Fair Value (Tables)

12 Months Ended

Dec. 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
December 31, 2020	Level 1		Level 2		Level 3		Total
Marketable equity securities	$	2,992	$	—	$	—	$	2,992
Available for sale securities:
Obligations of states and political subdivisions		—		11,803		—		11,803
Government-sponsored mortgage-backed securities		—		38,039		—		38,039
Asset-backed securities		—		7,281		—		7,281
Certificates of deposit				1,580		—		1,580
Total	$	2,992	$	58,703	$	—	$	61,695
	Recurring Fair Value Measurements Using
December 31, 2019	Level 1		Level 2		Level 3		Total
Marketable equity securities	$	2,553	$	—	$	—	$	2,553
Available for sale securities:
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	$	2,553	$	71,375	$	—	$	73,928

Schedule of Quantitative Information about Nonrecurring Level 3 Fair Value Measurements

For Level 3 assets measured at fair value on a nonrecurring basis, the significant unobservable inputs used in the fair value measurements were as follows:

	Fair Value at December 31, 2020				Significant Unobservable Input Value
			Valuation Technique	Significant Unobservable Input(s)	Minimum Value			Maximum Value
Impaired loans	$	—	Market and/or income approach	Management discount to appraised values		10.0	%		20.0	%
Rate lock commitments		354	Pricing model	Pull through rate		75.0	%		100.0	%
Mortgage servicing rights		1,806	Pricing models	Prepayment rate		18.0	%		46.2	%
				Discount rate		10.0	%		13.5	%
				Cost to service	$	84.00		$	85.00

Summary of Carrying Values and Estimated Fair Values of Financial Instruments

The carrying value and estimated fair value of financial instruments follow:

	December 31, 2020
	Carrying Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	92,526	$	92,526	$	—	$	—
Available for sale securities		58,703		—		58,703		—
Loans held for sale		2,484		—		2,484		—
Loans		329,073		—		—		332,882
Rate lock commitments		354		—		—		354
Accrued interest receivable		912		912		—		—
Cash value of life insurance		13,485		—		—		13,485
FHLB stock		3,032		—		—		3,032
Marketable securities		2,992		2,992		—		—
Financial liabilities:
Deposits		379,848		292,219		—		87,884
Advance payments by borrowers for taxes and insurance		2,737		2,737		—		—
FHLB advances		63,398		—		—		70,561
Accrued interest payable		183		183		—		—
	December 31, 2019
	Carrying Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	11,707	$	11,707	$	—	$	—
Available for sale securities		71,375		—		71,375		—
Loans held for sale		685		—		685		—
Loans		310,674		—		—		310,993
Accrued interest receivable		963		963		—		—
Cash value of life insurance		13,085		—		—		13,085
FHLB stock		913		—		—		913
Marketable securities		2,553		2,553		—		—
Financial liabilities:
Deposits		344,596		202,180		—		142,708
Advance payments by borrowers for taxes and insurance		1,681		1,681		—		—
FHLB advances		17,623		—		—		17,976
Accrued interest payable		385		385		—		—