Fair Value (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023:
Securities available-for-sale:
Federal agency mortgage-backed securities	$	–	$	69,928	$	–	$	69,928
Federal agency CMOs		–		24,379		–		24,379
Federal agency debt		–		51,775		–		51,775
Municipal bonds		–		4,269		–		4,269
U.S. Treasuries		160,813		–		–		160,813
SBA pools		–		11,352		–		11,352
At December 31, 2022:
Securities available-for-sale:
Federal agency mortgage-backed securities	$	–	$	74,169	$	–	$	74,169
Federal agency CMOs		–		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 June 30, 2023 and December 31, 2022.

			Fair Value Measurements at June 30, 2023
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	10,742	$	10,742	$	–	$	–	$	10,742
Securities available-for-sale		322,516		160,813		161,703		–		322,516
Loans receivable held for investment		824,621		–		–		692,187		692,187
Accrued interest receivables		4,114		299		882		2,933		4,114
Financial Liabilities:
Deposits	$	646,063	$	–	$	577,502	$		$	577,502
FHLB advances		210,268		–		208,373		–		208,373
Securities sold under agreements to repurchase		71,381		–		69,255		–		69,255
Note payable		14,000		–		–		14,000		14,000
Accrued interest payable		66		–		66		–		66

			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