XML 61 R48.htm IDEA: XBRL DOCUMENT v3.22.4

Fair Value (Tables)

12 Months Ended

Dec. 31, 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:

						December 31, 2022
						Fair Value Measurements Using
						Level 1						Level 2						Level 3						Total
						(In Thousands)
Assets:
Securities available-for-sale:
U.S. treasuries						$	—					$	4,445					$	—					$	4,445
U.S. government agency securities - government-sponsored enterprises						—						13,205						—						13,205
Municipal securities						—						39,311						—						39,311
Residential mortgage-backed securities - government issued						—						19,431						—						19,431
Residential mortgage-backed securities - government-sponsored enterprises						—						106,323						—						106,323
Commercial mortgage-backed securities - government issued						—						2,932						—						2,932
Commercial mortgage-backed securities - government-sponsored enterprises						—						26,377						—						26,377
Interest rate swaps						—						68,581						—						68,581
Liabilities:
Interest rate swaps						—						61,419						—						61,419

						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:

						December 31, 2022
						Fair Value Measurements Using
						Level 1						Level 2						Level 3						Total
						(In Thousands)
Impaired loans						$	—					$	—					$	1,022					$	1,022
Repossessed assets						—						—						95						95
Loan servicing rights						—						—						1,491						1,491

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

Fair Value, by Balance Sheet Grouping

The Corporation is required to disclose estimated fair values for its financial instruments. Fair value estimates, methods and assumptions, consistent with exit price concepts for fair value measurements, are set forth below:

						December 31, 2022
						Carrying Amount						Fair Value
												Total						Level 1						Level 2						Level 3
						(In Thousands)
Financial assets:
Cash and cash equivalents						$	102,682					$	102,682					$	102,682					$	—					$	—
Securities available-for-sale						212,024						212,024						—						212,024						—
Securities held-to-maturity						12,635						12,270						—						12,270						—
Loans held for sale						2,632						2,829						—						2,829						—
Loans and lease receivables, net						2,418,836						2,394,702						—						—						2,394,702
Federal Home Loan Bank stock						17,812						N/A						N/A						N/A						N/A
Accrued interest receivable						9,403						9,403						9,403						—						—
Interest rate swaps						68,581						68,543						—						68,543						—
Financial liabilities:
Deposits						2,168,206						2,167,444						1,827,215						340,229						—
Federal Home Loan Bank advances and other borrowings						456,808						440,242						—						440,242						—
Accrued interest payable						4,053						4,053						4,053						—						—
Interest rate swaps						61,419						61,419						—						61,419						—
Off-balance sheet items:
Standby letters of credit						184						184						—						—						184

    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

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

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

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

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

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration