| Schedule of Assets and Liabilities Measured at Fair Value On a Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis, segregated by fair value hierarchy level, are summarized below:
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March 31, 2026 |
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Fair Value Measurements Using |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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(In Thousands) |
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Assets: |
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Securities available-for-sale: |
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U.S. treasuries |
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$ |
— |
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$ |
4,929 |
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$ |
— |
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$ |
4,929 |
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U.S. government agency securities - government-sponsored
enterprises |
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— |
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2,311 |
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— |
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2,311 |
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Municipal securities |
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— |
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42,986 |
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— |
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42,986 |
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Residential mortgage-backed securities - government issued |
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— |
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166,905 |
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— |
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166,905 |
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Residential mortgage-backed securities - government-
sponsored enterprises |
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— |
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161,661 |
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— |
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161,661 |
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Commercial mortgage-backed securities - government issued |
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— |
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2,053 |
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— |
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2,053 |
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Commercial mortgage-backed securities - government-
sponsored enterprises |
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— |
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39,480 |
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— |
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39,480 |
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Interest rate swaps |
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— |
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38,198 |
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— |
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38,198 |
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Liabilities: |
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Interest rate swaps |
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— |
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35,857 |
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— |
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35,857 |
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December 31, 2025 |
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Fair Value Measurements Using |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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(In Thousands) |
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Assets: |
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Securities available-for-sale: |
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U.S. treasuries |
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$ |
— |
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$ |
4,901 |
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$ |
— |
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$ |
4,901 |
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U.S. government agency securities - government-sponsored
enterprises |
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— |
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2,314 |
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— |
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2,314 |
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Municipal securities |
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— |
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43,892 |
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— |
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43,892 |
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Residential mortgage-backed securities - government issued |
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— |
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166,635 |
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— |
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166,635 |
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Residential mortgage-backed securities - government-
sponsored enterprises |
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— |
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162,543 |
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— |
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162,543 |
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Commercial mortgage-backed securities - government issued |
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— |
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2,114 |
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— |
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2,114 |
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Commercial mortgage-backed securities - government-
sponsored enterprises |
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— |
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39,688 |
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— |
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39,688 |
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Interest rate swaps |
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— |
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36,515 |
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— |
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36,515 |
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Liabilities: |
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Interest rate swaps |
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— |
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36,926 |
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— |
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36,926 |
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| Schedule of Estimated Fair Values for Financial Instruments |
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:
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March 31, 2026 |
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Carrying
Amount |
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Fair Value |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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(In Thousands) |
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Financial assets: |
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Cash and cash equivalents |
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$ |
137,125 |
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$ |
137,125 |
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$ |
137,125 |
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$ |
— |
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$ |
— |
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Securities available-for-sale |
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420,325 |
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420,325 |
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— |
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420,325 |
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— |
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Securities held-to-maturity |
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4,797 |
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4,723 |
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— |
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4,723 |
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— |
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Loans held for sale |
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23,700 |
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25,596 |
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— |
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25,596 |
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— |
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Loans and lease receivables, net |
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3,462,272 |
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3,456,676 |
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— |
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— |
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3,456,676 |
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Federal Home Loan Bank stock |
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11,242 |
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N/A |
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N/A |
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N/A |
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N/A |
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Accrued interest receivable |
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13,229 |
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13,229 |
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13,229 |
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— |
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— |
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Interest rate swaps |
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38,198 |
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38,198 |
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— |
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38,198 |
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— |
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Financial liabilities: |
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Deposits |
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3,566,002 |
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3,567,589 |
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2,882,209 |
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685,380 |
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— |
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Federal Home Loan Bank advances and other borrowings |
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303,451 |
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302,412 |
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— |
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302,412 |
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— |
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Accrued interest payable |
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8,875 |
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8,875 |
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8,875 |
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— |
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— |
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Interest rate swaps |
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35,857 |
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35,857 |
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— |
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35,857 |
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— |
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Off-balance sheet items: |
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Standby letters of credit |
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|
196 |
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|
196 |
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— |
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— |
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|
196 |
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N/A = The fair value is not applicable due to restrictions placed on transferability
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December 31, 2025 |
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|
Carrying
Amount |
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|
Fair Value |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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(In Thousands) |
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Financial assets: |
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Cash and cash equivalents |
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$ |
39,485 |
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$ |
39,485 |
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$ |
39,485 |
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$ |
— |
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$ |
— |
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Securities available-for-sale |
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422,087 |
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422,087 |
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— |
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422,087 |
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— |
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Securities held-to-maturity |
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5,210 |
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5,141 |
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— |
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5,141 |
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— |
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Loans held for sale |
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18,849 |
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20,357 |
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— |
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20,357 |
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— |
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Loans and lease receivables, net |
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3,337,364 |
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3,330,756 |
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— |
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— |
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3,330,756 |
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Federal Home Loan Bank stock |
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8,940 |
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N/A |
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N/A |
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N/A |
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N/A |
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Accrued interest receivable |
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13,100 |
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13,100 |
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13,100 |
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— |
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— |
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Interest rate swaps |
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|
36,515 |
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36,515 |
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— |
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36,515 |
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— |
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Financial liabilities: |
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Deposits |
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3,380,415 |
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3,382,348 |
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2,575,431 |
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806,917 |
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— |
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Federal Home Loan Bank advances and other borrowings |
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252,051 |
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251,312 |
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— |
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251,312 |
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— |
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Accrued interest payable |
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9,417 |
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|
9,417 |
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9,417 |
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— |
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— |
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Interest rate swaps |
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|
36,926 |
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|
36,926 |
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— |
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36,926 |
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— |
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Off-balance sheet items: |
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|
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Standby letters of credit |
|
|
197 |
|
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|
197 |
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|
— |
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|
|
— |
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|
197 |
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N/A = The fair value is not applicable due to restrictions placed on transferability
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