Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

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 September 30, 2020 and December 31, 2019:


	Carrying		Fair		Fair Value Measurements at September 30, 2020
(In Thousands)	Value		Value		Level I		Level II		Level III
Financial assets:
Cash and cash equivalents (1)	$	226,272	$	226,272	$	226,272	$	—	$	—




Restricted investment in bank stock (1)	15,006		15,006		15,006		—		—
Loans held for sale (1)	6,647		6,647		6,647		—		—
Loans, net	1,335,711		1,401,625		—		—		1,401,625
Bank-owned life insurance (1)	33,474		33,474		33,474		—		—
Accrued interest receivable (1)	8,540		8,540		8,540		—		—

Financial liabilities:
Interest-bearing deposits	$	1,057,562	$	1,123,505	$	807,449	$	—	$	316,056
Noninterest-bearing deposits (1)	434,248		434,248		434,248		—		—
Short-term borrowings (1)	15,009		15,009		15,009		—		—
Long-term borrowings	153,534		159,534		—		—		159,534
Accrued interest payable (1)	1,491		1,491		1,491		—		—

(1) The financial instrument is carried at cost at September 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