Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2022				At December 31, 2021
(In Thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents (Level 1)	$	30,011	$	30,011	$	22,590	$	22,590
Certificates of deposit with other banks (Level 3)		5,623		5,590		12,828		12,828
Securities held to maturity (Level 2)		31,822		30,080		—		—
Loans (Level 3)		927,871		886,944		711,664		705,706
Accrued interest receivable (Level 1)		4,661		4,661		3,022		3,022
Restricted investments in bank stock (Level 1)		3,377		3,377		2,685		2,685
Cash surrender value of life insurance (Level 1)		19,244		19,244		18,787		18,787
Financial liabilities:
Non-maturity deposits (Level 1)		675,299		675,299		591,344		591,344
Time Deposits (Level 3)		271,473		266,775		180,321		180,485
Other borrowings (Level 3)		20,938		20,938		19,814		19,819
Subordinated Notes (Level 3)		40,484		35,966		20,696		20,696
Accrued interest payable (Level 1)		797		797		103		103

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

	December 31, 2022
(In Thousands)	Level I		Level II		Level III		Total
Assets:
Small Business Administration loan pools	$	—	$	843	$	—	$	843
Obligations of state and political subdivisions		—		40,169		—		40,169
Mortgage backed securities in government-sponsored entities		—		37,801		—		37,801
Total	$	—	$	78,813	$	—	$	78,813
	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 in government-sponsored entities		—		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 December 31, 2022 and 2021are presented in the table below.

	December 31, 2022
(In Thousands)	Level I		Level II		Level III		Total
Impaired loans	$	—	$	—	$	7,313	$	7,313
	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:

	December 31, 2022
	Quantitative Information About Level III Fair Value Measurements
(In Thousands)	Fair Value		Valuation Techniques			Unobservable Input	Range (Weighted Average)
Impaired loans	$	7,313	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	%

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