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Fair Value Measurements and Disclosures (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021 (in thousands).

March 31, 2022		Level 1				Level 2				Level 3				Total
Other real estate owned		$	—			$	—			$	3,538			$	3,538
Impaired loans			—				—				6,554				6,554
Total assets at fair value		$	—			$	—			$	10,092			$	10,092
December 31, 2021		Level 1				Level 2				Level 3				Total
Other real estate owned		$	—			$	—			$	3,538			$	3,538
Impaired loans			—				—				7,221				7,221
Total assets at fair value		$	—			$	—			$	10,759			$	10,759

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 March 31, 2022 and December 31, 2021 are as follows:

		March 31, 2022								December 31, 2021
		Carrying				Estimated				Carrying				Estimated
		Amount				Fair Value				Amount				Fair Value
Financial assets:
Cash and cash equivalents		$	69,898			$	69,898			$	111,776			$	111,776
Investment securities
available-for-sale			45,911				45,911				48,557				48,557
Other investments			1,022				1,022				2,476				2,476
Loans, net			592,887				587,313				575,825				581,541
Cash surrender value of life insurance			15,462				15,462				15,377				15,377
Financial liabilities:
Deposits			628,045				601,324				614,799				601,036
FHLB advances			10,000				10,000				48,988				48,197

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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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