Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024				At December 31, 2023
(In Thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents (Level 1)	$	181,657	$	181,657	$	80,190	$	80,190
Securities held to maturity (Level 2)		35,845		33,208		36,735		34,236
Loans, net of allowance for credit losses (Level 3)		2,166,909		2,139,232		2,104,517		2,027,937
Accrued interest receivable (Level 1)		10,416		10,416		9,831		9,831
Restricted investments in bank stock (Level 1)		4,928		4,928		3,965		3,965
Cash surrender value of life insurance (Level 1)		49,616		49,616		48,847		48,847
Financial liabilities:
Non-maturity deposits (Level 1)		1,701,586		1,701,586		1,604,535		1,604,535
Time Deposits (Level 3)		658,926		655,020		594,264		589,699
Long-term borrowings (Level 3)		40,000		40,000		—		—
Short-term borrowings (Level 1)		—		—		10,000		10,000
Note payable (Level 3)		578		578		590		590
Subordinated Notes (Level 3)		61,706		58,354		61,444		57,303
Accrued interest payable (Level 1)		1,686		1,686		1,466		1,466

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

	June 30, 2024
(In Thousands)	Level I		Level II		Level III		Total
Assets:
US Government Agency securities	$	—	$	12,956	$	—	$	12,956
US Government Treasury securities		—		3,977		—		3,977
Obligations of state and political subdivisions		—		45,416		—		45,416
Mortgage backed securities in government-sponsored entities		—		77,233		—		77,233
Other securities		—		539		—		539
Total	$	—	$	140,121	$	—	$	140,121
Derivative	$	—	$	—	$	2,215	$	2,215
	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 June 30, 2024 and December 31, 2023 are presented in the table below.

	June 30, 2024
(In Thousands)	Level I		Level II		Level III		Total
Loans individually evaluated	$	—	$	—	$	15,041	$	15,041
	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:

	June 30, 2024
	Quantitative Information About Level III Fair Value Measurements
(In Thousands)	Fair Value		Valuation Techniques			Unobservable Input	Range (Weighted Average)
Loans individually evaluated	$	15,041	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.