Fair Value (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value |
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| Reconciliation of Level 3 Securities Measured at Fair Value on Recurring Basis |
| | | | | | | | | | | | | | | For the six months ended | | | June 30, 2025 | | | June 30, 2024 | (In thousands) | | Corporate Debt | | Restricted Stock | | Corporate Debt | | Restricted Stock | Balance of recurring Level 3 assets at January 1 | | $ | 6,488 | | $ | — | | $ | 7,979 | | $ | — | Activity | | | | | | | | | | | | | Transfers from corporate debt to restricted stock | | | (1,375) | | | 1,375 | | | — | | | — | Transfers from restricted stock to unrestricted equity securities categorized as Level 1 | | | — | | | (3,000) | | | — | | | — | Release/(Provision) of valuation allowance | | | 411 | | | 1,625 | | | (646) | | | — | Unrealized holding gains (losses) included in other comprehensive income | | | 27 | | | — | | | — | | | — | Balance of recurring Level 3 assets at June 30 | | $ | 5,551 | | $ | — | | $ | 7,333 | | $ | — |
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| Balances of Assets Measured at Fair Value on Recurring Basis |
| | | | | | | | | | | | | | | Fair Value Measurements at June 30, 2025 | | | | | | Quoted Prices in | | | | | | | | | Assets | | Active Markets | | Significant Other | | Significant | | | Measured at Fair | | for Identical | | Observable | | Unobservable | (In thousands) | | Value | | Assets (Level 1) | | Inputs (Level 2) | | Inputs (Level 3) | Measured on a recurring basis: | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | Debt securities available for sale: | | | | | | | | | | | | | U.S. Government sponsored entities | | $ | 14,892 | | $ | — | | $ | 14,892 | | $ | — | State and political subdivisions | | | 160 | | | — | | | 160 | | | — | Residential mortgage-backed securities | | | 12,107 | | | — | | | 12,107 | | | — | Asset backed securities | | | 34,583 | | | — | | | 34,583 | | | — | Corporate and other securities | | | 30,749 | | | — | | | 25,198 | | | 5,551 | Total debt securities available for sale | | $ | 92,491 | | $ | — | | $ | 86,940 | | $ | 5,551 | | | | | | | | | | | | | | Equity securities | | $ | 10,423 | | $ | 10,423 | | $ | — | | $ | — | Total equity securities | | $ | 10,423 | | $ | 10,423 | | $ | — | | $ | — | | | | | | | | | | | | | | Interest rate swap agreements | | $ | 246 | | $ | — | | $ | 246 | | $ | — | Total interest rate swap agreements | | $ | 246 | | $ | — | | $ | 246 | | $ | — |
| | | | | | | | | | | | | | | Fair value Measurements at December 31, 2024 | | | | | | Quoted Prices in | | | | | | | | | Assets | | Active Markets | | Significant Other | | Significant | | | Measured at Fair | | for Identical | | Observable | | Unobservable | (In thousands) | | Value | | Assets (Level 1) | | Inputs (Level 2) | | Inputs (Level 3) | Measured on a recurring basis: | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | Debt securities available for sale: | | | | | | | | | | | | | U.S. Government sponsored entities | | $ | 14,759 | | $ | — | | $ | 14,759 | | $ | — | State and political subdivisions | | | 333 | | | — | | | 333 | | | — | Residential mortgage-backed securities | | | 12,286 | | | — | | | 12,286 | | | — | Asset backed securities | | | 39,392 | | | — | | | 39,392 | | | — | Corporate and other securities | | | 27,114 | | | — | | | 20,626 | | | 6,488 | Total debt securities available for sale | | $ | 93,884 | | $ | — | | $ | 87,396 | | $ | 6,488 | | | | | | | | | | | | | | Equity securities | | $ | 9,850 | | $ | 9,850 | | $ | — | | $ | — | Total equity securities | | $ | 9,850 | | $ | 9,850 | | $ | — | | $ | — | | | | | | | | | | | | | | Interest rate swap agreements | | $ | 742 | | $ | — | | $ | 742 | | $ | — | Total interest rate swap agreements | | $ | 742 | | $ | — | | $ | 742 | | $ | — |
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| Assets and Liabilities Carried on the Balance Sheet by Caption And By Level Within The Hierarchy |
| | | | | | | | | | | | | | | Fair Value Measurements at June 30, 2025 | | | | | | Quoted Prices | | Significant | | | | | | | | | in Active | | Other | | Significant | | | Assets | | Markets for | | Observable | | Unobservable | | | Measured at Fair | | Identical Assets | | Inputs | | Inputs | (In thousands) | | Value | | (Level 1) | | (Level 2) | | (Level 3) | Measured on a non-recurring basis: | | | | | | | | | | | | | Financial assets: | | | | | | | | | | | | | Collateral-dependent loans | | $ | 8,053 | | $ | — | | $ | — | | $ | 8,053 |
| | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2024 | | | | | | Quoted Prices | | Significant | | | | | | | | | in Active | | Other | | Significant | | | Assets | | Markets for | | Observable | | Unobservable | | | Measured at Fair | | Identical Assets | | Inputs | | Inputs | (In thousands) | | Value | | (Level 1) | | (Level 2) | | (Level 3) | Measured on a non-recurring basis: | | | | | | | | | | | | | Financial assets: | | | | | | | | | | | | | Collateral-dependent loans | | $ | 6,520 | | $ | — | | $ | — | | $ | 6,520 |
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| Carrying Amount and Estimated Fair Values of Financial Instruments |
| | | | | | | | | | | | | June 30, 2025 | | Carrying | | | | | | | (In thousands) | amount | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | | | Debt securities held to maturity | $ | 36,434 | | $ | — | | $ | 29,651 | | $ | — | Loans held for sale | | 13,352 | | | — | | | 13,936 | | | — | Loans, net of allowance for credit losses | | 2,340,230 | | | — | | | 2,286,506 | | | 8,053 | Financial liabilities: | | | | | | | | | | | | Deposits | | 2,187,366 | | | — | | | 2,183,344 | | | — | Borrowed funds and subordinated debentures | | 387,417 | | | — | | | 387,512 | | | — |
| | | | | | | | | | | | | December 31, 2024 | | Carrying | | | | | | | (In thousands) | amount | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | | | Debt securities held to maturity | $ | 41,294 | | $ | — | | $ | 33,814 | | $ | — | Loans held for sale | | 12,163 | | | — | | | 12,896 | | | — | Loans, net of allowance for credit losses | | 2,221,706 | | | — | | | 2,152,080 | | | 6,520 | Financial liabilities: | | | | | | | | | | | | Deposits | | 2,100,313 | | | — | | | 2,095,365 | | | — | Borrowed funds and subordinated debentures | | 230,814 | | | — | | | 230,576 | | | — |
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