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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Estimated Fair Values and Related Carrying or Notional Amounts | The estimated fair values, and related carrying or notional amounts, for on and off-balance sheet financial instruments as of December 31, 2024 and 2023, are reflected below. The aggregate fair values in the table below do not represent the total fair value of the Bank’s assets and liabilities. The table excludes the following: Available-for-Sale Securities, Bank Premises and Equipment, Construction in Progress, Derivatives (which are included in Other Assets or Other Liabilities), Goodwill, Loan Servicing Rights, Other Real Estate Owned, Bank Owned Life Insurance, Other Assets, Dividends Payable, Accrued Expenses and Other Liabilities.
|  | (In Thousands) |
|  | December 31, 2024 |  |  |  | December 31, 2023 |
|  | Carrying |  |  | Fair |  |  |  |  |  |  |  |  |  |  |  |  | Carrying |  |  | Fair |  |  |  |  |  |  |  |  |  |
|  | Amount |  |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  |  | Amount |  |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 176,351 |  |  | $ | 176,351 |  |  | $ | 176,351 |  |  | $ | - |  |  | $ | - |  |  |  | $ | 142,201 |  |  | $ | 142,201 |  |  | $ | 142,201 |  |  | $ | - |  |  | $ | - |
Interest-bearing time deposits |  |  | 2,482 |  |  |  | 2,472 |  |  |  | - |  |  |  | 2,472 |  |  |  | - |  |  |  |  | 2,740 |  |  |  | 2,725 |  |  |  | - |  |  |  | 2,725 |  |  |  | - |
Other securities |  |  | 14,400 |  |  |  | 14,400 |  |  |  | - |  |  |  | - |  |  |  | 14,400 |  |  |  |  | 17,138 |  |  |  | 17,138 |  |  |  | - |  |  |  | - |  |  |  | 17,138 |
Loans held for sale |  |  | 2,996 |  |  |  | 2,996 |  |  |  | - |  |  |  | - |  |  |  | 2,996 |  |  |  |  | 1,576 |  |  |  | 1,552 |  |  |  | - |  |  |  | - |  |  |  | 1,552 |
Loans, net |  |  | 2,536,043 |  |  |  | 2,485,297 |  |  |  | - |  |  |  | - |  |  |  | 2,485,297 |  |  |  |  | 2,556,167 |  |  |  | 2,396,540 |  |  |  | - |  |  |  | - |  |  |  | 2,396,540 |
Interest receivable |  |  | 12,657 |  |  |  | 12,657 |  |  |  | - |  |  |  | - |  |  |  | 12,657 |  |  |  |  | 11,774 |  |  |  | 11,774 |  |  |  | - |  |  |  | - |  |  |  | 11,774 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest bearing deposits |  | $ | 1,522,280 |  |  | $ | 1,521,097 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,521,097 |  |  |  | $ | 1,415,981 |  |  | $ | 1,416,007 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,416,007 |
Noninterest bearing deposits |  |  | 516,904 |  |  |  | 516,904 |  |  |  | 516,904 |  |  |  | - |  |  |  | - |  |  |  |  | 528,465 |  |  |  | 528,465 |  |  |  | 528,465 |  |  |  | - |  |  |  | - |
Time deposits |  |  | 647,581 |  |  |  | 644,849 |  |  |  | - |  |  |  | - |  |  |  | 644,849 |  |  |  |  | 663,017 |  |  |  | 656,141 |  |  |  | - |  |  |  | - |  |  |  | 656,141 |
Total Deposits |  |  | 2,686,765 |  |  |  | 2,682,850 |  |  |  | 516,904 |  |  |  | - |  |  |  | 2,165,946 |  |  |  |  | 2,607,463 |  |  |  | 2,600,613 |  |  |  | 528,465 |  |  |  | - |  |  |  | 2,072,148 |
Fed funds purchased and securities sold under agreement to repurchase |  |  | 27,218 |  |  |  | 27,218 |  |  |  | - |  |  |  | - |  |  |  | 27,218 |  |  |  |  | 28,218 |  |  |  | 28,218 |  |  |  | - |  |  |  | - |  |  |  | 28,218 |
