Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of assets carried at fair value on a recurring basis


			Quoted Prices in
			Active Markets		Significant		Significant
			for Identical		Observable		Unobservable
	Balance		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
	December 31, 2020
U.S. government agency mortgage-backed securities-residential	$	89,270	$	—	$	89,270	$	—
U.S. government agency securities		7,161		—		7,161		—
Municipal securities		1,476		—		1,316		160
Corporate Bonds		4,446		—		4,446		—
Other		580		—		580		—
Total	$	102,933	$	—	$	102,773	$	160


	December 31, 2019
U.S. government agency mortgage-backed securities – residential	$	98,478	$	—	$	98,478	$	—
U.S. government agency securities		12,076		—		12,076		—
Municipal securities		1,396		—		1,216		180
Corporate Bonds		2,273		—		2,273		—
Other		609		—		609		—
Total	$	114,832	$	—	$	114,652	$	180

Schedule of assets carried at fair value and measured at fair value on a nonrecurring basis


			Quoted Prices in
			Active Markets		Significant		Significant
			for Identical		Observable		Unobservable
	Balance		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
	December 31, 2020
Impaired loans, with specific reserves	$	509	$	—	$	—	$	509
Other real estate owned		139		—		—		139
Total	$	648	$	—	$	—	$	648


	December 31, 2019
Impaired loans, with specific reserves	$	239	$	—	$	—	$	239
Other real estate owned		1,417		—		—		1,417
Total	$	1,656	$	—	$	—	$	1,656

Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis


	Quantitative Information About Level 3 Fair Value Measurements
	Fair Value		Valuation		Unobservable		Range
	Estimate		Techniques		Input		(Weighted Average)
	December 31, 2020
Impaired loans	$	509	Appraisal of collateral	(1)	Liquidation expenses	(3)	0% to 6%
					Appraisal adjustments	(2)	0% to 20%
Other real estate owned		139	Appraisal of collateral	(1)	Liquidation expenses	(3)	0% to 6%
					Appraisal adjustments	(2)	0% to 20%

	December 31, 2019
Impaired loans	$	239	Appraisal of collateral	(1)	Liquidation expenses	(3)	0% to 6%
					Appraisal adjustments	(2)	0% to 20%
Other real estate owned		1,417	Appraisal of collateral	(1)	Liquidation expenses	(3)	0% to 6%
					Appraisal adjustments	(2)	0% to 20%

(1)

Fair value is generally through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable.

(2)

Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraised value.

(3)

Estimated costs to sell.

Schedule of carrying value and fair values of the financial instruments


	December 31, 2020				December 31, 2019

	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Assets:
Cash and due from banks (Level 1)	$	93,485	$	93,485	$	11,978	$	11,978
Available for sale securities (Level 2)		102,773		102,773		114,652		114,652
Available for sale securities (Level 3)		160		160		180		180
FHLB stock (Level 2)		2,787		2,787		3,435		3,435
Loans, net (Level 3)		873,813		876,699		793,471		796,262
Mortgage servicing rights (Level 3)		2,390		3,569		2,226		4,137
Financial Liabilities:
Deposits (Level 2)		929,364		941,460		773,343		762,272
Mortgagors' escrow accounts (Level 2)		8,494		8,501		8,106		8,107
FHLB advances (Level 2)		50,674		51,468		66,304		66,724
Subordinated debt (Level 2)		5,155		5,155		5,155		5,155