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FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Summary of fair value of assets and liabilities | The following table summarizes the fair value of assets and liabilities as of December 31, 2021:
|  |  | Fair Value Measurements at December 31, 2021, Using
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
| (In thousands)
Measured on a recurring basis: |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |
U.S. Treasury Notes | $ | 36,832 |  |  | $ | 36,832 |  |  | $ | — |  |  | $ | — |
Domestic Corporate Bonds | 87,619 |  |  | — |  |  | 87,619 |  |  | — |
U.S. Government agency obligations | 23,329 |  |  | 17,617 |  |  | 5,712 |  |  | — |
Obligations issued by U.S. states and their political subdivisions | 20,324 |  |  | — |  |  | 20,324 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |
Residential one-to-four family | 114,401 |  |  | — |  |  | 114,401 |  |  | — |
Multifamily | 35,916 |  |  | — |  |  | 35,916 |  |  | — |
Asset-backed securities | 6,471 |  |  | — |  |  | 6,471 |  |  | — |
| $ | 324,892 |  |  | $ | 54,449 |  |  | $ | 270,443 |  |  | $ | — |
Financial Liabilities |  |  |  |  |  |  |
Derivatives | $ | 246 |  |  | $ | — |  |  | $ | 246 |  |  | $ | — |
There were no assets or liabilities measured at fair value on a non-recurring basis at December 31, 2021. The assets held for sale and REO were sold in December 2021, resulting in a net loss of $104 thousand and $6 thousand for assets held for sale and REO, respectively. The following table summarizes the fair value of assets and liabilities as of December 31, 2020:
|  |  | Fair Value Measurements at December 31, 2020, Using
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
| (In thousands)
Measured on a recurring basis: |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |
U.S. Treasury Notes | $ | 10,000 |  |  | $ | 10,000 |  |  | $ | — |  |  | $ | — |
Domestic Corporate Bonds | 59,341 |  |  | — |  |  | 59,341 |  |  | — |
U.S. Government agency obligations | 19,675 |  |  | 12,417 |  |  | 7,258 |  |  | — |
Obligations issued by U.S. states and their political subdivisions | 24,795 |  |  | — |  |  | 24,795 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |
Residential one-to-four family | 72,716 |  |  | — |  |  | 72,716 |  |  | — |
Multifamily | 58,060 |  |  | — |  |  | 58,060 |  |  | — |
Total | $ | 244,587 |  |  | $ | 22,417 |  |  | $ | 222,170 |  |  | $ | — |
Financial Liabilities |  |  |  |  |  |  |
Derivatives | $ | 5,545 |  |  | $ | — |  |  | $ | 5,545 |  |  | $ | — |
Measured on a nonrecurring basis: |  |  |  |  |  |  |
Nonfinancial assets |  |  |  |  |  |  |
Assets held for sale | $ | 5,295 |  |  | $ | — |  |  | $ | 5,295 |  |  | $ | — |
Real estate owned | 624 |  |  | — |  |  | 624 |  |  | — |
Summary of carrying amounts and fair value of financial instruments not carried at fair value | The carrying amounts and fair value of financial instruments not carried at fair value, at December 31, 2021 and December 31, 2020 are as follows:
|  |  | Fair Value Measurements at December 31, 2021, Using
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| Book Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
| (In thousands)
Financial assets |  |  |  |  |  |  |
Securities held-to-maturity | $ | 23,281 |  |  | $ | — |  |  | $ | 22,849 |  |  | $ | — |
Loans, net | 1,273,184 |  |  | — |  |  | — |  |  | 1,266,799 |
Financial liabilities |  |  |  |  |  |  |
Time Deposits | 473,795 |  |  | — |  |  | 470,732 |  |  | — |
Federal Home Loan advances | 185,500 |  |  | — |  |  | 182,795 |  |  | — |
|  |  | Fair Value Measurements at December 31, 2020, Using
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| Book Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
| (In thousands)
Financial assets |  |  |  |  |  |  |
Securities held-to-maturity | $ | 7,005 |  |  | $ | — |  |  | $ | 6,978 |  |  | $ | — |
Loans, net | 1,267,114 |  |  | — |  |  | — |  |  | 1,290,740 |
Financial liabilities |  |  |  |  |  |  |
Time Deposits | 717,431 |  |  | — |  |  | 725,110 |  |  | — |
Federal Home Loan advances | 329,400 |  |  | — |  |  | 336,377 |  |  | — |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=123874694&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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