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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2024
FAIR VALUE MEASUREMENTS |
Schedule of fair value of assets measured at fair value on a recurring basis | Information regarding the fair value of assets measured at fair value on a recurring basis is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Instruments |  | Markets |  | Other |  | Significant
​ | ​ | Measured | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | At Fair | ​ | Assets | ​ | Inputs | ​ | Inputs
​ | ​ | Value | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
March 31, 2024 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Securities available for sale |  | ​ |  |  | ​ |  |  | ​ | ​ |  | ​ |
Obligations of U.S. Government sponsored agencies | ​ | $ | 27,045 | ​ | $ | — | ​ | $ | 27,045 | ​ | $ | —
Obligations of states and political subdivisions | ​ |  | 57,566 | ​ |  | — | ​ |  | 57,566 | ​ |  | —
Mortgage-backed securities | ​ | ​ | 34,775 | ​ | ​ | — | ​ | ​ | 34,775 | ​ | ​ | —
Corporate notes | ​ |  | 19,034 | ​ |  | — | ​ |  | 19,034 | ​ |  | —
Mortgage servicing rights | ​ |  | 13,356 | ​ |  | — | ​ |  | 13,356 | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Assets | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Securities available for sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Obligations of U.S. Government sponsored agencies | ​ | $ | 28,294 | ​ | $ | — | ​ | $ | 28,294 | ​ | $ | —
Obligations of states and political subdivisions | ​ |  | 58,246 | ​ |  | — | ​ |  | 58,246 | ​ |  | —
Mortgage-backed securities | ​ | ​ | 36,130 | ​ | ​ | — | ​ | ​ | 36,130 | ​ | ​ | —
Corporate notes | ​ |  | 19,038 | ​ |  | — | ​ |  | 19,038 | ​ |  | —
Certificates of deposit | ​ | ​ | 489 | ​ | ​ | — | ​ | ​ | 489 | ​ | ​ | —
Mortgage servicing rights | ​ |  | 13,668 | ​ |  | — | ​ |  | 13,668 | ​ |  | —
Schedule of fair value of assets measured on a non-recurring basis | Information regarding the fair value of assets measured at fair value on a non-recurring basis is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Quoted Prices |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | In Active | ​ | Significant | ​ | ​ | ​
​ | ​ | Assets | ​ | Markets | ​ | Other | ​ | Significant
​ | ​ | Measured | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | At Fair | ​ | Assets | ​ | Inputs | ​ | Inputs
​ | ​ | Value | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
March 31, 2024 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
OREO | ​ | $ | 2,674 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,674
Loans individually evaluated, net of reserve | ​ | ​ | 9,482 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,482
​ | ​ | $ | 12,156 | ​ | $ | — | ​ | $ | — | ​ | $ | 12,156
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
OREO | ​ | $ | 2,573 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,573
Loans individually evaluated, net of reserve | ​ |  | 9,242 | ​ |  | — | ​ |  | — | ​ |  | 9,242
​ | ​ | $ | 11,815 | ​ | $ | — | ​ | $ | — | ​ | $ | 11,815
Schedule of fair value measurement on inputs and valuation techniques | The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | Weighted |
​ | ​ | ​ | ​ | Unobservable | ​ | Range of | ​ | Average |
​ | ​ | Valuation Technique | ​ | Inputs | ​ | Discounts |  | Discount | ​
As of March 31, 2024 |  |  |  |  |  |  |  |  | ​
Other real estate owned |  | Third party appraisals, sales contracts or brokered price options |  | Collateral discounts and estimated costs to sell |  | 3% - 61 | % | 42 | %
Loans individually evaluated |  | Third party appraisals and discounted cash flows |  | Collateral discounts and discount rates |  | 18% - 38 | % | 35 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2023 |  |  |  |  |  |  |  |  | ​
Other real estate owned |  | Third party appraisals, sales contracts or brokered price options |  | Collateral discounts and estimated costs to sell |  | 3% - 71 | % | 38 | %
Loans individually evaluated |  | Third party appraisals and discounted cash flows |  | Collateral discounts and discount rates |  | 0% - 53 | % | 31 | %
​
Schedule of carrying value and estimated fair value of financial instruments | The carrying value and estimated fair value of financial instruments not measured and reported at fair value on a recurring or non-recurring basis at March 31, 2024 and December 31, 2023 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2024 |  | amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 83,374 | ​ | $ | 83,374 | ​ | $ | — | ​ | $ | — | ​ | $ | 83,374
Securities held to maturity | ​ |  | 111,732 | ​ |  | 107,006 | ​ |  | 3,861 | ​ |  | — | ​ |  | 110,867
Loans held for sale | ​ |  | 1,293 | ​ |  | — | ​ |  | — | ​ |  | 1,293 | ​ |  | 1,293
Loans, net | ​ |  | 3,339,017 | ​ |  | — | ​ |  | — | ​ |  | 3,190,622 | ​ |  | 3,190,622
Other investments | ​ |  | 21,290 | ​ |  | — | ​ |  | — | ​ |  | 21,290 | ​ |  | 21,290
Mortgage servicing rights | ​ |  | 13,356 | ​ |  | — | ​ |  | 13,356 | ​ |  | — | ​ |  | 13,356
Financial liabilities: | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​
Deposits | ​ | $ | 3,416,039 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,138,967 | ​ | $ | 3,138,967
Notes payable | ​ | ​ | 35,295 | ​ | ​ | — | ​ | ​ | 35,295 | ​ | ​ | — | ​ | ​ | 35,295
Subordinated notes | ​ |  | 12,000 | ​ | ​ | — | ​ | ​ | 12,000 | ​ | ​ | — | ​ | ​ | 12,000
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Carrying |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
December 31, 2023 | ​ | amount | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 247,468 | ​ | $ | 247,468 | ​ | $ | — | ​ | $ | — | ​ | $ | 247,468
Securities held to maturity | ​ |  | 103,324 | ​ |  | 99,475 | ​ |  | 4,151 | ​ |  | — | ​ |  | 103,626
Loans held for sale | ​ |  | 3,012 | ​ |  | — | ​ |  | — | ​ |  | 3,012 | ​ |  | 3,012
Loans, net | ​ |  | 3,299,365 | ​ |  | — | ​ |  | — | ​ |  | 3,168,749 | ​ |  | 3,168,749
Other investments | ​ |  | 21,366 | ​ |  | — | ​ |  | — | ​ |  | 21,366 | ​ |  | 21,366
Mortgage servicing rights | ​ |  | 13,668 | ​ |  | — | ​ |  | 13,668 | ​ |  | — | ​ |  | 13,668
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ | $ | 3,432,920 | ​ |  | — | ​ |  | — | ​ |  | 3,153,512 | ​ | ​ | 3,153,512
Securities sold under repurchase agreements | ​ | ​ | 75,747 | ​ | ​ | — | ​ | ​ | 75,747 | ​ | ​ | — | ​ | ​ | 75,747
Notes payable | ​ |  | 35,270 | ​ | ​ | — | ​ | ​ | 35,270 | ​ | ​ | — | ​ | ​ | 35,270
Subordinated notes | ​ |  | 12,000 | ​ | ​ | — | ​ | ​ | 12,000 | ​ | ​ | — | ​ | ​ | 12,000
Junior subordinated debentures | ​ | ​ | 4,124 | ​ | ​ | — | ​ | ​ | 4,124 | ​ | ​ | — | ​ | ​ | 4,124

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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