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Fair Value Disclosures (Tables)

9 Months Ended

Sep. 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:

						September 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						$	—					$	21,537					$	—					$	21,537
Municipal securities						—						13,963						—						13,963
Residential mortgage-backed securities - government issued						—						11,545						—						11,545
Residential mortgage-backed securities - government-sponsored enterprises						—						110,447						—						110,447
Commercial mortgage-backed securities - government issued						—						6,042						—						6,042
Commercial mortgage-backed securities - government-sponsored enterprises						—						13,450						—						13,450
Other securities						—						2,290						—						2,290
Interest rate swaps						—						58,210						—						58,210
Liabilities:
Interest rate swaps						—						64,404						—						64,404

						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:

						September 30, 2020
						Fair Value Measurements Using
						Level 1						Level 2						Level 3						Total
						(In Thousands)
Impaired loans						$	—					$	—					$	22,152					$	22,152
Foreclosed properties						—						—						613						613
Loan servicing rights						—						—						1,323						1,323

						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:

						September 30, 2020
						Carrying Amount						Fair Value
												Total						Level 1						Level 2						Level 3
						(In Thousands)
Financial assets:
Cash and cash equivalents						$	51,728					$	51,728					$	51,728					$	—					$	—
Securities available-for-sale						179,274						179,274						—						179,274						—
Securities held-to-maturity						28,897						29,964						—						29,964						—
Loans held for sale						15,049						16,404						—						16,404						—
Loans and lease receivables, net						2,139,482						2,136,174						—						—						2,136,174
Federal Home Loan Bank stock						15,153						N/A						N/A						N/A						N/A
Accrued interest receivable						9,938						9,938						9,938						—						—
Interest rate swaps						58,210						58,210						—						58,210						—
Financial liabilities:
Deposits						1,821,375						1,823,640						1,658,901						164,739						—
Federal Home Loan Bank advances and other borrowings						483,517						492,911						—						492,911						—
Junior subordinated notes						10,058						9,982						—						—						9,982
Accrued interest payable						1,509						1,509						1,509						—						—
Interest rate swaps						64,404						64,404						—						64,404						—
Off-balance sheet items:
Standby letters of credit						51						51						—						—						51

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
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-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=121572278&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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