Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures

Schedule of carrying amount and estimated fair value of the Company's financial instrument

	At March 31, 2022
	Carrying								Fair
(In thousands)	Amount		Level 1		Level 2		Level 3		Value
Financial assets:
Cash and cash equivalents	$	23,667	$	23,667	$	—	$	—	$	23,667
Interest-bearing time deposits in banks		650		—		650		—		650
Securities available-for-sale		36,078		—		33,573		2,505		36,078
Securities held-to-maturity		1,064		—		1,075		—		1,075
Equity securities		338		338		—		—		338
Loans receivable		274,485		—		—		278,475		278,475
FHLB stock		1,335		—		1,335		—		1,335
Accrued interest receivable		1,274		1,274		—		—		1,274
Financial liabilities:
Deposits	$	314,911	$	91,989	$	—	$	218,832	$	310,821
Long-term borrowings		15,978		—		19,355		—		19,355
Accrued interest payable		40		40		—		—		40

	At December 31, 2021
	Carrying								Fair
(In thousands)	Amount		Level 1		Level 2		Level 3		Value
Financial assets:
Cash and cash equivalents	$	20,997	$	20,997	$	—	$	—	$	20,997
Interest-bearing time deposits in banks		650		—		650		—		650
Securities available-for-sale		36,975		—		33,965		3,010		36,975
Securities held-to-maturity		1,128		—		1,150		—		1,150
Equity securities		350		350		—		—		350
Loans receivable		278,120		—		—		281,502		281,502
FHLB stock		1,450		—		1,450		—		1,450
Accrued interest receivable		1,249		1,249		—		—		1,249
Financial liabilities:
Deposits	$	312,049	$	94,709	$	—	$	219,261	$	313,970
Long-term borrowings		17,760		—		21,985		—		21,985
Accrued interest payable		35		35		—		—		35

Schedule of assets measured at fair value on a recurring basis

	At March 31, 2022
							Total Fair
(In thousands)	Level 1		Level 2		Level 3		Value
Securities available-for-sale:
Debt investment securities:
Residential mortgage-backed - US agency and GSEs	$	—	$	30	$	—	$	30
Corporate bonds		—		19,089		—		19,089
Municipal bonds		—		14,454		2,505		16,959
Equity investment securities:
Large cap equity mutual fund		44		—		—		44
Other mutual funds		294		—		—		294
Total investment securities	$	338	$	33,573	$	2,505	$	36,416

	At December 31, 2021
							Total Fair
(In thousands)	Level 1		Level 2		Level 3		Value
Securities available-for-sale:
Debt investment securities:
Residential mortgage-backed - US agency and GSEs	$	—	$	33	$	—	$	33
Corporate bonds		—		18,043		—		18,043
Municipal bonds		—		15,889		3,010		18,899
Equity investment securities:
Large cap equity mutual fund		45		—		—		45
Other mutual funds		305		—		—		305
Total investment securities	$	350	$	33,965	$	3,010	$	37,325

Schedule of changes in Level 3 assets measured at estimated fair value on a recurring basis

	Investment
(In thousands)	Securities
Balance - January 1, 2022	$	3,010
Total gains realized/unrealized:
Included in other comprehensive income		329
Principal payments/maturities		(834)
Balance - March 31, 2022	$	2,505

	Investment
(In thousands)	Securities
Balance - January 1, 2021	$	3,174
Total gains realized/unrealized:
Included in other comprehensive income		50
Purchases		826
Principal payments/maturities		(665)
Balance - March 31, 2021	$	3,385

Schedule of assets measured at fair value on a nonrecurring basis

	At March 31, 2022
							Total Fair
(In thousands)	Level 1		Level 2		Level 3		Value
Impaired loans	$	—	$	—	$	43	$	43
Foreclosed real estate & repossessed assets		—		—		—		—

	At December 31, 2021
							Total Fair
(In thousands)	Level 1		Level 2		Level 3		Value
Impaired loans	$	—	$	—	$	260	$	260
Foreclosed real estate & repossessed assets		—		—		27		27

Schedule of quantitative Information about Level 3 Fair Value Measurements

The following table presents additional quantitative information about assets measured at fair value on a recurring  basis and for which Level 3 inputs were used to determine fair value:  

	Quantitative Information about Level 3 Fair Value Measurements
	Valuation	Unobservable	Range
	Techniques	Input	(Weighted Avg.)
Investment type-
Other Investments	Scheduled principal	Cost to Sell	0%
	and Interest payments
	Carrying value		100%

The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a nonrecurring basis at March 31, 2022 and December 31, 2021:

	Quantitative Information about Level 3 Fair Value Measurements
	Valuation	Unobservable	Range
	Techniques	Input	(Weighted Avg.)
Impaired loans -	Appraisal of collateral	Appraisal Adjustments	5%  - 35%  (20)%
One-to four-family residential		Costs to Sell	5%  - 15% (10)%
Impaired loans -	Appraisal of collateral	Appraisal Adjustments	5%  - 35%  (25)%
Commercial business		Changes in property condition	10%  - 20% (15)%
		Costs to Sell	5%  - 15% (10)%
Foreclosed real estate and repossessed assets	Appraisal of collateral	Appraisal Adjustments	5%  - 35%  (25)%
		Changes in property condition	10%  - 20% (15)%
		Costs to Sell	5%  - 15% (10)%