XML 106 R67.htm IDEA: XBRL DOCUMENT
v3.20.4

Fair Value (Q3) (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2020 | Dec. 31, 2019
Fair Value [Abstract] |  |
Assets Measured on Recurring Basis | Assets measured at fair value on a recurring basis are summarized below:
|  | Fair Value Measurement |
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
|  | (In thousands) |
At September 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale – federal agency mortgage-backed |  | $ | - |  |  | $ | 6,460 |  |  | $ | - |  |  | $ | 6,460 |
Securities available-for-sale – federal agency debt |  |  | - |  |  |  | 3,058 |  |  |  | - |  |  |  | 3,058 |
Municipal bonds |  |  | - |  |  |  | 854 |  |  |  | - |  |  |  | 854 |
At December 31, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale – federal agency mortgage-backed |  | $ | - |  |  | $ | 7,956 |  |  | $ | - |  |  | $ | 7,956 |
Securities available-for-sale – federal agency debt |  |  | - |  |  |  | 3,050 |  |  |  | - |  |  |  | 3,050 |
| Assets measured at fair value on a recurring basis are summarized below:
|  | Fair Value Measurement |
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
|  | (In thousands) |
At December 31, 2019: |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale – federal agency mortgage-backed |  | $ | - |  |  | $ | 7,956 |  |  | $ | - |  |  | $ | 7,956 |
Securities available-for-sale – federal agency debt |  |  | - |  |  |  | 3,050 |  |  |  | - |  |  |  | 3,050 |
At December 31, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale – federal agency mortgage-backed |  | $ | - |  |  | $ | 9,508 |  |  | $ | - |  |  | $ | 9,508 |
Securities available-for-sale – federal agency debt |  |  | 1,979 |  |  |  | 3,235 |  |  |  |  |  |  |  | 5,214 |
Assets Measured on Non-Recurring Basis | The following table provides information regarding the carrying values of our assets measured at fair value on a non-recurring basis as of the periods indicated. The fair value measurement for all of these assets falls within Level 3 of the fair value hierarchy.
|  | September 30, 2020 |  |  | December 31, 2019 |
|  | (In thousands) |
Impaired loans carried at fair value of collateral |  | $ | - |  |  | $ | 130 |
| The following table provides information regarding the carrying values of our assets measured at fair value on a non-recurring basis as of the periods indicated. The fair value measurement for all these assets falls within Level 3 of the fair value hierarchy.
|  | December 31, 2019 |  |  | December 31, 2018 |
|  | (In thousands) |
Impaired loans carried at fair value of collateral |  | $ | 130 |  |  | $ | 591 |
Real estate owned |  |  | - |  |  |  | 833 |
Fair Values of Financial Instruments | The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments not recorded at fair value on a recurring basis as of September 30, 2020 and December 31, 2019. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and due from banks, interest-bearing deposits in other banks, and accrued interest receivable/payable, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For non-marketable equity securities such as Federal Home Loan Bank stock, the carrying amount is a reasonable estimate of fair value as these securities can only be redeemed or sold at their par value and only to the respective issuing government supported institution or to another member institution. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity.
|  |  |  |  | Fair Value Measurements at September 30, 2020 |
|  | Carrying Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable held for sale |  | $ | 40,653 |  |  | $ | - |  |  | $ | 40,667 |  |  | $ | - |  |  | $ | 40,667 |
Loans receivable held for investment |  |  | 361,793 |  |  |  | - |  |  |  | - |  |  |  | 366,160 |  |  |  | 366,160 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time Deposits |  | $ | 147,703 |  |  | $ | - |  |  | $ | 148,380 |  |  | $ | - |  |  | $ | 148,380 |
Federal Home Loan Bank advances |  |  | 115,500 |  |  |  | - |  |  |  | 119,334 |  |  |  | - |  |  |  | 119,334 |
Junior subordinated debentures |  |  | 3,570 |  |  |  | - |  |  |  | - |  |  |  | 3,029 |  |  |  | 3,029 |
|  |  |  |  | Fair Value Measurements at December 31, 2019 |
|  | Carrying Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable held for sale |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Loans receivable held for investment |  |  | 397,847 |  |  |  | - |  |  |  | - |  |  |  | 404,923 |  |  |  | 404,923 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time Deposits |  | $ | 190,235 |  |  | $ | - |  |  | $ | 190,353 |  |  | $ | - |  |  | $ | 190,353 |
Federal Home Loan Bank advances |  |  | 84,000 |  |  |  | - |  |  |  | 84,997 |  |  |  | - |  |  |  | 84,997 |
Junior subordinated debentures |  |  | 4,335 |  |  |  | - |  |  |  | - |  |  |  | 3,734 |  |  |  | 3,734 |
| The carrying amounts and estimated fair values of financial instruments as of the periods indicated were as follows:
|  | Carrying Value |  |  | Fair Value Measurements at December 31, 2019 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 15,566 |  |  | $ | 15,566 |  |  | $ | - |  |  | $ | - |  |  | $ | 15,566 |
Securities available-for-sale |  |  | 11,006 |  |  |  | - |  |  |  | 11,006 |  |  |  | - |  |  |  | 11,006 |
Loans receivable held for investment (1) |  |  | 397,847 |  |  |  | - |  |  |  | - |  |  |  | 404,923 |  |  |  | 404,923 |
Accrued interest receivable |  |  | 1,223 |  |  |  | 69 |  |  |  | 22 |  |  |  | 1,132 |  |  |  | 1,223 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 297,724 |  |  | $ | - |  |  | $ | 289,629 |  |  | $ | - |  |  | $ | 289,629 |
Federal Home Loan Bank advances |  |  | 84,000 |  |  |  | - |  |  |  | 84,997 |  |  |  | - |  |  |  | 84,997 |
Junior subordinated debentures |  |  | 4,335 |  |  |  | - |  |  |  | - |  |  |  | 3,734 |  |  |  | 3,734 |
Accrued interest payable |  |  | 384 |  |  |  | - |  |  |  | 377 |  |  |  | 7 |  |  |  | 384 |
|  | Carrying Value |  |  | Fair Value Measurements at December 31, 2018 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 16,651 |  |  | $ | 16,651 |  |  | $ | - |  |  | $ | - |  |  | $ | 16,651 |
Securities available-for-sale |  |  | 14,722 |  |  |  | 1,979 |  |  |  | 12,743 |  |  |  | - |  |  |  | 14,722 |
Loans receivable held for sale |  |  | 6,231 |  |  |  | - |  |  |  | 6,270 |  |  |  | - |  |  |  | 6,270 |
Loans receivable held for investment |  |  | 355,556 |  |  |  | - |  |  |  | - |  |  |  | 354,792 |  |  |  | 354,792 |
Accrued interest receivable |  |  | 1,143 |  |  |  | 78 |  |  |  | 43 |  |  |  | 1,022 |  |  |  | 1,143 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 281,414 |  |  | $ | - |  |  | $ | 269,418 |  |  | $ | - |  |  | $ | 269,418 |
Federal Home Loan Bank advances |  |  | 70,000 |  |  |  | - |  |  |  | 69,933 |  |  |  | - |  |  |  | 69,933 |
Junior subordinated debentures |  |  | 5,100 |  |  |  | - |  |  |  | - |  |  |  | 4,481 |  |  |  | 4,481 |
Accrued interest payable |  |  | 334 |  |  |  | - |  |  |  | 324 |  |  |  | 10 |  |  |  | 334 |
(1) The estimated value of loans held for investment at December 31, 2019 and 2018 reflect an exit price assumption.

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 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 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&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 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: 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=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&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 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: 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=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration