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FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 6 Months Ended
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Jun. 30, 2023
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 June 30, 2023:
|  |  |  | Fair Value Measurements at June 30, 2023, 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 note |  | $ | 44,110 |  |  | $ | 44,110 |  |  | $ | — |  |  | $ | — |
Corporate bonds |  | 75,000 |  |  | — |  |  | 75,000 |  |  | — |
U.S. Government agency obligations |  | 14,697 |  |  | 11,220 |  |  | 3,477 |  |  | — |
Obligations issued by U.S. states and their political subdivisions |  | 16,134 |  |  | — |  |  | 16,134 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Residential one-to-four family |  | 133,592 |  |  | — |  |  | 133,592 |  |  | — |
Multifamily |  | 13,171 |  |  | — |  |  | 13,171 |  |  | — |
Asset-backed securities |  | 4,219 |  |  | — |  |  | 4,219 |  |  | — |
Total securities available-for-sale |  | 300,923 |  |  | 55,330 |  |  | 245,593 |  |  | — |
Derivatives |  | 12,527 |  |  | — |  |  | 12,527 |  |  | — |
Total financial assets measured on a recurring basis |  | $ | 313,450 |  |  | $ | 55,330 |  |  | $ | 258,120 |  |  | $ | — |
Financial Liabilities |  |  |  |  |  |  |  |
Derivatives |  | $ | 77 |  |  | $ | — |  |  | $ | 77 |  |  | $ | — |
The following table summarizes the fair value of assets and liabilities as of December 31, 2022:
|  |  |  | Fair Value Measurements at December 31, 2022, 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 note |  | $ | 43,759 |  |  | $ | 43,759 |  |  | $ | — |  |  | $ | — |
Corporate bonds |  | 76,298 |  |  | — |  |  | 76,298 |  |  | — |
U.S. Government agency obligations |  | 15,423 |  |  | 11,295 |  |  | 4,128 |  |  | — |
Obligations issued by U.S. states and their political subdivisions |  | 16,268 |  |  | — |  |  | 16,268 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Residential one-to-four family |  | 140,186 |  |  | — |  |  | 140,186 |  |  | — |
Multifamily |  | 18,158 |  |  | — |  |  | 18,158 |  |  | — |
Asset-backed securities |  | 4,156 |  |  | — |  |  | 4,156 |  |  | — |
Total securities available-for-sale |  | 314,248 |  |  | 55,054 |  |  | 259,194 |  |  | — |
Derivatives |  | 11,091 |  |  | — |  |  | 11,091 |  |  | — |
Total financial assets measured on a recurring basis |  | $ | 325,339 |  |  | $ | 55,054 |  |  | $ | 270,285 |  |  | $ | — |
Financial Liabilities |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Measured on a nonrecurring basis: |  |  |  |  |  |  |  |
Nonfinancial assets |  |  |  |  |  |  |  |
Assets held for sale |  | $ | 917 |  |  | $ | — |  |  | $ | 917 |  |  | $ | — |
Summary of carrying amounts and fair value of financial instruments not carried at fair value | The following tables present the book value, fair value, and placement in the fair value hierarchy of financial instruments not recorded at fair values in their entirety on a recurring basis on the Company’s consolidated balance sheets at June 30, 2023 and December 31, 2022. The fair value measurements presented are consistent with Topic 820, Fair Value Measurement, in which fair value represents exit price. These tables exclude financial instruments for which the carrying amount approximates fair value. Financial instruments for which the carrying amount approximates fair value include cash and cash equivalents, other investments, non-maturity deposits, overnight borrowings, and accrued interest, which are excluded from the table below.
|  |  |  | Fair Value Measurements at June 30, 2023, 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 |  | $ | 33,615 |  |  | $ | — |  |  | $ | 27,986 |  |  | $ | — |
Loans, net |  | 1,567,332 |  |  | — |  |  | — |  |  | 1,349,811 |
Financial liabilities |  |  |  |  |  |  |  |
Time deposits |  | 521,074 |  |  | — |  |  | 513,745 |  |  | — |
FHLB advances |  | 399,500 |  |  | — |  |  | 403,841 |  |  | — |
|  |  |  | Fair Value Measurements at December 31, 2022, 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)
Measured on a recurring basis: |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |
Securities held-to-maturity |  | $ | 33,705 |  |  | $ | — |  |  | $ | 29,115 |  |  | $ | — |
Loans, net |  | 1,531,727 |  |  | — |  |  | — |  |  | 1,332,882 |
Financial liabilities |  |  |  |  |  |  |  |
Time deposits |  | 416,260 |  |  | — |  |  | 408,904 |  |  | — |
FHLB advances |  | 310,500 |  |  | — |  |  | 318,688 |  |  | — |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of information about fair value of asset and liability not measured at fair value. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2E + Details
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