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Fair Value Accounting and Measurement (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities measured at fair value on a recurring basis
The following tables show the Company’s assets and liabilities measured at fair value on a recurring basis at the dates indicated:
 
December 31, 2019
 
Quoted Prices in
Active Markets for
Identical Assets
 or Liabilities
 
Significant
Other
Observable
 Inputs
 
Significant
Unobservable
Inputs
 
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
 
(In thousands)
Securities available for sale
 
 
 
 
 
 
 
Municipal bonds
$

 
$
39,282

 
$

 
$
39,282

ABS agency

 
28,858

 

 
28,858

ABS corporate

 
40,855

 

 
40,855

SBA

 
9,643

 

 
9,643

Corporate debt

 
28,459

 

 
28,459

MBS agency

 
160,167

 

 
160,167

MBS corporate

 
8,316

 

 
8,316

 
$

 
$
315,580

 
$

 
$
315,580

 
 
 
 
 
 
 
 
 
December 31, 2018
 
Quoted Prices in
Active Markets for
Identical Assets
or Liabilities
 
Significant
Other
Observable
Inputs
 
Significant
Unobservable
Inputs
 
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
 
(In thousands)
Securities available for sale
 
 
 
 
 
 
 
Municipal bonds
$

 
$
869

 
$

 
$
869

ABS agency

 
25,752

 

 
25,752

ABS corporate

 
36,723

 

 
36,723

SBA

 
9,888

 

 
9,888

Corporate debt

 
35,670

 

 
35,670

MBS agency

 
143,455

 

 
143,455

MBS corporate

 
10,610

 

 
10,610

 
$

 
$
262,967

 
$

 
$
262,967



Schedule of assets measured at fair value on a nonrecurring basis
The following tables present the Company’s assets measured at fair value on a nonrecurring basis at the dates indicated:
 
December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(In thousands)
Impaired loans
$

 
$

 
$
6,389

 
$
6,389

Real estate owned and repossessed assets

 

 
154

 
154

 
 
 
 
 
 
 
 
 
$

 
$

 
$
6,543

 
$
6,543

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(In thousands)
Impaired loans
$

 
$

 
$
6,558

 
$
6,558

Real estate owned and repossessed assets

 

 
124

 
124

 
 
 
 
 
 
 
 
 
$

 
$

 
$
6,682

 
$
6,682

Schedule of valuation techniques to value assets measured at fair value
The following tables present the techniques used to value assets measured at fair value on a nonrecurring basis at the dates indicated:
 
December 31, 2019
 
Fair Value
 
Valuation
Technique
 
Unobservable Input
 
Range
(Weighted-Average)1
 
(In thousands)
 
 
 
 
 
 
Real estate owned and repossessed assets
$
154

 
Market comparable
 
Discount to appraisal
 
0% - 10% (5%)
1
Discount to appraisal disposition value.

 
December 31, 2018
 
Fair Value
 
Valuation
Technique
 
Unobservable Input
 
Range
(Weighted-Average)
1
 
(In thousands)
 
 
 
 
 
 
Real estate owned and repossessed assets
124

 
Market comparable
 
Discount to appraisal
 
0% - 10% (5%)
1 
Discount to appraisal disposition value.

Schedule of the carrying value and estimated fair value of financial instruments
The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated:
 
December 31, 2019
 
Carrying Amount
 
Estimated Fair Value
 
Fair Value Measurements Using:
 
 
 
Level 1
 
Level 2
 
Level 3
 
(In thousands)
Financial assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
48,739

 
$
48,739

 
$
48,739

 
$

 
$

Investment securities available for sale
315,580

 
315,580

 

 
315,580

 

Loans held for sale
503

 
503

 

 
503

 

Loans receivable, net
878,437

 
858,101

 

 

 
858,101

FHLB stock
6,034

 
6,034

 

 
6,034

 

Accrued interest receivable
3,931

 
3,931

 

 
3,931

 

Mortgage servicing rights, net
871

 
1,486

 

 

 
1,486

 
 
 
 
 
 
 
 
 
 
Financial liabilities
 
 
 
 
 
 
 
 
 
Demand deposits
$
693,565

 
$
693,565

 
$
693,565

 
$

 
$

Time deposits
308,080

 
308,819

 

 
308,819

 

Borrowings
112,930

 
113,076

 

 
113,076

 

Accrued interest payable
373

 
373

 

 
373




 
December 31, 2018
 
Carrying Amount
 
Estimated Fair Value
 
Fair Value Measurements Using:
 
 
 
Level 1
 
Level 2
 
Level 3
 
(In thousands)
Financial assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
26,323

 
$
26,323

 
$
26,323

 
$

 
$

Investment securities available for sale
262,967

 
262,967

 

 
262,967

 

Investment securities held to maturity
43,503

 
42,990

 

 
42,990

 

Loans receivable, net
863,852

 
840,861

 

 

 
840,861

FHLB stock
6,927

 
6,927

 

 
6,927

 

Accrued interest receivable
4,048

 
4,048

 

 
4,048

 

Mortgage servicing rights, net
1,044

 
1,479

 

 

 
1,479

 
 
 
 
 
 
 
 
 
 
Financial liabilities
 
 
 
 
 
 
 
 
 
Demand deposits
$
678,908

 
$
678,908

 
$
678,908

 
$

 
$

Time deposits
261,352

 
259,549

 

 
259,549

 

Borrowings
136,552

 
137,153

 

 
137,153

 

Accrued interest payable
521

 
521

 

 
521