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Disclosures About Fair Value of Assets and Liabilities (Tables)
3 Months Ended
Mar. 31, 2022
Disclosures about Fair Value of Assets and Liabilities [Abstract]  
Assets Measured at Fair Value on Nonrecurring Basis
The following table presents the fair value measurement of assets 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, 2022 and December 31, 2021 (dollars in thousands):
 
   
Fair Value
   
(Level 1)
   
(Level 2)
   
(Level 3)
 
                         
March 31, 2022
                       
Impaired loans (collateral- dependent)
 
$
6,844
   
$
-
   
$
-
   
$
6,844
 
                                 
December 31, 2021
                               
Impaired loans (collateral- dependent)
 
$
6,910
   
$
-
   
$
-
   
$
6,910
 
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
 
Valuation
Technique
 Unobservable
Inputs
 
Weighted-
Average
 
March 31, 2022
               
Collateral-dependent impaired loans
 
$
6,844
 
Appraisals from comparable properties
Estimated cost to sell
    20
%
                     
December 31, 2021
                   
Collateral-dependent impaired loans
 
$
6,910
 
Appraisals from comparable properties
Estimated cost to sell
    20 %
Estimated Fair Value of Financial Instruments Not Recorded at Fair Value
The following table presents estimated fair values of the Company’s financial instruments not recorded at fair value at March 31, 2022 and December 31, 2021 (dollars in thousands):


  Carrying    
Fair Value Measurements
 

 
Amount
   
Level 1
   
Level 2
   
Level 3
   
Total
 
March 31, 2022
                             
                               
Financial Assets
                             
Cash and due from banks
 
$
126,275
   
$
126,275
   
$
-
   
$
-
   
$
126,275
 
Federal funds sold
    8,088       8,088       -       -       8,088  
Interest-bearing time deposits in other banks
   
2,241
     
-
     
2,241
     
-
     
2,241
 
Loans, net of allowance
   
1,051,222
     
-
     
1,043,933
     
6,844
     
1,050,777
 
Loans held for sale
    597       -       597       -       597  
Nonmarketable equity securities
   
1,195
     
-
     
1,195
     
-
     
1,195
 
Interest receivable
   
4,256
     
-
     
4,256
     
-
     
4,256
 
                                         
Financial Liabilities
                                       
Deposits
 
$
1,283,279
   
$
-
   
$
1,281,971
   
$
-
   
$
1,281,971
 
Interest payable
   
103
     
-
     
103
     
-
     
103
 
                                         
December 31, 2021
                                       
                                         
Financial Assets
                                       
Cash and due from banks
 
$
195,359
   
$
195,359
   
$
-
   
$
-
   
$
195,359
 
Federal funds sold
    9,493       9,493       -       -    
9,493  
Interest-bearing time deposits in other banks
   
3,237
     
-
     
3,237
     
-
     
3,237
 
Loans, net of allowance
   
1,018,085
     
-
     
1,011,048
     
6,910
     
1,017,958
 
Loans held for sale
   
464
     
-
     
464
     
-
     
464
 
Nonmarketable equity securities
   
1,202
     
-
     
1,202
     
-
     
1,202
 
Interest receivable
   
4,259
     
-
     
4,259
     
-
     
4,259
 
                                         
Financial Liabilities
                                       
Deposits
 
$
1,217,471
   
$
-
   
$
1,217,094
   
$
-
   
$
1,217,094
 
Interest payable
   
117
     
-
     
117
     
-
     
117