FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of fair value of assets and liabilities

The following table summarizes the fair value of assets and liabilities as of December 31, 2021:

			Fair Value Measurements at December 31, 2021, Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Measured on a recurring basis:
Financial assets
Securities available for sale:
U.S. Treasury Notes	$	36,832	$	36,832	$	—	$	—
Domestic Corporate Bonds	87,619		—		87,619		—
U.S. Government agency obligations	23,329		17,617		5,712		—
Obligations issued by U.S. states and their political subdivisions	20,324		—		20,324		—
Mortgage-backed securities:
Residential one-to-four family	114,401		—		114,401		—
Multifamily	35,916		—		35,916		—
Asset-backed securities	6,471		—		6,471		—
	$	324,892	$	54,449	$	270,443	$	—
Financial Liabilities
Derivatives	$	246	$	—	$	246	$	—

There were no assets or liabilities measured at fair value on a non-recurring basis at December 31, 2021. The assets held for sale and REO were sold in December 2021, resulting in a net loss of $104 thousand and $6 thousand for assets held for sale and REO, respectively.

The following table summarizes the fair value of assets and liabilities as of December 31, 2020:

			Fair Value Measurements at December 31, 2020, Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Measured on a recurring basis:
Financial assets
Securities available for sale
U.S. Treasury Notes	$	10,000	$	10,000	$	—	$	—
Domestic Corporate Bonds	59,341		—		59,341		—
U.S. Government agency obligations	19,675		12,417		7,258		—
Obligations issued by U.S. states and their political subdivisions	24,795		—		24,795		—
Mortgage-backed securities:
Residential one-to-four family	72,716		—		72,716		—
Multifamily	58,060		—		58,060		—
Total	$	244,587	$	22,417	$	222,170	$	—
Financial Liabilities
Derivatives	$	5,545	$	—	$	5,545	$	—
Measured on a nonrecurring basis:
Nonfinancial assets
Assets held for sale	$	5,295	$	—	$	5,295	$	—
Real estate owned	624		—		624		—

Summary of carrying amounts and fair value of financial instruments not carried at fair value

The carrying amounts and fair value of financial instruments not carried at fair value, at December 31, 2021 and December 31, 2020 are as follows:

			Fair Value Measurements at  December 31, 2021, Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Book Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Financial assets
Securities held-to-maturity	$	23,281	$	—	$	22,849	$	—
Loans, net	1,273,184		—		—		1,266,799
Financial liabilities
Time Deposits	473,795		—		470,732		—
Federal Home Loan advances	185,500		—		182,795		—
			Fair Value Measurements at December 31, 2020, Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Book Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Financial assets
Securities held-to-maturity	$	7,005	$	—	$	6,978	$	—
Loans, net	1,267,114		—		—		1,290,740
Financial liabilities
Time Deposits	717,431		—		725,110		—
Federal Home Loan advances	329,400		—		336,377		—