Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023:


	Carrying		Fair		Fair Value Measurements at March 31, 2024
(In Thousands)	Value		Value		Level I		Level II		Level III
Financial assets:






Loans held for sale (1)	$	3,360	$	3,360	$	3,360	$	—	$	—
Loans, net	1,843,805		1,804,399		—		—		1,804,399



Financial liabilities:

Time deposits & brokered deposits	418,190		414,118		—		—		414,118
Short-term borrowings	111,208		111,208		111,208		—		—
Long-term borrowings	261,770		260,656		—		—		260,656

(1) The financial instrument is carried at cost the lower of cost or fair value at, March 31, 2024 which is not significantly different than the fair value of the instruments


	Carrying		Fair		Fair Value Measurements at December 31, 2023
(In Thousands)	Value		Value		Level I		Level II		Level III
Financial assets:





Loans held for sale (1)	$	3,993	$	3,993	$	3,993	$	—	$	—
Loans, net	1,828,318		1,806,044		—		—		1,806,044



Financial liabilities:

Time deposits & brokered deposits	384,792		382,139		—		—		382,139
Short-term borrowings	145,926		145,926		145,926		—		—
Long-term borrowings	252,598		251,570		—		—		251,570

(1) The financial instrument is carried at cost the lower of cost or fair value at, December 31, 2023 which is not significantly different than the fair value of the instruments