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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2023
Fair Value Measurements [Abstract]  
Schedule of Assets Measured at Fair Value on a Recurring Basis

Fair Value Measurements at Reporting Date Using

Significant

Significant

Other Observable

Unobservable

Inputs

Inputs

(In thousands)

Total

Level 1

Level 2

Level 3

June 30, 2023

State and municipal securities

$

11,196

$

$

11,196

$

Asset-backed securities

6,120

6,120

Government mortgage-backed securities

10,340

10,340

Totals

$

27,656

$

$

27,656

$

December 31, 2022

State and municipal securities

$

11,071

$

$

11,071

$

Asset-backed securities

6,274

6,274

Government mortgage-backed securities

11,255

11,255

Totals

$

28,600

$

$

28,600

$

Schedule of Assets Measured at Fair Value on a Nonrecurring Basis

Fair Value Measurements at Reporting Date Using:

Quoted Prices in

Significant

Significant

Active Markets for

Other Observable

Unobservable

Identical Assets

Inputs

Inputs

(In thousands)

Total

Level 1

Level 2

Level 3

June 30, 2023

Loans

Enterprise value

$

1,835

$

$

$

1,835

Digital asset

9,549

9,549

Totals

$

11,384

$

$

$

11,384

December 31, 2022

Loans

Commercial

$

16,817

$

$

$

16,817

Other repossessed assets

6,051

6,051

Totals

$

22,868

$

$

$

22,868

Schedule of Valuation Methodology and Unobservable Inputs for Level 3 Assets Measured at Fair Value on a Nonrecurring Basis

(In thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

June 30, 2023

Loans

Enterprise value

$

1,835

Business or collateral valuation

Comparable company or collateral evaluations

0% - 7%

Digital asset

9,549

Asset valuation

Comparable asset evaluations

0% - 1%

December 31, 2022

Loans

Commercial

$

16,817

Business or collateral valuation

Comparable company or collateral evaluations

0% - 10%

Other repossessed assets

6,051

Asset valuation

Comparable asset evaluations

0% - 3%

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments, Held or Issued for Purposes Other Than Trading

Carrying

Fair Value

(In thousands)

Amount

Level 1

Level 2

Level 3

Total

June 30, 2023

Financial assets:

Cash and cash equivalents

$

297,858

$

297,858

$

$

$

297,858

Available-for-sale debt securities

27,656

27,656

27,656

Federal Home Loan Bank of Boston stock

3,309

N/A

N/A

N/A

N/A

Loans, net

1,333,564

1,232,255

1,232,255

Accrued interest receivable

5,007

5,007

5,007

Financial liabilities:

Deposits

1,448,086

1,448,873

1,448,873

Borrowings

79,763

79,513

79,513

December 31, 2022

Financial assets:

Cash and cash equivalents

$

80,629

$

80,629

$

$

$

80,629

Available-for-sale debt securities

28,600

28,600

28,600

Federal Home Loan Bank of Boston stock

4,266

N/A

N/A

N/A

N/A

Loans, net

1,416,047

1,341,633

1,341,633

Accrued interest receivable

6,597

6,597

6,597

Other repossessed assets

6,051

6,051

6,051

Financial liabilities:

Deposits

1,279,582

1,279,665

1,279,665

Borrowings

126,829

124,590

124,590