Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

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

Assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and December 31, 2019 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 December 31, 2020:
U.S. Government sponsored agency securities	$	1,005	$	—	$	1,005	$	—
Mortgage-backed securities - residential		19,704		—		19,704		—
Collateralized mortgage obligations		71,082		—		71,082		—
Other investments:
Mutual fund - CRA qualified		3,773		3,773		—		—

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, at December 31, 2020 are as follows:

	Carrying Amount		Level 1		Level 2		Level 3		Value
	(Dollars in thousands)
As of December 31, 2020:
Financial Assets:
Cash and cash equivalents	$	106,405	$	106,405	$	—	$	—	$	106,405
Loans held for sale		26,659		—		26,659		—		26,659
Loans receivable, net		1,084,384		—		—		1,109,217		1,109,217
Accrued interest receivable, net		3,985		7		249		3,729		3,985
Other investments:
FHLB and PCBB stock		6,233	N/A		N/A		N/A		N/A
Financial Liabilities:
Deposit	$	1,200,090	$	—	$	1,200,789	$	—	$	1,200,789
'FHLB Advances		5,000		—		5,000		—		5,000
Accrued interest payable		1,021		—		1,021		—		1,021

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

	Carrying Amount		Level 1		Level 2		Level 3		Value
	(Dollars in thousands)
As of December 31, 2019:
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, net		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