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Fair Value Measurements (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-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

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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
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-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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