Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Measurement [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019.

December 31, 2020	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U.S. Treasury securities	$	38,891	$	38,891	$	—	$	—
Securities of U.S. government agencies and corporations		106,558		—		106,558		—
Obligations of states and political subdivisions		32,882		—		32,882		—
Collateralized mortgage obligations		73,460		—		73,460		—
Mortgage-backed securities		183,289		—		183,289		—
Total investments at fair value	$	435,080	$	38,891	$	396,189	$	—

December 31, 2019	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U.S. Treasury securities	$	43,255	$	43,255	$	—	$	—
Securities of U.S. government agencies and corporations		53,912		—		53,912		—
Obligations of states and political subdivisions		27,031		—		27,031		—
Collateralized mortgage obligations		79,420		—		79,420		—
Mortgage-backed securities		139,279		—		139,279		—
Total investments at fair value	$	342,897	$	43,255	$	299,642	$	—

Assets Measured at Fair Value on a Non-recurring Basis

Assets measured at fair value on a non-recurring basis are included in the table below by level within the fair value hierarchy as of December 31, 2020 and 2019.

December 31, 2020	Total		Level 1		Level 2		Level 3
Impaired loans	$	28	$	—	$	—	$	28
Mortgage servicing rights		1,242		—		—		1,242
Total assets at fair value	$	1,270	$	—	$	—	$	1,270

December 31, 2019	Total		Level 1		Level 2		Level 3
Impaired loans	$	170	$	—	$	—	$	170
Total assets at fair value	$	170	$	—	$	—	$	170

Key Methods and Assumptions Used in Measuring Fair Value

Key methods and assumptions used in measuring the fair value of impaired loans and other real estate owned as of December 31, 2020 and 2019 were as follows:

	Method	Assumption Inputs
Impaired loans	Collateral, market, income, enterprise, liquidation and discounted cash flows	External appraised values, management assumptions regarding market trends or other relevant factors, selling costs generally ranging from 6% to 10%, or the amount and timing of cash flows based on the loan's effective interest rate.
Mortgage servicing rights	Discounted cash flows	Present value of expected future cash flows was estimated using a discount rate factor of 10.00% as of December 31, 2020. A constant prepayment rate of 20.22% as of December 31, 2020 was utilized.

Estimated Fair Value of Financial Instruments

The following table summarizes fair value estimates for financial instruments for the years ended December 31, 2020 and 2019, excluding financial instruments recorded at fair value on a recurring basis (summarized in the first table in this note).

			2020				2019
	Level		Carrying amount		Fair value		Carrying amount		Fair value
Financial assets:
Cash and cash equivalents		1	$	267,177	$	267,177	$	111,493	$	111,493
Certificates of deposit		2		16,923		17,455		14,700		14,984
Other equity securities		3		6,480		6,480		6,574		6,574
Loans receivable:
Net loans		3		875,830		830,448		768,873		723,507
Loans held-for-sale		2		9,190		9,522		4,130		4,213
Interest receivable		2		5,099		5,099		4,295		4,295
Mortgage servicing rights		3		1,242		1,242		1,481		1,631
Financial liabilities:
Deposits		3		1,478,162		1,457,051		1,138,632		1,035,644
Interest payable		2		59		59		92		92