Fair Value Measurements and Disclosures (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Assets Measured at Fair Value on Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis are included in the table below as of March 31, 2021 and December 31, 2020 (in thousands).

March 31, 2021	Level 1		Level 2		Level 3		Total
Other real estate owned	$	—		—		315		315
Impaired loans		—		—		6,817		6,817
Total assets at fair value	$	—		—		7,132		7,132

December 31, 2020	Level 1		Level 2		Level 3		Total
Other real estate owned	$	—		—		1,292		1,292
Impaired loans		—		—		7,223		7,223
Total assets at fair value	$	—		—		8,515		8,515

Schedule of Carrying Amounts and Estimated Fair Values of Company's Financial Instruments

The carrying amounts and estimated fair values (in thousands) of the Company’s financial instruments at March 31, 2021 and December 31, 2020 are as follows:

	March 31, 2021				December 31, 2020
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	101,398		101,398		178,253		178,253
Investment securities
available-for-sale	$	24,021		24,021		24,005		24,005
Other investments	$	2,101		2,101		1,596		1,596
Loans, net	$	619,224		628,818		592,254		611,625
Bank owned life insurance	$	15,100		15,100		15,311		15,311
Financial liabilities:
Deposits	$	635,115		623,408		640,165		639,269
FHLB advances	$	39,084		37,710		19,117		16,769
PPPLF borrowings	$	—		—		100,813		100,813
Other borrowings	$	—		—		5,000		5,000