Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments, at December 31, 2019 and December 31, 2018 are as follows:

	Carrying		Fair		Fair Value Measurement Placement
	Amount		Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
December 31, 2019
Financial instruments -assets
Cash and cash equivalents	$	127,863	$	127,863	$	127,583	$	—	$	—
Investment securities held-to-maturity		56,093		56,582		—		56,582		—
Loans		537,157		538,029		—		—		530,956
Financial instruments - liabilities
Certificates of deposit		400,181		400,581		—		402,513		—
Borrowings		97,092		96,892		—		96,892		—
December 31, 2018
Financial instruments -- assets
Cash and cash equivalents	$	24,518	$	24,518	$	24,518	$	—	$	—
Investment securities held-to-maturity		70,049		68,803		—		68,803		—
Loans		526,670		519,261		—		—		519,261
Financial instruments - liabilities
Certificates of deposit		385,597		384,346		—		384,346		—
Borrowings		74,639		74,450		—		74,450		—

Fair Value, Recurring

Summary of Fair Value, Assets Measured on Recurring and Nonrecurring Basis

Assets measured at fair value on a recurring basis are summarized below:

	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2019
Securities available for sale:
Corporate bonds	$	6,910,857	$	—	$	6,910,857	$	—
MBSs – residential		6,837,704		—		6,837,704		—
	$	13,748,561	$	—	$	13,748,561	$	—
December 31, 2018
Securities available for sale:
Corporate bonds	$	6,623,318	$	—	$	6,623,318	$	—
MBSs – residential		6,976,488		—		6,976,488		—
	$	13,599,806	$	—	$	13,599,806	$	—