Fair Value (Tables)

9 Months Ended

Sep. 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 September 30, 2023:
Securities available-for-sale:
Federal agency mortgage-backed securities	$	–	$	65,137	$	–	$	65,137
Federal agency CMOs		–		23,296		–		23,296
Federal agency debt		–		51,574		–		51,574
Municipal bonds		–		4,170		–		4,170
U.S. Treasuries		161,650		–		–		161,650
SBA pools		–		10,602		–		10,602
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 September 30, 2023 and December 31, 2022.

			Fair Value Measurements at September 30, 2023
	Carrying Value		Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	11,487	$	11,487	$	–	$	–	$	11,487
Securities available-for-sale		316,429		161,650		154,779		–		316,429
Loans receivable held for investment		835,356		–		–		702,200		702,200
Accrued interest receivable		4,925		444		1,271		3,210		4,925
Financial Liabilities:
Deposits	$	671,469	$	–	$	594,065	$		$	594,065
FHLB advances		187,721		–		185,998		–		185,998
Securities sold under agreements to repurchase		75,815		–		73,461		–		73,461
Notes payable		14,000		–		–		14,000		14,000
Accrued interest payable		1,026		–		1,026		–		1,026

			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 receivable		3,973		442		793		2,738		3,973
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
Notes payable		14,000		–		–		14,000		14,000
Accrued interest payable		453		–		453		–		453