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Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value On a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis, segregated by fair value hierarchy level, are summarized below:

		June 30, 2024
		Fair Value Measurements Using
		Level 1				Level 2				Level 3				Total
		(In Thousands)
Assets:
Securities available-for-sale:
U.S. treasuries		$	—			$	9,583			$	—			$	9,583
U.S. government agency securities - government-sponsored    enterprises			—				8,068				—				8,068
Municipal securities			—				34,862				—				34,862
Residential mortgage-backed securities - government issued			—				101,743				—				101,743
Residential mortgage-backed securities - government-    sponsored enterprises			—				124,296				—				124,296
Commercial mortgage-backed securities - government issued			—				2,301				—				2,301
Commercial mortgage-backed securities - government-    sponsored enterprises			—				27,999				—				27,999
Interest rate swaps			—				70,773				—				70,773
Liabilities:
Interest rate swaps			—				61,821				—				61,821

		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

Schedule of Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis, segregated by fair value hierarchy are summarized below:

		June 30, 2024
		Fair Value Measurements Using
		Level 1				Level 2				Level 3				Total
		(In Thousands)
Collateral-dependent loans		$	—			$	—			$	5,055			$	5,055
Repossessed assets			—				—				54				54
Loan servicing rights			—				—				1,173				1,173

		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

Schedule of Estimated Fair Values for Financial Instruments

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:

		June 30, 2024
		Carrying Amount				Fair Value
						Total				Level 1				Level 2				Level 3
		(In Thousands)
Financial assets:
Cash and cash equivalents		$	81,080			$	81,080			$	81,080			$	—			$	—
Securities available-for-sale			308,852				308,852				—				308,852				—
Securities held-to-maturity			7,082				6,786				—				6,786				—
Loans held for sale			6,507				7,027				—				7,027				—
Loans and lease receivables, net			2,952,326				2,934,670				—				—				2,934,670
Federal Home Loan Bank stock			11,901			N/A				N/A				N/A				N/A
Accrued interest receivable			13,639				13,639				13,639				—				—
Interest rate swaps			70,773				70,773				—				70,773				—
Financial liabilities:							—
Deposits			2,885,183				2,882,318				2,240,520				641,798				—
Federal Home Loan Bank advances and other borrowings			327,855				321,688				—				321,688				—
Accrued interest payable			11,290				11,290				11,290				—				—
Interest rate swaps			61,821				61,821				—				61,821				—
Off-balance sheet items:
Standby letters of credit			141				141				—				—				141

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

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
-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

Reference 2: 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 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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