Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	Fair Value Measurement Using
	Quoted Prices in Active markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2022
Financial assets:
U.S Government entities	$	—	$	2,668	$	—
Municipal- Taxable		—		12,879		—
Municipal- Tax exempt		—		1,362		—
Residential MB, GSE		—		9,365
SBA guaranteed debenture		—		816		—
Total AFS	$	—	$	27,090	$	—
Equity Securities	$	—	$	—	$	994

	Fair Value Measurement Using
	Quoted Prices in Active markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2021
Financial assets:
U.S Government entities	$	—	$	2,957	$	—
Municipal- Taxable		—		14,157		—
Municipal- Tax exempt		—		1,399		—
Residential MB, GSE		—		1,669		—
SBA guaranteed debenture		—		1,131		—
Total AFS	$	—	$	21,313	$	—

Reconciliation of Assets Measured at Fair Value on Recurring Basis Using Unobservable Inputs

The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarter ended March 31, 2022:

	Equity Securities
	2022
Beginning Balance of recurring Level 3 assets	$	—
Purchase		1,000
Unrealized loss		(6	)
Ending Balance of recurring Level 3 assets	$	994

Financial Assets and Liabilities Measured at Fair Value on Non Recurring Basis

Assets measured at fair value on a nonrecurring basis are included in the table below as of March 31, 2022 and December 31, 2021 (amounts in thousands):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	March 31, 2022		December 31, 2021
Impaired loans:
RE loans:
One-to four family	$	13	$	14
Commercial		—		90
Foreclosed real estate:
One-to four family	$	74	$	74
Commercial		—		326

Estimated Fair Value of Financial Instruments

The carrying amounts and estimated fair values of the Company’s on-balance sheet financial instruments at March 31, 2022 and December 31, 2021 are summarized below:

			Fair Value Measurements at March 31, 2022 Using:
	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	38,670	$	38,670	$	—	$	—	$	38,670
Securities available for sale		27,090		—		27,090		—		27,090
Equity Securities		994		—		—		994		994
Loans held for sale		238		—		238		—		238
Loan, net		267,527		—		—		273,527		273,527
Accrued interest receivable		849		—		138		711		849
Restricted equity securities		176		—		—		—	N/A
Financial liabilities:
Deposits	$	250,370	$	173,651	$	87,024	$	—		260,675
Federal Home Loan Bank advances		—		—		—		—		—
Accrued interest payable		7		4		3		—		7

			Fair Value Measurements at December 31, 2021 Using:
	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	61,938	$	61,938	$	—	$	—	$	61,938
Securities available for sale		21,313		—		21,313		—		21,313
Loans held for sale		—		—		—		—		—
Loan, net		252,160		—		—		259,152		259,152
Accrued interest receivable		775		—		162		613		775
Restricted equity securities		859		—		—		—	N/A
Financial liabilities:
Deposits	$	232,021	$	156,921	$	80,281	$	—	$	237,202
Federal Home Loan Bank advances		18,500		—		18,322		—		18,322
Accrued interest payable		60		3		57		—		60