FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2025

Assets Measured at Fair Value on Recurring Basis


		March 31, 2025
					Fair Value Measurements Using:
					Quoted Prices In						Significant
					Active Markets			Significant Other			Unobservable
		Carrying			for Identical Assets			Observable Inputs			Inputs
(in thousands)		Amount			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Available-for-sale securities:
U.S. GSE residential mortgage-backed securities		$	10,773		$	—		$	10,773		$	—
U.S. GSE residential collateralized mortgage obligations			14,840			—			14,840			—
U.S. GSE commercial mortgage-backed securities			1,530			—			1,530			—
Collateralized loan obligations			43,288			—			43,288			—
Corporate bonds			22,766			—			22,766			—
Loan servicing rights			6,207			—			—			6,207
Total		$	99,404		$	—		$	93,197		$	6,207

Financial liabilities:
Derivatives		$	1,310		$	—		$	1,310		$	—


		December 31, 2024
					Fair Value Measurements Using:
					Quoted Prices In
					Active Markets						Significant
					for Identical			Significant Other			Unobservable
		Carrying			Assets			Observable Inputs			Inputs
(In thousands)		Amount			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Available-for-sale securities:
U.S. Treasury securities		$	20,000		$	—		$	20,000		$	—
U.S. GSE residential mortgage-backed securities			10,645			—			10,645			—
U.S. GSE commercial mortgage-backed securities			1,503			—			1,503			—
Collateralized loan obligations			32,477			—			32,477			—
Corporate bonds			19,130			—			19,130			—
Loan servicing rights			6,016			—			—			6,016
Derivatives			68			—			68			—
Total		$	89,839		$	—		$	83,823		$	6,016

Financial liabilities:
Derivatives		$	927		$	—		$	927		$	—

Changes in mortgage servicing rights


		Three Months Ended March 31,
(in thousands)		2025			2024
Balance at beginning of period		$	6,016		$	4,668
Additions			490			557
Adjustment to fair value			(299)			(138)
Balance at end of period		$	6,207		$	5,087

Financial Instruments Not Measured at Fair Value


		March 31, 2025
					Fair Value Measurements Using:
					Quoted Prices In
					Active Markets						Significant
					for Identical			Significant Other			Unobservable
		Carrying			Assets			Observable Inputs			Inputs			Total Fair
(In thousands)		Amount			(Level 1)			(Level 2)			(Level 3)			Value
Financial assets:
Cash and cash equivalents		$	160,234		$	160,234		$	—		$	—		$	160,234
Securities held-to-maturity			3,671			—			3,556			—			3,556
Loans, net			1,937,749			—			—			1,922,387			1,922,387
Accrued interest receivable			12,026			—			1,128			10,898			12,026

Financial liabilities:
Time deposits			518,229			—			518,444			—			518,444
Demand and other deposits			1,418,209			1,418,209			—			—			1,418,209
Borrowings			107,805			—			108,216			—			108,216
Subordinated debentures			24,702			—			25,138			—			25,138
Accrued interest payable			1,865			7			1,858			—			1,865


		December 31, 2024
					Fair Value Measurements Using:
					Quoted Prices In
					Active Markets						Significant
					for Identical			Significant Other			Unobservable
		Carrying			Assets			Observable Inputs			Inputs			Total Fair
(In thousands)		Amount			(Level 1)			(Level 2)			(Level 3)			Value
Financial assets:
Cash and cash equivalents		$	162,857		$	162,857		$	—		$	—		$	162,857
Securities held-to-maturity			3,758			—			3,609			—			3,609
Loans, net			1,962,745			—			—			1,940,452			1,940,452
Accrued interest receivable			11,849			—			931			10,918			11,849

Financial liabilities:
Time deposits			497,770			—			498,226			—			498,226
Demand and other deposits			1,456,513			1,456,513			—			—			1,456,513
Borrowings			107,805			—			107,530			—			107,530
Subordinated debentures			24,689			—			30,909			—			30,909
Accrued interest payable			1,532			5			1,527			—			1,532

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.

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