Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025				At December 31, 2024
(In Thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents (Level 1)	$	220,182	$	220,182	$	166,100	$	166,100
Securities held to maturity (Level 2)		28,083		26,764		31,508		30,284
Loans, net of allowance for credit losses (Level 3)		2,247,322		2,250,242		2,229,314		2,231,057
Accrued interest receivable (Level 1)		9,545		9,545		9,870		9,870
Restricted investments in bank stock (Level 1)		4,780		4,780		5,209		5,209
Cash surrender value of life insurance (Level 1)		52,507		52,507		52,079		52,079
Financial liabilities:
Non-maturity deposits (Level 1)		1,776,412		1,776,412		1,723,849		1,723,849
Time Deposits (Level 3)		657,282		655,882		636,733		634,875
Long-term borrowings (Level 3)		40,000		40,280		40,000		40,256
Short-term borrowings (Level 1)		—		—		10,000		10,000
Note payable (Level 3)		559		559		565		565
Subordinated Notes (Level 3)		62,129		60,700		61,984		60,251
Accrued interest payable (Level 1)		2,581		2,581		1,865		1,865

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


	March 31, 2025
(In Thousands)	Level I		Level II		Level III		Total
Assets:
US Government Agency securities	$	—	$	13,273	$	—	$	13,273
Obligations of state and political subdivisions		—		47,465		—		47,465
Mortgage backed securities in government-sponsored entities		—		98,045		—		98,045
Other securities		—		400		—		400
Total	$	—	$	159,183	$	—	$	159,183

Derivative	$	—	$	—	$	689	$	689

	December 31, 2024
(In Thousands)	Level I		Level II		Level III		Total
Assets:
US Government Agency Securities	$	—	$	13,073	$	—	$	13,073
Obligations of state and political subdivisions		—		47,201		—		47,201
Mortgage backed securities in government-sponsored entities		—		84,783		—		84,783
Other securities		—		533		—		533
Total	$	—	$	145,590	$	—	$	145,590

Derivative	$	—	$	—	$	1,654	$	1,654

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, 2025 and December 31, 2024 are presented in the table below.


	March 31, 2025
(In Thousands)	Level I		Level II		Level III		Total
Loans individually evaluated	$	—	$	—	$	31,280	$	31,280

	December 31, 2024
(In Thousands)	Level I		Level II		Level III		Total
Loans individually evaluated	$	—	$	—	$	21,519	$	21,519

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, 2025

          
         Quantitative Information About Level III Fair Value Measurements

         (In Thousands)

         Fair Value

         Valuation
Techniques

         Unobservable
Input

         Range (Weighted
Average)

Loans individually evaluated

31,280

Appraisal of
collateral

(1

)

Liquidation
expenses

10

          
         December 31, 2024

          
         Quantitative Information About Level III Fair Value Measurements

         (In Thousands)

         Fair Value

         Valuation
Techniques

         Unobservable
Input

         Range (Weighted
Average)

Loans individually evaluated

21,519

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.