Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis (there were no transfers between Level 1, Level 2 and Level 3 recurring measurements) at March 31, 2021 and December 31, 2020:

	Fair Value Measurements at March 31, 2021
	Fair Value Measurements		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Investments available-for-sale:
Mortgage-backed investments:
Fannie Mae	$	15,748	$	—	$	15,748	$	—
Freddie Mac	12,851		—		12,851		—
Ginnie Mae	25,090		—		25,090		—
Other	10,504		—		10,504		—
Municipal bonds	31,438		—		31,438		—
U.S. Government agencies	50,356		—		50,356		—
Corporate bonds	22,055		—		22,055		—
Total available-for-sale investments	168,042		—		168,042		—
Derivative fair value asset	903		—		903		—
	$	168,945	$	—	$	168,945	$	—

	Fair Value Measurements at December 31, 2020
	Fair Value Measurements		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Assets:
Investments available-for-sale:
Mortgage-backed investments:
Fannie Mae	$	13,288	$	—	$	13,288	$	—
Freddie Mac	4,316		—		4,316		—
Ginnie Mae	17,127		—		17,127		—
Other	10,729		—		10,729		—
Municipal bonds	17,446		—		17,446		—
U.S. Government agencies	40,635		—		40,635		—
Corporate bonds	24,010		—		24,010		—
Total available-for-sale investments	127,551		—		127,551		—
Liabilities:
Derivative fair value liability	$	2,825	$	—	$	2,825	$	—

Schedule of balances of assets and liabilities, measured at fair value on a non-recurring basis

The tables below present the balances of assets measured at fair value on a nonrecurring basis at March 31, 2021, and December 31, 2020: 

	Fair Value Measurements at March 31, 2021
	Fair Value Measurements		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Impaired loans (included in loans receivable, net) (1)	$	21,114	$	—	$	—	$	21,114
OREO	454		—		—		454
Total	$	21,568	$	—	$	—	$	21,568

_____________

(1) Total fair value of impaired loans is net of $5,000 of specific reserves on performing TDRs.

	Fair Value Measurements at December 31, 2020
	Fair Value Measurements		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Impaired loans (included in loans receivable, net) (1)	$	21,392	$	—	$	—	$	21,392
OREO	454		—		—		454
Total	$	21,846	$	—	$	—	$	21,846

_____________

(1) Total fair value of impaired loans is net of $8,000 of specific reserves on performing TDRs.

Schedule of quantitative information about Level 3 Fair Value Measurements on a nonrecurring basis

The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at March 31, 2021 and December 31, 2020:

	March 31, 2021
	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted Average)
	(Dollars in thousands)
Impaired Loans	$	21,114	Market approach	Expected values of future cash flows	0.0% (0.0%)
OREO	$	454	Market approach	Estimated selling price less selling costs	0.0% (0.0%)

	December 31, 2020
	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted Average)
	(Dollars in thousands)
Impaired Loans	$	21,392	Market approach	Expected values of future cash flows	0.0% (0.0%)
OREO	$	454	Market approach	Estimated selling price less selling costs	0.0%  (0.0%)

Fair Value, by Balance Sheet Grouping

The carrying amounts and estimated fair values of financial instruments were as follows at the dates indicated: 

	March 31, 2021
			Estimated		Fair Value Measurements Using:
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash on hand and in banks	$	7,211	$	7,211	$	7,211	$	—	$	—
Interest-earning deposits with banks	75,023		75,023		75,023		—		—
Investments available-for-sale	168,042		168,042		—		168,042		—
Investments held-to-maturity	2,413		2,413		—		2,413		—
Loans receivable, net	1,098,832		1,100,621		—		—		1,100,621
FHLB stock	6,465		6,465		—		6,465		—
Accrued interest receivable	5,702		5,702		—		5,702		—
Derivative fair value asset	903		903		—		903		—
Financial Liabilities:
Deposits	749,624		749,624		749,624		—		—
Certificates of deposit, retail	384,031		389,971		—		389,971		—
Advances from the FHLB	120,000		120,006		—		120,006		—
Accrued interest payable	197		197		—		197		—

	December 31, 2020
			Estimated		Fair Value Measurements Using:
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash on hand and in banks	$	7,995	$	7,995	$	7,995	$	—	$	—
Interest-earning deposits with banks	72,494		72,494		72,494		—		—
Investments available-for-sale	127,551		127,551		—		127,551		—
Investments held-to-maturity	2,418		2,418		—		2,418		—
Loans receivable, net	1,100,582		1,101,559		—		—		1,101,559
FHLB stock	6,410		6,410		—		6,410		—
Accrued interest receivable	5,508		5,508		—		5,508		—
Financial Liabilities:
Deposits	684,057		684,057		684,057		—		—
Certificates of deposit, retail	409,576		418,118		—		418,118		—
Advances from the FHLB	120,000		120,006		—		120,006		—
Accrued interest payable	211		211		—		211		—
Derivative fair value liability	2,825		2,825		—		2,825		—