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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Estimated Fair Value of Financial Instruments | The estimated carrying and fair values of the Company’s financial instruments not carried at fair value are as follows (in thousands):
|  | March 31, 2024
|  | Carrying Amount |  | Fair Value
(In thousands) |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 25,068 |  |  | $ | 25,068 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,068 |
Interest-earning deposits in other banks |  | 35,891 |  |  | 35,891 |  |  | — |  |  | — |  |  | 35,891 |
Held-to-maturity investment securities |  | 302,512 |  |  | — |  |  | 274,893 |  |  | — |  |  | 274,893 |
Loans, net |  | 1,271,951 |  |  | — |  |  | — |  |  | 1,196,406 |  |  | 1,196,406 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Time deposits |  | 174,107 |  |  | — |  |  | 173,097 |  |  | — |  |  | 173,097 |
Short-term borrowings |  | 67,000 |  |  | — |  |  | 67,861 |  |  | — |  |  | 67,861 |
Senior debt and subordinated debentures |  | 69,780 |  |  | — |  |  | — |  |  | 61,048 |  |  | 61,048 |
|  | December 31, 2023
|  | Carrying Amount |  | Fair Value
(In thousands) |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 30,017 |  |  | $ | 30,017 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,017 |
Interest-earning deposits in other banks |  | 23,711 |  |  | 23,711 |  |  | — |  |  | — |  |  | 23,711 |
Held-to-maturity investment securities |  | 302,442 |  |  | — |  |  | 277,003 |  |  | — |  |  | 277,003 |
Loans, net |  | 1,276,144 |  |  | — |  |  | — |  |  | 1,213,098 |  |  | 1,213,098 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Time deposits |  | 162,085 |  |  | — |  |  | 160,839 |  |  | — |  |  | 160,839 |
Short-term borrowings |  | 80,000 |  |  | — |  |  | 79,991 |  |  | — |  |  | 79,991 |
Subordinated debentures |  | 69,744 |  |  | — |  |  | — |  |  | 61,121 |  |  | 61,121 |
Fair Value of Assets on a Recurring Basis | The Company is required or permitted to record the following assets at fair value on a recurring basis. The following tables present information about the Company’s assets measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:
|  | Fair Value Measurements Using
March 31, 2024 |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Available-for-sale debt securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 8,878 |  |  | $ | — |  |  | $ | 8,878 |  |  | $ | — |
U.S. Government agencies |  | 92 |  |  | — |  |  | 92 |  |  | — |
Obligations of states and political subdivisions |  | 178,405 |  |  | — |  |  | 178,405 |  |  | — |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 80,798 |  |  | — |  |  | 80,798 |  |  | — |
Private label mortgage and asset backed securities |  | 305,361 |  |  | — |  |  | 305,361 |  |  | — |
Equity securities |  | 6,579 |  |  | 6,579 |  |  | — |  |  | — |
Total assets measured at fair value on a recurring basis |  | $ | 580,113 |  |  | $ | 6,579 |  |  | $ | 573,534 |  |  | $ | — |
|  | Fair Value Measurements Using
December 31, 2023 |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Available-for-sale debt securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 8,954 |  |  | $ | — |  |  | $ | 8,954 |  |  | $ | — |
U.S. Government agencies |  | 95 |  |  | — |  |  | 95 |  |  | — |
Obligations of states and political subdivisions |  | 180,222 |  |  | — |  |  | 180,222 |  |  | — |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 83,352 |  |  | — |  |  | 83,352 |  |  | — |
Private label mortgage and asset backed securities |  | 324,573 |  |  | — |  |  | 324,573 |  |  | — |
Equity securities |  | 6,649 |  |  | 6,649 |  |  | — |  |  | — |
Total assets measured at fair value on a recurring basis |  | $ | 603,845 |  |  | $ | 6,649 |  |  | $ | 597,196 |  |  | $ | — |
There were no liabilities measured on a recurring basis at March 31, 2024 and December 31, 2023.

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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 + Details
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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 + Details
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