Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Balances of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of the dates stated.

			Fair Value Measurements as of September 30, 2020 Using
	Balance as of September 30, 2020		Level 1		Level 2		Level 3
Available-for-sale securities:
U. S. Government agencies and mortgage backed securities	$	48,870	$	—	$	48,870	$	—
State and municipal obligations		18,846		—		18,846		—
Corporate bonds		20,137		—		14,464		5,673
Total available-for-sale securities	$	87,853	$	—	$	82,180	$	5,673
MSR assets	$	845	$	—	$	—	$	845
Rabbi trust assets	$	959	$	959	$	—	$	—

			Fair Value Measurements as of December 31, 2019 Using
	Balance as of December 31, 2019		Level 1		Level 2		Level 3
Available-for-sale securities:
U. S. Government agencies and mortgage backed securities	$	67,597	$	7,024	$	60,573	$	—
State and municipal obligations		16,576		—		16,576		—
Corporate bonds		15,281		2,000		10,631		2,650
Total available-for-sale securities	$	99,454	$	9,024	$	87,780	$	2,650
MSR assets	$	935	$	—	$	—	$	935
Rabbi trust assets	$	1,082	$	1,082	$	—	$	—

Reconciliation of Items Using Level Three Inputs

The following table presents the change in financial assets valued using Level 3 inputs for the periods stated.

	MSR Assets			Corporate Bonds
Balance as of January 1, 2020	$	935		$	2,650
Purchases		—			1,000
Transfers from Level 2 to Level 3		—			2,028
Fair value adjustments		(90	)		(5	)
Sales		—			—
Balance as of September 30, 2020	$	845		$	5,673

Summary of Assets Measured at Fair Value on Nonrecurring Basis

The following tables summarize assets that were measured at fair value on a nonrecurring basis as of the dates stated.

			Fair Value Measurements as of September 30, 2020 Using
	Balance as of September 30, 2020		Level 1		Level 2		Level 3
Impaired loans, net	$	9,849	$	—	$	—	$	9,849
Other real estate owned, net		1,113		—		—		1,113

			Fair Value Measurements as of December 31, 2019 Using
	Balance as of December 31, 2019		Level 1		Level 2		Level 3
Impaired loans, net	$	4,084	$	—	$	—	$	4,084
Other real estate owned, net		1,916		—		—		1,916

Summary of Quantitative Fair Value Measurements for Level 3

The following tables present quantitative information about Level 3 fair value measurements as of the dates stated.

	Balance as of September 30, 2020		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans, net	$	9,849	Discounted appraised value	Selling Cost Lack of Marketability	7% 13%-93% (23%)
			Discounted cash flows	Discount rate	6%-7% (6%)
			Enterprise Value ("EV")	EV Multiple	7.0-12.9 (7.1)
Other real estate owned, net		1,113	Discounted appraised value	Selling Cost Lack of Marketability	0%-8% (6%) 41%-65% (58%)

	Balance as of December 31, 2019		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans, net	$	4,084	Discounted appraised value	Selling Cost Lack of Marketability	7% 13%-100% (24%)
			Discounted cash flows	Discount rate	6%-7% (6%)
Other real estate owned, net		1,916	Discounted appraised value	Selling Cost Lack of Marketability	6%-10% (8%) 18%-100% (47%)

Summary of Assets and Liabilities at Carrying Value and Estimated Fair Value on a Nonrecurring Basis

The following tables summarize financial assets and liabilities at carrying values and estimated fair values on a nonrecurring basis as of the dates stated.

	Carrying Value as of		Fair Value as of		Fair Value Measurements as of September 30, 2020 Using
	September 30, 2020		September 30, 2020		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	9,324	$	9,324	$	9,324	$	—	$	—
Interest-earning deposits		50,069		50,069		50,069		—		—
Federal funds sold		152		152		152		—		—
Certificates of deposit		1,266		1,266		—		1,266		—
Restricted securities		5,022		5,022		—		—		5,022
Loans receivable, net		1,041,711		1,041,429		—		—		1,041,429
Loans held for sale		2,687		2,687		—		2,687		—
Accrued interest receivable		4,664		4,664		—		4,664		—
Financial Liabilities:
Noninterest-bearing demand deposits	$	190,843	$	190,843	$	190,843	$	—	$	—
Savings and interest-bearing demand deposits		424,001		424,001		424,001		—		—
Time deposits		412,837		419,752		—		—		419,752
Securities sold under repurchase agreements		1,117		1,117		1,117		—		—
FHLB advances		25,000		24,849		—		24,849		—
FRB advances		32,637		32,637		32,637		—		—
Subordinated notes, net		31,083		33,087		—		—		33,087

	Carrying Value as of		Fair Value as of		Fair Value Measurements as of December 31, 2019 Using
	December 31, 2019		December 31, 2019		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	6,096	$	6,096	$	6,096	$	—	$	—
Interest-earning deposits		34,358		34,358		34,358		—		—
Federal funds sold		1,359		1,359		1,359		—		—
Certificates of deposit		2,754		2,754		—		2,754		—
Restricted securities		5,706		5,706		—		—		5,706
Loans receivable, net		916,628		910,678		—		—		910,678
Loans held for sale		1,231		1,231		—		1,231		—
Accrued interest receivable		3,035		3,035		—		3,035		—
Financial Liabilities:
Noninterest-bearing demand deposits	$	137,933	$	137,933	$	137,933	$	—	$	—
Savings and interest-bearing demand deposits		382,607		382,607		382,607		—		—
Time deposits		389,900		392,562		—		—		392,562
Securities sold under repurchase agreements		6,525		6,525		6,525		—		—
FHLB advances		45,000		44,936		—		44,936		—
Subordinated notes, net		31,001		32,552		—		—		32,552