Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of carrying values and fair values of the Company s financial instruments

The carrying values, fair values and placement in the fair value hierarchy of the Company's financial instruments at September 30, 2022 and December 31, 2021 were as follows:

	September 30, 2022
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash and due from banks	$	212,175	$	212,175	$	212,175	$	—	$	—
Federal funds sold	10,947		10,947		10,947		—		—
Marketable equity securities	1,973		1,973		1,973		—		—
Available for sale securities	95,095		95,095		41,605		53,490		—
Held to maturity securities	16,027		14,641		—		39		14,602
Loans receivable, net	2,263,432		2,211,918		—		—		2,211,918
Accrued interest receivable	9,552		9,552		—		9,552		—
FHLB stock	5,039		5,039		—		5,039		—
Servicing asset, net of valuation allowance	840		840		—		—		840
Derivative asset	12,987		12,987		—		12,987		—
Financial Liabilities:
Noninterest bearing deposits	$	380,365	$	380,365	$	—	$	380,365	$	—
NOW and money market	951,764		951,764		—		951,764		—
Savings	183,576		183,576		—		183,576		—
Time deposits	770,997		763,238		—		—		763,238
Accrued interest payable	1,788		1,788		—		1,788		—
Advances from the FHLB	90,000		89,985		—		—		89,985
Subordinated debentures	68,897		62,337		—		—		62,337
Servicing liability	1		1		—		—		1
Derivative liability	4,310		4,310		—		4,310		—

	December 31, 2021
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash and due from banks	$	291,598	$	291,598	$	291,598	$	—	$	—
Federal funds sold	53,084		53,084		53,084		—		—
Marketable equity securities	2,168		2,168		2,168		—		—
Available for sale securities	90,198		90,198		25,569		64,629		—
Held to maturity securities	16,043		18,445		—		52		18,393
Loans receivable, net	1,875,167		1,858,661		—		—		1,858,661
Accrued interest receivable	7,512		7,512		—		7,512		—
FHLB stock	2,814		2,814		—		2,814		—
Servicing asset, net of valuation allowance	818		818		—		—		818
Derivative asset	3,628		3,628		—		3,628		—
Assets held for sale	2,268		2,268		—		—		2,268
Financial Liabilities:
Noninterest bearing deposits	$	398,956	$	398,956	$	—	$	398,956	$	—
NOW and money market	1,074,153		1,074,153		—		1,074,153		—
Savings	193,631		193,631		—		193,631		—
Time deposits	457,258		457,759		—		—		457,759
Accrued interest payable	1,234		1,234		—		1,234		—
Advances from the FHLB	50,000		49,996		—		—		49,996
Subordinated debentures	34,441		34,509		—		—		34,509
Servicing liability	14		14		—		—		14
Derivative liability	16,780		16,780		—		16,780		—