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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020:
|  |  |  |  |  | Fair Value Measurements at |
|  |  |  |  |  | September 30, 2021 |
|  |  |  |  |  | Using |
|  | Balance as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | September 30, 2021 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government corporations and agencies |  | $ | 15,155 |  |  | $ | — |  |  | $ | 15,155 |  |  | $ | — |
Mortgage-backed securities |  |  | 161,256 |  |  |  | — |  |  |  | 161,256 |  |  |  | — |
Obligations of states and political subdivisions |  |  | 23,528 |  |  |  | — |  |  |  | 23,528 |  |  |  | — |
Subordinated debt |  |  | 1,500 |  |  |  | — |  |  |  | 1,500 |  |  |  | — |
Total assets at fair value |  | $ | 201,439 |  |  | $ | — |  |  | $ | 201,439 |  |  | $ | — |
|  |  |  |  |  | Fair Value Measurements at |
|  |  |  |  |  | December 31, 2020 |
|  |  |  |  |  | Using |
|  | Balance as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | December 31, 2020 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government corporations and agencies |  | $ | 17,483 |  |  | $ | — |  |  | $ | 17,483 |  |  | $ | — |
Mortgage-backed securities |  |  | 119,009 |  |  |  | — |  |  |  | 119,009 |  |  |  | — |
Obligations of states and political subdivisions |  |  | 27,213 |  |  |  | — |  |  |  | 27,213 |  |  |  | — |
Subordinated debt |  |  | 1,250 |  |  |  | — |  |  |  | 1,250 |  |  |  | — |
Total assets at fair value |  | $ | 164,955 |  |  | $ | — |  |  | $ | 164,955 |  |  | $ | — |
Quantitative Information About Level 3 Fair Value Measurements For Certain Financial Assets | The following table displays quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a nonrecurring basis at September 30, 2021 and December 31, 2020:
|  | Quantitative information about Level 3 Fair Value Measurements |
|  | September 30, 2021 |
|  | Valuation Technique(s) |  | Unobservable Input |  | Range |  |  | Weighted Average (1) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | Discounted appraised value |  | Selling cost |  | 12% |  |  | 12% |
Impaired loans |  | Present value of cash flows |  | Discount rate |  | 4% - 6% |  |  | 5% |
Other real estate owned |  | Discounted appraised value |  | Selling cost |  | 6% |  |  | 6% |
|  | Quantitative information about Level 3 Fair Value Measurements |
|  | December 31, 2020 |
|  | Valuation Technique(s) |  | Unobservable Input |  | Range |  |  | Weighted Average (1) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | Present value of cash flows |  | Discount rate |  | 4% - 6% |  |  | 4% |
Other real estate owned |  | Discounted appraised value |  | Selling cost |  | 6% |  |  | 6% |
(1) | Unobservable inputs were weighted by the relative fair values of the instruments.
Financial And Nonfinancial Assets Measured At Fair Value On A Nonrecurring Basis | The following table summarizes the Company’s financial and nonfinancial assets that were measured at fair value on a nonrecurring basis at September 30, 2021 and December 31, 2020:
|  |  |  |  |  | Carrying value at |
|  |  |  |  |  | September 30, 2021 |
|  | Balance as of |  |  | Identical Assets |  |  | Observable Inputs |  |  | Unobservable Inputs |
|  | September 30, 2021 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 751 |  |  | $ | — |  |  | $ | — |  |  | $ | 751 |
Nonfinancial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other real estate owned |  |  | 193 |  |  |  | — |  |  |  | — |  |  |  | 193 |
|  |  |  |  |  | Carrying value at |
|  |  |  |  |  | December 31, 2020 |
|  | Balance as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | December 31, 2020 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 1,355 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,355 |
Nonfinancial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other real estate owned |  |  | 607 |  |  |  | — |  |  |  | 165 |  |  |  | 442 |
Company's Financial Instruments | The carrying value and fair value of the Company’s financial instruments at September 30, 2021 and December 31, 2020 were as follows:
|  | Fair Value Measurements at |
|  | September 30, 2021 |
|  | Using |
|  | Carrying Value as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  | Fair Value as of |
|  | September 30, 2021 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | September 30, 2021 |
|  | (in thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 68,408 |  |  | $ | 68,408 |  |  | $ | — |  |  | $ | — |  |  | $ | 68,408 |
Securities |  |  | 201,439 |  |  |  | — |  |  |  | 201,439 |  |  |  | — |  |  |  | 201,439 |
Restricted Investments |  |  | 1,049 |  |  |  | — |  |  |  | 1,049 |  |  |  | — |  |  |  | 1,049 |
Loans held for sale |  |  | 1,148 |  |  |  | — |  |  |  | 1,148 |  |  |  | — |  |  |  | 1,148 |
Loans, net |  |  | 914,628 |  |  |  | — |  |  |  | — |  |  |  | 905,831 |  |  |  | 905,831 |
Accrued interest receivable |  |  | 2,597 |  |  |  | — |  |  |  | 2,597 |  |  |  | — |  |  |  | 2,597 |
Bank owned life insurance |  |  | 23,076 |  |  |  | — |  |  |  | 23,076 |  |  |  | — |  |  |  | 23,076 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,130,665 |  |  | $ | — |  |  | $ | 1,131,151 |  |  | $ | — |  |  | $ | 1,131,151 |
Accrued interest payable |  |  | 29 |  |  |  | — |  |  |  | 29 |  |  |  | — |  |  |  | 29 |
|  | Fair Value Measurements at |
|  | December 31, 2020 |
|  | Using |
|  | Carrying Value as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  | Fair Value as of |
|  | December 31, 2020 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | December 31, 2020 |
|  | (in thousands) |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 79,920 |  |  | $ | 79,920 |  |  | $ | — |  |  | $ | — |  |  | $ | 79,920 |
Securities |  |  | 164,955 |  |  |  | — |  |  |  | 164,955 |  |  |  | — |  |  |  | 164,955 |
Restricted Investments |  |  | 1,267 |  |  |  | — |  |  |  | 1,267 |  |  |  | — |  |  |  | 1,267 |
Loans, net |  |  | 829,238 |  |  |  | — |  |  |  | — |  |  |  | 819,691 |  |  |  | 819,691 |
Bank owned life insurance |  |  | 12,709 |  |  |  | — |  |  |  | 12,709 |  |  |  | — |  |  |  | 12,709 |
Accrued interest receivable |  |  | 3,441 |  |  |  | — |  |  |  | 3,441 |  |  |  | — |  |  |  | 3,441 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,013,098 |  |  | $ | — |  |  | $ | 1,013,600 |  |  | $ | — |  |  | $ | 1,013,600 |
Accrued interest payable |  |  | 72 |  |  |  | — |  |  |  | 72 |  |  |  | — |  |  |  | 72 |

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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