XML 35 R25.htm IDEA: XBRL DOCUMENT
v3.23.2

Fair Value (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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 June 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage-backed securities |  | $ | – |  |  | $ | 69,928 |  |  | $ | – |  |  | $ | 69,928 |
Federal agency CMOs |  |  | – |  |  |  | 24,379 |  |  |  | – |  |  |  | 24,379 |
Federal agency debt |  |  | – |  |  |  | 51,775 |  |  |  | – |  |  |  | 51,775 |
Municipal bonds |  |  | – |  |  |  | 4,269 |  |  |  | – |  |  |  | 4,269 |
U.S. Treasuries |  |  | 160,813 |  |  |  | – |  |  |  | – |  |  |  | 160,813 |
SBA pools |  |  | – |  |  |  | 11,352 |  |  |  | – |  |  |  | 11,352 |
At December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage-backed securities |  | $ | – |  |  | $ | 74,169 |  |  | $ | – |  |  | $ | 74,169 |
Federal agency CMOs |  |  | – |  |  |  | 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 June 30, 2023 and December 31, 2022.
|  |  |  |  | Fair Value Measurements at June 30, 2023 |
|  | Carrying Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 10,742 |  |  | $ | 10,742 |  |  | $ | – |  |  | $ | – |  |  | $ | 10,742 |
Securities available-for-sale |  |  | 322,516 |  |  |  | 160,813 |  |  |  | 161,703 |  |  |  | – |  |  |  | 322,516 |
Loans receivable held for investment |  |  | 824,621 |  |  |  | – |  |  |  | – |  |  |  | 692,187 |  |  |  | 692,187 |
Accrued interest receivables |  |  | 4,114 |  |  |  | 299 |  |  |  | 882 |  |  |  | 2,933 |  |  |  | 4,114 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 646,063 |  |  | $ | – |  |  | $ | 577,502 |  |  | $ |  |  |  | $ | 577,502 |
FHLB advances |  |  | 210,268 |  |  |  | – |  |  |  | 208,373 |  |  |  | – |  |  |  | 208,373 |
Securities sold under agreements to repurchase |  |  | 71,381 |  |  |  | – |  |  |  | 69,255 |  |  |  | – |  |  |  | 69,255 |
Note payable |  |  | 14,000 |  |  |  | – |  |  |  | – |  |  |  | 14,000 |  |  |  | 14,000 |
Accrued interest payable |  |  | 66 |  |  |  | – |  |  |  | 66 |  |  |  | – |  |  |  | 66 |
|  |  |  |  | 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 |

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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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