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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022 and December 31, 2021.

		Fair Value Measurements as of June 30, 2022 Using
		Totals At June 30, 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		$	49,685			$	—			$	49,685			$	—
Commercial			19,737				—				19,737				—
Obligations of U.S. government-sponsored agencies			4,501				—				4,501				—
Obligations of states and political subdivisions			4,115				—				4,115				—
Corporate notes			18,564				—				18,564				—
U.S. Treasury securities			53,590				—				53,590				—
Other assets - derivatives			1,397				—				1,397				—

		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)
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 June 30, 2022 and December 31, 2021:

		Fair Value Measurements as of June 30, 2022 Using
		Totals At June 30, 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			276				—				—				276

		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

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 June 30, 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

$

276

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 June 30, 2022 and December 31, 2021 were as follows:

		June 30, 2022
		Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
		(Dollars in Thousands)
Assets:
Cash and cash equivalents		$	33,761			$	33,761			$	33,761			$	—			$	—
Investment securities available-for-sale			150,192				150,192				—				150,192				—
Investment securities held-to-maturity			2,344				2,249				—				2,249				—
Federal funds sold			80				80				—				80				—
Federal Home Loan Bank stock			884				884				—				—				884
Loans, net of allowance for loan and lease losses			705,886				681,941				—				—				681,941
Other assets - derivatives			1,397				1,397				—				1,397				—
Liabilities:
Deposits			844,296				837,950				—				837,950				—
Short-term borrowings			10,088				10,088				—				10,088				—
Long-term borrowings			10,690				9,928								9,928

		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				—

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Name Accounting Standards Codification
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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