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v3.22.2.2

Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2022
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, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage-backed |  | $ | – |  |  | $ | 78,591 |  |  | $ | – |  |  | $ | 78,591 |
Federal agency CMO |  |  | – |  |  |  | 24,852 |  |  |  | – |  |  |  | 24,852 |
Federal agency debt |  |  | – |  |  |  | 52,204 |  |  |  | – |  |  |  | 52,204 |
Municipal bonds |  |  | – |  |  |  | 4,127 |  |  |  | – |  |  |  | 4,127 |
U.S. Treasuries |  |  | – |  |  |  | 160,185 |  |  |  | – |  |  |  | 160,185 |
SBA pools |  |  | – |  |  |  | 12,786 |  |  |  | – |  |  |  | 12,786 |
At December 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage-backed |  | $ | – |  |  | $ | 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 |
Fair Values of Financial Instruments | 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, 2022 |
|  | Carrying Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 52,217 |  |  | $ | 52,217 |  |  | $ | – |  |  | $ | – |  |  | $ | 52,217 |
Securities available-for-sale |  |  | 332,745 |  |  |  | – |  |  |  | 332,745 |  |  |  | – |  |  |  | 332,745 |
Loans receivable held for investment |  |  | 722,685 |  |  |  | – |  |  |  | – |  |  |  | 603,731 |  |  |  | 603,731 |
Accrued interest receivables |  |  | 3,467 |  |  |  | 266 |  |  |  | 849 |  |  |  | 2,352 |  |  |  | 3,467 |
Bank owned life insurance |  |  | 3,222 |  |  |  | 3,222 |  |  |  | – |  |  |  | – |  |  |  | 3,222 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 768,511 |  |  | $ | – |  |  | $ | 682,420 |  |  | $ | – |  |  | $ | 682,420 |
Federal Home Loan Bank advances |  |  | 32,888 |  |  |  | – |  |  |  | 31,581 |  |  |  | – |  |  |  | 31,581 |
Securities sold under agreements to repurchase |  |  | 65,407 |  |  |  | – |  |  |  | 62,716 |  |  |  | – |  |  |  | 62,716 |
Note payable |  |  | 14,000 |  |  |  | – |  |  |  | – |  |  |  | 14,000 |  |  |  | 14,000 |
Accrued interest payable |  |  | 186 |  |  |  | – |  |  |  | 186 |  |  |  | – |  |  |  | 186 |
|  |  |  |  | Fair Value Measurements at December 31, 2021 |
|  | Carrying 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 receivables |  |  | 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 |  |  |  | – |  |  |  | 51,960 |
Note payable |  |  | 14,000 |  |  |  | – |  |  |  | – |  |  |  | 14,000 |  |  |  | 14,000 |
Accrued interest payable |  |  | 119 |  |  |  | – |  |  |  | 119 |  |  |  | – |  |  |  | 119 |

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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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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