Fair Value (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value

Schedule of assets measured at fair value on a 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 September 30, 2022
Assets:
Available for sale securities:
Obligations of the US government and US government sponsored agencies	$	—	$	1,653	$	—	$	1,653
Obligations of states and political subdivisions		—		12,316		—		12,316
Mortgage-backed securities		—		23,366		—		23,366
Certificates of deposit		—		491		—		491
Corporate debt securities		—		9,646		—		9,646
Total available for sale securities	$	—	$	47,472	$	—	$	47,472
As of December 31, 2021
Assets:
Available for sale securities:
Obligations of the US government and US government sponsored agencies	$	—	$	1,040	$	—	$	1,040
Obligations of states and political subdivisions		—		14,624		—		14,624
Mortgage-backed securities		—		26,056		—		26,056
Certificates of deposit		—		772		—		772
Corporate debt securities		—		5,906		—		5,906
Total available for sale securities	$	—	$	48,398	$	—	$	48,398

Schedule of assets measured at fair value on a 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 September 30, 2022
Assets:
Other equity investments	$	503	$	—	$	503	$	—
As of December 31, 2021
Assets:
Other equity investments	$	503		—	$	503		—

Schedule of carrying value and estimated fair value of financial instruments

The carrying value and estimated fair value of financial instruments as of September 30, 2022 and December 31, 2021 follow:

	September 30, 2022
	Carrying			Fair Value
	Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	16,049	$	16,049	$	—	$	—
Available for sale securities		47,472		—		47,472		—
Loans		228,300		—		—		221,743
Accrued interest receivable		901		901		—		—
Cash value of life insurance		10,238		10,238		—		—
Other equity investments		1,463		—		503		960
Financial liabilities:
Deposits		233,954		194,253		—		46,179
Advance payments by borrowers for taxes and insurance		1,313		1,313		—		—
Accrued interest payable		139		139		—		—

	December 31, 2021
	Carrying			Fair Value
	Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	67,002	$	67,002	$	—	$	—
Available for sale securities		48,398		—		48,398		—
Loans held for sale		500		—		500		—
Loans		222,104		—		—		224,612
Accrued interest receivable		813		813		—		—
Cash value of life insurance		10,029		10,029		—		—
Other equity investments		1,353		—		503		850
Financial liabilities:
Deposits		255,250		199,238		—		55,970
Advance payments by borrowers for taxes and insurance		102		102		—		—
FHLB advances		6,500		—		—		6,489
Accrued interest payable		7		7		—		—