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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Measurements

Schedule of balances of assets measured at fair value on a recurring and nonrecurring basis


		Carrying Value
(In thousands)		Level 1			Level 2			Level 3			Total

September 30, 2025
Assets Measured on a Recurring Basis
Securities available for sale:
Agency mortgage-backed securities		$	—		$	83,676		$	—		$	83,676
Agency CMO			—			97,006			—			97,006
Agency notes and bonds			—			91,827			—			91,827
Treasury notes and bonds			5,441			—			—			5,441
Municipal obligations			—			143,677			—			143,677
Total securities available for sale		$	5,441		$	416,186		$	—		$	421,627

Equity securities		$	1,013		$	—		$	—			1,013

Assets Measured on a Nonrecurring Basis
Collateral dependent loans:
Commercial Business		$	—		$	—		$	494		$	494
1-4 Family Residential Construction			—			—			37			37
Total collateral dependent loans		$	—		$	—		$	531		$	531


		Carrying Value
(In thousands)		Level 1			Level 2			Level 3			Total
December 31, 2024
Assets Measured on a Recurring Basis
Securities available for sale:
Agency mortgage-backed securities		$	—		$	67,941		$	—		$	67,941
Agency CMO			—			47,518			—			47,518
Agency notes and bonds			—			118,080			—			118,080
Treasury notes and bonds			21,549			—			—			21,549
Municipal obligations			—			134,155			—			134,155
Total securities available for sale		$	21,549		$	367,694		$	—		$	389,243

Equity securities		$	886		$	—		$	—			886

Assets Measured on a Nonrecurring Basis
Collateral dependent loans:
Commercial Business		$	—		$	—		$	693		$	693
1-4 Family Residential Construction			—			—			36			36
Total collateral dependent loans		$	—		$	—		$	729		$	729

Schedule of estimated fair values of the Company's financial instruments


		Carrying			Fair			Fair Value Measurements Using
(In thousands)		Value			Value			Level 1			Level 2			Level 3

September 30, 2025:
Financial assets:
Cash and cash equivalents		$	112,177		$	112,177		$	112,177		$	—		$	—
Interest-bearing time deposits			2,205			2,235			—			2,235			—
Securities available for sale			421,627			421,627			5,441			416,186			—
Securities held to maturity			7,000			5,332			—			5,332			—
Loans held for sale			1,026			1,045			—			1,045			—
Loans, net			642,332			616,928			—			—			616,928
FHLB and other restricted stock			1,836			N/A			N/A			N/A			N/A
Accrued interest receivable			4,789			4,789			—			4,789			—
Equity securities (included in other assets)			1,013			1,013			1,013			—			—

Financial liabilities:
Deposits			1,094,733			1,095,421			865,946			—			229,475
Accrued interest payable			2,118			2,118			—			2,118			—

December 31, 2024:
Financial assets:
Cash and cash equivalents		$	105,917		$	105,917		$	105,917		$	—		$	—
Interest-bearing time deposits			2,695			2,725			—			2,725			—
Securities available for sale			389,243			389,243			21,549			367,694			—
Securities held to maturity			7,000			4,591			—			4,591			—
Loans held for sale			472			477			—			477			—
Loans, net			631,199			628,057			—			—			628,057
FHLB and other restricted stock			1,836			N/A			N/A			N/A			N/A
Accrued interest receivable			4,575			4,575			—			4,575			—
Equity securities (included in other assets)			886			886			886			—			—

Financial liabilities:
Deposits			1,066,439			1,065,687			866,559			—			199,128
Accrued interest payable			1,922			1,922			—			1,922			—