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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Measurements

Schedule of financial assets and liabilities measured at fair value on a recurring basis


					Fair Value Measurements at
					March 31, 2021 Using
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
(In thousands)		Balance as of			Assets			Inputs			Inputs
Description		March 31, 2021			(Level 1)			(Level 2)			(Level 3)
Assets
Available-for-sale
Securities of state and local municipalities tax exempt		$	2,466		$	—		$	2,466		$	—
Securities of state and local municipalities taxable			754			—			754			—
Corporate bonds			14,062			—			14,062			—
SBA pass-through securities			122			—			122			—
Mortgage-backed securities			96,254			—			96,254			—
Collateralized mortgage obligations			21,446			—			21,446			—
Total Available-for-Sale Securities		$	135,104		$	—		$	135,104		$	—


					Fair Value Measurements at
					December 31, 2020 Using
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
(In thousands)		Balance as of			Assets			Inputs			Inputs
Description		December 31, 2020			(Level 1)			(Level 2)			(Level 3)
Assets
Available-for-sale
Securities of state and local municipalities tax exempt		$	3,493		$	—		$	3,493		$	—
Securities of state and local municipalities taxable			818			—			818			—
Corporate bonds			12,817			—			12,817			—
SBA pass-through securities			141			—			141			—
Mortgage-backed securities			83,714			—			83,714			—
Collateralized mortgage obligations			25,168			—			25,168			—
Total Available-for-Sale Securities		$	126,151		$	—		$	126,151		$	—

Schedule of the Company's assets that were measured at fair value on a nonrecurring basis


					Fair Value Measurements
					Using
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
(In thousands)		Balance as of			Assets			Inputs			Inputs
Description		March 31, 2021			(Level 1)			(Level 2)			(Level 3)
Assets
Impaired loans		$	5,690		$	—		$	—		$	5,690
Other real estate owned		$	3,866		$	—		$	—		$	3,866


					Fair Value Measurements
					Using
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
(In thousands)		Balance as of			Assets			Inputs			Inputs
Description		December 31, 2020			(Level 1)			(Level 2)			(Level 3)
Assets
Impaired loans		$	6,587		$	—		$	—		$	6,587
Other real estate owned		$	3,866		$	—		$	—		$	3,866

Schedule of quantitative information about Level 3 Fair Value Measurements


Quantitative information about Level 3 Fair Value Measurements for March 31, 2021
(In thousands)
Assets		Fair Value			Valuation Technique(s)		Unobservable input		Range			(Avg.)
Impaired loans		$	5,690		Discounted appraised value		Marketability/Selling costs		0% - 10	%		(8.71)	%
Other real estate owned		$	3,866		Discounted appraised value		Selling costs		10.51	%


Quantitative information about Level 3 Fair Value Measurements for December 31, 2020
(In thousands)
Assets		Fair Value			Valuation Technique(s)		Unobservable input		Range			(Avg.)
Impaired loans		$	6,587		Discounted appraised value		Marketability/Selling costs		0% - 8	%		(6.23)	%
Other real estate owned		$	3,866		Discounted appraised value		Selling costs		10.51	%

Schedule of carrying amount, fair value and placement in the fair value hierarchy of the Company's financial instruments


					Fair Value Measurements as of March 31, 2021, using
					Quoted Prices in
					Active Markets			Significant			Significant
		Carrying			for Identical			Other Observable			Unobservable
		Amount			Assets			Inputs			Inputs
(In thousands)					Level 1			Level 2			Level 3
Financial assets:
Cash and due from banks		$	16,593		$	16,593		$	—		$	—
Interest-bearing deposits at other institutions			203,285			203,285			—			—
Securities held-to-maturity			264			—			272			—
Securities available-for-sale			135,104			—			135,104			—
Restricted stock			6,377			—			6,377			—
Loans, net			1,432,491			—			—			1,442,367
Bank owned life insurance			38,425			—			38,425			—
Accrued interest receivable			8,912			—			8,912			—
Financial liabilities:
Checking, savings and money market accounts		$	1,324,700		$	—		$	1,324,700		$	—
Time deposits			269,939			—			272,710			—
FHLB advances			25,000			—			25,000			—
Subordinated notes			44,116			—			40,889			—
Accrued interest payable			1,372			—			1,372			—


					Fair Value Measurements as of December 31, 2020, using
					Quoted Prices in
					Active Markets			Significant			Significant
		Carrying			for Identical			Other Observable			Unobservable
		Amount			Assets			Inputs			Inputs
(In thousands)					Level 1			Level 2			Level 3
Financial assets:
Cash and due from banks		$	20,835		$	20,835		$	—		$	—
Interest-bearing deposits at other institutions			120,228			120,228			—			—
Securities held-to-maturity			264			—			274			—
Securities available-for-sale			126,151			—			126,151			—
Restricted stock			6,563			—			6,563			—
Loans, net			1,451,125			—			—			1,463,270
Bank owned life insurance			38,178			—			38,178			—
Accrued interest receivable			9,135			—			9,135			—
Financial liabilities:
Checking, savings and money market accounts		$	1,219,440		$	—		$	1,219,440		$	—
Time deposits			313,053			—			316,341			—
FHLB advances			25,000			—			25,000			—
Subordinated notes			44,085			—			42,438			—
Accrued interest payable			685			—			685			—