Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis are summarized below, along with the level of the fair value hierarchy of the inputs utilized to determine such fair value.

			Recurring Fair Value Measurements Using
	September 30, 2023		Level 1		Level 2		Level 3
	(in thousands)
Marketable equity securities	$	3,286	$	3,286	$	—	$	—
Securities available-for-sale:
U.S. Treasury notes		7,142		—		7,142		—
Obligations of states and political subdivisions		15,911		—		15,911		—
Government-sponsored mortgage-backed securities		76,815		—		76,815		—
Asset-backed securities		3,807		—		3,807		—
Certificates of deposit		966		—		966		—
Total	$	107,927	$	3,286	$	104,641	$	—

			Recurring Fair Value Measurements Using
	December 31, 2022		Level 1		Level 2		Level 3
	(in thousands)
Marketable equity securities	$	2,924	$	2,924	$	—	$	—
Securities available-for-sale:
U.S. Treasury notes		26,627		—		26,627		—
Obligations of states and political subdivisions		17,656		—		17,656		—
Government-sponsored mortgage-backed securities		64,267		—		64,267		—
Asset-backed securities		4,517		—		4,517		—
Certificates of deposit		1,425		—		1,425		—
Total	$	117,416	$	2,924	$	114,492	$	—

Summary of Carrying Values and Estimated Fair Values of Financial Instruments

The carrying values and estimated fair values of financial instruments are presented below:

	September 30, 2023
	Carrying Value		Level 1		Level 2		Level 3
	(in thousands)
Financial assets:
Cash and cash equivalents	$	26,603	$	26,603	$	—	$	—
Available-for-sale securities		104,641		—		104,641		—
Marketable equity securities		3,286		3,286		—		—
Loans held for sale		410		—		410		—
Loans, net		382,682		—		—		353,717
Rate lock commitments		6		—		—		6
Accrued interest receivable		1,349		1,349		—		—
Federal Home Loan Bank Stock		4,787		—		—		4,787
Cash value of life insurance		13,919		—		—		13,919
Financial liabilities:
Deposits		386,973		237,772		—		147,476
Advance payments by borrowers for taxes and insurance		10,264		10,264		—		—
Federal Home Loan Bank advances		78,499		—		—		74,667
Accrued interest payable		1,099		1,099		—		—

NOTE 12 – FAIR VALUE MEASUREMENTS (continued)

	December 31, 2022
	Carrying Value		Level 1		Level 2		Level 3
	(in thousands)
Financial assets:
Cash and cash equivalents	$	28,344	$	28,344	$	—	$	—
Available-for-sale securities		114,492		—		114,492		—
Marketable equity securities		2,924		2,924		—		—
Loans held for sale		125		—		125		—
Loans, net		359,574		—		—		335,987
Rate lock commitments		6		—		—		6
Accrued interest receivable		1,257		1,257		—		—
Federal Home Loan Bank Stock		3,429		—		—		3,429
Cash value of life insurance		14,316		—		—		14,316
Financial liabilities:
Deposits		387,721		308,162		—		78,418
Advance payments by borrowers for taxes and insurance		1,029		1,029		—		—
Federal Home Loan Bank advances		71,464		—		—		69,633
Accrued interest payable		291		291		—		—