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v3.22.1

Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Value, Assets Measured on Recurring Basis | The following table presents assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021.
|  | Fair Value Measurements as of March 31, 2022 Using |
|  | Totals At March 31, 2022 |  |  | Quoted Prices in Active Markets For Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (Dollars in Thousands) |
Investment securities, available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 44,582 |  |  | $ | — |  |  | $ | 44,582 |  |  | $ | — |
Commercial |  |  | 22,136 |  |  |  | — |  |  |  | 22,136 |  |  |  | — |
Obligations of U.S. government-sponsored agencies |  |  | 4,801 |  |  |  | — |  |  |  | 4,801 |  |  |  | — |
Obligations of states and political subdivisions |  |  | 4,182 |  |  |  | — |  |  |  | 4,182 |  |  |  | — |
Corporate notes |  |  | 19,395 |  |  |  | — |  |  |  | 19,395 |  |  |  | — |
U.S. Treasury securities |  |  | 39,922 |  |  |  | — |  |  |  | 39,922 |  |  |  | — |
Other assets - derivatives |  |  | 1,182 |  |  |  | — |  |  |  | 1,182 |  |  |  | — |
|  | Fair Value Measurements as of December 31, 2021 Using |
|  | Totals At December 31, 2020 |  |  | Quoted Prices in Active Markets For Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (Dollars in Thousands) |
Investment securities, available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 46,228 |  |  | $ | — |  |  | $ | 46,228 |  |  | $ | — |
Commercial |  |  | 24,971 |  |  |  | — |  |  |  | 24,971 |  |  |  | — |
Obligations of U.S. government-sponsored agencies |  |  | 5,192 |  |  |  |  |  |  |  | 5,192 |  |  |  | — |
Obligations of states and political subdivisions |  |  | 4,317 |  |  |  | — |  |  |  | 4,317 |  |  |  | — |
Corporate notes |  |  | 15,482 |  |  |  | — |  |  |  | 15,482 |  |  |  | — |
U.S. Treasury securities |  |  | 34,693 |  |  |  | — |  |  |  | 34,693 |  |  |  | — |
Other liabilities - derivatives |  |  | 774 |  |  |  | — |  |  |  | 774 |  |  |  | — |
Fair Value Assets Measured on Nonrecurring Basis | The following table presents the balances of impaired loans, OREO and other assets held-for-sale measured at fair value on a non-recurring basis as of March 31, 2022 and December 31, 2021:
|  | Fair Value Measurements as of March 31, 2022 Using |
|  | Totals At March 31, 2022 |  |  | Quoted Prices in Active Markets For Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (Dollars in Thousands) |
Impaired loans |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |
OREO and other assets held-for-sale |  |  | 874 |  |  |  | — |  |  |  | — |  |  |  | 874 |
|  | Fair Value Measurements as of December 31, 2021 Using |
|  | Totals At December 31, 2021 |  |  | Quoted Prices in Active Markets For Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (Dollars in Thousands) |
Impaired loans |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |
OREO and other assets held-for-sale |  |  | 2,149 |  |  |  | — |  |  |  | — |  |  |  | 2,149 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | The following table presents information regarding assets and liabilities measured at fair value using significant unobservable inputs (Level 3) as of March 31, 2022. The table includes the valuation techniques and the significant unobservable inputs utilized. The range of each unobservable input and the weighted average within the range utilized as of March 31, 2022 are both included. Following the table is a description of the valuation technique and the sensitivity of the technique to changes in the significant unobservable input.
|  | Level 3 Significant Unobservable Input Assumptions
|  | Fair Value March 31, 2022 |  |  | Valuation Technique |  | Unobservable Input |  | Quantitative Range of Unobservable Inputs (Weighted Average)
|  | (Dollars in Thousands) |  |  |  |  |  |  |  |  |
Non-recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 7 |  |  | Multiple data points, including discount to appraised value of collateral based on recent market activity |  | Appraisal comparability adjustment (discount) |  | 9%-10% |  | (9.5%)
OREO and other assets held-for-sale |  | $ | 874 |  |  | Discount to appraised value of property based on recent market activity for sales of similar properties |  | Appraisal comparability adjustment (discount) |  | 9%-10% |  | (9.5%)
Fair Value, by Balance Sheet Grouping | The estimated fair value and related carrying or notional amounts, as well as the level within the fair value hierarchy, of the Company’s financial instruments as of March 31, 2022 and December 31, 2021 were as follows:
|  | March 31, 2022 |
|  | Carrying Amount |  |  | Estimated Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (Dollars in Thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 97,839 |  |  | $ | 97,839 |  |  | $ | 97,839 |  |  | $ | — |  |  | $ | — |
Investment securities available-for-sale |  |  | 135,018 |  |  |  | 135,018 |  |  |  | — |  |  |  | 135,018 |  |  |  | — |
Investment securities held-to-maturity |  |  | 2,718 |  |  |  | 2,686 |  |  |  | — |  |  |  | 2,686 |  |  |  | — |
Federal funds sold |  |  | 81 |  |  |  | 81 |  |  |  | — |  |  |  | 81 |  |  |  | — |
Federal Home Loan Bank stock |  |  | 934 |  |  |  | 934 |  |  |  | — |  |  |  | — |  |  |  | 934 |
Loans, net of allowance for loan and lease losses |  |  | 669,846 |  |  |  | 660,789 |  |  |  | — |  |  |  | — |  |  |  | 660,789 |
Other assets - derivatives |  |  | 1,182 |  |  |  | 1,182 |  |  |  | — |  |  |  | 1,182 |  |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 853,117 |  |  |  | 848,274 |  |  |  | — |  |  |  | 848,274 |  |  |  | — |
Short-term borrowings |  |  | 10,062 |  |  |  | 10,062 |  |  |  | — |  |  |  | 10,062 |  |  |  | — |
Long-term borrowings |  |  | 10,671 |  |  |  | 10,369 |  |  |  |  |  |  |  | 10,369 |  |  |  |  |
|  | December 31, 2021 |
|  | Carrying Amount |  |  | Estimated Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (Dollars in Thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 61,244 |  |  | $ | 61,244 |  |  | $ | 61,244 |  |  | $ | — |  |  | $ | — |
Investment securities available-for-sale |  |  | 130,883 |  |  |  | 130,883 |  |  |  | — |  |  |  | 130,883 |  |  |  | — |
Investment securities held-to-maturity |  |  | 3,436 |  |  |  | 3,477 |  |  |  | — |  |  |  | 3,477 |  |  |  | — |
Federal funds sold |  |  | 82 |  |  |  | 82 |  |  |  | — |  |  |  | 82 |  |  |  | — |
Federal Home Loan Bank stock |  |  | 870 |  |  |  | 870 |  |  |  | — |  |  |  | — |  |  |  | 870 |
Loans, net of allowance for loan and lease losses |  |  | 700,030 |  |  |  | 694,744 |  |  |  | — |  |  |  | — |  |  |  | 694,744 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 838,126 |  |  |  | 837,439 |  |  |  | — |  |  |  | 837,439 |  |  |  | — |
Short-term borrowings |  |  | 10,046 |  |  |  | 10,046 |  |  |  | — |  |  |  | 10,046 |  |  |  | — |
Long-term borrowings |  |  | 10,653 |  |  |  | 10,804 |  |  |  |  |  |  |  | 10,804 |  |  |  |  |
Other liabilities - derivatives |  |  | 774 |  |  |  | 774 |  |  |  | — |  |  |  | 774 |  |  |  | — |

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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 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring 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
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://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 (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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