Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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
	September 30, 2020		Level 1		Level 2		Level 3
	(in thousands)
Marketable equity securities:	$	2,693	$	2,693	$	—	$	—
Securities available-for-sale:
Obligations of states and political subdivisions		7,909		—		7,909		—
Government-sponsored mortgage-backed securities		41,319		—		41,319		—
Corporate collateralized mortgage obligations		235		—		235		—
Asset-backed securities		7,378		—		7,378		—
Certificates of deposit		1,587		—		1,587		—
Total	$	61,121	$	2,693	$	58,428	$	—

			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:

	September 30, 2020
	Carrying Value		Level 1		Level 2		Level 3
	(in thousands)
Financial assets:
Cash and cash equivalents	$	78,898	$	78,898	$	—	$	—
Available for sale securities		58,428		—		58,428		—
Marketable equity securities stated at fair value		2,693		2,693		—		—
Loans held for sale		5,062		—		5,062		—
Loans		328,820		—		—		333,541
Accrued interest receivable		997		997		—		—
Federal Home Loan Bank stock		3,032		—		—		3,032
Cash value of life insurance		13,384		—		—		13,384
Financial liabilities:
Deposits		354,985		264,255		—		91,043
Advance payments by borrowers for taxes and insurance		11,428		11,428		—		—
Federal Home Loan Bank advances		68,884		—		70,854		—
Accrued interest payable		208		208		—		—

	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		—		—