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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Financial Assets Measured at Fair Value on Recurring Basis | The following summarizes financial assets measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, segregated by level within the fair value hierarchy utilized to measure fair value:
Assets and Liabilities Measured at Fair Value on a Recurring Basis |
|  | (In Thousands) |
March 31, 2025 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets - (Securities Available-for-Sale) |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 106,883 |  |  | $ | - |  |  | $ | - |
U.S. Government agencies |  |  | 30,703 |  |  |  | 107,002 |  |  |  | - |
Mortgage-backed securities |  |  | 152 |  |  |  | 130,726 |  |  |  | - |
State and local governments |  |  | - |  |  |  | 61,642 |  |  |  | 1,460 |
Total Securities Available-for-Sale |  | $ | 137,738 |  |  | $ | 299,370 |  |  | $ | 1,460 |
Interest rate swap liabilities |  | $ | - |  |  | $ | (1,605 | ) |  | $ | - |
|  | (In Thousands) |
December 31, 2024 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (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 | ) |  | $ | - |
Changes in the Level 3 Fair-Value Category of Unobservable Inputs | The following tables represent the changes in the Level 3 fair-value category of which unobservable inputs are relied upon as of the three month periods ended March 31, 2025 and March 31, 2024.
|  | (In Thousands) |
|  | Fair Value Measurements Using Significant |
|  | Unobservable Inputs (Level 3) |
|  | State and Local Governments |
|  | Tax-Exempt |  |  | Taxable |  |  | Total |
Balance at January 1, 2025 |  | $ | 353 |  |  | $ | 1,274 |  |  | $ | 1,627 |
Change in Fair Value |  |  | 1 |  |  |  | 2 |  |  |  | 3 |
Payments, Maturities & Calls |  |  | (170 | ) |  |  | - |  |  |  | (170 | )
Balance at March 31, 2025 |  | $ | 184 |  |  | $ | 1,276 |  |  | $ | 1,460 |
|  | (In Thousands) |
|  | Fair Value Measurements Using Significant |
|  | Unobservable Inputs (Level 3) |
|  | State and Local Governments |
|  | Tax-Exempt |  |  | Taxable |  |  | Total |
Balance at January 1, 2024 |  | $ | 1,188 |  |  | $ | 1,272 |  |  | $ | 2,460 |
Change in Fair Value |  |  | (2 | ) |  |  | 2 |  |  |  | - |
Payments, Maturities & Calls |  |  | (665 | ) |  |  | - |  |  |  | (665 | )
Balance at March 31, 2024 |  | $ | 521 |  |  | $ | 1,274 |  |  | $ | 1,795 |
Assets Measured at Fair Value on Nonrecurring Basis | The following table presents assets measured at fair value on a nonrecurring basis at March 31, 2025 and December 31, 2024:
|  | (In Thousands) |
|  | Assets Measured at Fair Value on a Nonrecurring Basis at March 31, 2025 |
|  | Balance at March 31, 2025 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Collateral dependent loans |  | $ | 4,113 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,113 |
Loan servicing rights |  |  | (6 | ) |  |  | - |  |  |  | - |  |  |  | (6 | )
|  | (In Thousands) |
|  | Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2024 |
|  | Balance at December 31, 2024 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Collateral dependent loans |  | $ | 2,988 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,988 |
Loan servicing rights |  |  | (4 | ) |  |  | - |  |  |  | - |  |  |  | (4 | )
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) |  |  |  |  |  |  | Range
|  | Fair Value at |  |  |  |  |  |  | (Weighted
|  | March 31, 2025 |  |  | Valuation Technique |  | Unobservable Inputs |  | Average)
State and local government |  | $ | 1,460 |  |  | Discounted Cash Flow |  | Credit strength of underlying project or entity / discount rate |  | 3.42-4.26% (4.15%)
Collateral dependent loans |  |  | 4,113 |  |  | Collateral based measurements |  | Discount to reflect current market conditions and ultimate collectability |  | 20.00-30.00% (26.64%)
Loan servicing rights |  |  | (6 | ) |  | Discounted Cash Flow |  | Constant prepayment rate and probability of default / discount rate |  | 9.80-550.0% (114.89%)
|  | (In Thousands) |  |  |  |  |  |  | Range
|  | Fair Value at |  |  |  |  |  |  | (Weighted
|  | December 31, 2024 |  |  | Valuation Technique |  | Unobservable Inputs |  | 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%)
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 March 31, 2025 and December 31, 2024 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, premises and equipment, derivatives (which are included in other assets or other liabilities), goodwill, loan servicing rights, bank owned life insurance, other assets, dividends payable, accrued expenses and other liabilities.
