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Fair Value Measurements and Disclosures (Tables)

9 Months Ended

Sep. 30, 2021

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 September 30, 2021 and December 31, 2020 (in thousands).

September 30, 2021		Level 1				Level 2				Level 3				Total
Other real estate owned		$	—			$	—			$	—			$	—
Impaired loans			—				—				7,656				7,656
Total assets at fair value		$	—			$	—			$	7,656			$	7,656
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

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 September 30, 2021 and December 31, 2020 are as follows:

		September 30, 2021								December 31, 2020
		Carrying				Estimated				Carrying				Estimated
		Amount				Fair Value				Amount				Fair Value
Financial assets:
Cash and cash equivalents		$	130,910			$	130,910			$	178,253			$	178,253
Investment securities
available-for-sale			44,071				44,071				24,005				24,005
Other investments			2,476				2,476				1,596				1,596
Loans, net			563,539				573,930				592,254				611,625
Cash surrender value of life insurance			15,285				15,285				15,311				15,311
Financial liabilities:
Deposits			615,231				606,610				640,165				639,269
FHLB advances			49,020				47,694				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=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

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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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