Federal Home Loan Bank advances |  |  | 246,056 |  |  |  | 245,373 |  |  |  | - |  |  |  | - |  |  |  | 245,373 |  |  |  |  | 265,750 |  |  |  | 260,400 |  |  |  | - |  |  |  | - |  |  |  | 260,400 |
Subordinated notes |  |  | 34,818 |  |  |  | 31,983 |  |  |  | - |  |  |  | 31,983 |  |  |  | - |  |  |  |  | 34,702 |  |  |  | 30,676 |  |  |  | - |  |  |  | 30,676 |  |  |  | - |
Interest payable |  |  | 6,618 |  |  |  | 6,618 |  |  |  | - |  |  |  | - |  |  |  | 6,618 |  |  |  |  | 5,441 |  |  |  | 5,441 |  |  |  | - |  |  |  | - |  |  |  | 5,441 |
Financial Assets Measured at Fair Value on Recurring Basis | The following table summarizes financial assets measured at fair value on a recurring basis as of December 31, 2024 and December 31, 2023 segregated by level or the valuation inputs within the fair value hierarchy utilized to measure fair value.
Assets and Liabilities Measured at Fair Value on a Recurring Basis (In Thousands) |
|  | Quoted Prices in |  |  | Significant |  |  | Significant |
|  | Active Markets |  |  | Observable |  |  | Observable |
|  | for Identical |  |  | Inputs |  |  | Inputs |
December 31, 2024 |  | Assets (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets-(Securities Available-for-Sale) |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 105,999 |  |  | $ | - |  |  | $ | - |
U.S. Government agencies |  |  | 20,035 |  |  |  | 115,131 |  |  |  | - |
Mortgage-backed securities |  |  | - |  |  |  | 120,631 |  |  |  | - |
State and local governments |  |  | - |  |  |  | 63,133 |  |  |  | 1,627 |
Total Securities Available-for-Sale |  | $ | 126,034 |  |  | $ | 298,895 |  |  | $ | 1,627 |
Interest rate swaps liabilities |  | $ | - |  |  | $ | (976 | ) |  | $ | - |
|  | Quoted Prices in |  |  | Significant |  |  | Significant |
|  | Active Markets |  |  | Observable |  |  | Observable |
|  | for Identical |  |  | Inputs |  |  | Inputs |
December 31, 2023 |  | Assets (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets-(Securities Available-for-Sale) |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 80,270 |  |  | $ | - |  |  | $ | - |
U.S. Government agencies |  |  | 19,630 |  |  |  | 108,592 |  |  |  | - |
Mortgage-backed securities |  |  | - |  |  |  | 82,132 |  |  |  | - |
State and local governments |  |  | - |  |  |  | 65,394 |  |  |  | 2,460 |
Total Securities Available-for-Sale |  | $ | 99,900 |  |  | $ | 256,118 |  |  | $ | 2,460 |
Interest rate swaps liabilities |  | $ | - |  |  | $ | (2,679 | ) |  | $ | - |
Changes in the Level 3 Fair-Value Category of Unobservable Inputs |
|  | (In Thousands) |
|  | Fair Value Measurements Using Significant |
|  | Unobservable Inputs (Level 3) |
|  | State and Local |  |  | State and Local |  |  | State and Local |
|  | Governments |  |  | Governments |  |  | Governments |
|  | Tax-Exempt |  |  | Taxable |  |  | Total |
Balance at January 1, 2024 |  | $ | 1,188 |  |  | $ | 1,272 |  |  | $ | 2,460 |
Change in Fair Value |  |  | - |  |  |  | 2 |  |  |  | 2 |
Purchases |  |  | - |  |  |  | - |  |  |  | - |
Sales |  |  | - |  |  |  | - |  |  |  | - |
Payments & Maturities |  |  | (835 | ) |  |  | - |  |  |  | (835 | )
Balance at December 31, 2024 |  | $ | 353 |  |  | $ | 1,274 |  |  | $ | 1,627 |
|  | (In Thousands) |
|  | Fair Value Measurements Using Significant |
|  | Unobservable Inputs (Level 3) |
|  | State and Local |  |  | State and Local |  |  | State and Local |
|  | Governments |  |  | Governments |  |  | Governments |
