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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of fair value of financial instruments
The fair values of the Company’s financial instruments not recorded at fair value on a recurring or nonrecurring basis are as follows at June 30, 2020 and December 31, 2019:
 
 
Carrying
 
Fair
 
Fair Value Measurements at June 30, 2020
(In Thousands)
 
Value
 
Value
 
Level I
 
Level II
 
Level III
Financial assets:
 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents (1)
 
$
215,174

 
$
215,174

 
$
215,174

 
$
—

 
$
—

Restricted investment in bank stock (1)
 
14,849

 
14,849

 
14,849

 
—

 
—

Loans held for sale (1)
 
5,146

 
5,146

 
5,146

 
—

 
—

Loans, net
 
1,336,370

 
1,351,981

 
—

 
—

 
1,351,981

Bank-owned life insurance (1)
 
29,368

 
29,368

 
29,368

 
—

 
—

Accrued interest receivable (1)
 
8,068

 
8,068

 
8,068

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 

 
 

 
 

 
 

 
 

Interest-bearing deposits
 
$
1,055,981

 
$
1,092,886

 
$
712,065

 
$
—

 
$
380,821

Noninterest-bearing deposits (1)
 
418,324

 
418,324

 
418,324

 
—

 
—

Short-term borrowings (1)
 
15,133

 
15,133

 
15,133

 
—

 
—

Long-term borrowings
 
171,885

 
178,332

 
—

 
—

 
178,332

Accrued interest payable (1)
 
1,530

 
1,530

 
1,530

 
—

 
—

(1) The financial instrument is carried at cost at June 30, 2020, which approximate the fair value of the instruments
 
 
Carrying
 
Fair
 
Fair Value Measurements at December 31, 2019
(In Thousands)
 
Value
 
Value
 
Level I
 
Level II
 
Level III
Financial assets:
 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents (1)
 
$
48,589

 
$
48,589

 
$
48,589

 
$
—

 
$
—

Restricted investment in bank stock (1)
 
13,528

 
13,528

 
13,528

 
—

 
—

Loans held for sale (1)
 
4,232

 
4,232

 
4,232

 
—

 
—

Loans, net
 
1,343,650

 
1,346,395

 
—

 
—

 
1,346,395

Bank-owned life insurance (1)
 
29,253

 
29,253

 
29,253

 
—

 
—

Accrued interest receivable (1)
 
5,246

 
5,246

 
5,246

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 

 
 

 
 

 
 

 
 

Interest-bearing deposits
 
$
989,259

 
$
990,747

 
$
611,374

 
$
—

 
$
379,373

Noninterest-bearing deposits (1)
 
334,746

 
334,746

 
334,746

 
—

 
—

Short-term borrowings (1)
 
4,920

 
4,920

 
4,920

 
—

 
—

Long-term borrowings
 
161,920

 
163,931

 
—

 
—

 
163,931

Accrued interest payable (1)
 
1,671

 
1,671

 
1,671

 
—

 
—


(1) The financial instrument is carried at cost at December 31, 2019, which approximate the fair value of the instruments