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Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Fair Values of Financial Instruments [Abstract]

Fair Value, Assets Measured on Recurring Basis

		Fair Value Measurement Reporting Date using
Description		Total			Level 1			Level 2			Level 3
December 31, 2020
ASSETS
U.S. Government agencies		$	3,969		$	—		$	3,969		$	—
States and political subdivisions			73,091			—			73,091			—
Corporate obligations			3,032			—			3,032			—
Mortgage-backed securities-government
sponsored entities			146,494			—			146,494			—
Interest rate derivatives			276			—			276			—
LIABILITIES
Interest rate derivatives			276			—			276			—
December 31, 2019
ASSETS
U.S. Treasury securities		$	—		$	—		$	—		$	—
States and political subdivisions			71,305			—			71,305			—
Corporate obligations			4,100			—			4,100			—
Mortgage-backed securities-government
sponsored entities			134,800			—			134,800			—

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

		Fair Value Measurement Reporting Date using
Description		Total			Level 1			Level 2			Level 3
December 31, 2020
Impaired Loans		$	2,662		$	—		$	—		$	2,662
Foreclosed real estate			965			—			—			965
December 31, 2019
Impaired Loans		$	1,584		$	—		$	—		$	1,584
Foreclosed real estate			1,556			—			—			1,556

Additional Qualitative Information about Level 3 Assets

	Quantitative Information about Level 3 Fair Value Measurements
(dollars in thousands)	Fair Value Estimate			Valuation Techniques		Unobservable Input		Range (Weighted Average)
December 31, 2020
Impaired loans	$	2,662		Appraisal of collateral(1)		Appraisal adjustments(2)		0%-10.59% (9.75%)
Foreclosed real estate owned	$	965		Appraisal of collateral(1)		Liquidation Expenses(2)		7.00% ‎(7.00%)

	Quantitative Information about Level 3 Fair Value Measurements
(dollars in thousands)	Fair Value Estimate			Valuation Techniques		Unobservable Input		Range (Weighted Average)
December 31, 2019
Impaired loans	$	1,531		Appraisal of collateral(1)		Appraisal adjustments(2)		10.00% (10.00%)
Impaired loans	$	53		Present value of future cash flows		Loan discount rate		4.00-6.97% ‎(5.55%)
Foreclosed real estate owned	$	1,556		Appraisal of collateral(1)		Liquidation Expenses(2)		0-7.00% ‎(4.34%)

(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less any associated allowance.

(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

Fair Value, by Balance Sheet Grouping

	Fair Value Measurements at December 31, 2020
	Carrying			Fair
	Amount			Value			Level 1			Level 2			Level 3
Financial assets:
Cash and cash equivalents (1)	$	111,693		$	111,693		$	111,693		$	—		$	—
Loans receivable, net		1,397,582			1,493,480			—			—			1,493,480
Mortgage servicing rights		337			476			—			—			476
Regulatory stock (1)		3,981			3,981			3,981			—			—
Bank owned life insurance (1)		39,608			39,608			39,608			—			—
Accrued interest receivable (1)		6,232			6,232			6,232			—			—
Financial liabilities:
Deposits		1,535,385			1,540,661			1,001,555			—			539,106
Short-term borrowings (1)		63,303			63,303			63,303			—			—
Other borrowings		42,459			43,452			—			—			43,452
Accrued interest payable (1)		1,601			1,601			1,601			—			—
Off-balance sheet financial instruments:
Commitments to extend credit and ‎outstanding letters of credit		—			—			—			—			—

	Fair Value Measurements at December 31, 2019
	Carrying			Fair
	Amount			Value			Level 1			Level 2			Level 3
Financial assets:
Cash and cash equivalents (1)	$	15,415		$	15,415		$	15,415		$	—		$	—
Loans receivable, net		916,072			943,143			—			—			943,143
Mortgage servicing rights		187			226			—			—			226
Regulatory stock (1)		4,844			4,844			4,844			—			—
Bank owned life insurance (1)		38,763			38,763			38,763			—			—
Accrued interest receivable (1)		3,719			3,719			3,719			—			—
Financial liabilities:
Deposits		957,529			961,120			596,811			—			364,309
Short-term borrowings (1)		62,256			62,256			62,256			—			—
Other borrowings		56,438			56,618			—			—			56,618
Accrued interest payable (1)		2,432			2,432			2,432			—			—
Off-balance sheet financial instruments:
Commitments to extend credit and ‎outstanding letters of credit		—			—			—			—			—

(1) This financial instrument is carried at cost, which approximates the fair value of the instrument.

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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-Topic 820
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-Section 50
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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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