XML 26 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value Measurements
6 Months Ended
Jun. 30, 2020
Fair Value Measurements  
Fair Value Measurements

NOTE 8 — Fair Value Measurements

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values.

Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

For available-for-sale securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2).

Assets and liabilities measured at fair value on a recurring basis are summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

​

Quoted Prices
In Active
Markets For
Identical Assets

​

Significant
Other
Observable
Inputs

​

Significant
Unobservable
Inputs

​

    

(Level 1)

    

(Level 2)

    

(Level 3)

​

​

(In thousands)

June 30, 2020

​

​

​

​

​

​

​

​

​

Assets

​

​

​

​

​

​

​

​

​

Available-for-sale securities

​

​

​

​

​

​

​

​

​

Mortgage-backed securities – agency

​

$

—

​

$

23,997

​

$

—

CMOs – agency

​

​

—

​

​

98,628

​

​

—

Total

​

$

—

​

$

122,625

​

$

—

​

​

​

​

​

​

​

​

​

​

December 31, 2019

​

​

​

​

​

​

​

​

​

Assets

​

​

​

​

​

​

​

​

​

Available-for-sale securities

​

​

​

​

​

​

​

​

​

Mortgage-backed securities – agency

​

$

—

​

$

25,037

​

$

—

CMOs – agency

​

​

—

​

​

121,382

​

​

—

Total

​

$

—

​

$

146,419

​

$

—

​

There were no transfers between Level 1 and Level 2 during the three and six months ended June 30, 2020 and 2019. There were no assets measured on a nonrecurring basis as of June 30, 2020 and December 31, 2019.

The following tables present the carrying amounts and fair values (represents exit price) of financial instruments at June 30, 2020 and December 31, 2019:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurement at June 30, 2020, Using:

​

​

Carrying

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

    

Total

​

​

(In thousands)

Financial Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

114,428

​

$

1,165

​

$

113,263

​

$

—

​

$

114,428

Securities available-for-sale

​

​

122,625

​

​

—

​

​

122,625

​

​

—

​

​

122,625

Securities, restricted, at cost

​

​

2,694

​

​

N/A

​

​

N/A

​

​

N/A

​

​

N/A

Loans, net

​

​

583,002

​

​

—

​

​

—

​

​

583,281

​

​

583,281

Accrued interest receivable

​

​

4,056

​

​

—

​

​

298

​

​

3,758

​

​

4,056

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Time deposits

​

​

19,369

​

​

—

​

​

19,441

​

​

—

​

​

19,441

Demand and other deposits

​

​

705,557

​

​

705,557

​

​

—

​

​

—

​

​

705,557

Secured borrowings

​

​

85

​

​

—

​

​

85

​

​

—

​

​

85

Accrued interest payable

​

​

10

​

​

—

​

​

10

​

​

—

​

​

10

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurement at December 31, 2019, Using:

​

​

Carrying

​

​

​

​

​

​

    

Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

    

Total

​

​

(In thousands)

Financial Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

61,806

​

$

669

​

$

61,007

​

$

—

​

$

61,676

Securities available-for-sale

​

​

146,419

​

​

—

​

​

146,419

​

​

—

​

​

146,419

Securities, restricted, at cost

​

​

2,665

​

​

N/A

​

​

N/A

​

​

N/A

​

​

N/A

Loans, net

​

​

558,380

​

​

—

​

​

—

​

​

560,859

​

​

560,859

Accrued interest receivable

​

​

3,242

​

​

—

​

​

386

​

​

2,856

​

​

3,242

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Time deposits

​

​

19,746

​

​

—

​

​

19,763

​

​

—

​

​

19,763

Demand and other deposits

​

​

660,874

​

​

660,874

​

​

—

​

​

—

​

​

660,874

Secured borrowings

​

​

86

​

​

—

​

​

86

​

​

—

​

​

86

Accrued interest payable

​

​

12

​

​

—

​

​

12

​

​

—

​

​

12

​