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Fair Value Measurements and Disclosures (Tables)
9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Summary Of Financial Assets Measured At Fair Value On Recurring Basis

For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2025 were as follows:

 

Description

 

(Level 1) Quoted
Price in Active
Markets for
Identical
Assets

 

 

(Level 2)
Significant Other
Observable
Inputs

 

 

(Level 3)
Significant
Unobservable
Inputs

 

 

Total Fair Value
September 30,
2025

 

 

(In thousands)

 

Mortgage-backed securities -U.S. government sponsored
   enterprise (GSEs)

 

$

 

 

$

155,266

 

 

$

 

 

$

155,266

 

U.S. government agency securities

 

 

 

 

 

10,469

 

 

 

 

 

 

10,469

 

Obligations of state and political subdivisions

 

 

 

 

 

39,918

 

 

 

 

 

 

39,918

 

Small Business Association (SBA) securities

 

 

 

 

 

1,346

 

 

 

 

 

 

1,346

 

U.S. treasury securities

 

 

2,929

 

 

 

 

 

 

 

 

 

2,929

 

Mortgage servicings rights

 

 

 

 

 

707

 

 

 

 

 

 

707

 

 

Note 7 – Fair Value Measurements and Disclosures (continued)

 

For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy, used at December 31, 2024 were as follows:

 

Description

 

(Level 1)
Quoted Price
in Active
Markets for
Identical
Assets

 

 

(Level 2)
Significant
Other
Observable
Inputs

 

 

(Level 3)
Significant
Unobservable
Inputs

 

 

Total Fair Value
December 31,
2024

 

 

(In thousands)

 

Mortgage-backed securities -U.S. government sponsored
   enterprise (GSEs)

 

$

 

 

$

190,545

 

 

$

 

 

$

190,545

 

U.S. government agency securities

 

 

 

 

 

10,200

 

 

 

 

 

 

10,200

 

Obligations of state and political subdivisions

 

 

 

 

 

39,730

 

 

 

 

 

 

39,730

 

Small Business Association (SBA) securities

 

 

 

 

 

1,857

 

 

 

 

 

 

1,857

 

U.S. treasury securities

 

 

4,839

 

 

 

 

 

 

 

 

 

4,839

 

Mortgage servicings rights

 

 

 

 

 

1,060

 

 

 

 

 

 

1,060

 

Summary Of Financial Assets Measured At Fair Value On NonRecurring Basis

For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2024, were as follows:

 

Description

 

(Level 1)
Quoted Price
in Active
Markets for
Identical
Assets

 

 

(Level 2)
Significant
Other
Observable
Inputs

 

 

(Level 3)
Significant
Unobservable
Inputs

 

 

Total Fair Value
December 31,
2024

 

 

(In thousands)

 

Collateral dependent loan

 

$

 

 

$

 

 

$

16,223

 

 

$

16,223

 

Other real estate owned1

 

 

 

 

 

 

 

 

295

 

 

 

295

 

 

$

 

 

$

 

 

$

16,518

 

 

$

16,518

 

 

1.
The Bank charged off approximately $197,000 during the year ended December 31, 2024, prior to the property being transferred to other real estate owned.
Summary Of Quantitative Information Using Level 3 Fair Value Measurements

The following table presents quantitative information using Level 3 fair value measurements at December 31, 2024.

 

Description

 

December 31,
2024

 

 

Valuation
Technique

 

Unobservable
Input

 

Range
(Weighted Average)

 

(Dollars in thousands)

Collateral dependent loan

 

$

16,223

 

 

Collateral1

 

Discount
adjustment

 

12.0%
12.0%

Other real estate owned2

 

$

295

 

 

Collateral1

 

Discount
adjustment

 

0.0%
0.0%

 

1.
Fair value is generally determined through independent appraisal of the underlying collateral, primarily using comparable sales.
2.
The other real estate owned was written down to the estimated net realizable value.
Summary Of Carrying Amounts And Estimated Fair Value Of Financial Instruments

The carrying amounts and estimated fair value of financial instruments at September 30, 2025 are as follows:

 

 

September 30, 2025

 

 

Carrying
Amount

 

 

Estimated Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

(In thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

72,892

 

 

$

72,892

 

 

$

72,892

 

 

$

 

 

$

 

Securities available-for-sale at fair value

 

 

209,928

 

 

 

209,928

 

 

 

2,929

 

 

 

206,999

 

 

 

 

Securities held-to-maturity

 

 

155

 

 

 

158

 

 

 

 

 

 

158

 

 

 

 

Loans receivable, net

 

 

1,773,346

 

 

 

1,799,516

 

 

 

 

 

 

 

 

 

1,799,516

 

Restricted investments in bank stock

 

 

2,341

 

 

 

2,341

 

 

 

 

 

 

2,341

 

 

 

 

Accrued interest receivable

 

 

7,566

 

 

 

7,566

 

 

 

 

 

 

7,566

 

 

 

 

Equity method investments

 

 

11,632

 

 

 

11,632

 

 

 

 

 

 

7,520

 

 

 

4,112

 

Mortgage servicing rights

 

 

707

 

 

 

707

 

 

 

 

 

 

707

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

1,928,585

 

 

 

1,863,539

 

 

$

 

 

$

1,863,539

 

 

$

 

Borrowings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued interest payable

 

 

5,552

 

 

 

5,552

 

 

 

 

 

 

5,552

 

 

 

 

 

Note 7 – Fair Value Measurements and Disclosures (concluded)

 

The carrying amounts and estimated fair value of financial instruments at December 31, 2024 are as follows:

 

 

December 31, 2024

 

 

Carrying
Amount

 

 

Estimated Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

(In thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

117,348

 

 

$

117,348

 

 

$

117,348

 

 

$

 

 

$

 

Securities available-for-sale at fair value

 

 

247,171

 

 

 

247,171

 

 

 

4,389

 

 

 

242,782

 

 

 

 

Securities held-to-maturity

 

 

161

 

 

 

162

 

 

 

 

 

 

162

 

 

 

 

Loans receivable, net

 

 

1,795,218

 

 

 

1,798,302

 

 

 

 

 

 

 

 

 

1,798,302

 

Restricted investments in bank stock

 

 

2,075

 

 

 

2,075

 

 

 

 

 

 

2,075

 

 

 

 

Accrued interest receivable

 

 

7,975

 

 

 

7,975

 

 

 

 

 

 

7,975

 

 

 

 

Equity method investments

 

 

11,160

 

 

 

11,160

 

 

 

 

 

 

6,850

 

 

 

4,310

 

Mortgage servicing rights

 

 

1,060

 

 

 

1,060

 

 

 

 

 

 

1,060

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

2,032,625

 

 

 

1,934,884

 

 

$

 

 

$

1,934,884

 

 

$

 

Accrued interest payable

 

 

15,401

 

 

 

15,401

 

 

 

 

 

 

15,401