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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
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