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Fair Value Measurements (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 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, 2022
 
  
At December 31, 2021
 
(In Thousands)
  
Carrying
Amount
 
  
Fair
Value
 
  
Carrying
Amount
 
  
Fair
Value
 
Financial assets:
                                    
Cash and cash equivalents (Level 1)
    $ 62,996      $ 62,996      $ 22,590      $ 22,590  
Certificates of deposit with other banks (Level 3)
      11,088        11,088        12,828        12,828  
Securities held to maturity (Level 2)
      28,816        28,290        —          —    
Loans (Level 3)
      786,516        774,687        711,664        705,706  
Accrued interest receivable (Level 1)
      3,797        3,797        3,022        3,022  
Restricted investments in bank stock (Level 1)
      2,567        2,567        2,685        2,685  
Cash surrender value of life insurance (Level 1)
      19,012        19,012        18,787        18,787  
Financial liabilities:
                                    
Non-maturity
deposits (Level 1)
      689,249        689,249        591,344        591,344  
Time Deposits (Level 3)
      213,124        210,984        180,321        180,485  
Other borrowings (Level 3)
      1,639        1,639        19,814        19,819  
Subordinated Notes (Level 3)
      40,585        38,026        20,696        20,696  
Accrued interest payable (Level 1)
      325        325        103        103  
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, 2021
     
At December 31, 2020
  
(In Thousands)
   
Carrying
Amount
     
Fair
Value
     
Carrying
Amount
     
Fair
Value
  
Financial assets:
                                    
Cash and cash equivalents (Level 1)
    $ 22,590      $ 22,590      $ 33,162      $ 33,162  
Certificates of deposit with other banks
(Level 3)
      12,828        12,828        17,051        17,051  
Loans (Level 3)
      711,664        705,706        233,795        236,030  
Accrued interest receivable (Level 1)
      3,022        3,022        1,675        1,675  
Restricted investments in bank stock (Level 1)
      2,685        2,685        2,268        2,268  
Cash surrender value of life insurance (Level 1)
      18,787        18,787        8,941        8,941  
Financial liabilities:
                                    
Non-maturity
deposits (Level 1)
      591,344        591,344        294,469        294,469  
Time Deposits (Level 3)
      180,321        180,485        80,655        81,164  
Long-term borrowings (Level 3)
      19,814        19,819        1,120        1,116  
Subordinated Notes (Level 3)
      20,696        20,696        —          —    
Accrued interest payable (Level 1)
      103        103        233        233  
Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis
 
  
June 30, 2022
 
(In Thousands)
  
Level I
 
  
Level II
 
  
Level III
 
  
Total
 
Assets:
  
  
  
  
Small Business Administration loan pools
  
$
—  
 
  
$
693
 
  
$
—  
 
  
$
693
 
Obligations of state and political subdivisions
  
 
—  
 
  
 
40,993
 
  
 
—  
 
  
 
40,993
 
Mortgage backed securities
  
 
—  
 
  
 
44,070
 
  
 
—  
 
  
 
44,070
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
—  
 
  
$
85,756
 
  
$
—  
 
  
$
85,756
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
  
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
 
    
 
 
     
 
 
     
 
 
     
 
 
  
    
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
 
    
 
 
     
 
 
     
 
 
     
 
 
  
 
    
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 June 30, 2022 and December 31, 2021 are presented in the table below.
 
 
  
June 30, 2022
 
(In Thousands)
  
Level I
 
  
Level II
 
  
Level III
 
  
Total
 
Impaired loans
   
 
$		 —        $
 
 —        $ 8,297      $ 8,297  
   
    
December 31, 2021
  
(In Thousands)
   
Level

 I

     
Level 

II

     
Level III
     
Total
  
Impaired loans
    $ —        $ —        $ 751      $ 751  
Loans Held for Sale
    $ —        $ —        $ 3,860      $ 3,860  
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, 2021 are presented in the table below. There were no impaired loans measured at their fair value on a nonrecurring basis as of December 31, 2020.
 
    
December 31, 2021
  
(In Thousands)
   
Level I
     
Level II
     
Level III
     
Total
  
Impaired loans
    $ —        $ —        $ 751      $ 751  
Loans Held for Sale
    $ —        $ —        $ 3,860      $ 3,860  
 
    
December 31, 2020
  
(In Thousands)
   
Level I
     
Level II
     
Level III
     
Total
  
Loans Held for Sale
    $ —        $ —        $ 1,015      $ 1,015  
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, 2022

  
     Quantitative Information About Level III Fair Value Measurements  
(In Thousands)
    Fair
Value		      Valuation
Techniques		     Unobservable
Input		      Range
(Weighted
Average)		  
Impaired loans
    $
 
 8,297     
 
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.
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, 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 % 
   
    
December 31, 2020
  
     Quantitative Information About Level III Fair Value
Measurements		  
(In Thousands)
    Fair
Value		      Valuation
Techniques		             Unobservable
Input		      Range
(Weighted
Average)		  
Loans Held for Sale
    $ 1,015       

 Appraisal
of
collateral		  

 		   
 
(1
) 
     

 Liquidation
of
collateral		  
 
 		      10 % 
 
(1)
Fair value is generally determined through independent appraisals of the underlying collateral, which include various Level III inputs that are not identifiable.