Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Estimated Fair Value of Financial Instruments that are not Required to be Measured or Reported at Fair Value

The estimated fair values of the Company’s financial instruments that are not required to be measured or reported at fair value are as follows:

	At September 30, 2021				At December 31, 2020
(In Thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents (Level 1)	$	103,544	$	103,544	$	33,162	$	33,162
Certificates of deposit with other banks		13,077		13,077		17,051		17,051
Loans (Level 3)		665,063		666,764		233,795		236,030
Accrued interest receivable (Level 1)		4,202		4,202		1,675		1,675
Restricted investments in bank stock (Level 1)		3,586		3,586		2,268		2,268
Cash surrender value of life insurance (Level 1)		13,683		13,683		8,941		8,941
Financial liabilities:
Non-maturity deposits (Level 1)		600,926		600,926		294,469		294,469
Time Deposits (Level 3)		201,669		201,450		80,655		81,164
Long-term borrowings (Level 3)		33,034		33,034		1,120		1,116
Subordinated Notes (Level 3)		20,740		20,740		—		—
Accrued interest payable (Level 1)		477		477		233		233

Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis

	September 30, 2021
(In Thousands)	Level I		Level II		Level III		Total
Assets:
U.S. Agency securities	$	—	$	6,326	$	—	$	6,326
Small Business Administration loan pools		—		6,554		—		6,554
Obligations of state and political subdivisions		—		49,918		—		49,918
Mortgage backed securities		—		59,950		—		59,950
Total	$	—	$	122,748	$	—	$	122,748
	December 31, 2020
(In Thousands)	Level I		Level II		Level III		Total
Assets:
Small Business Administration loan pools	$	—	$	7,994	$	—	$	7,994
Obligations of state and political subdivisions		—		52,059		—		52,059
Mortgage backed securities		—		65,394		—		65,394
Total	$	—	$	125,447	$	—	$	125,447

Summary of Financial Assets Measured at Fair Value on a Nonrecurring Basis

For financial assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used as of September 30, 2021 are presented in the table below.

	September 30, 2021
(In Thousands)	Level I		Level II		Level III		Total
Impaired loans	$	—	$	—	$	136	$	136

Summary of Information about Valuation Processes Used to Determine Nonrecurring Fair Value Measurements

The following tables provide information describing the valuation processes used to determine nonrecurring fair value measurements categorized within Level III of the fair value hierarchy:

	September 30, 2021
	Quantitative Information About Level III Fair Value Measurements
(In Thousands)	Fair Value		Valuation Techniques			Unobservable Input	Range (Weighted Average)
Impaired loans	$	136	Appraisal of collateral	(1	)	Liquidation expenses		10	%

Fair value is generally determined through independent appraisals of the underlying collateral, which include various Level III inputs that are not identifiable.