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Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023
						Fair Value Measurements Using
						Level 1						Level 2						Level 3						Total
						(In Thousands)
Assets:
Securities available-for-sale:
U.S. treasuries						$	—					$	13,541					$	—					$	13,541
U.S. government agency securities - government-sponsored enterprises						—						27,939						—						27,939
Municipal securities						—						33,040						—						33,040
Residential mortgage-backed securities - government issued						—						55,760						—						55,760
Residential mortgage-backed securities - government-sponsored enterprises						—						112,983						—						112,983
Commercial mortgage-backed securities - government issued						—						2,677						—						2,677
Commercial mortgage-backed securities - government-sponsored enterprises						—						26,223						—						26,223
Interest rate swaps						—						93,702						—						93,702
Liabilities:
Interest rate swaps						—						78,696						—						78,696

						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

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, 2023
						Fair Value Measurements Using
						Level 1						Level 2						Level 3						Total
						(In Thousands)
Collateral-dependent loans						$	—					$	—					$	2,559					$	2,559
Repossessed assets						—						—						61						61
Loan servicing rights						—						—						1,443						1,443

						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

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, 2023
						Carrying Amount						Fair Value
												Total						Level 1						Level 2						Level 3
						(In Thousands)
Financial assets:
Cash and cash equivalents						$	132,915					$	132,915					$	132,915					$	—					$	—
Securities available-for-sale						272,163						272,163						—						272,163						—
Securities held-to-maturity						8,689						8,213						—						8,213						—
Loans held for sale						4,168						4,501						—						4,501						—
Loans and lease receivables, net						2,734,683						2,689,337						—						—						2,689,337
Federal Home Loan Bank stock						13,528						N/A						N/A						N/A						N/A
Accrued interest receivable						12,380						12,380						12,380						—						—
Interest rate swaps						93,702						93,702						—						93,702						—
Financial liabilities:
Deposits						2,657,007						2,650,876						2,013,999						636,877						—
Federal Home Loan Bank advances and other borrowings						363,891						346,586						—						346,586						—
Accrued interest payable						10,079						10,079						10,079						—						—
Interest rate swaps						78,696						78,696						—						78,696						—
Off-balance sheet items:
Standby letters of credit						132						132						—						—						132

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

						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

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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Publisher FASB
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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

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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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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