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Fair Value (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of Company's financial instruments measured at fair values

The following table sets forth the Company’s financial assets that were accounted for at fair value and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Fair Value
September 30, 2019
Securities:
Certificates of deposit	$	—			$	52,996			$	—			$	52,996
Municipal securities	—				513				—				513
Mortgage-backed securities – residential	—				8,780				—				8,780
Collateralized mortgage obligations – residential	—				3,151				—				3,151
	$	—			$	65,440			$	—			$	65,440
December 31, 2018
Securities:
Certificates of deposit	$	—			$	73,507			$	—			$	73,507
Municipal securities	—				509				—				509
Mortgage-backed securities - residential	—				10,478				—				10,478
Collateralized mortgage obligations – residential	—				3,685				—				3,685
	$	—			$	88,179			$	—			$	88,179

Schedule of Company's financial instruments measured on non recurring at fair values

The following table sets forth the Company’s assets that were measured at fair value on a non-recurring basis:

	Fair Value Measurement Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Fair Value
September 30, 2019
Other real estate owned - One-to-four family residential real estate	$	—			$	—			$	193			$	193
December 31, 2018
Impaired loans - Nonresidential real estate	$	—			$	—			$	243			$	243
Other real estate owned - Land	$	—			$	—			$	1			$	1
Other investments (1)	$	—			$	—			$	3,427			$	3,427

Schedule of fair value quantitative information

The following table presents quantitative information, based on certain empirical data with respect to Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2019 and December 31, 2018:

	Fair Value				Valuation Technique(s)		Significant Unobservable Input(s)		Range (Weighted Average)
September 30, 2019
Other real estate owned - One-to-four family residential real estate	$	193			Sales comparison		Discount applied to valuation		16.0%
December 31, 2018
Other real estate owned - Land	$	1			Sales comparison		Discount applied to valuation		12.3%

Carrying amount and estimated fair value of financial instruments

The carrying amount and estimated fair value of financial instruments are as follows:

					Fair Value Measurements at September 30, 2019 Using:
	Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents	$	140,793			$	13,074			$	127,719			$	—			$	140,793
Securities	65,440				—				65,440				—				65,440
Loans receivable, net of allowance for loan losses	1,213,948				—				—				1,222,391				1,222,391
FHLB and FRB stock	7,490				—				—				—				N/A
Accrued interest receivable	4,763				—				294				4,469				4,763
Financial liabilities
Certificates of deposit	419,273				—				420,287				—				420,287
Borrowings	1,253				—				1,253				—				1,253

					Fair Value Measurements at December 31, 2018 Using:
	Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents	$	98,204			$	13,805			$	84,399			$	—			$	98,204
Securities	88,179				—				88,179				—				88,179
Loans receivable, net of allowance for loan losses	1,323,793				—				—				1,315,855				1,315,855
FHLB and FRB stock	8,026				—				—				—				N/A
Accrued interest receivable	4,952				—				249				4,703				4,952
Financial liabilities
Certificates of deposit	438,328				—				436,598				—				436,598
Borrowings	21,049				—				21,050				—				21,050

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- Definition

Fair Value, by balance sheet grouping.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ 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 (bbb)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ 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 (bbb)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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