Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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 September 30, 2019:
U.S. Government sponsored agency securities	$	5,992	$	—	$	5,992	$	—
Mortgage-backed securities - residential		12,197		—		12,197		—
Collateralized mortgage obligations		34,106		—		34,106		—
Other investments:
Mutual fund - CRA qualified		3,625		3,625		—		—

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 September 30, 2019 are as follows:

	Carrying Amount		Level 1		Level 2		Level 3		Value
As of September 30, 2019:	(Dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	89,107	$	89,107	$	—	$	—	$	89,107
Loans held for sale		368		—		397		—		397
Loans receivable, net		954,730		—		—		980,317		980,317
Accrued interest receivable		3,140		19		246		2,875		3,140
Financial Liabilities:
Deposit	$	995,993	$	—	$	997,256	$	—	$	997,256
Accrued interest payable		2,541		—		2,541		—		2,541

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