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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of fair value measurements by level within the fair value hierarchy and the basis of measurement used

The following tables present assets measured at fair value and the basis of measurement used at the periods presented:

			March 31, 2025
(In thousands)			Basis						Level 1						Level 2						Level 3						Total
Assets
Equity securities with readily determinable fair values			Recurring						$	933					$	—					$	—					$	933
AFS Investment Securities:
U.S. Government and agencies									—						145,648						—						145,648
Collateralized mortgage obligations									—						55,632						—						55,632
Residential mortgage-backed securities									—						147,224						—						147,224
Commercial mortgage-backed securities									—						77,109						—						77,109
Corporate bonds									—						30,206						—						30,206
Total AFS Investment Securities			Recurring						$	—					$	455,819					$	—					$	455,819
Loans held for sale			Recurring						—						21,413						—						21,413
Derivative assets			Recurring						—						6,366						—						6,366
Individually evaluated loans			Non-recurring						—						—						1,750						1,750
Foreclosed assets held for resale			Non-recurring						—						—						438						438
Liabilities
Derivative liabilities			Recurring						$	—					$	4,982					$	—					$	4,982

			December 31, 2024
(In thousands)			Basis						Level 1						Level 2						Level 3						Total
Equity securities with readily determinable fair values			Recurring						$	919					$	—					$	—					$	919
AFS Investment Securities:
U.S. Government and agencies									—						143,193						—						143,193
Collateralized mortgage obligations									—						35,654						—						35,654
Residential mortgage-backed securities									—						138,540						—						138,540
Commercial mortgage-backed securities									—						60,785						—						60,785
Corporate bonds									—						15,803						—						15,803
Total AFS Investment Securities			Recurring						$	—					$	393,975					$	—					$	393,975
Loans held for sale			Recurring						—						426						—						426
Individually evaluated loans			Non-recurring						—						—						1,690						1,690
Foreclosed assets held for resale			Non-recurring						—						—						438						438

Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Corporation has utilized Level 3 inputs to determine fair value:

(Dollars in thousands)

Fair Value Estimate

Valuation Technique 1

Unobservable Input 2

Range

Weighted Average

March 31, 2025

Individually evaluated loans

$

1,750

Appraisal of collateral

Appraisal adjustments

16% – 100%

48%

Foreclosed assets held for resale

438

Appraisal of collateral

Appraisal adjustments

17% – 53%

50%

December 31, 2024

Individually evaluated loans

$

1,690

Appraisal of collateral

Appraisal adjustments

16% – 100%

47%

Foreclosed assets held for resale

438

Appraisal of collateral

Appraisal adjustments

17% – 53%

50%

_______________________________________

1 Fair value is generally determined through management’s estimate or independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable.

2 Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received, and/or age of the appraisal.

Schedule of carrying amount, exit pricing concept fair value and placement in the fair value hierarchy

The following tables present the carrying amount and the estimated fair value of the Corporation’s financial instruments:

			March 31, 2025
			Carrying Amount						Estimated Fair Value
(In thousands)									Total						Level 1						Level 2						Level 3
Financial assets:
Cash and due from banks			$	23,422					$	23,422					$	23,422					$	—					$	—
Interest-bearing deposits with banks			100,141						100,141						100,141						—						—
Equity securities with readily determinable fair values			933						933						933						—						—
Investment securities AFS			455,819						455,819						—						455,819						—
Investment securities HTM			64,554						56,219						—						56,219						—
Loans held for sale			21,413						21,413						—						21,413						—
Loans, net			2,297,563						2,288,564						—						—						2,288,564
Accrued interest receivable			11,720						11,720						—						11,720						—
Restricted investment in bank stocks			13,560						N/A						—						N/A						—
Derivative assets			6,366						6,366						—						6,366						—
Financial liabilities:
Demand deposits, savings, and money markets			$	2,062,882					$	1,757,870					$	—					$	1,757,870					$	—
Time deposits			477,127						469,483						—						469,483						—
Securities sold under repurchase agreements			14,059						14,940						—						14,940						—
Federal funds purchased			5,129						5,214						—						5,214						—
FHLB Advances			260,000						262,678						—						262,678						—
Trust preferred and subordinated debt			20,343						18,581						—						18,581						—
Accrued interest payable			3,033						3,033						—						3,033						—
Derivative liabilities			4,982						4,982						—						4,982						—

			December 31, 2024
			Carrying Amount						Estimated Fair Value
(In thousands)									Total						Level 1						Level 2						Level 3
Financial assets:
Cash and due from banks			$	16,352					$	16,352					$	16,352					$	—					$	—
Interest-bearing deposits with banks			30,910						30,910						30,910						—						—
Equity securities with readily determinable fair values			919						919						919						—						—
Investment securities AFS			393,975						393,975						—						393,975						—
Investment securities HTM			64,578						56,924						—						56,924						—
Loans held for sale			426						426						—						426						—
Loans, net			1,665,630						1,635,351						—						—						1,635,351
Accrued interest receivable			8,189						8,189						—						8,189						—
Restricted investment in bank stocks			10,853						N/A						—						N/A						—
Financial liabilities:
Demand deposits, savings, and money markets			$	1,519,473					$	1,269,889					$	—					$	1,269,889					$	—
Time deposits			273,028						267,336						—						267,336						—
Securities sold under repurchase agreements			15,826						16,435						—						16,435						—
FHLB Advances			235,000						235,290						—						235,290						—
Trust preferred and subordinated debt			20,333						18,420						—						18,420						—
Accrued interest payable			1,551						1,551						—						1,551						—

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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