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Disclosures about Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Disclosures about Fair Value Measurements and Financial Instruments

Schedule of assets and liabilities measured and recorded at fair value on a recurring basis

The following table presents the assets and liabilities measured and reported on the Consolidated Balance Sheets on a recurring basis at their fair value as of March 31, 2025 and December 31, 2024, by level within the fair value hierarchy (in thousands).

Fair Value Measurements at March 31, 2025

Total

Level 1

Level 2

Level 3

Equity securities ⁽¹⁾

$

177

$

177

$

—

$

—

Available for sale securities:

U.S. Agency

4,753

—

4,753

—

U.S. Agency mortgage-backed securities

100,438

—

100,438

—

Municipal

7,911

—

7,911

—

Corporate bonds

51,093

—

51,093

—

Interest rate swap asset ⁽¹⁾

3,571

—

3,571

—

Interest rate swap liability ⁽²⁾

(3,610)

—

(3,610)

—

Interest rate hedge ⁽²⁾

(201)

—

(201)

—

Risk participation agreement ⁽²⁾

(285)

—

(285)

—


		Fair Value Measurements at December 31, 2024
		Total			Level 1			Level 2			Level 3
Equity securities ⁽¹⁾		$	350		$	350		$	—		$	—
Available for sale securities:
U.S. Agency			4,666			—			4,666			—
U.S. Agency mortgage-backed securities			91,534			—			91,534			—
Municipal			8,363			—			8,363			—
Corporate bonds			51,057			363			50,021			673
Interest rate swap asset ⁽¹⁾			4,657			—			4,657			—
Interest rate swap liability ⁽²⁾			(4,691)			—			(4,691)			—
Interest rate hedge ⁽²⁾			(169)			—			(169)			—
Risk participation agreement ⁽²⁾			(207)			—			(207)			—

(1)	Included within other assets on the Consolidated Balance Sheets.

(2)	Included within other liabilities on the Consolidated Balance Sheets.

Schedule of assets measured and recorded at fair value on a non-recurring basis

Assets measured and recorded at fair value on a non-recurring basis are summarized below (in thousands, except range data):

Fair Value Measurements

March 31, 2025

Total

Level 1

Level 2

Level 3

Other real estate owned and repossessed assets

$

297

$

—

$

—

$

297


		Fair Value Measurements
December 31, 2024		Total			Level 1			Level 2			Level 3
Other real estate owned and repossessed assets		$	1,724		$	—		$	—		$	1,724


		Quantitative Information About Level 3 Fair Value Measurements
					Valuation		Unobservable
March 31, 2025		Fair Value			Techniques		Input		Range (Wgtd Avg)
Other real estate owned and repossessed assets		$	297		Appraisal of collateral ⁽¹⁾		Appraisal adjustments ⁽²⁾		8% to 63% (45%)
							Liquidation expenses		0% to 33% (13%)


		Quantitative Information About Level 3 Fair Value Measurements
					Valuation		Unobservable
December 31, 2024		Fair Value			Techniques		Input		Range (Wgtd Avg)
Other real estate owned and repossessed assets		$	1,724		Appraisal of collateral ⁽¹⁾		Appraisal adjustments ⁽²⁾		18% to 63% (24%)
							Liquidation expenses		0% to 33% (4%)

(1)	Fair Value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. Also includes qualitative adjustments by management and estimated liquidation expenses.

(2)	Appraisals may be adjusted by management for qualitative factors such as economic conditions.

Schedule of estimated fair value and recorded carrying value

March 31, 2025

Carrying

Value

Fair Value

Level 1

Level 2

Level 3

(In Thousands)

FINANCIAL ASSETS:

Investment securities – HTM

$

67,259

$

62,656

$

—

$

61,711

$

945

Loans, net of allowance for credit losses and unearned income

1,048,514

1,030,919

—

—

1,030,919

FINANCIAL LIABILITIES:

Deposits with stated maturities

334,054

333,933

—

—

333,933

All other borrowings ⁽¹⁾

79,484

83,759

—

—

83,759


		December 31, 2024
		Carrying
		Value				Fair Value			Level 1			Level 2			Level 3

			(In Thousands)
FINANCIAL ASSETS:
Investment securities – HTM		$	63,837		$	58,471		$	—		$	57,535		$	936
Loans held for sale			460			470			470			—			—
Loans, net of allowance for credit losses and unearned income			1,054,037			990,745			—			—			990,745
FINANCIAL LIABILITIES:
Deposits with stated maturities			336,312			336,167			—			—			336,167
All other borrowings ⁽¹⁾			82,784			81,476			—			—			81,476

(1)	All other borrowings include advances from Federal Home Loan Bank and subordinated debt.