Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Measurement [Abstract]

Fair Value Measurements by Level of Valuation Inputs

The following tables summarize financial assets and financial liabilities measured at fair value as of December 31, 2020 and December 31, 2019, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value.

	(Level 1)		(Level 2)		(Level 3)
	Quoted Prices in		Significant		Significant
(Dollars in thousands)	Active Markets		Other		Other
	for Identical		Observable		Unobservable
December 31, 2020	Assets		Inputs		Inputs		Total
Assets measured at fair value on a recurring basis:
Debt securities available for sale:
Obligations of U.S. Government agencies and corporations	$	—	$	22,949	$	—	$	22,949
Obligations of state and political subdivisions		—		8,282		—		8,282
Corporate debt securities		—		9,523		2,000		11,523
Mortgage-backed securities		—		243,661		—		243,661
Total debt securities available for sale	$	—	$	284,415	$	2,000	$	286,415
Equity securities	$	1,091	$	—	$	—	$	1,091
Mortgage servicing rights	$	—	$	—	$	158	$	158
Liabilities measured at fair value on a recurring basis:
Interest rate swaps	$	—	$	57	$	—	$	57
Assets measured at fair value on a non-recurring basis:
Impaired loans	$	—	$	—	$	84	$	84

	(Level 1)		(Level 2)		(Level 3)
	Quoted Prices in		Significant		Significant
(Dollars in thousands)	Active Markets		Other		Other
	for Identical		Observable		Unobservable
December 31, 2019	Assets		Inputs		Inputs		Total
Assets measured at fair value on a recurring basis:
Debt securities available for sale:
Obligations of U.S. Government agencies and corporations	$	—	$	20,920	$	—	$	20,920
Obligations of state and political subdivisions		—		4,575		—		4,575
Mortgage-backed securities		—		185,191		—		185,191
Total debt securities available for sale	$	—	$	210,686	$	—	$	210,686
Equity securities	$	1,144	$	—	$	—	$	1,144
Mortgage servicing rights	$	—	$	—	$	180	$	180
Assets measured at fair value on a non-recurring basis:
Impaired loans	$	—	$	—	$	144	$	144

Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of the Company’s financial instruments are as follows:

	Financial Instruments
(Dollars in thousands)	December 31, 2020				December 31, 2019
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Financial assets:
Cash and due from banks	$	11,868	$	11,868	$	12,658	$	12,658
Interest bearing deposits with banks		19,753		19,753		82		82
Interest bearing time deposits with banks		735		735		2,210		2,210
Securities		287,506		287,506		211,830		211,830
Restricted investment in bank stock		3,423		N/A		3,442		N/A
Loans, net of allowance for loan losses		418,567		424,791		397,629		403,359
Accrued interest receivable		2,105		2,105		1,607		1,607
Financial liabilities:
Non-interest bearing deposits	$	168,115	$	168,115	$	134,703	$	134,703
Interest bearing deposits		454,751		459,224		397,234		399,848
Securities sold under agreements to repurchase		4,750		N/A		3,429		N/A
Short-term borrowings		20,000		20,002		9,700		9,700
FRB advances		27,955		27,955		—		—
Long-term debt		35,000		37,365		45,000		45,809
Interest rate swaps		57		57		—		—
Other interest bearing liabilities		1,584		1,585		1,603		1,603
Accrued interest payable		448		448		473		473
Off-balance sheet financial instruments:
Commitments to extend credit	$	—	$	—	$	—	$	—
Letters of credit		—		—		—		—

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the carrying amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments not previously disclosed as of December 31, 2020 and December 31, 2019. These tables exclude financial instruments for which the carrying amount approximates fair value.

					(Level 1)		(Level 2)		(Level 3)
					Quoted Prices in		Significant		Significant
(Dollars in thousands)					Active Markets		Other		Other
	Carrying				for Identical		Observable		Unobservable
	Amount		Fair Value		Assets or Liabilities		Inputs		Inputs
December 31, 2020
Financial instruments - Assets
Interest bearing time deposits with banks	$	735	$	735	$	—	$	735	$	—
Loans, net of allowance for loan losses		418,567		424,791		—		—		424,791
Financial instruments - Liabilities
Interest bearing deposits	$	454,751	$	459,224	$	—	$	459,224	$	—
Long-term debt		35,000		37,365		—		37,365		—
Other interest bearing liabilities		1,584		1,585		—		1,585		—

					(Level 1)		(Level 2)		(Level 3)
					Quoted Prices in		Significant		Significant
(Dollars in thousands)					Active Markets		Other		Other
	Carrying				for Identical		Observable		Unobservable
	Amount		Fair Value		Assets or Liabilities		Inputs		Inputs
December 31, 2019
Financial instruments - Assets
Interest bearing time deposits with banks	$	2,210	$	2,210	$	—	$	2,210	$	—
Loans, net of allowance for loan losses		397,629		403,359		—		—		403,359
Financial instruments - Liabilities
Interest bearing deposits	$	397,234	$	399,848	$	—	$	399,848	$	—
Long-term debt		45,000		45,809		—		45,809		—
Other interest bearing liabilities		1,603		1,603		—		1,603		—