Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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
	March 31, 2020		Level 1		Level 2		Level 3
	(in thousands)
Marketable equity securities:	$	2,044	$	2,044	$	—	$	—
Securities available-for-sale:
Obligations of states and political subdivisions		9,465		—		9,465		—
Government-sponsored mortgage-backed securities		53,235		—		53,235		—
Corporate collateralized mortgage obligations		232		—		232		—
Asset-backed securities		2,185		—		2,185		—
Certificates of deposit		1,788		—		1,788		—
Total	$	68,949	$	2,044	$	66,905	$	—

			Recurring Fair Value Measurements Using
	December 31, 2019		Level 1		Level 2		Level 3
	(in thousands)
Marketable equity securities:	$	2,553	$	2,553	$	—	$	—
Securities available-for-sale:
Obligations of states and political subdivisions		9,826		—		9,826		—
Government-sponsored mortgage-backed securities		57,034		—		57,034		—
Corporate collateralized mortgage obligations		289		—		289		—
Asset-backed securities		2,465		—		2,465		—
Certificates of deposit		1,761		—		1,761		—
Total	$	73,928	$	2,553	$	71,375	$	—

Summary of Carrying Values and Estimated Fair Values of Financial Instruments

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

	March 31, 2020
	Carrying Value		Level 1		Level 2		Level 3
	(in thousands)
Financial assets:
Cash and cash equivalents	$	41,908	$	41,908	$	—	$	—
Available for sale securities		66,905		—		66,905		—
Marketable equity securities stated at fair value		2,044		2,044		—		—
Loans held for sale		1,248		—		1,248		—
Loans		302,968		—		—		308,381
Accrued interest receivable		970		970		—		—
Federal Home Loan Bank stock		2,503		—		—		2,503
Cash value of life insurance		13,184		—		—		13,184
Financial liabilities:
Deposits		324,222		202,078		—		122,785
Advance payments by borrowers for taxes and insurance		5,422		5,422		—		—
Federal Home Loan Bank advances		55,614		—		—		56,398
Accrued interest payable		372		372		—		—

	December 31, 2019
	Carrying Value		Level 1		Level 2		Level 3
	(in thousands)
Financial assets:
Cash and cash equivalents	$	11,707	$	11,707	$	—	$	—
Available for sale securities		71,375		—		71,375		—
Marketable equity securities stated at fair value		2,553		2,553		—		—
Loans held for sale		685		—		685		—
Loans		310,674		—		—		310,993
Accrued interest receivable		963		963		—		—
Federal Home Loan Bank stock		913		—		—		913
Cash value of life insurance		13,085		—		—		13,085
Financial liabilities:
Deposits		344,596		202,180		—		142,708
Advance payments by borrowers for taxes and insurance		1,681		1,681		—		—
Federal Home Loan Bank advances		17,623		—		—		17,976
Accrued interest payable		385		385		—		—