Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021		Level 1		Level 2		Level 3
	(in thousands)
Marketable equity securities	$	3,146	$	3,146	$	—	$	—
Securities available-for-sale:
Obligations of states and political subdivisions		11,670		—		11,670		—
Government-sponsored mortgage-backed securities		47,593		—		47,593		—
Asset-backed securities		7,116		—		7,116		—
Certificates of deposit		1,561		—		1,561		—
Total	$	71,086	$	3,146	$	67,940	$	—

			Recurring Fair Value Measurements Using
	December 31, 2020		Level 1		Level 2		Level 3
	(in thousands)
Marketable equity securities	$	2,992	$	2,992	$	—	$	—
Securities available-for-sale:
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	$	61,695	$	2,992	$	58,703	$	—

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, 2021
	Carrying Value		Level 1		Level 2		Level 3
	(in thousands)
Financial assets:
Cash and cash equivalents	$	83,481	$	83,481	$	—	$	—
Available for sale securities		67,940		—		67,940		—
Marketable equity securities stated at fair value		3,146		3,146		—		—
Loans held for sale		2,828		—		2,828		—
Loans		327,565		—		—		330,758
Rate lock commitments		189		—		—		189
Accrued interest receivable		852		852		—		—
Cash value of life insurance		13,585		—		—		13,585
FHLB stock		3,032		—		—		3,032
Financial liabilities:
Deposits		377,658		295,751		—		82,048
Advance payments by borrowers for taxes and insurance		6,097		6,097		—		—
FHLB advances		67,912		—		—		69,667
Accrued interest payable		143		143		—		—

	December 31, 2020
	Carrying Value		Level 1		Level 2		Level 3
	(in thousands)
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 equity securities stated at fair value		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		—		—