Fair Value (Tables)

12 Months Ended

Dec. 31, 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:

	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
	Recurring Fair Value Measurements Using
December 31, 2018	Level 1	Level 2	Level 3	Total
Trading securities	$           2,429	$                    -	$                   -	$            2,429
Available for sale securities:
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	$           2,429	$          65,731	$                   -	$          68,160

Summary of Assets Measured at Fair Value on a Nonrecurring Basis

Information regarding the fair value of assets measured at fair value on a nonrecurring basis follows:

	Recurring Fair Value Measurements Using
	Level 1	Level 2	Level 3	Total
December 31, 2019
Loans	$                   -	$                   -	$                   -	$                   -
December 31, 2018
Loans	$                   -	$                   -	$                 85	$                85

Schedule of Quantitative Information about Nonrecurring Level 3 Fair Value Measurements

Quantitative information about nonrecurring Level 3 fair value measurements follows:

	Fair Value	Valuation Technique	Significant Unobservable Input(s)	Range/Weighted Average
December 31, 2019
Impaired loans	$                -	Market and/or income approach	Management discount to appraised values	10-20%
December 31, 2018
Impaired loans	$             85	Market and/or income approach	Management discount to appraised values	10-20%

Summary of Carrying Values and Estimated Fair Values of Financial Instruments

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

	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	-	-

	December 31, 2018
	Carrying Value	Level 1	Level 2	Level 3
Financial assets:	(in thousands)
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	-	-
Cash value of life insurance	13,400	-	-	13,400
FHLB stock	1,261	-	-	1,261
Trading securities	2,429	2,429	-	-
Financial liabilities:
Deposits	406,137	223,860	-	180,703
Advance payments by borrowers for taxes and insurance	1,240	1,240	-	-
FHLB advances	30,010	-	-	29,499
Accrued interest payable	372	372	-	-