Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 are summarized below:

			Fair Value Measuring Using
			Quoted		Significant Other		Significant
			Prices in		Observable		Unobservable
	Total		Active Markets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
	(Dollars in thousands)
As of March 31, 2019:
U.S. Government sponsored agency securities	$	6,940	$	—	$	6,940	$	—
Mortgage-backed securities - residential		13,700		—		13,700		—
Collateralized mortgage obligations		33,476		—		33,476		—
Other investments:
Mutual fund - CRA qualified		2,534		2,534		—		—

As of December 31, 2018:
U.S. Government sponsored agency securities	$	6,906	$	—	$	6,906	$	—
Mortgage-backed securities - residential		14,129		—		14,129		—
Collateralized mortgage obligations		34,301		—		34,301		—
Other investments:
Mutual fund - CRA qualified		2,488		2,488		—		—

Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value

Financial Instruments: The carrying amounts and estimated fair values of financial instruments not carried at fair value as of March 31, 2019 are as follows:

	Carrying Amount		Level 1		Level 2		Level 3		Value
As of March 31, 2019:	(Dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	65,796	$	65,796	$	—	$	—	$	65,796
Loans held for sale		246		—		264		—		264
Loans receivable, net		903,445		—		—		916,455		916,455
Accrued interest receivable		3,368		14		234		3,120		3,368
Financial Liabilities:
Deposit	$	929,402	$	—	$	927,423	$	—	$	927,423
Accrued interest payable		2,178		—		2,178		—		2,178

The carrying amounts and estimated fair values of financial instruments not carried at fair value at December 31, 2018 are as follows:

	Carrying Amount		Level 1		Level 2		Level 3		Value
As of December 31, 2018:	(Dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	77,726	$	77,726	$	—	$	—	$	77,726
Loans held for sale		752		—		806		—		806
Loans receivable, net		865,423		—		—		862,394		862,394
Accrued interest receivable		3,068		44		240		2,784		3,068
Financial Liabilities:
Deposit	$	905,176	$	—	$	904,466	$	—	$	904,466
Accrued interest payable		1,715		—		1,715		—		1,715