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Fair Value (Tables)
3 Months Ended
Mar. 31, 2020
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
March 31, 2020
 
 
 
 
 
 
 
Securities:
 
 
 
 
 
 
 
Certificates of deposit
$

 
$
53,234

 
$

 
$
53,234

Municipal securities

 
511

 

 
511

Mortgage-backed securities – residential

 
7,299

 

 
7,299

Collateralized mortgage obligations – residential

 
2,809

 

 
2,809

 
$

 
$
63,853

 
$

 
$
63,853

December 31, 2019
 
 
 
 
 
 
 
Securities:
 
 
 
 
 
 
 
Certificates of deposit
$

 
$
48,666

 
$

 
$
48,666

Municipal securities

 
513

 

 
513

Mortgage-backed securities - residential

 
8,037

 

 
8,037

Collateralized mortgage obligations – residential

 
2,977

 

 
2,977

 
$

 
$
60,193

 
$

 
$
60,193

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
March 31, 2020 Using:
 
 
 
Carrying
Amount
 
Level 1
 
Level 2
 
Level 3
 
Total
Financial assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
169,938

 
$
14,652

 
$
155,286

 
$

 
$
169,938

Securities
63,853

 

 
63,853

 

 
63,853

Loans receivable, net of allowance for loan losses
1,147,628

 

 

 
1,143,263

 
1,143,263

FHLB and FRB stock
7,490

 

 

 

 
N/A

Accrued interest receivable
4,698

 

 
192

 
4,506

 
4,698

Financial liabilities
 
 
 
 
 
 
 
 

Certificates of deposit
373,049

 

 
376,171

 

 
376,171

Borrowings

 

 

 

 

 
 
 
Fair Value Measurements at
December 31, 2019 Using:
 
 
 
Carrying
Amount
 
Level 1
 
Level 2
 
Level 3
 
Total
Financial assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
190,325

 
$
9,785

 
$
180,540

 
$

 
$
190,325

Securities
60,193

 

 
60,193

 

 
60,193

Loans receivable, net of allowance for loan losses
1,168,008

 

 

 
1,177,459

 
1,177,459

FHLB and FRB stock
7,490

 

 

 

 
N/A

Accrued interest receivable
4,563

 

 
252

 
4,311

 
4,563

Financial liabilities
 
 
 
 
 
 
 
 

Certificates of deposit
402,034

 

 
402,914

 

 
402,914

Borrowings
61

 

 
61

 

 
61