$	–	$	29,648
Securities available-for-sale		329,026		162,096		166,930		–		329,026
Loans receivable held for investment		776,053		–		–		636,286		636,286
Accrued interest receivables		4,219		612		635		2,972		4,219
Bank owned life insurance		3,242		3,242		–		–		3,242
Financial Liabilities:
Deposits	$	657,542	$	–	$	596,064	$	–	$	596,064
FHLB advances		168,810		–		167,175		–		167,175
Securities sold under agreements to repurchase		70,941		–		67,423		–		67,423
Note payable		14,000		–		–		14,000		14,000
Accrued interest payable		368		–		368		–		368

			Fair Value Measurements at December 31, 2022
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	16,105	$	16,105	$	–	$	–	$	16,105
Securities available-for-sale		328,749		160,589		168,160		–		328,749
Loans receivable held for investment		768,046		–		–		641,088		641,088
Accrued interest receivables		3,973		442		793		2,738		3,973
Bank owned life insurance		3,233		3,233		–		–		3,233
Financial Liabilities:
Deposits	$	686,916	$	–	$	673,615	$	–	$	673,615
FHLB advances		128,344		–		126,328		–		126,328
Securities sold under agreements to repurchase		63,471		–		60,017		–		60,017
Note payable		14,000		–		–		14,000		14,000
Accrued interest payable		453		–		453		–		453