Fair Value Measurements (Tables)

6 Months Ended

Jun. 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 June 30, 2021				At December 31, 2020
(In Thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents (Level 1)	$	31,449	$	31,449	$	9,002	$	9,002
Loans (Level 3)		409,427		405,474		323,214		324,160
Accrued interest receivable (Level 1)		2,509		2,509		1,842		1,842
Federal Home Loan Bank stock (Level 1)		1,015		1,015		2,615		2,615
Financial liabilities:
Non-maturity deposits (Level 1)		238,381		238,381		140,013		140,013
Time Deposits (Level 3)		133,672		128,804		143,041		142,787
Short-term borrowings (Level 1)		—		—		41,667		41,667
Long-term borrowings (Level 3)		23,087		23,087		37,315		37,738
Subordinated Notes (Level 3)		20,000		20,479		20,000		20,256
Accrued interest payable (Level 1)		81		81		414		414
Off-balance-sheet financial instruments (Level 3)		—		—		—		—

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

	June 30, 2021
(In Thousands)	Level I		Level II		Level III		Total
Assets:
U.S. treasury securities	$	—	$	—	$	—	$	—
Mortgage backed securities		—		3,398		—		3,398
Total	$	—	$	3,398	$	—	$	3,398
	December 31, 2020
(In Thousands)	Level I		Level II		Level III		Total
Assets:
U.S. treasury securities	$	—	$	74,999	$	—	$	74,999
Mortgage backed securities	$	—	$	4,206		—		4,206
Total		—		79,205	$	—	$	79,205

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 June 30, 2021 and December 31, 2020, are as follows:

	June 30, 2021
(In Thousands)	Level I		Level II		Level III		Total
Impaired loans	$	—	$	—	$	2,844	$	2,844
	December 31, 2020
(In Thousands)	Level I		Level II		Level III		Total
Impaired loans	$	—	$	—	$	988	$	988

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:

	June 30, 2021
	Quantitative Information About Level III Fair Value Measurements
(In Thousands)	Fair Value		Valuation Techniques				Unobservable Input		Range (Weighted Average)
Impaired loans	$	2,844		Appraisal of collateral	(1	)		Liquidation expenses		10	%
	December 31, 2020
	Quantitative Information About Level III Fair Value Measurements
(In Thousands)	Fair Value		Valuation Techniques				Unobservable Input		Range (Weighted Average)
Impaired loans	$	988		Appraisal of collateral	(1	)		Liquidation expenses		10	%

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