Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022				At December 31, 2021
(In Thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents (Level 1)	$	74,796	$	74,796	$	22,590	$	22,590
Certificates of deposit with other banks (Level 3)		8,358		8,318		12,828		12,828
Securities held to maturity (Level 2)		32,571		30,915		—		—
Loans (Level 3)		863,969		800,085		711,664		705,706
Accrued interest receivable (Level 1)		4,058		4,058		3,022		3,022
Restricted investments in bank stock (Level 1)		3,327		3,327		2,685		2,685
Cash surrender value of life insurance (Level 1)		19,127		19,127		18,787		18,787
Financial liabilities:
Non-maturity deposits (Level 1)		757,534		757,534		591,344		591,344
Time Deposits (Level 3)		194,176		188,985		180,321		180,485
Other borrowings (Level 3)		—		—		19,814		19,819
Subordinated Notes (Level 3)		40,526		37,285		20,696		20,696
Accrued interest payable (Level 1)		917		917		103		103

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

	September 30, 2022
(In Thousands)	Level I		Level II		Level III		Total
Assets:
Small Business Administration loan pools	$	—	$	901	$	—	$	901
Obligations of state and political subdivisions		—		38,347		—		38,347
Mortgage backed securities		—		39,450		—		39,450
Total	$	—	$	78,698	$	—	$	78,698
	December 31, 2021
(In Thousands)	Level I		Level II		Level III		Total
Assets:
Small Business Administration loan pools	$	—	$	1,084	$	—	$	1,084
Obligations of state and political subdivisions		—		48,482		—		48,482
Mortgage backed securities		—		54,217		—		54,217
Total	$	—	$	103,783	$	—	$	103,783

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, 2022 and December 31, 2021 are presented in the table below.

	September 30, 2022
(In Thousands)	Level I		Level II		Level III		Total
Impaired loans	$	—	$	—	$	5,687	$	5,687
	December 31, 2021
(In Thousands)	Level I		Level II		Level III		Total
Impaired loans	$	—	$	—	$	751	$	751
Loans Held for Sale	$	—	$	—	$	3,860	$	3,860

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, 2022
	Quantitative Information About Level III Fair Value Measurements
(In Thousands)	Fair Value		Valuation Techniques			Unobservable Input	Range (Weighted Average)
Impaired loans	$	5,687	Appraisal of collateral	(1	)	Liquidation expenses		10	%
	December 31, 2021
	Quantitative Information About Level III Fair Value Measurements
(In Thousands)	Fair Value		Valuation Techniques			Unobservable Input	Range (Weighted Average)
Impaired loans	$	751	Appraisal of collateral	(1	)	Liquidation expenses		10	%
Loans Held for Sale	$	3,860	Appraisal of collateral	(1	)	Liquidation of collateral		15	%

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