Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at September 30, 2020 and December 31, 2019:

			Fair Value Measurements at
			September 30, 2020
			Using
	Balance as of		Quoted Prices in  Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	September 30, 2020		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies	$	17,634	$	—	$	17,634	$	—
Mortgage-backed securities		104,847		—		104,847		—
Obligations of states and political subdivisions		29,439		—		29,439		—
Corporate securities		500		—		500		—
Total assets at fair value	$	152,420	$	—	$	152,420	$	—
			Fair Value Measurements at
			December 31, 2019
			Using
	Balance as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2019		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies	$	22,186	$	—	$	22,186	$	—
Mortgage-backed securities		108,161		—		108,161		—
Obligations of states and political subdivisions		34,656		—		34,656		—
Total assets at fair value	$	165,003	$	—	$	165,003	$	—

Quantitative Information About Level 3 Fair Value Measurements For Certain Financial Assets

The following table displays quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a nonrecurring basis at September 30, 2020 and December 31, 2019:

	Quantitative information about Level 3 Fair Value Measurements
	September 30, 2020
	Valuation Technique(s)	Unobservable Input	Range	Weighted Average
Assets:
Impaired loans	Discounted appraised value	Selling cost	12%	12%
Impaired loans	Present value of cash flows	Discount rate	4% - 6%	5%
Other real estate owned	Discounted appraised value	Selling cost	6%	6%
	Quantitative information about Level 3 Fair Value Measurements
	December 31, 2019
	Valuation Technique(s)	Unobservable Input	Range	Weighted Average
Assets:
Impaired loans	Discounted appraised value	Selling cost	12%	12%
Impaired loans	Present value of cash flows	Discount rate	4% - 6%	5%
Other real estate owned	Discounted appraised value	Selling cost	6%	6%

(1) Unobservable inputs were weighted by the relative fair values of the instruments.

Financial And Nonfinancial Assets Measured At Fair Value On A Nonrecurring Basis

The following table summarizes the Company’s financial and nonfinancial assets that were measured at fair value on a nonrecurring basis at September 30, 2020 and December 31, 2019:

			Carrying value at
			September 30, 2020
	Balance as of		Identical Assets		Observable Inputs		Unobservable Inputs
	September 30, 2020		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Financial Assets:
Impaired loans	$	3,031	$	—	$	—	$	3,031
Nonfinancial Assets:
Other real estate owned		442		—		—		442
			Carrying value at
			December 31, 2019
	Balance as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2019		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Financial Assets:
Impaired loans	$	3,075	$	—	$	—	$	3,075
Nonfinancial Assets:
Other real estate owned		183		—		—		183

Company's Financial Instruments

The carrying value and fair value of the Company’s financial instruments at September 30, 2020 and December 31, 2019 were as follows:

	Fair Value Measurements at
	September 30, 2020
	Using
	Carrying Value as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Fair Value as of
	September 30, 2020		(Level 1)		(Level 2)		(Level 3)		September 30, 2020
	(in thousands)
Financial Assets:
Cash and short-term investments	$	64,044	$	64,044	$	—	$	—	$	64,044
Securities		152,420		—		152,420		—		152,420
Restricted Investments		1,268		—		1,268		—		1,268
Loans, net		799,040		—		—		791,601		791,601
Accrued interest receivable		3,408		—		3,408		—		3,408
Bank owned life insurance		12,615		—		12,615		—		12,615
Financial Liabilities:
Deposits	$	955,238	$	—	$	955,768	$	—	$	955,768
Accrued interest payable		79		—		79		—		79

	Fair Value Measurements at
	December 31, 2019
	Using
	Carrying Value as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Fair Value as of
	December 31, 2019		(Level 1)		(Level 2)		(Level 3)		December 31, 2019
	(in thousands)
Financial assets:
Cash and short-term investments	$	33,659	$	33,659	$	—	$	—	$	33,659
Securities		165,003		—		165,003		—		165,003
Restricted Investments		1,197		—		1,197		—		1,197
Loans, net		639,787		—		—		633,476		633,476
Bank owned life insurance		398		—		398		—		398
Accrued interest receivable		2,237		—		2,237		—		2,237
Financial liabilities:
Deposits	$	771,544	$	—	$	772,111	$	—	$	772,111
Accrued interest payable		142		—		142		—		142