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Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2024

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:

						March 31, 2024
						Fair Value Measurements Using
						Level 1						Level 2						Level 3						Total
						(In Thousands)
Assets:
Securities available-for-sale:
U.S. treasuries						$	—					$	13,829					$	—					$	13,829
U.S. government agency securities - government-sponsored enterprises						—						15,438						—						15,438
Municipal securities						—						35,297						—						35,297
Residential mortgage-backed securities - government issued						—						102,869						—						102,869
Residential mortgage-backed securities - government-sponsored enterprises						—						116,232						—						116,232
Commercial mortgage-backed securities - government issued						—						2,354						—						2,354
Commercial mortgage-backed securities - government-sponsored enterprises						—						28,095						—						28,095
Interest rate swaps						—						69,703						—						69,703
Liabilities:
Interest rate swaps						—						61,133						—						61,133

						December 31, 2023
						Fair Value Measurements Using
						Level 1						Level 2						Level 3						Total
						(In Thousands)
Assets:
Securities available-for-sale:
U.S. treasuries						$	—					$	13,776					$	—					$	13,776
U.S. government agency securities - government-sponsored enterprises						—						27,566						—						27,566
Municipal securities						—						35,881						—						35,881
Residential mortgage-backed securities - government issued						—						68,056						—						68,056
Residential mortgage-backed securities - government-sponsored enterprises						—						120,833						—						120,833
Commercial mortgage-backed securities - government issued						—						2,525						—						2,525
Commercial mortgage-backed securities - government-sponsored enterprises						—						28,369						—						28,369
Interest rate swaps						—						55,597						—						55,597
Liabilities:
Interest rate swaps						—						51,949						—						51,949

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:

						March 31, 2024
						Fair Value Measurements Using
						Level 1						Level 2						Level 3						Total
						(In Thousands)
Collateral-dependent loans						$	—					$	—					$	5,219					$	5,219
Repossessed assets						—						—						317						317
Loan servicing rights						—						—						1,282						1,282

						December 31, 2023
						Fair Value Measurements Using
						Level 1						Level 2						Level 3						Total
						(In Thousands)
Collateral-dependent loans						$	—					$	—					$	4,917					$	4,917
Repossessed assets						—						—						247						247
Loan servicing rights						—						—						1,356						1,356

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:

						March 31, 2024
						Carrying Amount						Fair Value
												Total						Level 1						Level 2						Level 3
						(In Thousands)
Financial assets:
Cash and cash equivalents						$	72,040					$	72,040					$	72,040					$	—					$	—
Securities available-for-sale						314,114						314,114						—						314,114						—
Securities held-to-maturity						8,131						7,848						—						7,848						—
Loans held for sale						4,855						5,244						—						5,244						—
Loans and lease receivables, net						2,878,065						2,848,940						—						—						2,848,940
Federal Home Loan Bank stock						13,326						N/A						N/A						N/A						N/A
Accrued interest receivable						13,650						13,650						13,650						—						—
Interest rate swaps						69,703						69,703						—						69,703						—
Financial liabilities:
Deposits						2,755,406						2,754,078						2,081,814						672,264						—
Federal Home Loan Bank advances and other borrowings						381,718						370,486						—						370,486						—
Accrued interest payable						10,809						10,809						10,809						—						—
Interest rate swaps						61,133						61,133						—						61,133						—
Off-balance sheet items:
Standby letters of credit						162						162						—						—						162

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

						December 31, 2023
						Carrying Amount						Fair Value
												Total						Level 1						Level 2						Level 3
						(In Thousands)
Financial assets:
Cash and cash equivalents						$	139,510					$	139,510					$	139,510					$	—					$	—
Securities available-for-sale						297,006						297,006						—						297,006						—
Securities held-to-maturity						8,503						8,255						—						8,255						—
Loans held for sale						4,589						4,956						—						4,956						—
Loans and lease receivables, net						2,818,986						2,789,731						—						—						2,789,731
Federal Home Loan Bank stock						12,042						N/A						N/A						N/A						N/A
Accrued interest receivable						13,275						13,275						13,275						—						—
Interest rate swaps						55,597						55,597						—						55,597						—
Financial liabilities:
Deposits						2,796,779						2,795,463						2,101,939						693,524						—
Federal Home Loan Bank advances and other borrowings						330,916						320,287						—						320,287						—
Accrued interest payable						10,860						10,860						10,860						—						—
Interest rate swaps						51,949						51,949						—						51,949						—
Off-balance sheet items:
Standby letters of credit						190						190						—						—						190

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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-Name Accounting Standards Codification
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-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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