Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Estimated Fair Value of Financial Instruments that are not Required to be Measured or Reported at Fair Value

The estimated fair values of the Company’s financial instruments that are not required to be measured or reported at fair value are as follows:

	At December 31, 2021				At December 31, 2020
(In Thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents (Level 1)	$	22,590	$	22,590	$	33,162	$	33,162
Certificates of deposit with other banks (Level 3)		12,828		12,828		17,051		17,051
Loans (Level 3)		711,664		705,706		233,795		236,030
Accrued interest receivable (Level 1)		3,022		3,022		1,675		1,675
Restricted investments in bank stock (Level 1)		2,685		2,685		2,268		2,268
Cash surrender value of life insurance (Level 1)		18,787		18,787		8,941		8,941
Financial liabilities:
Non-maturity deposits (Level 1)		591,344		591,344		294,469		294,469
Time Deposits (Level 3)		180,321		180,485		80,655		81,164
Long-term borrowings (Level 3)		19,814		19,819		1,120		1,116
Subordinated Notes (Level 3)		20,696		20,696		—		—
Accrued interest payable (Level 1)		103		103		233		233

Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis

	December 31, 2021
(In Thousands)	Level I		Level II		Level III		Total
Assets:
Small Business Administration loan pools		—		1,084		—		1,084
Obligations of state and political subdivisions		—		48,482		—		48,482
Mortgage backed securities		—		54,217		—		54,217
Total	$	—	$	103,783	$	—	$	103,783
	December 31, 2020
(In Thousands)	Level I		Level II		Level III		Total
Assets:
Small Business Administration loan pools	$	—	$	7,994	$	—	$	7,994
Obligations of state and political subdivisions		—		52,059		—		52,059
Mortgage backed securities		—		65,394		—		65,394
Total	$	—	$	125,447	$	—	$	125,447

Summary of Financial Assets Measured at Fair Value on a Nonrecurring Basis

For financial assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used as of December 31, 2021 are presented in the table below.

	December 31, 2021
(In Thousands)	Level I		Level II		Level III		Total
Impaired loans	$	—	$	—	$	751	$	751
Loans Held for Sale	$	—	$	—	$	3,860	$	3,860
	December 31, 2020
(In Thousands)	Level I		Level II		Level III		Total
Loans Held for Sale	$	—	$	—	$	1,015	$	1,015

Summary of Information about Valuation Processes Used to Determine Nonrecurring Fair Value Measurements

The following tables provide information describing the valuation processes used to determine nonrecurring fair value measurements categorized within Level III of the fair value hierarchy:

	December 31, 2021
	Quantitative Information About Level III Fair Value Measurements
(In Thousands)	Fair Value		Valuation Techniques			Unobservable Input	Range (Weighted Average)
Impaired loans	$	751	Appraisal of collateral	(1	)	Liquidation expenses		10	%
Loans Held for Sale	$	3,860	Appraisal of collateral	(1	)	Liquidation of collateral		15	%
	December 31, 2020
	Quantitative Information About Level III Fair Value Measurements
(In Thousands)	Fair Value		Valuation Techniques			Unobservable Input	Range (Weighted Average)
Loans Held for Sale	$	1,015	Appraisal of collateral	(1	)	Liquidation of collateral		10	%

Fair value is generally determined through independent appraisals of the underlying collateral, which include various Level III inputs that are not identifiable.