Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Estimated Fair Value of Financial Instruments that are not Required to be Measured or Reported at Fair Value

The estimated fair values of the Company’s financial instruments that are not required to be measured or reported at fair value are as follows:

	At March 31, 2024				At December 31, 2023
(In Thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents (Level 1)	$	172,283	$	172,283	$	80,190	$	80,190
Securities held to maturity (Level 2)		36,616		34,269		36,735		34,236
Loans (Level 3)		2,245,817		2,210,789		2,241,533		2,159,967
Accrued interest receivable (Level 1)		10,200		10,200		9,831		9,831
Restricted investments in bank stock (Level 1)		4,286		4,286		3,965		3,965
Cash surrender value of life insurance (Level 1)		49,230		49,230		48,847		48,847
Financial liabilities:
Non-maturity deposits (Level 1)		1,693,113		1,693,113		1,672,166		1,672,166
Time Deposits (Level 3)		692,916		688,251		626,307		621,496
Long-term borrowings (Level 3)		40,000		40,000		—		—
Short-term borrowings (Level 1)		—		—		10,000		10,000
Note payable (Level 3)		584		584		590		590
Subordinated Notes (Level 3)		61,573		57,819		61,444		57,303
Accrued interest payable (Level 1)		2,513		2,513		1,466		1,466

Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis

	March 31, 2024
(In Thousands)	Level I		Level II		Level III		Total
Assets:
US Government Agency securities	$	—	$	12,849	$	—	$	12,849
US Government Treasury securities		—		4,944		—		4,944
Obligations of state and political subdivisions		—		45,967		—		45,967
Mortgage backed securities in government-sponsored entities		—		67,960		—		67,960
Other securities		—		2,229		—		2,229
Total	$	—	$	133,949	$	—	$	133,949
Derivative	$	—	$	—	$	2,051	$	2,051
	December 31, 2023
(In Thousands)	Level I		Level II		Level III		Total
Assets:
US Government Agency Securities	$	—	$	12,985	$	—	$	12,985
US Government Treasury Securities		—		4,942		—		4,942
Obligations of state and political subdivisions		—		47,045		—		47,045
Mortgage backed securities in government-sponsored entities		—		48,181		—		48,181
Other securities		—		2,337		—		2,337
Total	$	—	$	115,490	$	—	$	115,490
Derivative	$	—	$	—	$	716	$	716

Summary of Financial Assets Measured at Fair Value on a Nonrecurring Basis

For financial assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used as of March 31, 2024 and December 31, 2023 are presented in the table below.

	March 31, 2024
(In Thousands)	Level I		Level II		Level III		Total
Loans individually evaluated	$	—	$	—	$	11,870	$	11,870
	December 31, 2023
(In Thousands)	Level I		Level II		Level III		Total
Loans individually evaluated	$	—	$	—	$	13,223	$	13,223

Summary of Information about Valuation Processes Used to Determine Nonrecurring Fair Value Measurements

The following tables provide information describing the valuation processes used to determine nonrecurring fair value measurements categorized within Level III of the fair value hierarchy:

	March 31, 2024
	Quantitative Information About Level III Fair Value Measurements
(In Thousands)	Fair Value		Valuation Techniques			Unobservable Input	Range (Weighted Average)
Loans individually evaluated	$	11,870	Appraisal of collateral	(1	)	Liquidation expenses		10	%
	December 31, 2023
	Quantitative Information About Level III Fair Value Measurements
(In Thousands)	Fair Value		Valuation Techniques			Unobservable Input	Range (Weighted Average)
Loans individually evaluated	$	13,223	Appraisal of collateral	(1	)	Liquidation expenses		10	%

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which include various Level III inputs that are not identifiable.