| Schedule of Assets and Liabilities Recorded at Fair Value on a Recurring Basis |
Assets and liabilities recorded at fair value on a recurring basis are summarized below.
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Fair Value |
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(In thousands) |
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June 30, 2022 |
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Assets: |
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Securities available for sale |
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$ |
— |
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$ |
47,142 |
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$ |
— |
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$ |
47,142 |
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Portfolio loans (fair value option) |
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— |
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7,438 |
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— |
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7,438 |
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Loans held for sale (fair value option) |
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— |
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9,736 |
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— |
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9,736 |
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Derivative loan commitments |
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— |
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248 |
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— |
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248 |
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Forward loan sale commitments |
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— |
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27 |
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— |
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27 |
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Liabilities: |
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Forward loan sale commitments, including TBAs |
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— |
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118 |
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— |
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118 |
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December 31, 2021 |
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Assets: |
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Securities available for sale |
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$ |
— |
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$ |
51,666 |
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$ |
— |
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$ |
51,666 |
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Portfolio loans (fair value option) |
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— |
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13,780 |
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— |
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13,780 |
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Loans held for sale (fair value option) |
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— |
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44,766 |
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— |
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44,766 |
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Derivative loan commitments |
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— |
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1,364 |
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— |
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1,364 |
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Forward loan sale commitments |
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— |
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50 |
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— |
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50 |
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Liabilities: |
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Forward loan sale commitments, including TBAs |
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— |
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84 |
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— |
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84 |
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| Schedule of Assets Recorded at Fair Value on a Non-Recurring Basis |
The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related assets as of June 30, 2022 and December 31, 2021.
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Period Ended |
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June 30, 2022 |
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June 30, 2022 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total Gains (Losses) |
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(In thousands) |
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Collateral dependent |
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impaired loans |
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$ |
— |
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$ |
— |
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$ |
2,281 |
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$ |
— |
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Mortgage servicing rights |
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— |
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15,093 |
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— |
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421 |
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$ |
— |
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$ |
15,093 |
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$ |
2,281 |
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$ |
421 |
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December 31, 2021 |
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Level 1 |
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Level 2 |
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Level 3 |
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(In thousands) |
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Collateral dependent |
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impaired loans |
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$ |
— |
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$ |
— |
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$ |
2,551 |
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Mortgage servicing rights |
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— |
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15,616 |
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— |
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$ |
— |
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$ |
15,616 |
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$ |
2,551 |
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| Summary of Carrying Values, Estimated Fair Values and Placement in Fair Value Hierarchy of Company's Financial Instruments |
The estimated fair values, and related carrying amounts, of the Company’s financial instruments are presented below. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include mortgagors’ escrow accounts and accrued interest payable.
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June 30, 2022 |
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Carrying |
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Fair |
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Amount |
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Value |
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Level 1 |
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Level 2 |
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Level 3 |
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(In thousands) |
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Financial assets: |
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Securities available for sale |
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$ |
47,142 |
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$ |
47,142 |
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— |
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$ |
47,142 |
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— |
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Loans held for sale |
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9,736 |
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9,736 |
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— |
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9,736 |
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— |
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Loans, net |
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657,618 |
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636,618 |
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— |
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— |
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636,618 |
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Derivative assets |
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275 |
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275 |
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— |
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275 |
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— |
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Financial liabilities: |
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Deposits |
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$ |
641,364 |
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$ |
641,415 |
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$ |
— |
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$ |
641,415 |
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$ |
— |
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FHLBB advances |
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32,946 |
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32,362 |
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— |
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32,362 |
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— |
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Derivative liabilities |
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118 |
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|
118 |
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— |
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|
118 |
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— |
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December 31, 2021 |
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Carrying |
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Fair |
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Amount |
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Value |
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Level 1 |
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Level 2 |
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Level 3 |
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(In thousands) |
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Financial assets: |
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Securities available for sale |
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$ |
51,666 |
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$ |
51,666 |
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|
— |
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$ |
51,666 |
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— |
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Loans held for sale |
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44,766 |
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44,766 |
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— |
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44,766 |
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— |
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Loans, net |
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544,621 |
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549,674 |
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— |
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— |
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549,674 |
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Derivative assets |
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1,414 |
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1,414 |
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— |
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1,414 |
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— |
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Financial liabilities: |
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Deposits |
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$ |
638,147 |
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$ |
637,538 |
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$ |
— |
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$ |
637,538 |
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$ |
— |
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FHLBB advances |
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50,000 |
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|
50,001 |
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— |
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50,001 |
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— |
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Derivative liabilities |
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|
84 |
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|
84 |
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— |
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|
84 |
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— |
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