XML 41 R32.htm IDEA: XBRL DOCUMENT
v3.22.1

Fair Value Measurements (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
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 March 31, 2022 and December 31, 2021:
|  |  |  |  |  |  |  | Fair Value Measurements at |
|  |  |  |  |  |  |  | March 31, 2022 |
|  |  |  |  |  |  |  | Using |
|  | Balance as of |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | March 31, 2022 |  |  |  | (Level 1) |  |  |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government corporations and agencies |  | $ | 14,235 |  |  |  |  | $ | — |  |  |  |  | $ | 14,235 |  |  | $ | — |
Mortgage-backed securities |  |  | 156,117 |  |  |  |  |  | — |  |  |  |  |  | 156,117 |  |  |  | — |
Obligations of states and political subdivisions |  |  | 19,376 |  |  |  |  |  | — |  |  |  |  |  | 19,376 |  |  |  | — |
Subordinated debt |  |  | 3,627 |  |  |  |  |  | — |  |  |  |  |  | 3,627 |  |  |  | — |
Derivative: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  |  | 110 |  |  |  |  |  | — |  |  |  |  |  | 110 |  |  |  | — |
Total assets at fair value |  | $ | 193,465 |  |  |  |  | $ | — |  |  |  |  | $ | 193,465 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  | $ | 110 |  |  |  |  | $ | — |  |  |  |  | $ | 110 |  |  | $ | — |
Total liabilities at fair value |  | $ | 110 |  |  |  |  | $ | — |  |  |  |  | $ | 110 |  |  | $ | — |
|  |  |  |  |  |  |  | Fair Value Measurements at |
|  |  |  |  |  |  |  | December 31, 2021 |
|  |  |  |  |  |  |  | Using |
|  | Balance as of |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | December 31, 2021 |  |  |  | (Level 1) |  |  |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government corporations and agencies |  | $ | 14,921 |  |  |  |  | $ | — |  |  |  |  | $ | 14,921 |  |  | $ | — |
U.S. treasury notes |  |  | 2,003 |  |  |  |  |  | — |  |  |  |  |  | 2,003 |  |  |  | — |
Mortgage-backed securities |  |  | 151,012 |  |  |  |  |  | — |  |  |  |  |  | 151,012 |  |  |  | — |
Obligations of states and political subdivisions |  |  | 21,877 |  |  |  |  |  | — |  |  |  |  |  | 21,877 |  |  |  | — |
Subordinated debt |  |  | 2,508 |  |  |  |  |  | — |  |  |  |  |  | 2,508 |  |  |  | — |
Derivative: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  |  | 58 |  |  |  |  |  | — |  |  |  |  |  | 58 |  |  |  | — |
Total assets at fair value |  | $ | 192,379 |  |  |  |  | $ | — |  |  |  |  | $ | 192,379 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  | $ | 58 |  |  |  |  | $ | — |  |  |  |  | $ | 58 |  |  | $ | — |
Total liabilities at fair value |  | $ | 58 |  |  |  |  | $ | — |  |  |  |  | $ | 58 |  |  | $ | — |
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 March 31, 2022 and December 31, 2021:
|  | Quantitative information about Level 3 Fair Value Measurements |
|  | March 31, 2022 |
|  | 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% |
|  | Quantitative information about Level 3 Fair Value Measurements |
|  | December 31, 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% |
(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 March 31, 2022 and December 31, 2021:
|  |  |  |  |  | Carrying value at |
|  |  |  |  |  | March 31, 2022 |
|  | Balance as of |  |  | Identical Assets |  |  | Observable Inputs |  |  | Unobservable Inputs |
|  | March 31, 2022 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 739 |  |  | $ | — |  |  | $ | — |  |  | $ | 739 |
|  |  |  |  |  | Carrying value at |
|  |  |  |  |  | December 31, 2021 |
