Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Fair Value of Assets Measured on Recurring Basis

The following table presents the assets reported on the consolidated statements of financial condition at their fair value on a recurring basis as of December 31, 2021, and December 31, 2020, by level within the fair value hierarchy. No liabilities were carried at fair value. As required by the accounting standards, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Equity securities with readily determinable values and U.S. Treasury Notes are valued at the closing price reported on the active market on which the individual securities are traded. Obligations of U.S. government agencies, mortgage-backed securities, asset-backed securities, obligations of states and political subdivisions and corporate bonds are valued at observable market data for similar assets. Equity securities without readily determinable values are carried at amortized cost, adjusted for impairment and observable price changes.

(Dollars in thousands)	Level I		Level II		Level III		Total
Assets:			December 31, 2021
Securities available-for-sale
U.S. Treasury securities	$	4,972	$	—	$	—	$	4,972
U.S. Government agencies		—		13,672		—		13,672
Mortgage-backed securities of government agencies		—		77,774		—		77,774
Asset-backed securities of government agencies		—		753		—		753
State and political subdivisions		—		23,331		—		23,331
Corporate bonds		—		11,206		—		11,206
Total available-for-sale securities	$	4,972	$	126,736	$	—	$	131,708
Equity securities	$	69	$	—	$	—	$	69

Assets:			December 31, 2020
Securities available-for-sale
U.S. Treasury security	$	1,011	$	—	$	—	$	1,011
U.S. Government agencies		—		14,006		—		14,006
Mortgage-backed securities of government agencies		—		140,012		—		140,012
Asset-backed securities of government agencies		—		837		—		837
State and political subdivisions		—		23,966		—		23,966
Corporate bonds		—		10,606		—		10,606
Total available-for-sale securities	$	1,011	$	189,427	$	—	$	190,438
Equity securities	$	41	$	—	$	—	$	41

Schedule of Fair Value of Assets Measured on Nonrecurring Basis

There were no assets measured on a nonrecurring basis as of December 31, 2021. The following table presents the assets measured on a nonrecurring basis on the consolidated balance sheets at their fair value as of December 31, 2020, by level within the fair value hierarchy. Impaired loans that are collateral dependent are written down to fair value through the establishment of specific reserves. Techniques used to value the collateral securing the impaired loans include: quoted market prices for identical assets classified as Level I inputs; observable inputs, employed by certified appraisers, for similar assets classified as Level II inputs. In cases where valuation techniques included unobservable inputs and are based on estimates and assumptions developed by management based on the best information available under each circumstance, the asset valuation is classified as Level III inputs.

(Dollars in thousands)		Level I			Level II			Level III			Total
Assets measured on a nonrecurring basis					December 31, 2020
Impaired loans	$		—	$		—	$		10	$		10

Schedule of Quantitative Information of Assets Measured at Fair Value on Nonrecurring Basis

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level III inputs to determine fair value:

Quantitative Information about Level III Fair Value Measurements

	Fair Value		Valuation	Unobservable	Range
(Dollars in thousands)	Estimate		Techniques	Input	(Weighted Average)
	December 31, 2020
Impaired loans	$	10	Appraisal of	Appraisal adjustments ²	-20%
			collateral¹	Liquidation expense ²	-10%