| Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis are summarized below:
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December 31, 2025 |
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(In thousands) |
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Level 1 |
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Level 2 |
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Level 3 |
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|
Total Fair
Value |
|
Assets |
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Securities |
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Debt securities |
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$ |
— |
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|
$ |
269,139 |
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|
$ |
— |
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|
$ |
269,139 |
|
MSRs |
|
|
— |
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|
|
3,033 |
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|
|
— |
|
|
|
3,033 |
|
Interest rate swaps |
|
|
— |
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|
|
5,958 |
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|
|
— |
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|
|
5,958 |
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Total assets |
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$ |
— |
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|
$ |
278,130 |
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$ |
— |
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|
$ |
278,130 |
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Liabilities |
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|
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Interest rate swaps |
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$ |
— |
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|
$ |
6,349 |
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$ |
— |
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|
$ |
6,349 |
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Total liabilities |
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$ |
— |
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|
$ |
6,349 |
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$ |
— |
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$ |
6,349 |
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|
December 31, 2024 |
|
(In thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total Fair
Value |
|
Assets |
|
|
|
|
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|
Securities |
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|
Debt securities |
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$ |
— |
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|
$ |
265,933 |
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|
$ |
— |
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|
$ |
265,933 |
|
MSRs |
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|
— |
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|
|
3,488 |
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|
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— |
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|
3,488 |
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Interest rate swaps |
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|
— |
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|
7,667 |
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— |
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|
7,667 |
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Total assets |
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$ |
— |
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|
$ |
277,088 |
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|
$ |
— |
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|
$ |
277,088 |
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Liabilities |
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Interest rate swaps |
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$ |
— |
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$ |
7,492 |
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$ |
— |
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$ |
7,492 |
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Total liabilities |
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$ |
— |
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$ |
7,492 |
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$ |
— |
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$ |
7,492 |
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| Summary of Carrying Amounts and Estimated Fair Values of Consolidated Financial Instruments |
The carrying amounts and estimated fair values of the Company’s consolidated financial instruments as of the balance sheet dates were as follows:
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December 31, 2025 |
|
(In thousands) |
|
Carrying
Amount |
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|
Fair
Value |
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|
Level 1 |
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Level 2 |
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Level 3 |
|
Financial assets: |
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Cash and due from banks |
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$ |
145,454 |
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$ |
145,454 |
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|
$ |
145,454 |
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$ |
— |
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|
$ |
— |
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Securities available for sale |
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|
269,139 |
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|
269,139 |
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— |
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|
269,139 |
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— |
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Securities held to maturity |
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13,000 |
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12,601 |
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— |
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12,601 |
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— |
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Federal Home Loan Bank stock |
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|
11,801 |
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|
11,801 |
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— |
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11,801 |
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— |
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Loans, net |
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2,276,448 |
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2,155,617 |
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— |
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— |
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2,155,617 |
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Loans held for sale |
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|
400 |
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|
400 |
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— |
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|
400 |
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— |
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Accrued interest receivable |
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|
8,537 |
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|
8,537 |
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— |
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8,537 |
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— |
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Bank-owned life insurance |
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36,660 |
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|
36,660 |
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— |
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|
36,660 |
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|
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— |
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MSRs |
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|
3,033 |
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|
3,033 |
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— |
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|
3,033 |
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— |
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Financial liabilities: |
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Deposits, other than certificates of deposit |
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1,805,631 |
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1,805,631 |
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— |
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1,805,631 |
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— |
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Certificates of deposit |
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322,652 |
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322,172 |
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— |
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322,172 |
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— |
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Federal Home Loan Bank advances |
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260,000 |
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|
260,687 |
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— |
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260,687 |
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— |
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Subordinated debt |
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|
27,815 |
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|
25,242 |
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— |
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|
25,242 |
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— |
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Accrued interest payable |
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|
1,505 |
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|
1,505 |
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— |
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1,505 |
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— |
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December 31, 2024 |
|
(In thousands) |
|
Carrying
Amount |
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|
Fair
Value |
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|
Level 1 |
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Level 2 |
|
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Level 3 |
|
Financial assets: |
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Cash and due from banks |
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$ |
62,444 |
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$ |
62,444 |
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$ |
62,444 |
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$ |
— |
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$ |
— |
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Securities available for sale |
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|
265,933 |
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|
265,933 |
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— |
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|
265,933 |
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|
|
— |
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Securities held to maturity |
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|
16,747 |
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|
16,630 |
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— |
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|
16,630 |
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— |
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Federal Home Loan Bank stock |
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|
14,729 |
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|
14,729 |
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— |
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|
14,729 |
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— |
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Loans, net |
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2,176,459 |
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|
2,002,458 |
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— |
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— |
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|
2,002,458 |
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Loans held for sale |
|
850 |
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|
850 |
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— |
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|
850 |
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— |
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Accrued interest receivable |
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|
8,897 |
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|
8,897 |
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— |
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|
8,897 |
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— |
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Bank-owned life insurance |
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|
35,526 |
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|
35,526 |
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— |
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|
35,526 |
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— |
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MSRs |
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|
3,488 |
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|
3,488 |
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— |
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|
3,488 |
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— |
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Financial liabilities: |
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Deposits, other than certificates of deposit |
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1,676,272 |
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1,676,272 |
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— |
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1,676,272 |
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— |
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Certificates of deposit |
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|
390,560 |
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|
389,633 |
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— |
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|
389,633 |
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— |
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Federal Home Loan Bank advances |
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|
325,000 |
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|
325,527 |
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— |
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|
325,527 |
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— |
|
Subordinated debt |
|
|
27,679 |
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|
|
30,797 |
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|
|
— |
|
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|
30,797 |
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|
|
— |
|
Accrued interest payable |
|
|
1,697 |
|
|
|
1,697 |
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|
|
— |
|
|
|
1,697 |
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|
— |
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