XML 44 R33.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value of Assets Measured on Recurring Basis



 

 

 

 

 

 

 

 

 

 

 

 



 

Fair Value Measurements at June 30, 2020



 

 

 

Quoted Prices in Active Markets for Identical Assets

 

Significant Other Observable Inputs

 

Significant Other Unobservable Inputs



 

Fair Value

 

(Level 1)

 

(Level 2)

 

(Level 3)



 

 

(Dollars in thousands)

Measured at fair value on a recurring basis:

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies

 

$

 2,346 

 

$

 2,346 

 

$

 -

 

$

 -

Municipal bonds

 

 

 40,209 

 

 

 -

 

 

 40,209 

 

 

 -

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized mortgage obligations-private label

 

 

 20 

 

 

 -

 

 

 20 

 

 

 -

Collateralized mortgage obligations-government sponsored entities

 

 

 24,048 

 

 

 -

 

 

 24,048 

 

 

 -

Government National Mortgage Association

 

 

 164 

 

 

 -

 

 

 164 

 

 

 -

Federal National Mortgage Association

 

 

 2,854 

 

 

 -

 

 

 2,854 

 

 

 -

Federal Home Loan Mortgage Corporation

 

 

 2,975 

 

 

 -

 

 

 2,975 

 

 

 -

Asset-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Private label

 

 

 189 

 

 

 -

 

 

 189 

 

 

 -

   Government sponsored entities

 

 

 35 

 

 

 -

 

 

 35 

 

 

 -

Total Debt Securities

 

$

 72,840 

 

$

 2,346 

 

$

 70,494 

 

$

 -

Equity securities

 

 

 49 

 

 

 -

 

 

 49 

 

 

 -

Total Securities Available for Sale

 

$

 72,889 

 

$

 2,346 

 

$

 70,543 

 

$

 -

Interest Rate Swap(1)

 

$

 (306)

 

$

 -

 

$

 (306)

 

$

 -



(1)

Included in Other Liabilities on the consolidated statements of financial condition.





 

 

 

 

 

 

 

 

 

 

 

 



 

Fair Value Measurements at December 31, 2019



 

 

 

Quoted Prices in Active Markets for Identical Assets

 

Significant Other Observable Inputs

 

Significant Other Unobservable Inputs



 

Fair Value

 

(Level 1)

 

(Level 2)

 

(Level 3)



 

 

(Dollars in thousands)

Measured at fair value on a recurring basis:

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies

 

$

 2,145 

 

$

 2,145 

 

$

 -

 

$

 -

Municipal bonds

 

 

 35,819 

 

 

 -

 

 

 35,819 

 

 

 -

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized mortgage obligations-private label

 

 

 23 

 

 

 -

 

 

 23 

 

 

 -

Collateralized mortgage obligations-government sponsored entities

 

 

 27,341 

 

 

 -

 

 

 27,341 

 

 

 -

Government National Mortgage Association

 

 

 176 

 

 

 -

 

 

 176 

 

 

 -

Federal National Mortgage Association

 

 

 2,013 

 

 

 -

 

 

 2,013 

 

 

 -

Federal Home Loan Mortgage Corporation

 

 

 3,367 

 

 

 -

 

 

 3,367 

 

 

 -

Asset-backed securities:

 

 

 

 

 

 

 

 

 -

 

 

 

Private label

 

 

 215 

 

 

 -

 

 

 215 

 

 

 -

Government sponsored entities

 

 

 35 

 

 

 -

 

 

 35 

 

 

 -

Total Debt Securities

 

$

 71,134 

 

$

 2,145 

 

$

 68,989 

 

$

 -

Equity securities

 

 

 67 

 

 

 -

 

 

 67 

 

 

 -

Total Securities Available for Sale

 

$

 71,201 

 

$

 2,145 

 

$

 69,056 

 

$

 -

Interest Rate Swap(1)

 

$

 (127)

 

$

 -

 

$

 (127)

 

$

 -



(1)

Included in Other Liabilities on the consolidated statements of financial condition
Assets Measured at Fair Value on Nonrecurring Basis



 

 

 

 

 

 

 

 

 

 

 

 



 

Fair Value Measurements



 

 

 

Quoted Prices in Active Markets for Identical Assets

 

Significant Other Observable Inputs

 

Significant Other Unobservable Inputs



 

Fair Value

 

(Level 1)

 

(Level 2)

