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Fair Value (Tables) | 12 Months Ended
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Dec. 31, 2021
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 December 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage‑backed securities |  | $ | - |  |  | $ | 70,030 |  |  | $ | - |  |  | $ | 70,030 |
Federal agency CMO |  |  | - |  |  |  | 9,287 |  |  |  | - |  |  |  | 9,287 |
Federal agency debt |  |  | - |  |  |  | 37,988 |  |  |  | - |  |  |  | 37,988 |
Municipal bonds |  |  | - |  |  |  | 4,915 |  |  |  | - |  |  |  | 4,915 |
U.S. Treasuries |  |  | - |  |  |  | 17,951 |  |  |  | - |  |  |  | 17,951 |
SBA Pools |  |  | - |  |  |  | 16,225 |  |  |  | - |  |  |  | 16,225 |
At December 31, 2020: |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage‑backed securities |  | $ | - |  |  | $ | 5,807 |  |  | $ | - |  |  | $ | 5,807 |
Municipal bonds |  |  | - |  |  |  | 2,019 |  |  |  | - |  |  |  | 2,019 |
Federal agency debt |  |  | - |  |  |  | 2,872 |  |  |  | - |  |  |  | 2,872 |
Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments as of the periods indicated were as follows:
|  | Carrying |  |  | Fair Value Measurements at December 31, 2021 |
|  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 231,520 |  |  | $ | 231,520 |  |  | $ | - |  |  | $ | - |  |  | $ | 231,520 |
Securities available‑for‑sale |  |  | 156,396 |  |  |  | - |  |  |  | 156,396 |  |  |  | - |  |  |  | 156,396 |
Loans receivable held for investment |  |  | 648,513 |  |  |  | - |  |  |  | - |  |  |  | 623,778 |  |  |  | 623,778 |
Accrued interest receivable |  |  | 3,372 |  |  |  | 19 |  |  |  | 1,089 |  |  |  | 2,264 |  |  |  | 3,372 |
Bank owned life insurance |  |  | 3,190 |  |  |  | 3,190 |  |  |  | - |  |  |  | - |  |  |  | 3,190 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 788,052 |  |  | $ | - |  |  | $ | 754,181 |  |  | $ | - |  |  | $ | 754,181 |
Federal Home Loan Bank advances |  |  | 85,952 |  |  |  | - |  |  |  | 87,082 |  |  |  | - |  |  |  | 87,082 |
Securities sold under agreements to repurchase |  |  | 51,960 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 51,960 |
Notes payable |  |  | 14,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 14,000 |
Accrued interest payable |  |  | 119 |  |  |  | - |  |  |  | 119 |  |  |  | - |  |  |  | 119 |
|  | Carrying |  |  | Fair Value Measurements at December 31, 2020 |
|  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 96,109 |  |  | $ | 96,109 |  |  | $ | - |  |  | $ | - |  |  | $ | 96,109 |
Securities available‑for‑sale |  |  | 10,698 |  |  |  | - |  |  |  | 10,698 |  |  |  | - |  |  |  | 10,698 |
Loans receivable held for investment |  |  | 360,129 |  |  |  | - |  |  |  | - |  |  |  | 366,279 |  |  |  | 366,279 |
Accrued interest receivable |  |  | 1,202 |  |  |  | 60 |  |  |  | 14 |  |  |  | 1,128 |  |  |  | 1,202 |
Bank owned life insurance |  |  | 5,633 |  |  |  | 5,633 |  |  |  | - |  |  |  | - |  |  |  | 5,633 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 315,630 |  |  | $ | - |  |  | $ | 312,725 |  |  | $ | - |  |  | $ | 312,725 |
Federal Home Loan Bank advances |  |  | 110,500 |  |  |  | - |  |  |  | 113,851 |  |  |  | - |  |  |  | 113,851 |
Junior subordinated debentures |  |  | 3,315 |  |  |  | - |  |  |  | - |  |  |  | 2,798 |  |  |  | 2,798 |
Accrued interest payable |  |  | 88 |  |  |  | - |  |  |  | 84 |  |  |  | 4 |  |  |  | 88 |

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- 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=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 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- 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=123594938&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=123874694&loc=d3e19207-110258 + Details
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