Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and December 31, 2020 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 March 31, 2021:
U.S. Government sponsored agency securities	$	1,001	$	—	$	1,001	$	—
Mortgage-backed securities - residential		25,428		—		25,428		—
Collateralized mortgage obligations		75,984		—		75,984		—
Other investments:
Mutual fund - CRA qualified		3,720		3,720		—		—

As of December 31, 2020:
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 March 31, 2021 are as follows:

	Carrying Amount		Level 1		Level 2		Level 3		Value
As of March 31, 2021:	(Dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	127,524	$	127,524	$	—	$	—	$	127,524
Loans held for sale		28,575		—		31,238		—		31,238
Loans receivable, net		1,140,533		—		—		1,156,500		1,156,500
Accrued interest receivable, net		3,096		8		249		2,839		3,096
Other investments:
FHLB and PCBB stock		6,233	N/A		N/A		N/A		N/A
Financial Liabilities:
Deposit	$	1,285,390	$	—	$	1,285,750	$	—	$	1,285,750
FHLB Advances		5,000		—		5,000		—		5,000
Accrued interest payable		622		—		622		—		622

The carrying amounts and estimated fair values of financial instruments not carried at fair value as of December 31, 2020 are as follows:

	Carrying Amount		Level 1		Level 2		Level 3		Value
As of December 31, 2020:	(Dollars in thousands)
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