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Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Reconciliation of Level 3 Available for Sale Debt Securities Measured at Fair Value on Recurring Basis


		Corporate debt & other securities
		For the nine months ended
(In thousands)		September 30, 2024			September 30, 2023
Balance of Recurring Level 3 assets at January 1		$	7,979		$	4,675
Activity
Unrealized holding gains (losses) included in other comprehensive income			28			(412)
Prinicpal Payments			(213)			—
Unrealized holding losses included in net income			(646)			—
Balance of recurring Level 3 assets at September 30		$	7,148		$	4,263

Balances of Assets Measured at Fair Value on Recurring Basis

The tables below present the balances of assets measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:

Fair Value Measurements at September 30, 2024

Quoted Prices in

Assets

Active Markets

Significant Other

Significant

Measured at Fair

for Identical

Observable

Unobservable

(In thousands)

Value

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

Measured on a recurring basis:

Assets:

Debt securities available for sale:

U.S. Government sponsored entities

$

14,838

$

—

$

14,838

$

—

State and political subdivisions

345

—

345

—

Residential mortgage-backed securities

13,002

—

13,002

—

Asset backed securities

41,802

—

41,802

—

Corporate and other securities

27,664

—

20,516

7,148

Total debt securities available for sale

$

97,651

$

—

$

90,503

$

7,148

Equity securities with readily determinable fair values

$

9,836

$

9,836

$

—

$

—

Total equity securities

$

9,836

$

9,836

$

—

$

—

Interest rate swap agreements

$

444

$

—

$

444

$

—

Total interest rate swap agreements

$

444

$

—

$

444

$

—


		Fair value Measurements at December 31, 2023
					Quoted Prices in
		Assets			Active Markets			Significant Other			Significant
		Measured at Fair			for Identical			Observable			Unobservable
(In thousands)		Value			Assets (Level 1)			Inputs (Level 2)			Inputs (Level 3)
Measured on a recurring basis:
Assets:
Debt securities available for sale:
U.S. Government sponsored entities		$	16,033		$	—		$	16,033		$	—
State and political subdivisions			360			—			360			—
Residential mortgage-backed securities			14,077			—			14,077			—
Asset backed securities			35,403			—			35,403			—
Corporate and other securities			25,892			—			17,913			7,979
Total debt securities available for sale		$	91,765		$	—		$	83,786		$	7,979

Equity securities with readily determinable fair values		$	7,802		$	7,802		$	—		$	—
Total equity securities		$	7,802		$	7,802		$	—		$	—

Interest rate swap agreements		$	918		$	—		$	918		$	—
Total interest rate swap agreements		$	918		$	—		$	918		$	—

Assets and Liabilities Carried on the Balance Sheet by Caption And By Level Within The Hierarchy

The following tables present the assets and liabilities subject to fair value adjustments on a non-recurring basis carried on the balance sheet by caption and by level within the hierarchy (as described above):

Fair Value Measurements at September 30, 2024

Quoted Prices

Significant

in Active

Other

Significant

Assets

Markets for

Observable

Unobservable

Measured at Fair

Identical Assets

Inputs

Inputs

(In thousands)

Value

(Level 1)

(Level 2)

(Level 3)

Measured on a non-recurring basis:

Financial assets:

Collateral-dependent loans

$

6,569

$

—

$

—

$

6,569

Fair Value Measurements at December 31, 2023

Quoted Prices

Significant

in Active

Other

Significant

Assets

Markets for

Observable

Unobservable

Measured at Fair

Identical Assets

Inputs

Inputs

(In thousands)

Value

(Level 1)

(Level 2)

(Level 3)

Measured on a non-recurring basis:

Financial assets:

Collateral-dependent loans

$

4,755

$

—

$

—

$

4,755

Carrying Amount and Estimated Fair Values of Financial Instruments

The table below presents the carrying amount and estimated fair values of the Company’s financial instruments presented as of September 30, 2024 and December 31, 2023:


	September 30, 2024
	Carrying
(In thousands)	amount			Level 1			Level 2			Level 3
Financial assets:
Debt securities held to maturity	$	36,225		$	—		$	30,546		$	—
SBA loans held for sale		14,621			—			15,479			—
Loans, net of allowance for credit losses		2,175,770			—			2,107,537			6,569
Financial liabilities:
Deposits		2,046,137			—			2,041,961			—
Borrowed funds and subordinated debentures		277,108			—			277,999			—


	December 31, 2023
	Carrying
(In thousands)	amount			Level 1			Level 2			Level 3
Financial assets:
Debt securities held to maturity	$	36,122		$	—		$	29,656		$	—
SBA loans held for sale		18,242			—			19,175			—
Loans, net of allowance for credit losses		2,127,967			—			2,027,084			4,755
Financial liabilities:
Deposits		1,924,140			—			1,915,022			—
Borrowed funds and subordinated debentures		366,748			—			365,879			—

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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