|  | Tax-Exempt |  |  | Taxable |  |  | Total |
Balance at January 1, 2023 |  | $ | 2,071 |  |  | $ | 1,274 |  |  | $ | 3,345 |
Change in Fair Value |  |  | 38 |  |  |  | (2 | ) |  |  | 36 |
Purchases |  |  | - |  |  |  | - |  |  |  | - |
Sales |  |  | - |  |  |  | - |  |  |  | - |
Payments & Maturities |  |  | (921 | ) |  |  | - |  |  |  | (921 | )
Balance at December 31, 2023 |  | $ | 1,188 |  |  | $ | 1,272 |  |  | $ | 2,460 |
Assets Measured at Fair Value on Nonrecurring Basis | The following tables present assets measured at fair value on a nonrecurring basis:
|  | ($ in Thousands) |
|  | Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2024 |
|  |  |  |  | Quoted Prices in |  |  |  |  |  |  |
|  |  |  |  | Markets for |  |  | Significant |  |  | Significant |
|  | Balance at |  |  | Identical |  |  | Observable Inputs |  |  | Unobservable Inputs |
|  | December 31, 2024 |  |  | Assets (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Collateral dependent loans |  | $ | 2,988 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,988 |
Loan servicing rights |  |  | (4 | ) |  |  | - |  |  |  | - |  |  |  | (4 | )
|  | ($ in Thousands) |
|  | Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2023 |
|  |  |  |  | Quoted Prices in |  |  |  |  |  |  |
|  |  |  |  | Markets for |  |  | Significant |  |  | Significant |
|  | Balance at |  |  | Identical |  |  | Observable Inputs |  |  | Unobservable Inputs |
|  | December 31, 2023 |  |  | Assets (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Collateral dependent loans |  | $ | 22,676 |  |  | $ | - |  |  | $ | - |  |  | $ | 22,676 |
Loan servicing rights |  |  | 58 |  |  |  | - |  |  |  | - |  |  |  | 58 |
Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements | The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements:
|  | (In Thousands) |  |  |  |  |  |  |
|  | Fair Value at December 31, 2024 |  |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
State and local government |  | $ | 1,627 |  |  | Discounted Cash Flow |  | Credit strength of underlying project or entity / Discount rate |  | -3.61-4.52% (4.33%)
Collateral dependent loans |  |  | 2,988 |  |  | Collateral based measurements |  | Discount to reflect current market conditions and ultimate collectability |  | 20.00-30.00% (20.78%)
Loan servicing rights |  |  | (4 | ) |  | Discounted Cash Flow |  | Constant prepayment rate and probability of default / Discount rate |  | 9.36-618.70% (107.90%)
|  | (In Thousands) |  |  |  |  |  |  |
|  | Fair Value at December 31, 2023 |  |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
State and local government |  | $ | 2,460 |  |  | Discounted Cash Flow |  | Credit strength of underlying project or entity / Discount rate |  | -0.17-4.92% (3.49%)
Collateral dependent loans |  |  | 22,676 |  |  | Collateral based measurements |  | Discount to reflect current market conditions and ultimate collectability |  | 0.00-50.00% (0.41%)
Loan servicing rights |  |  | 58 |  |  | Discounted Cash Flow |  | Constant prepayment rate and probability of default / Discount rate |  | 5.11-22.80% (10.87%)

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- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- 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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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