Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and December 31, 2019 are summarized below:

			Fair Value Measure 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, 2020:
U.S. Government sponsored agency securities	$	2,013	$	—	$	2,013	$	—
Mortgage-backed securities - residential		21,768		—		21,768		—
Collateralized mortgage obligations		69,701		—		69,701		—
Other investments:
Mutual fund - CRA qualified		3,769		3,769		—		—

As of December 31, 2019:
U.S. Government sponsored agency securities	$	5,001	$	—	$	5,001	$	—
Mortgage-backed securities - residential		15,641		—		15,641		—
Collateralized mortgage obligations		35,907		—		35,907		—
Other investments:
Mutual fund - CRA qualified		3,628		3,628		—		—

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, 2020 are as follows:

	Carrying Amount		Level 1		Level 2		Level 3		Value
As of September 30, 2020:	(Dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	87,983	$	87,983	$	—	$	—	$	87,983
Loans held for sale		41,430		—		44,947		—		44,947
Loans receivable, net		1,058,626		—		—		1,073,447		1,073,447
Accrued interest receivable		4,968		8		270		4,690		4,968
Other investments:
FHLB and PCBB stock		6,233	N/A		N/A		N/A		N/A
Financial Liabilities:
Deposit	$	1,170,164	$	—	$	1,170,846	$	—	$	1,170,846
Accrued interest payable		1,355		—		1,355		—		1,355

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

	Carrying Amount		Level 1		Level 2		Level 3		Value
As of December 31, 2019:	(Dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	86,036	$	86,036	$	—	$	—	$	86,036
Loans held for sale		2,100		—		2,100		—		2,100
Loans receivable, net		980,088		—		—		1,009,490		1,009,490
Accrued interest receivable		3,166		41		243		2,882		3,166
Other investments:
FHLB and PCBB stock		5,548	N/A		N/A		N/A		N/A
Financial Liabilities:
Deposit	$	1,020,711	$	—	$	1,021,571	$	—	$	1,021,571
Accrued interest payable		2,686		—		2,686		—		2,686