The Company is required to disclose fair values for its financial instruments. Fair values are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Also, it is the Company’s general practice and intention to hold most of its financial instruments to maturity and not to engage in trading or sales activities. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These fair values are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions can significantly affect the fair values.

Fair values have been determined by the Company using historical data and an estimation methodology suitable for each category of financial instruments. The Company’s fair values are set forth below for the Company’s other financial instruments.

As certain assets and liabilities, such as deferred tax assets, premises and equipment, and many other operational elements of the Company, are not considered financial instruments but have value, this fair value of financial instruments would not represent the full market value of the Company.


	Carrying		Fair		Fair Value Measurements at March 31, 2025
(In Thousands)	Value		Value		Level I		Level II		Level III
Financial assets:






Loans held for sale (1)	$	2,583	$	2,583	$	2,583	$	—	$	—
Loans, net	1,887,386		1,909,203		—		—		1,909,203



Financial liabilities:

Time deposits & brokered deposits	519,992		519,012		—		—		519,012
Short-term borrowings	82,910		82,910		82,910		—		—
Long-term borrowings	214,542		215,060		—		—		215,060


	Carrying		Fair		Fair Value Measurements at December 31, 2024
(In Thousands)	Value		Value		Level I		Level II		Level III
Financial assets:





Loans held for sale (1)	$	3,266	$	3,266	$	3,266	$	—	$	—
Loans, net	1,865,230		1,869,035		—		—		1,869,035



Financial liabilities:

Time deposits & brokered deposits	519,141		518,232		—		—		518,232
Short-term borrowings	42,200		42,200		42,200		—		—
Long-term borrowings	254,588		254,113		—		—		254,113

(1) The financial instrument is carried at cost the lower of cost or fair value at, December 31, 2024 which is not significantly different than the fair value of the instruments

The methods and assumptions used by the Company in estimating fair values of financial instruments is in accordance with ASC Topic 825, Financial Instruments, as amended by ASU 2016-01 which requires public entities to use exit pricing in the calculation of the above tables.