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Fair Value Measurements and Disclosures (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis are included in the table below as of December 31, 2020 and 2019 (in thousands).

December 31, 2020		Level 1				Level 2				Level 3				Total
Other real estate owned		$	—				—				1,292				1,292
Impaired loans			—				—				7,223				7,223
Total assets at fair value		$	—				—				8,515				8,515
December 31, 2019		Level 1				Level 2				Level 3				Total
Other real estate owned		$	—				—				140				140
Impaired loans			—				—				6,089				6,089
Total assets at fair value		$	—				—				6,229				6,229

Schedule of Carrying Amounts and Estimated Fair Values of Company's Financial Instruments

The carrying amounts and estimated fair values (in thousands) of the Company’s financial instruments at December 31, 2020 and 2019 are as follows:

		December 31, 2020								December 31, 2019
		Carrying				Estimated				Carrying				Estimated
		Amount				Fair Value				Amount				Fair Value
Financial assets:
Cash and cash equivalents		$	178,253				178,253				48,117				48,117
Investment securities
available-for-sale		$	24,005				24,005				3,818				3,818
Other investments		$	1,596				1,596				278				278
Loans, net		$	592,254				611,625				247,956				219,991
Bank owned life insurance		$	15,311				15,311				7,462				7,462
Financial liabilities:
Deposits		$	640,165				639,269				238,181				239,340
FHLB advances		$	19,117				16,769				—				—
PPPLF borrowings		$	100,813				100,813				—				—
Other borrowings		$	5,000				5,000				—				—

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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=117815213&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=117815213&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=117815213&loc=d3e19207-110258

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- References

No definition available.

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X

- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

+ References

No definition available.

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