Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Measurements

Schedule of fair value measurements of assets recognized in consolidated balance sheets measured at fair value on recurring basis

The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2021 and December 31, 2020:

			Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2021
U.S. government agencies	$	4,022	$	—	$	4,022	$	—
Subordinated Notes	$	4,523		—	$	4,523		—
State and municipal obligations	$	137,768		—	$	137,768		—
December 31, 2020
U.S. government agencies	$	10,053	$	—	$	10,053	$	—
Subordinated Notes	$	4,505		—	$	4,505		—
State and municipal obligations	$	143,509	$	—	$	143,509	$	—

Schedule of fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a non-recurring basis

The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2021 and December 31, 2020.

			Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Fair		Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2021
Collateral dependent impaired loans	$	2,489	$	—	$	—	$	2,489
Foreclosed assets held for sale		—		—		—		—
December 31, 2020
Collateral dependent impaired loans	$	71	$	—	$	—	$	71
Foreclosed assets held for sale		—		—		—		—

Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements.

	Fair Value at		Valuation
	3/31/21		Technique	Unobservable Inputs	Range
	(In thousands)
Collateral-dependent impaired loans	$	2,489	Market comparable properties	Comparability adjustments	5% – 10%

	Fair Value at		Valuation
	12/31/20		Technique	Unobservable Inputs	Range
	(In thousands)
Collateral-dependent impaired loans	$	71	Market comparable properties	Comparability adjustments	5% – 10%

Schedule of estimated fair values of company's financial instruments

			Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Carrying		Assets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2021:
Financial assets
Cash and cash equivalents	$	97,051	$	97,051	$	—	$	—
Loans, net of allowance		445,227		—		—		443,931
Federal Home Loan Bank stock		4,097		—		4,097		—
Accrued interest receivable		2,581		—		2,581		—
Financial liabilities
Deposits		608,022		—		608,434		—
Short term borrowings		27,180		—		27,180		—
Subordinated debentures		23,619		—		21,246		—
Interest payable		549		—		549		—

			Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Carrying		Assets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
December 31, 2020:
Financial assets
Cash and cash equivalents	$	51,592	$	51,592	$	––	$	––
Loans, net of allowance		438,378		––		––		436,893
Federal Home Loan Bank stock		4,177		––		4,177		––
Accrued interest receivable		2,901		––		2,901		––
Financial liabilities
Deposits		579,535		––		580,130		––
Short term borrowings		12,705		––		12,705		––
Subordinated debentures		23,604		––		21,989		––
Interest payable		224		––		224		––