Fair Value Measurements, Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis, segregated by fair value hierarchy level, are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | | Fair Value Measurements Using | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (In Thousands) | Assets: | | | | | | | | | Securities available-for-sale: | | | | | | | | | U.S. government agency securities - government-sponsored enterprises | | $ | — | | | $ | 22,629 | | | $ | — | | | $ | 22,629 | | Municipal securities | | — | | | 24,779 | | | — | | | 24,779 | | Residential mortgage-backed securities - government issued | | — | | | 10,403 | | | — | | | 10,403 | | Residential mortgage-backed securities - government-sponsored enterprises | | — | | | 105,006 | | | — | | | 105,006 | | Commercial mortgage-backed securities - government issued | | — | | | 5,464 | | | — | | | 5,464 | | Commercial mortgage-backed securities - government-sponsored enterprises | | — | | | 13,365 | | | — | | | 13,365 | | Other securities | | — | | | 2,279 | | | — | | | 2,279 | | Interest rate swaps | | — | | | 49,377 | | | — | | | 49,377 | | Liabilities: | | | | | | | | | Interest rate swaps | | — | | | 54,927 | | | — | | | 54,927 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | | Fair Value Measurements Using | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (In Thousands) | Assets: | | | | | | | | | Securities available-for-sale: | | | | | | | | | U.S. government agency securities - government-sponsored enterprises | | $ | — | | | $ | 23,758 | | | $ | — | | | $ | 23,758 | | Municipal securities | | — | | | 160 | | | — | | | 160 | | Residential mortgage-backed securities - government issued | | — | | | 16,348 | | | — | | | 16,348 | | Residential mortgage-backed securities - government-sponsored enterprises | | — | | | 112,002 | | | — | | | 112,002 | | Commercial mortgage-backed securities - government issued | | — | | | 6,663 | | | — | | | 6,663 | | Commercial mortgage-backed securities - government-sponsored enterprises | | — | | | 11,967 | | | — | | | 11,967 | | Other securities | | — | | | 2,235 | | | — | | | 2,235 | | Interest rate swaps | | — | | | 18,346 | | | — | | | 18,346 | | Liabilities: | | | | | | | | | Interest rate swaps | | — | | | 20,885 | | | — | | | 20,885 | |
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Fair Value Measurements, Nonrecurring Basis |
Assets and liabilities measured at fair value on a non-recurring basis, segregated by fair value hierarchy, are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | | Fair Value Measurements Using | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (In Thousands) | Impaired loans | | $ | — | | | $ | — | | | $ | 17,203 | | | $ | 17,203 | | Foreclosed properties | | — | | | — | | | 34 | | | 34 | | Loan servicing rights | | — | | | — | | | 1,325 | | | 1,325 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | | Fair Value Measurements Using | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (In Thousands) | Impaired loans | | $ | — | | | $ | — | | | $ | 15,699 | | | $ | 15,699 | | Foreclosed properties | | — | | | — | | | 2,919 | | | 2,919 | | Loan servicing rights | | — | | | — | | | 1,195 | | | 1,195 | |
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Fair Value, by Balance Sheet Grouping |
The Corporation is required to disclose estimated fair values for its financial instruments. Fair value estimates, methods and assumptions, consistent with exit price concepts for fair value measurements, are set forth below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | | Carrying Amount | | Fair Value | | | | | Total | | Level 1 | | Level 2 | | Level 3 | | | (In Thousands) | Financial assets: | | | | | | | | | | | Cash and cash equivalents | | $ | 56,909 | | | $ | 56,909 | | | $ | 56,909 | | | $ | — | | | $ | — | | Securities available-for-sale | | 183,925 | | | 183,925 | | | — | | | 183,925 | | | — | | Securities held-to-maturity | | 26,374 | | | 27,333 | | | — | | | 27,333 | | | — | | Loans held for sale | | 8,695 | | | 9,478 | | | — | | | 9,478 | | | — | | Loans and lease receivables, net | | 2,117,449 | | | 2,121,107 | | | — | | | — | | | 2,121,107 | | | | | | | | | | | | | Federal Home Loan Bank stock | | 13,578 | | | N/A | | N/A | | N/A | | N/A | Accrued interest receivable | | 8,564 | | | 8,564 | | | 8,564 | | | — | | | — | | Interest rate swaps | | 49,377 | | | 49,377 | | | — | | | 49,377 | | | — | | Financial liabilities: | | | | | | | | | | | Deposits | | 1,855,516 | | | 1,856,910 | | | 1,743,314 | | | 113,596 | | | — | | Federal Home Loan Bank advances and other borrowings | | 419,167 | | | 429,347 | | | — | | | 429,347 | | | — | | Junior subordinated notes | | 10,062 | | | 9,986 | | | — | | | — | | | 9,986 | | Accrued interest payable | | 1,578 | | | 1,578 | | | 1,578 | | | — | | | — | | Interest rate swaps | | 54,927 | | | 54,927 | | | — | | | 54,927 | | | — | | Off-balance sheet items: | | | | | | | | | | | Standby letters of credit | | 75 | | | 75 | | | — | | | — | | | 75 | | | | | | | | | | | | |
N/A = The fair value is not applicable due to restrictions placed on transferability | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | | Carrying Amount | | Fair Value | | | | | Total | | Level 1 | | Level 2 | | Level 3 | | | (In Thousands) | Financial assets: | | | | | | | | | | | Cash and cash equivalents | | $ | 67,102 | | | $ | 67,102 | | | $ | 61,202 | | | $ | 5,900 | | | $ | — | | Securities available-for-sale | | 173,133 | | | 173,133 | | | — | | | 173,133 | | | — | | Securities held-to-maturity | | 32,700 | | | 33,188 | | | — | | | 33,188 | | | — | | Loans held for sale | | 5,205 | | | 5,673 | | | — | | | 5,673 | | | — | | Loans and lease receivables, net | | 1,695,115 | | | 1,706,201 | | | — | | | — | | | 1,706,201 | | | | | | | | | | | | | Federal Home Loan Bank stock | | 7,953 | | | N/A | | N/A | | N/A | | N/A | Accrued interest receivable | | 5,760 | | | 5,760 | | | 5,760 | | | — | | | — | | Interest rate swaps | | 18,346 | | | 18,346 | | | — | | | 18,346 | | | — | | Financial liabilities: | | | | | | | | | | | Deposits | | 1,530,379 | | | 1,532,517 | | | 1,241,891 | | | 290,626 | | | — | | Federal Home Loan Bank advances and other borrowings | | 319,382 | | | 319,507 | | | — | | | 319,507 | | | — | | Junior subordinated notes | | 10,047 | | | 9,970 | | | — | | | — | | | 9,970 | | Accrued interest payable | | 2,882 | | | 2,882 | | | 2,882 | | | — | | | — | | Interest rate swaps | | 20,885 | | | 20,885 | | | — | | | 20,885 | | | — | | Off-balance sheet items: | | | | | | | | | | | Standby letters of credit | | 63 | | | 63 | | | — | | | — | | | 63 | | | | | | | | | | | | |
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