Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value

Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis are summarized below:

	Recurring Fair Value Measurements Using
	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Instruments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
As of December 31, 2019
Assets:
Available for sale securities:
Obligations of the US government and US government sponsored agencies	$	—	$	958	$	—	$	958
Obligations of states and political subdivisions		—		8,605		—		8,605
Mortgage-backed securities		—		35,482		—		35,482
Certificates of deposit		—		1,017		—		1,017
Corporate debt securities		—		2,117		—		2,117
Total	$	—	$	48,179	$	—	$	48,179
As of December 31, 2018
Assets:
Available for sale securities:
Obligations of the US government and US government sponsored agencies	$	—	$	1,307	$	—	$	1,307
Obligations of states and political subdivisions		—		8,295		—		8,295
Mortgage-backed securities		—		28,536		—		28,536
Certificates of deposit		—		1,446		—		1,446
Corporate debt securities		—		4,167		—		4,167
Total	$	—	$	43,751	$	—	$	43,751

Assets Measured at Fair Value on Nonrecurring Basis

Information regarding the fair value of assets measured at fair value on a nonrecurring basis follows:

			Nonrecurring Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
	Assets		Identical		Observable		Unobservable
	Measured at		Instruments		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
As of December 31, 2019
Assets:
Loans	$	897	$	—	$	—	$	897
Foreclosed assets		84		—		—		84
As of December 31, 2018
Assets:
Foreclosed assets	$	69	$	—	$	—	$	69

Fair Value Measurement Inputs and Valuation Techniques

The following presents quantitative information about nonrecurring Level 3 fair value measurements:

					Range/Weighted
	Fair Value		Valuation Technique	Unobservable Input(s)	Average
As of December 31, 2019
Loans	$	897	Market and/or income approach	Management discount on appraised values	10	%	-	20	%
Foreclosed assets	$	84	Market and/or income approach	Management discount on appraised values	10	%	-	20	%
As of December 31, 2018
Foreclosed assets	$	69	Market and/or income approach	Management discount on appraised values	10	%	-	20	%

Carrying Value and Estimated Fair Value of Financial Instruments

The carrying value and estimated fair value of financial instruments as of December 31, 2019 and 2018 follow:

	December 31, 2019
	Carrying			Fair Value
	Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	39,377	$	39,377	$	—	$	—
Available for sale securities		48,179		—		48,179		—
Loans held for sale		200		—		200		—
Loans		189,291		—		—		190,561
Accrued interest receivable		725		725		—		—
Cash value of life insurance		7,068		—		—		7,068
Other equity investments		780		—		—		780
Financial liabilities:
Deposits		217,252		150,024		—		67,391
Advance payments by borrowers for taxes and insurance		46		46		—		—
FHLB advances		11,500		—		—		11,509
Accrued interest payable		51		51		—		—

	December 31, 2018
	Carrying			Fair Value
	Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	4,488	$	4,488	$	—	$	—
Available for sale securities		43,751		—		43,751		—
Loans held for sale		679		—		679		—
Loans		198,694		—		—		199,048
Accrued interest receivable		768		768		—		—
Cash value of life insurance		7,007		—		—		7,007
Other equity investments		739		—		—		739
Financial liabilities:
Deposits		183,205		95,067		—		87,531
Advance payments by borrowers for taxes and insurance		55		55		—		—
FHLB advances		17,750		—		—		17,505
Accrued interest payable		70		70		—		—