Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis are summarized below, along with the level of the fair value hierarchy of the inputs utilized to determine such fair value.

			Recurring Fair Value Measurements Using
	June 30, 2019		Level 1		Level 2		Level 3
	(in thousands)
Securities available-for-sale:
Obligations of states and political subdivisions	$	9,468	$	—	$	9,468	$	—
Government-sponsored mortgage-backed securities		54,007		—		54,007		—
Corporate collateralized mortgage obligations		353		—		353		—
Asset-backed securities		2,926		—		2,926		—
Certificates of deposit		1,711		—		1,711		—
Total	$	68,465	$	—	$	68,465	$	—
			Recurring Fair Value Measurements Using
	December 31, 2018		Level 1		Level 2		Level 3
	(in thousands)
Securities available-for-sale:
Obligations of states and political subdivisions	$	11,169	$	—	$	11,169	$	—
Government-sponsored mortgage-backed securities		50,375		—		50,375		—
Corporate collateralized mortgage obligations		410		—		410		—
Asset-backed securities		3,531		—		3,531		—
Certificates of deposit		246		—		246		—
Total	$	65,731	$	—	$	65,731	$	—

Summary of Assets Measured at Fair Value on a Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis are summarized below, along with the level of the fair value hierarchy of the inputs utilized to determine such fair value.

			Nonrecurring Fair Value Measurements Using
	June 30, 2019		Level 1		Level 2		Level 3
	(in thousands)
Loans	$	—	$	—	$	—	$	—
Foreclosed assets		134		—		—		134
Total	$	134	$	—	$	—	$	134
			Nonrecurring Fair Value Measurements Using
	December 31, 2018		Level 1		Level 2		Level 3
	(in thousands)
Loans	$	85	$	—	$	—	$	85

Schedule of Quantitative Information about Nonrecurring Level 3 Fair Value Measurements

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

	June 30, 2019
	Fair Value		Valuation Technique	Significant Unobservable Input(s)	Range/ Weighted Average
	(dollars in thousands)
Impaired loans	$	—	Market and/or income approach	Management discount to appraised rates	10-20%
Foreclosed assets	$	134	Market and/or income approach	Management discount to appraised rates	10-20%
	December 31, 2018
	Fair Value		Valuation Technique	Significant Unobservable Input(s)	Range/ Weighted Average
	(dollars in thousands)
Impaired loans	$	85	Market and/or income approach	Management discount to appraised rates	10-20%

Summary of Carrying Values and Estimated Fair Values of Financial Instruments

The carrying values and estimated fair values of financial instruments are presented below:

	June 30, 2019
	Carrying Value		Level 1		Level 2		Level 3
	(in thousands)
Financial assets:
Cash and cash equivalents	$	36,160	$	36,160	$	—	$	—
Available for sale securities		68,465		—		68,465		—
Loans held for sale		3,616		—		3,616		—
Loans		340,431		—		—		341,341
Accrued interest receivable		1,120		1,120		—		—
Federal Home Loan Bank stock		913		—		—		913
Cash value of life insurance		12,887		—		—		12,887
Financial liabilities:
Deposits		398,713		210,597		—		194,885
Advance payments by borrowers for taxes and insurance		9,139		9,139		—		—
Federal Home Loan Bank advances		12,642		—		—		12,801
Accrued interest payable		575		575		—		—
	December 31, 2018
	Carrying Value		Level 1		Level 2		Level 3
	(in thousands)
Financial assets:
Cash and cash equivalents	$	7,923	$	7,923	$	—	$	—
Available for sale securities		65,731		—		65,731		—
Loans held for sale		771		—		771		—
Loans		369,830		—		—		362,233
Accrued interest receivable		1,106		1,106		—		—
Federal Home Loan Bank stock		1,261		—		—		1,261
Cash value of life insurance		13,400		—		—		13,400
Financial liabilities:
Deposits		406,137		223,860		—		180,703
Advance payments by borrowers for taxes and insurance		1,240		1,240		—		—
Federal Home Loan Bank advances		30,010		—		—		29,499
Accrued interest payable		372		372		—		—