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Fair Value Disclosures (Tables)
9 Months Ended
Sep. 30, 2025
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:

 

 

September 30, 2025

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In Thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

$

 

 

$

4,862

 

 

$

 

 

$

4,862

 

U.S. government agency securities - government-sponsored
   enterprises

 

 

 

 

 

2,293

 

 

 

 

 

 

2,293

 

Municipal securities

 

 

 

 

 

43,187

 

 

 

 

 

 

43,187

 

Residential mortgage-backed securities - government issued

 

 

 

 

 

156,794

 

 

 

 

 

 

156,794

 

Residential mortgage-backed securities - government-
   sponsored enterprises

 

 

 

 

 

162,218

 

 

 

 

 

 

162,218

 

Commercial mortgage-backed securities - government issued

 

 

 

 

 

2,122

 

 

 

 

 

 

2,122

 

Commercial mortgage-backed securities - government-
   sponsored enterprises

 

 

 

 

 

39,635

 

 

 

 

 

 

39,635

 

Interest rate swaps

 

 

 

 

 

37,634

 

 

 

 

 

 

37,634

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

 

 

 

 

38,726

 

 

 

 

 

 

38,726

 

 

 

 

December 31, 2024

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In Thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

$

 

 

$

4,718

 

 

$

 

 

$

4,718

 

U.S. government agency securities - government-sponsored
   enterprises

 

 

 

 

 

3,153

 

 

 

 

 

 

3,153

 

Municipal securities

 

 

 

 

 

34,861

 

 

 

 

 

 

34,861

 

Residential mortgage-backed securities - government issued

 

 

 

 

 

123,223

 

 

 

 

 

 

123,223

 

Residential mortgage-backed securities - government-
   sponsored enterprises

 

 

 

 

 

134,765

 

 

 

 

 

 

134,765

 

Commercial mortgage-backed securities - government issued

 

 

 

 

 

2,224

 

 

 

 

 

 

2,224

 

Commercial mortgage-backed securities - government-
   sponsored enterprises

 

 

 

 

 

38,448

 

 

 

 

 

 

38,448

 

Interest rate swaps

 

 

 

 

 

65,762

 

 

 

 

 

 

65,762

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

 

 

 

 

57,068

 

 

 

 

 

 

57,068

 

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:

 

 

September 30, 2025

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In Thousands)

 

Collateral-dependent loans

 

$

 

 

$

 

 

$

9,557

 

 

$

9,557

 

Repossessed assets

 

 

 

 

 

 

 

 

 

 

 

 

Loan servicing rights

 

 

 

 

 

 

 

 

1,373

 

 

 

1,373

 

 

 

 

December 31, 2024

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In Thousands)

 

Collateral-dependent loans

 

$

 

 

$

 

 

$

7,506

 

 

$

7,506

 

Repossessed assets

 

 

 

 

 

 

 

 

51

 

 

 

51

 

Loan servicing rights

 

 

 

 

 

 

 

 

1,245

 

 

 

1,245

 

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:

 

 

September 30, 2025

 

 

 

Carrying
Amount

 

 

Fair Value

 

 

 

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(In Thousands)

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

44,349

 

 

$

44,349

 

 

$

44,349

 

 

$

 

 

$

 

Securities available-for-sale

 

 

411,111

 

 

 

411,111

 

 

 

 

 

 

411,111

 

 

 

 

Securities held-to-maturity

 

 

5,584

 

 

 

5,501

 

 

 

 

 

 

5,501

 

 

 

 

Loans held for sale

 

 

13,482

 

 

 

14,561

 

 

 

 

 

 

14,561

 

 

 

 

Loans and lease receivables, net

 

 

3,298,266

 

 

 

3,285,992

 

 

 

 

 

 

 

 

 

3,285,992

 

Federal Home Loan Bank stock

 

 

9,605

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

Accrued interest receivable

 

 

13,728

 

 

 

13,728

 

 

 

13,728

 

 

 

 

 

 

 

Interest rate swaps

 

 

37,634

 

 

 

37,634

 

 

 

 

 

 

37,634

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

3,333,071

 

 

 

3,332,359

 

 

 

2,478,496

 

 

 

853,863

 

 

 

 

Federal Home Loan Bank advances and other borrowings

 

 

266,677

 

 

 

264,788

 

 

 

 

 

 

264,788

 

 

 

 

Accrued interest payable

 

 

10,159

 

 

 

10,159

 

 

 

10,159

 

 

 

 

 

 

 

Interest rate swaps

 

 

38,726

 

 

 

38,726

 

 

 

 

 

 

38,726

 

 

 

 

Off-balance sheet items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Standby letters of credit

 

 

222

 

 

 

222

 

 

 

 

 

 

 

 

 

222

 

 

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

 

 

 

December 31, 2024

 

 

 

Carrying
Amount

 

 

Fair Value

 

 

 

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(In Thousands)

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

157,702

 

 

$

157,702

 

 

$

157,702

 

 

$

 

 

$

 

Securities available-for-sale

 

 

341,392

 

 

 

341,392

 

 

 

 

 

 

341,392

 

 

 

 

Securities held-to-maturity

 

 

6,741

 

 

 

6,535

 

 

 

 

 

 

6,535

 

 

 

 

Loans held for sale

 

 

13,498

 

 

 

14,577

 

 

 

 

 

 

14,577

 

 

 

 

Loans and lease receivables, net

 

 

3,077,343

 

 

 

3,049,890

 

 

 

 

 

 

 

 

 

3,049,890

 

Federal Home Loan Bank stock

 

 

11,616

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

Accrued interest receivable

 

 

12,879

 

 

 

12,879

 

 

 

12,879

 

 

 

 

 

 

 

Interest rate swaps

 

 

65,762

 

 

 

65,762

 

 

 

 

 

 

65,762

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

3,107,140

 

 

 

3,107,068

 

 

 

2,406,532

 

 

 

700,536

 

 

 

 

Federal Home Loan Bank advances and other borrowings

 

 

320,049

 

 

 

314,175

 

 

 

 

 

 

314,175

 

 

 

 

Accrued interest payable

 

 

10,175

 

 

 

10,175

 

 

 

10,175

 

 

 

 

 

 

 

Interest rate swaps

 

 

57,068

 

 

 

57,068

 

 

 

 

 

 

57,068

 

 

 

 

Off-balance sheet items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Standby letters of credit

 

 

209

 

 

 

209

 

 

 

 

 

 

 

 

 

209

 

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