 

(Level 3)



 

 

(Dollars in thousands)

Measured at fair value on a non-recurring basis:

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

At June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Foreclosed real estate

 

$

 135 

 

$

 -

 

$

 -

 

$

 135 



 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Foreclosed real estate

 

$

 170 

 

$

 -

 

$

 -

 

$

 170 



Carrying Amount and Estimated Fair Value of Financial Instruments



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Fair Value Measurements at June 30, 2020



 

Carrying

 

Estimated

 

Quoted Prices in Active Markets for Identical Assets

 

Significant Other Observable Inputs

 

Significant Other Unobservable Inputs



 

Amount

 

Fair Value

 

(Level 1)

 

(Level 2)

 

(Level 3)



 

(Dollars in thousands)

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 78,864 

 

$

 78,864 

 

$

 78,864 

 

$

 -

 

$

 -

Securities available for sale

 

 

 72,889 

 

 

 72,889 

 

 

 2,346 

 

 

 70,543 

 

 

 -

Federal Home Loan Bank stock

 

 

 2,022 

 

 

 2,022 

 

 

 -

 

 

 2,022 

 

 

 -

Loans receivable, net

 

 

 487,928 

 

 

 486,295 

 

 

 -

 

 

 -

 

 

 486,295 

Accrued interest receivable

 

 

 3,221 

 

 

 3,221 

 

 

 -

 

 

 3,221 

 

 

 -

Interest rate swap

 

 

 (306)

 

 

 (306)

 

 

 -

 

 

 (306)

 

 

 -

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 550,485 

 

 

 553,757 

 

 

 -

 

 

 553,757 

 

 

 -

Long-term debt

 

 

 32,350 

 

 

 33,624 

 

 

 -

 

 

 33,624 

 

 

 -

Accrued interest payable

 

 

 67 

 

 

 67 

 

 

 -

 

 

 67 

 

 

 -

Off-balance-sheet financial instruments

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Fair Value Measurements at December 31, 2019



 

Carrying

 

Estimated

 

Quoted Prices in Active Markets for Identical Assets

 

Significant Other Observable Inputs

 

Significant Other Unobservable Inputs



 

Amount

 

Fair Value

 

(Level 1)

 

(Level 2)

 

(Level 3)



 

(Dollars in thousands)

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 30,289 

 

$

 30,289 

 

$

 30,289 

 

$

 -

 

$

 -

Securities available for sale

 

 

 71,201 

 

 

 71,201 

 

 

 2,145 

 

 

 69,056 

 

 

 -

Federal Home Loan Bank stock

 

 

 2,055 

 

 

 2,055 

 

 

 -

 

 

 2,055 

 

 

 -

Loans receivable, net

 

 

 470,816 

 

 

 461,058 

 

 

 -

 

 

 -

 

 

 461,058 

Accrued interest receivable

 

 

 2,153 

 

 

 2,153 

 

 

 -

 

 

 2,153 

 

 

 -

Interest rate swap

 

 

 (127)

 

 

 (127)

 

 

 -

 

 

 (127)

 

 

 -

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 483,476 

 

 

 486,487 

 

 

 -

 

 

 486,487 

 

 

 -

Long-term debt

 

 

 34,650 

 

 

 34,658 

 

 

 -

 

 

 34,658 

 

 

 -

Accrued interest payable

 

 

 79 

 

 

 79 

 

 

 -

 

 

 79 

 

 

 -

Off-balance-sheet financial instruments

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -



Fair Value, Nonrecurring [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Additional Quantitative Information About Assets Measured at Fair Value



 

 

 

 

 

 

 

 

 

 



Quantitative Information about Level 3 Fair Value Measurements

(Dollars in thousands)

Fair Value Estimate

 

Valuation Technique

 

Unobservable Input

 

Range

 

Weighted Average

At June 30, 2020

 

 

 

 

 

 

 

 

 

 

Foreclosed real estate

$

 135 

 

Market valuation of property (1)

 

Direct Disposal Costs (2)

 

 10.00% 

 

 10.00% 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

Foreclosed real estate

$

 170 

 

Market valuation of property (1)

 

Direct Disposal Costs (2)

 

7.00-10.00%

 

 9.40% 



(1)

Fair value is generally determined through independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable.

(2)

The fair value basis of foreclosed real estate may be adjusted to reflect management estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions, legal fees, and delinquent property taxes.