Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis:

	Fair Value Measurements
(In thousands)	Balance		Level 1		Level 2		Level 3
Assets at December 31, 2019:
Available for sale securities:
Obligations of U.S. Government corporations and agencies	$	63,941	$	-	$	63,941	$	-
Obligations of states and political subdivisions		15,842		-		15,842		-
Total available for sale securities		79,783		-		79,783		-
Mutual funds		403		403		-		-
Total assets at fair value	$	80,186	$	403	$	79,783	$	-
Liabilities at December 31, 2019:
Interest rate swaps	$	140	$	-	$	140	$	-
Total liabilities at fair value	$	140	$	-	$	140	$	-
Assets at December 31, 2018:
Available for sale securities:
Obligations of U.S. Government corporations and agencies	$	56,409	$	-	$	56,409	$	-
Obligations of states and political subdivisions		14,580		-		14,580		-
Corporate bonds		895		-		895		-
Total available for sale securities		71,884		-		71,884		-
Mutual funds		382		382		-		-
Interest rate swaps		367		-		367		-
Total assets at fair value	$	72,633	$	382	$	72,251	$	-
Liabilities at December 31, 2018:
Interest rate swaps	$	38	$	-	$	38	$	-
Total liabilities at fair value	$	38	$	-	$	38	$	-

Summary of Financial Assets Measured at Fair Value on a Nonrecurring Basis

The following table summarizes the Company’s financial assets that were measured at fair value on a nonrecurring basis during the period:

	December 31, 2019
(In thousands)	Balance		Level 1		Level 2		Level 3
Assets:
Mortgage loans held for sale	$	247	$	-	$	247	$	-
Impaired loans, net		1,570		-		-		1,570
Other real estate owned, net		1,356		-		-		1,356

	December 31, 2018
(In thousands)	Balance		Level 1		Level 2		Level 3
Assets:
Impaired loans, net	$	2,438	$	-	$	-	$	2,438
Other real estate owned, net		1,356		-		-		1,356

Summary of Quantitative Information About Level 3 Fair Value Measurements

The following table displays quantitative information about Level 3 fair value measurements at December 31, 2019 and 2018:

	December 31, 2019
(Dollars in thousands)	Fair Value		Valuation Technique	Unobservable Input	Weighted Average Discount
Impaired loans, net	$	1,570	Appraised values	Age of appraisals, current market conditions, and experience within local market		87	%
Other real estate owned, net		1,356	Appraised values	Age of appraisal, current market conditions and selling costs		18	%
Total	$	2,926

	December 31, 2018
(Dollars in thousands)	Fair Value		Valuation Technique	Unobservable Input	Weighted Average Discount
Impaired loans, net	$	2,438	Appraised values	Age of appraisal, current market conditions, and experience within local market		86	%
Other real estate owned, net		1,356	Appraised values	Age of appraisal, current market conditions and selling costs		18	%
Total	$	3,794

Schedule of Estimated Fair Values of Financial Instruments

The following tables present the Company’s estimated fair values and related carrying amounts:

	December 31, 2019
(In thousands)	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Assets
Cash and short-term investments	$	46,341	$	46,341	$	-	$	-	$	46,341
Securities available for sale		79,783		-		79,783		-		79,783
Restricted investments		2,016		-		2,016		-		2,016
Mortgage loans held for sale		247		-		247		-		247
Loans, net		544,999		-		-		541,367		541,367
Accrued interest receivable		1,984		-		1,984		-		1,984
Mutual Funds		403		403		-		-		403
Bank-owned life insurance		13,961		-		13,961		-		13,961
Total financial assets	$	689,734	$	46,744	$	97,991	$	541,367	$	686,102
Liabilities
Deposits	$	622,155	$	-	$	622,295	$	-	$	622,295
FHLB advances		16,695		-		16,724		-		16,724
Junior subordinated debt		4,124		-		4,446		-		4,446
Accrued interest payable		217		-		217		-		217
Interest rate swaps		140		-		140		-		140
Total financial liabilities	$	643,331	$	-	$	643,822	$	-	$	643,822

	December 31, 2018
(In thousands)	Carrying Amount		Level 1		Level 2		Level 3		Fair Value
Assets
Cash and short-term investments	$	67,110	$	67,110	$	-	$	-	$	67,110
Securities available for sale		71,884		-		71,884		-		71,884
Restricted investments		2,240		-		2,240		-		2,240
Loans, net		544,188		-		-		537,072		537,072
Accrued interest receivable		1,942		-		1,942		-		1,942
Mutual funds		382		382		-		-		382
Interest rate swaps		367		-		367		-		367
Bank-owned life insurance		13,595		-		13,595		-		13,595
Total financial assets	$	701,708	$	67,492	$	90,028	$	537,072	$	694,592
Liabilities
Deposits	$	635,638	$	-	$	634,917	$	-	$	634,917
FHLB advances		23,780		-		23,633		-		23,633
Junior subordinated debt		4,124		-		4,414		-		4,414
Accrued interest payable		300		-		300		-		300
Interest rate swaps		38		-		38		-		38
Total financial liabilities	$	663,880	$	-	$	663,302	$	-	$	663,302