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Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage-backed |  | $ | – |  |  | $ | 73,017 |  |  | $ | – |  |  | $ | 73,017 |
Federal agency CMO |  |  | – |  |  |  | 25,749 |  |  |  | – |  |  |  | 25,749 |
Federal agency debt |  |  | – |  |  |  | 52,030 |  |  |  | – |  |  |  | 52,030 |
Municipal bonds |  |  | – |  |  |  | 4,299 |  |  |  | – |  |  |  | 4,299 |
U.S. Treasuries |  |  | 162,096 |  |  |  | – |  |  |  | – |  |  |  | 162,096 |
SBA pools |  |  | – |  |  |  | 11,835 |  |  |  | – |  |  |  | 11,835 |
At December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage-backed |  | $ | – |  |  | $ | 74,169 |  |  | $ | – |  |  | $ | 74,169 |
Federal agency CMO |  |  | – |  |  |  | 26,100 |  |  |  | – |  |  |  | 26,100 |
Federal agency debt |  |  | – |  |  |  | 51,425 |  |  |  | – |  |  |  | 51,425 |
Municipal bonds |  |  | – |  |  |  | 4,197 |  |  |  | – |  |  |  | 4,197 |
U.S. Treasuries |  |  | 160,589 |  |  |  | – |  |  |  | – |  |  |  | 160,589 |
SBA pools |  |  | – |  |  |  | 12,269 |  |  |  | – |  |  |  | 12,269 |
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 March 31, 2023 and December 31, 2022.
|  |  |  |  | Fair Value Measurements at March 31, 2023 |
|  | Carrying Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 29,648 |  |  | $ | 29,648 |  |  | $ | – |  |  | $ | – |  |  | $ | 29,648 |
Securities available-for-sale |  |  | 329,026 |  |  |  | 162,096 |  |  |  | 166,930 |  |  |  | – |  |  |  | 329,026 |
Loans receivable held for investment |  |  | 776,053 |  |  |  | – |  |  |  | – |  |  |  | 636,286 |  |  |  | 636,286 |
Accrued interest receivables |  |  | 4,219 |  |  |  | 612 |  |  |  | 635 |  |  |  | 2,972 |  |  |  | 4,219 |
Bank owned life insurance |  |  | 3,242 |  |  |  | 3,242 |  |  |  | – |  |  |  | – |  |  |  | 3,242 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 657,542 |  |  | $ | – |  |  | $ | 596,064 |  |  | $ | – |  |  | $ | 596,064 |
FHLB advances |  |  | 168,810 |  |  |  | – |  |  |  | 167,175 |  |  |  | – |  |  |  | 167,175 |
Securities sold under agreements to repurchase |  |  | 70,941 |  |  |  | – |  |  |  | 67,423 |  |  |  | – |  |  |  | 67,423 |
Note payable |  |  | 14,000 |  |  |  | – |  |  |  | – |  |  |  | 14,000 |  |  |  | 14,000 |
Accrued interest payable |  |  | 368 |  |  |  | – |  |  |  | 368 |  |  |  | – |  |  |  | 368 |
|  |  |  |  | Fair Value Measurements at December 31, 2022 |
|  | Carrying Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 16,105 |  |  | $ | 16,105 |  |  | $ | – |  |  | $ | – |  |  | $ | 16,105 |
Securities available-for-sale |  |  | 328,749 |  |  |  | 160,589 |  |  |  | 168,160 |  |  |  | – |  |  |  | 328,749 |
Loans receivable held for investment |  |  | 768,046 |  |  |  | – |  |  |  | – |  |  |  | 641,088 |  |  |  | 641,088 |
Accrued interest receivables |  |  | 3,973 |  |  |  | 442 |  |  |  | 793 |  |  |  | 2,738 |  |  |  | 3,973 |
Bank owned life insurance |  |  | 3,233 |  |  |  | 3,233 |  |  |  | – |  |  |  | – |  |  |  | 3,233 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 686,916 |  |  | $ | – |  |  | $ | 673,615 |  |  | $ | – |  |  | $ | 673,615 |
FHLB advances |  |  | 128,344 |  |  |  | – |  |  |  | 126,328 |  |  |  | – |  |  |  | 126,328 |
Securities sold under agreements to repurchase |  |  | 63,471 |  |  |  | – |  |  |  | 60,017 |  |  |  | – |  |  |  | 60,017 |
Note payable |  |  | 14,000 |  |  |  | – |  |  |  | – |  |  |  | 14,000 |  |  |  | 14,000 |
Accrued interest payable |  |  | 453 |  |  |  | – |  |  |  | 453 |  |  |  | – |  |  |  | 453 |

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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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