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Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022
						Fair Value Measurements Using
						Level 1						Level 2						Level 3						Total
						(In Thousands)
Assets:
Securities available-for-sale:
U.S. treasuries						$	—					$	4,400					$	—					$	4,400
U.S. government agency securities - government-sponsored enterprises						—						15,252						—						15,252
Municipal securities						—						36,799						—						36,799
Residential mortgage-backed securities - government issued						—						16,059						—						16,059
Residential mortgage-backed securities - government-sponsored enterprises						—						93,374						—						93,374
Commercial mortgage-backed securities - government issued						—						3,080						—						3,080
Commercial mortgage-backed securities - government-sponsored enterprises						—						27,602						—						27,602
Other securities						—						—						—						—
Interest rate swaps						—						73,718						—						73,718
Liabilities:
Interest rate swaps						—						66,162						—						66,162

						December 31, 2021
						Fair Value Measurements Using
						Level 1						Level 2						Level 3						Total
						(In Thousands)
Assets:
Securities available-for-sale:
U.S. treasuries						$	—					$	4,914					$	—					$	4,914
U.S. government agency securities - government-sponsored enterprises						—						19,935						—						19,935
Municipal securities						—						30,957						—						30,957
Residential mortgage-backed securities - government issued						—						19,661						—						19,661
Residential mortgage-backed securities - government-sponsored enterprises						—						85,705						—						85,705
Commercial mortgage-backed securities - government issued						—						5,771						—						5,771
Commercial mortgage-backed securities - government-sponsored enterprises						—						36,531						—						36,531
Other securities						—						2,228						—						2,228
Interest rate swaps						—						26,343						—						26,343
Liabilities:
Interest rate swaps						—						28,283						—						28,283

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, 2022
						Fair Value Measurements Using
						Level 1						Level 2						Level 3						Total
						(In Thousands)
Impaired loans						$	—					$	—					$	1,321					$	1,321
Foreclosed properties						—						—						151						151
Loan servicing rights						—						—						1,551						1,551

						December 31, 2021
						Fair Value Measurements Using
						Level 1						Level 2						Level 3						Total
						(In Thousands)
Impaired loans						$	—					$	—					$	1,000					$	1,000
Foreclosed properties						—						—						164						164
Loan servicing rights						—						—						1,601						1,601

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, 2022
						Carrying Amount						Fair Value
												Total						Level 1						Level 2						Level 3
						(In Thousands)
Financial assets:
Cash and cash equivalents						$	110,965					$	110,965					$	110,965					$	—					$	—
Securities available-for-sale						196,566						196,566						—						196,566						—
Securities held-to-maturity						13,531						13,078						—						13,078						—
Loans held for sale						773						834						—						834						—
Loans and lease receivables, net						2,306,557						2,299,299						—						—						2,299,299
Federal Home Loan Bank stock						15,701						N/A						N/A						N/A						N/A
Accrued interest receivable						7,348						7,348						7,348						—						—
Interest rate swaps						73,718						73,718						—						73,718						—
Financial liabilities:
Deposits						2,087,545						2,085,419						1,798,569						286,850						—
Federal Home Loan Bank advances and other borrowings						420,297						411,193						—						411,193						—
Accrued interest payable						2,038						2,038						2,038						—						—
Interest rate swaps						66,162						66,162						—						66,162						—
Off-balance sheet items:
Standby letters of credit						170						170						—						—						170

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

						December 31, 2021
						Carrying Amount						Fair Value
												Total						Level 1						Level 2						Level 3
						(In Thousands)
Financial assets:
Cash and cash equivalents						$	57,110					$	57,110					$	57,110					$	—					$	—
Securities available-for-sale						205,702						205,702						—						205,702						—
Securities held-to-maturity						19,746						20,276						—						20,276						—
Loans held for sale						3,570						3,927						—						3,927						—
Loans and lease receivables, net						2,215,072						2,241,093						—						—						2,241,093
Federal Home Loan Bank stock						13,336						N/A						N/A						N/A						N/A
Accrued interest receivable						5,497						5,497						5,497						—						—
Interest rate swaps						26,343						26,343						—						26,343						—
Financial liabilities:
Deposits						1,957,923						1,968,195						1,894,273						73,922						—
Federal Home Loan Bank advances and other borrowings						403,451						409,894						—						409,894						—
Junior subordinated notes						10,076						8,844						—						—						8,844
Accrued interest payable						1,008						1,008						1,008						—						—
Interest rate swaps						28,283						28,283						—						28,283						—
Off-balance sheet items:
Standby letters of credit						203						203						—						—						203

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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=123594938&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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X

- 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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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