Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Measurements

Schedule of fair value measurements of assets recognized in consolidated balance sheets measured at fair value on recurring basis

			Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2024
U.S. government agencies	$	27,083	$	—	$	27,083	$	—
Subordinated Notes		24,942		—		24,942		—
State and municipal obligations		199,782		—		199,782		—
December 31, 2023
U.S. government agencies	$	44,268	$	—	$	44,268	$	—
Subordinated Notes		24,300		—		24,300		—
State and municipal obligations		174,192		—		174,192		—

Schedule of fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a non-recurring basis

			Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Fair		Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2024
Collateral dependent loans	$	—	$	—	$	—	$	—
Foreclosed assets held for sale		—		—		—		—
December 31, 2023
Collateral dependent loans	$	—	$	—	$	—	$	—
Foreclosed assets held for sale		3,273		—		—		3,273

Schedule of quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements

	Fair Value at		Valuation	Unobservable
	12/31/23		Technique	Inputs	Range
	(In thousands)
Collateral-dependent loans	$	—	Market comparable properties	Comparability adjustments	5% – 10%
Foreclosed assets held for sale		3,273	Market comparable properties	Marketability discount	10% – 35%

Schedule of estimated fair values of company's financial instruments

			Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Carrying		Assets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2024:
Financial assets
Cash and cash equivalents	$	46,877	$	46,877	$	—	$	—
Loans, net of allowance		476,437		—		—		454,374
Federal Home Loan Bank		3,979		—		3,979		—
Accrued interest receivable		3,811		—		3,811		—
Financial liabilities
Deposits		625,750		—		623,562		—
Securities sold under repurchase agreements		37,805		—		37,805		—
Subordinated debentures		23,802		—		21,948		—
Advance Federal Home Loan Bank		75,000		—		73,902		—
Interest payable		609		—		609		—

			Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Carrying		Assets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
December 31, 2023:
Financial assets
Cash and cash equivalents	$	40,770	$	40,770	$	—	$	—
Loans, net of allowance		479,318		—		—		459,759
Federal Home Loan Bank stock		3,979		—		3,979		—
Accrued interest receivable		4,098		—		4,098		—
Financial liabilities
Deposits		621,459		—		623,813		—
Short term borrowings		26,781		—		26,781		—
Subordinated debentures		23,787		—		22,146		—
Advance Federal Home Loan Bank		75,000		—		74,911		—
Interest payable		579		—		579		—