Fair Value (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value

Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis are summarized below:

	Recurring Fair Value Measurements Using
	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Instruments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
As of June 30, 2020
Assets:
Available for sale securities:	$	—	$	59,076	$	—	$	59,076
As of December 31, 2019
Assets:
Available for sale securities:	$	—	$	48,179	$	—	$	48,179

Assets Measured at Fair Value on Nonrecurring Basis

Information regarding the fair value of assets measured at fair value on a nonrecurring basis follows:

			Nonrecurring Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
	Assets		Identical		Observable		Unobservable
	Measured at		Instruments		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
As of June 30, 2020
Assets:
Loans	$	870	$	—	$	—	$	870
Foreclosed assets		347		—		—		347
As of December 31, 2019
Assets:
Loans	$	897	$	—	$	—	$	897
Foreclosed assets		84		—		—		84

Fair Value Measurement Inputs and Valuation Techniques

The following presents quantitative information about nonrecurring Level 3 fair value measurements:

					Range/Weighted
	Fair Value		Valuation Technique	Unobservable Input(s)	Average
As of June 30, 2020
Loans	$	870	Market and/or income approach	Management discount on appraised values	10	%	-	20	%
Foreclosed assets	$	347	Market and/or income approach	Management discount on appraised values	10	%	-	20	%
As of December 31, 2019
Loans	$	897	Market and/or income approach	Management discount on appraised values	10	%	-	20	%
Foreclosed assets	$	84	Market and/or income approach	Management discount on appraised values	10	%	-	20	%

Carrying Value and Estimated Fair Value of Financial Instruments

The carrying value and estimated fair value of financial instruments as of June 30, 2020 and December 31, 2019 follow:

	June 30, 2020
	Carrying			Fair Value
	Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	19,606	$	19,606	$	—	$	—
Available for sale securities		59,076		—		59,076		—
Loans held for sale		1,467		—		1,467		—
Loans		198,673		—		—		202,705
Accrued interest receivable		899		899		—		—
Cash value of life insurance		7,167		—		—		7,167
Other equity investments		780		—		—		780
Financial liabilities:
Deposits		175,081		115,766		—		59,315
Advance payments by borrowers for taxes and insurance		827		827		—		—
FHLB advances		13,500		—		—		13,556
Accrued interest payable		365		365		—		—

	December 31, 2019
	Carrying			Fair Value
	Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	39,377	$	39,377	$	—	$	—
Available for sale securities		48,179		—		48,179		—
Loans held for sale		200		—		200		—
Loans		189,291		—		—		190,561
Accrued interest receivable		725		725		—		—
Cash value of life insurance		7,068		—		—		7,068
Other equity investments		780		—		—		780
Financial liabilities:
Deposits		217,252		150,024		—		67,391
Advance payments by borrowers for taxes and insurance		46		46		—		—
FHLB advances		11,500		—		—		11,509
Accrued interest payable		51		51		—		—