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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets Measured on Recurring Basis

The following table presents the assets reported on the Consolidated Balance Sheets at their fair value on a recurring basis as of March 31, 2022 and December 31, 2021 by level within the fair value hierarchy. No liabilities are carried at fair value.  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 and are not included in the table below.

 

(Dollars in thousands)

 

Level I

 

 

Level II

 

 

Level III

 

 

Total

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

14,880

 

 

$

 

 

$

 

 

$

14,880

 

U.S. Government agencies

 

 

 

 

 

13,095

 

 

 

 

 

 

13,095

 

Mortgage-backed securities of government agencies

 

 

 

 

 

69,321

 

 

 

 

 

 

69,321

 

Asset-backed securities of government agencies

 

 

 

 

 

730

 

 

 

 

 

 

730

 

State and political subdivisions

 

 

 

 

 

22,454

 

 

 

 

 

 

22,454

 

Corporate bonds

 

 

 

 

 

22,842

 

 

 

 

 

 

22,842

 

Total available-for-sale securities

 

$

14,880

 

 

$

128,442

 

 

$

 

 

$

143,322

 

Equity securities

 

$

202

 

 

$

 

 

$

 

 

$

202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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