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