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FAIR VALUE MEASUREMENTS | 12 Months Ended
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Dec. 31, 2021
FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS | NOTE 16. FAIR VALUE MEASUREMENTS In accordance with fair value guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 — Valuation is based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 — Valuation is based on inputs other than quoted prices included with Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term for the asset or liability. Level 3 — Valuation is based on unobservable income inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. Fair value measurements of assets and liabilities measured on a recurring basis at December 31, 2021 and 2020 follow:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements at Reporting Date Using
(Dollars in thousands) |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2021 | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Available-for-sale securities | ​ | $ | 88,339 | ​ | $ | - | ​ | $ | 88,339 | ​ | $ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020 | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Available-for-sale securities | ​ | $ | 20,730 | ​ | $ | - | ​ | $ | 20,730 | ​ | $ | -
​ Fair value measurements of assets and liabilities measured on a nonrecurring basis at December 31, 2021 and 2020 follow:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements at Reporting Date Using
(Dollars in thousands) |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2021 | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Impaired loans | ​ | $ | 1,020 | ​ | $ | - | ​ | $ | - | ​ | $ | 1,020
Foreclosed assets | ​ | ​ | 340 | ​ |  | - | ​ |  | - | ​ |  | 340
Total | ​ | $ | 1,360 | ​ | $ | - | ​ | $ | - | ​ | $ | 1,360
December 31, 2020 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired loans | ​ | $ | 953 | ​ | $ | - | ​ | $ | - | ​ | $ | 953
Foreclosed assets | ​ | ​ | 415 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 415
Total | ​ | $ | 1,368 | ​ | $ | - | ​ | $ | - | ​ | $ | 1,368
​ At December 31, 2021 and 2020, impaired loans with a recorded investment of $1.4 million and $1.6 million, respectively, have been written down to their fair value by a charge to the allowance for loan losses. Foreclosed assets are written down to fair value by a charge to earnings through foreclosed asset expense. During the years ended December 31, 2021 and 2020, impairment losses on foreclosed assets totaled $75,000 and $166,000, respectively. The fair value of impaired loans and foreclosed assets are estimated using current appraised values less estimated costs to sell and discounts to reflect current market conditions. ​ Accounting Standards Codification 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities requires that the Company disclose estimated fair values for its financial instruments, whether or not recognized in the statement of financial condition. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. Certain financial instruments and all nonfinancial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments The methods and assumptions used to estimate the fair value of each class of financial instruments of which it is practicable to estimate that value are described in Note 1 – Summary of Significant Accounting Policies. The estimated fair values of the Company’s financial instruments as of December 31, 2021 and December 31, 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
(Dollars in thousands) |  | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial Assets: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ |  | ​ | ​ |
Cash and cash equivalents | ​ | $ | 40,884 | ​ | $ | 40,884 | ​ | $ | 40,884 |  | $ | - |  | $ | -
Investment securities: | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  |  |  |
Available-for-sale | ​ |  | 88,339 | ​ |  | 88,339 | ​ |  | - |  |  | 88,339 |  |  | -
Held-to-maturity | ​ |  | 13,498 | ​ |  | 13,152 | ​ |  | - |  |  | 13,152 |  |  | -
Loans receivable, net | ​ |  | 129,566 | ​ |  | 128,591 | ​ |  | - |  |  | - |  |  | 128,591
Bank-owned life insurance | ​ | ​ | 3,303 | ​ | ​ | 3,303 | ​ | ​ | - | ​ | ​ | 3,303 | ​ | ​ | -
Financial Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  |  |  |
Deposits | ​ |  | 176,795 | ​ |  | 176,869 | ​ |  | - |  |  | 176,869 |  |  | -
Borrowed funds | ​ |  | 9,018 | ​ |  | 8,720 | ​ |  | - |  |  | 8,720 |  |  | -
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
(Dollars in thousands) |  | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  |  |
Cash and cash equivalents | ​ | $ | 25,245 | ​ | $ | 25,245 | ​ | $ | 25,245 |  | $ | - |  | $ | -
Investment securities: | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  |  |  |
Available-for-sale | ​ |  | 20,730 | ​ |  | 20,730 | ​ |  | - |  |  | 20,730 |  |  | -
Held-to-maturity | ​ |  | 17,523 | ​ |  | 17,505 | ​ |  | - |  |  | 17,505 |  |  | -
Loans receivable, net | ​ |  | 148,778 | ​ |  | 148,674 | ​ |  | - |  |  | - |  |  | 148,674
Bank-owned life insurance | ​ | ​ | 3,213 | ​ | ​ | 3,213 | ​ | ​ | - | ​ | ​ | 3,213 | ​ | ​ | -
Financial Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  |  |  |
Deposits | ​ |  | 164,598 | ​ |  | 164,951 | ​ |  | - |  |  | 164,951 |  |  | -
Borrowed funds | ​ |  | 8,838 | ​ |  | 9,052 | ​ |  | - |  |  | 9,052 |  |  | -
​ The carrying amounts in the preceding tables are included in the statement of financial condition under the applicable captions. It is not practical to estimate the fair value of Federal Home Loan Bank (“FHLB”) and First National Bankers Bank stock because they are not marketable. The carrying amount of investments without readily determinable fair value is reported in the statements of financial condition at historical cost.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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