|  | (In Thousands) |
|  | March 31, 2025 |
|  | Carrying |  |  | Fair |  |  |  |  |  |  |  |  |  |
|  | Amount |  |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 173,037 |  |  | $ | 173,037 |  |  | $ | 173,037 |  |  | $ | - |  |  | $ | - |
Interest-bearing time deposits |  |  | 1,992 |  |  |  | 2,000 |  |  |  | - |  |  |  | 2,000 |  |  |  | - |
Other securities |  |  | 14,062 |  |  |  | 14,062 |  |  |  | - |  |  |  | - |  |  |  | 14,062 |
Loans held for sale |  |  | 2,331 |  |  |  | 2,331 |  |  |  | - |  |  |  | - |  |  |  | 2,331 |
Loans, net |  |  | 2,555,552 |  |  |  | 2,512,106 |  |  |  | - |  |  |  | - |  |  |  | 2,512,106 |
Interest receivable |  |  | 13,002 |  |  |  | 13,002 |  |  |  | - |  |  |  | - |  |  |  | 13,002 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing deposits |  | $ | 502,318 |  |  | $ | 502,318 |  |  | $ | 502,318 |  |  | $ | - |  |  | $ | - |
Interest bearing deposits |  |  | 1,571,516 |  |  |  | 1,571,919 |  |  |  | - |  |  |  | - |  |  |  | 1,571,919 |
Time deposits |  |  | 626,450 |  |  |  | 624,340 |  |  |  | - |  |  |  | - |  |  |  | 624,340 |
Total Deposits |  |  | 2,700,284 |  |  |  | 2,698,577 |  |  |  | 502,318 |  |  |  | - |  |  |  | 2,196,259 |
Federal funds purchased and securities sold under agreement to repurchase |  |  | 27,258 |  |  |  | 27,258 |  |  |  | - |  |  |  | - |  |  |  | 27,258 |
Federal Home Loan Bank advances |  |  | 245,474 |  |  |  | 245,352 |  |  |  | - |  |  |  | - |  |  |  | 245,352 |
Subordinated notes, net of unamortized issuance costs |  |  | 34,846 |  |  |  | 32,693 |  |  |  | - |  |  |  | 32,693 |  |  |  | - |
Interest payable |  |  | 6,142 |  |  |  | 6,142 |  |  |  | - |  |  |  | - |  |  |  | 6,142 |
|  | (In Thousands) |
|  | December 31, 2024 |
|  | Carrying |  |  | Fair |  |  |  |  |  |  |  |  |  |
|  | Amount |  |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 176,351 |  |  | $ | 176,351 |  |  | $ | 176,351 |  |  | $ | - |  |  | $ | - |
Interest-bearing time deposits |  |  | 2,482 |  |  |  | 2,472 |  |  |  | - |  |  |  | 2,472 |  |  |  | - |
Other securities |  |  | 14,400 |  |  |  | 14,400 |  |  |  | - |  |  |  | - |  |  |  | 14,400 |
Loans held for sale |  |  | 2,996 |  |  |  | 2,996 |  |  |  | - |  |  |  | - |  |  |  | 2,996 |
Loans, net |  |  | 2,536,043 |  |  |  | 2,485,297 |  |  |  | - |  |  |  | - |  |  |  | 2,485,297 |
Interest receivable |  |  | 12,657 |  |  |  | 12,657 |  |  |  | - |  |  |  | - |  |  |  | 12,657 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing deposits |  | $ | 516,904 |  |  | $ | 516,904 |  |  | $ | 516,904 |  |  | $ | - |  |  | $ | - |
Interest bearing deposits |  |  | 1,522,280 |  |  |  | 1,521,097 |  |  |  | - |  |  |  | - |  |  |  | 1,521,097 |
Time deposits |  |  | 647,581 |  |  |  | 644,849 |  |  |  | - |  |  |  | - |  |  |  | 644,849 |
Total Deposits |  |  | 2,686,765 |  |  |  | 2,682,850 |  |  |  | 516,904 |  |  |  | - |  |  |  | 2,165,946 |
Federal funds purchased and securities sold under agreement to repurchase |  |  | 27,218 |  |  |  | 27,218 |  |  |  | - |  |  |  | - |  |  |  | 27,218 |
Federal Home Loan Bank advances |  |  | 246,056 |  |  |  | 245,373 |  |  |  | - |  |  |  | - |  |  |  | 245,373 |
Subordinated notes, net of unamortized issuance costs |  |  | 34,818 |  |  |  | 31,983 |  |  |  | - |  |  |  | 31,983 |  |  |  | - |
Interest payable |  |  | 6,618 |  |  |  | 6,618 |  |  |  | - |  |  |  | - |  |  |  | 6,618 |

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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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