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Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring Basis

Assets and liabilities measured at fair value on a recurring basis, segregated by fair value hierarchy level, are summarized below:

		June 30, 2020
		Fair Value Measurements Using
		Level 1				Level 2				Level 3				Total
		(In Thousands)
Assets:
Securities available-for-sale:
U.S. government agency securities - government-sponsored enterprises		$	—			$	21,970			$	—			$	21,970
Municipal securities		—				11,471				—				11,471
Residential mortgage-backed securities - government issued		—				12,883				—				12,883
Residential mortgage-backed securities - government-sponsored enterprises		—				104,089				—				104,089
Commercial mortgage-backed securities - government issued		—				6,366				—				6,366
Commercial mortgage-backed securities - government-sponsored enterprises		—				12,604				—				12,604
Other securities		—				2,297				—				2,297
Interest rate swaps		—				58,808				—				58,808
Liabilities:
Interest rate swaps		—				65,390				—				65,390

		December 31, 2019
		Fair Value Measurements Using
		Level 1				Level 2				Level 3				Total
		(In Thousands)
Assets:
Securities available-for-sale:
U.S. government agency securities - government-sponsored enterprises		$	—			$	23,758			$	—			$	23,758
Municipal securities		—				160				—				160
Residential mortgage-backed securities - government issued		—				16,348				—				16,348
Residential mortgage-backed securities - government-sponsored enterprises		—				112,002				—				112,002
Commercial mortgage-backed securities - government issued		—				6,663				—				6,663
Commercial mortgage-backed securities - government-sponsored enterprises		—				11,967				—				11,967
Other securities		—				2,235				—				2,235
Interest rate swaps		—				18,346				—				18,346
Liabilities:
Interest rate swaps		—				20,885				—				20,885

Fair Value Measurements, Nonrecurring Basis

Assets and liabilities measured at fair value on a non-recurring basis, segregated by fair value hierarchy are summarized below:

		June 30, 2020
		Fair Value Measurements Using
		Level 1				Level 2				Level 3				Total
		(In Thousands)
Impaired loans		$	—			$	—			$	13,203			$	13,203
Foreclosed properties		—				—				1,389				1,389
Loan servicing rights		—				—				1,216				1,216

		December 31, 2019
		Fair Value Measurements Using
		Level 1				Level 2				Level 3				Total
		(In Thousands)
Impaired loans		$	—			$	—			$	15,699			$	15,699
Foreclosed properties		—				—				2,919				2,919
Loan servicing rights		—				—				1,195				1,195

Fair Value, by Balance Sheet Grouping

Fair value estimates, methods, and assumptions, consistent with exit price concepts for fair value measurements, are set forth below:

		June 30, 2020
		Carrying Amount				Fair Value
						Total				Level 1				Level 2				Level 3
		(In Thousands)
Financial assets:
Cash and cash equivalents		$	42,391			$	42,391			$	42,391			$	—			$	—
Securities available-for-sale		171,680				171,680				—				171,680				—
Securities held-to-maturity		29,826				30,887				—				30,887				—
Loans held for sale		13,672				14,902				—				14,902				—
Loans and lease receivables, net		2,029,399				2,027,279				—				—				2,027,279
Federal Home Loan Bank stock		13,470				N/A				N/A				N/A				N/A
Accrued interest receivable		7,207				7,207				7,207				—				—
Interest rate swaps		58,808				58,808				—				58,808				—
Financial liabilities:
Deposits		1,710,375				1,713,277				1,503,715				209,562				—
Federal Home Loan Bank advances and other borrowings		465,007				475,173				—				475,173				—
Junior subordinated notes		10,054				9,978				—				—				9,978
Accrued interest payable		2,012				2,012				2,012				—				—
Interest rate swaps		65,390				65,390				—				65,390				—
Off-balance sheet items:
Standby letters of credit		53				53				—				—				53

N/A = The fair value is not applicable due to restrictions placed on transferability

		December 31, 2019
		Carrying Amount				Fair Value
						Total				Level 1				Level 2				Level 3
		(In Thousands)
Financial assets:
Cash and cash equivalents		$	67,102			$	67,102			$	61,202			$	5,900			$	—
Securities available-for-sale		173,133				173,133				—				173,133				—
Securities held-to-maturity		32,700				33,188				—				33,188				—
Loans held for sale		5,205				5,673				—				5,673				—
Loans and lease receivables, net		1,695,115				1,706,201				—				—				1,706,201
Federal Home Loan Bank stock		7,953				N/A				N/A				N/A				N/A
Accrued interest receivable		5,760				5,760				5,760				—				—
Interest rate swaps		18,346				18,346				—				18,346				—
Financial liabilities:
Deposits		1,530,379				1,532,517				1,241,891				290,626				—
Federal Home Loan Bank advances and other borrowings		319,382				319,507				—				319,507				—
Junior subordinated notes		10,047				9,970				—				—				9,970
Accrued interest payable		2,882				2,282				2,282				—				—
Interest rate swaps		20,885				20,885				—				20,885				—
Off-balance sheet items:
Standby letters of credit		63				63				—				—				63

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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