|  | Balance as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | December 31, 2021 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 746 |  |  | $ | — |  |  | $ | — |  |  | $ | 746 |
Company's Financial Instruments | The carrying value and fair value of the Company’s financial instruments at March 31, 2022 and December 31, 2021 were as follows:
|  | Fair Value Measurements at |
|  | March 31, 2022 |
|  | Using |
|  | Carrying Value as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  | Fair Value as of |
|  | March 31, 2022 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | March 31, 2022 |
|  | (in thousands) |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 95,910 |  |  | $ | 95,910 |  |  | $ | — |  |  | $ | — |  |  | $ | 95,910 |
Securities |  |  | 193,355 |  |  |  | — |  |  |  | 193,355 |  |  |  | — |  |  |  | 193,355 |
Restricted Investments |  |  | 1,199 |  |  |  | — |  |  |  | 1,199 |  |  |  | — |  |  |  | 1,199 |
Loans held for sale |  |  | 843 |  |  |  |  |  |  |  | 843 |  |  |  | — |  |  |  | 843 |
Loans, net |  |  | 1,012,144 |  |  |  | — |  |  |  | — |  |  |  | 1,004,771 |  |  |  | 1,004,771 |
Bank owned life insurance |  |  | 23,415 |  |  |  | — |  |  |  | 23,415 |  |  |  | — |  |  |  | 23,415 |
Accrued interest receivable |  |  | 2,668 |  |  |  | — |  |  |  | 2,668 |  |  |  | — |  |  |  | 2,668 |
Interest rate swap |  |  | 110 |  |  |  | — |  |  |  | 110 |  |  |  | — |  |  |  | 110 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,231,323 |  |  | $ | — |  |  | $ | 1,231,667 |  |  | $ | — |  |  | $ | 1,231,667 |
Subordinated debt, net of unamortized issuance costs |  |  | 29,327 |  |  |  | — |  |  |  | 30,000 |  |  |  | — |  |  |  | 30,000 |
Accrued interest payable |  |  | 66 |  |  |  | — |  |  |  | 66 |  |  |  | — |  |  |  | 66 |
Interest rate swap |  |  | 110 |  |  |  | — |  |  |  | 110 |  |  |  | — |  |  |  | 110 |
|  | Fair Value Measurements at |
|  | December 31, 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 |
|  | December 31, 2021 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | December 31, 2021 |
|  | (in thousands) |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 64,068 |  |  | $ | 64,068 |  |  | $ | — |  |  | $ | — |  |  | $ | 64,068 |
Securities |  |  | 192,321 |  |  |  | — |  |  |  | 192,321 |  |  |  | — |  |  |  | 192,321 |
Restricted Investments |  |  | 1,049 |  |  |  | — |  |  |  | 1,049 |  |  |  | — |  |  |  | 1,049 |
Loans held for sale |  |  | 876 |  |  |  |  |  |  |  | 876 |  |  |  | — |  |  |  | 876 |
Loans, net |  |  | 976,933 |  |  |  | — |  |  |  | — |  |  |  | 969,612 |  |  |  | 969,612 |
Bank owned life insurance |  |  | 23,236 |  |  |  | — |  |  |  | 23,236 |  |  |  | — |  |  |  | 23,236 |
Accrued interest receivable |  |  | 2,634 |  |  |  | — |  |  |  | 2,634 |  |  |  | — |  |  |  | 2,634 |
Interest rate swap |  |  | 58 |  |  |  | — |  |  |  | 58 |  |  |  | — |  |  |  | 58 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,177,235 |  |  | $ | — |  |  | $ | 1,177,582 |  |  | $ | — |  |  | $ | 1,177,582 |
Accrued interest payable |  |  | 67 |  |  |  | — |  |  |  | 67 |  |  |  | — |  |  |  | 67 |
Interest rate swap |  |  | 58 |  |  |  | — |  |  |  | 58 |  |  |  | — |  |  |  | 58 |

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 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 (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 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
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration