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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of qualitative factors for credit losses
Each of the thirteen factors in the FASB standard were analyzed for common risk characteristics and grouped into seven consolidated Q-Factors as listed below:
Qualitative FactorFinancial Instruments - Credit Losses
Portfolio Credit QualityThe borrower's financial condition, credit rating, credit score, asset quality or business prospects
The borrower's ability to make scheduled interest or principal payments
The volume and severity of past due financial assets and the volume and severity of adversely classified or rated financial assets
Remaining PaymentsThe remaining payment terms of the financial assets
The remaining time to maturity and the timing and extent of payments on the financial assets
Volume & NatureThe nature and volume of the entity's financial assets
Collateral ValuesThe value of underlying collateral on financial assets in which the collateral-dependent practical expedient has not been utilized
Economic
The environmental factors of a borrower and the areas in which the entity's credit is concentrated, such as: changes and expected changes in national, regional and local economic and business conditions and developments in which the entity operates, including the condition and expected condition of various market segments
Credit CultureThe entity's lending policies and procedures, including changes in lending strategies, underwriting standards, collection, write-off and recovery practices, as well as knowledge of the borrower's operations or the borrower's standing in the community
The quality of the entity's credit review system
The experience, ability and depth of the entity's management, lending staff, and other relevant staff
Business Environment
The environmental factors of a borrower and the areas in which the entity's credit is concentrated, such as: regulatory, legal, or technological environment to which the entity has exposure
The environmental factors of a borrower and the areas in which the entity's credit is concentrated, such as: changes and expected changes in the general market condition of either the geographical area or the industry to which the entity has exposure
Schedule of goodwill The following table presents the changes in the carrying amount of goodwill in 2023:
(in thousands)
Balance, December 31, 2022$27,900 
Additions - branch acquisition
11,957 
Goodwill impairment charge(39,857)
Balance December 31, 2023$—