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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

Schedule of fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis


					Fair Value Measurements Using
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
					Assets			Inputs			Inputs
		Fair Value			(Level 1)			(Level 2)			(Level 3)

		(In thousands)
June 30, 2024
U.S. government agencies		$	22,085		$	—		$	22,085		$	—
Subordinated Notes			25,430			—			25,430			—
State and municipal obligations			192,609			—			192,609			—


December 31, 2023
U.S. government agencies		$	44,268		$	—		$	44,268		$	—
Subordinated Notes			24,300			—			24,300			—
State and municipal obligations			174,192			—			174,192			—

Schedule of fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a non-recurring basis


					Fair Value Measurements Using
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
		Fair			Assets			Inputs			Inputs
		Value			(Level 1)			(Level 2)			(Level 3)

		(In thousands)
June 30, 2024
Collateral dependent loans		$	310		$	—		$	—		$	—
Foreclosed assets held for sale			120			—			—			120

December 31, 2023
Collateral dependent loans		$	—		$	—		$	—		$	—
Foreclosed assets held for sale			3,273			—			—			3,273

Schedule of quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements


		Fair Value at			Valuation		Unobservable
		6/30/24			Technique		Inputs		Range

		(In thousands)
Collateral-dependent loans		$	310		Market comparable properties		Comparability adjustments		5% – 10	%
Foreclosed assets held for sale			120		Market comparable properties		Marketability discount		10% – 35	%


		Fair Value at			Valuation		Unobservable
		12/31/23			Technique		Inputs		Range

		(In thousands)
Collateral-dependent loans		$	—		Market comparable properties		Comparability adjustments		5% – 10%
Foreclosed assets held for sale			3,273		Market comparable properties		Marketability discount		10% – 35%

Schedule of estimated fair values of company's financial instruments


					Fair Value Measurements Using
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
		Carrying			Assets			Inputs			Inputs
		Amount			(Level 1)			(Level 2)			(Level 3)

		(In thousands)
June 30, 2024:

Financial assets
Cash and cash equivalents		$	37,570		$	37,570		$	—		$	—
Loans, net of allowance			480,525			—			—			459,062
Federal Home Loan Bank stock			4,026			—			4,026			—
Accrued interest receivable			4,085			—			4,085			—

Financial liabilities
Deposits			623,189			—			625,014			—
Securities sold under agreements to repurchase			30,436			—			30,436			—
Subordinated debentures			23,817			—			22,277			—
Advance Federal Home Loan Bank			75,000			—			74,024			—
Interest payable			575			—			575			—


					Fair Value Measurements Using
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
		Carrying			Assets			Inputs			Inputs
		Amount			(Level 1)			(Level 2)			(Level 3)

		(In thousands)
December 31, 2023:

Financial assets
Cash and cash equivalents		$	40,770		$	40,770		$	—		$	—
Loans, net of allowance			479,318			—			—			459,759
Federal Home Loan Bank stock			3,979			—			3,979			—
Accrued interest receivable			4,098			—			4,098			—

Financial liabilities
Deposits			621,459			—			623,813			—
Short term borrowings			26,781			—			26,781			—
Subordinated debentures			23,787			—			22,146			—
Advance Federal Home Loan Bank			75,000			—			74,911			—
Interest payable			579			—			579			—