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FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fair Value on a Recurring Basis

The following table summarizes assets and liabilities measured at fair value on a recurring basis at December 31, 2023 or 2022.

			Level 1						Level 2						Level 3						Total Fair Value Measurements
December 31, 2023
Financial Assets
Investment securities:
U.S. Treasury securities			$	17,840					$	—					$	—					$	17,840
U.S. government agencies			—						4,151						—						4,151
States and political subdivisions			—						197,060						6,062						203,122
GSE residential MBSs			—						57,632						—						57,632
GSE commercial MBSs			—						4,743						—						4,743
GSE residential CMOs			—						73,102						—						73,102
Non-agency CMOs			—						22,878						21,791						44,669
Asset-backed			—						108,134						—						108,134
Other			126						—						—						126
Loans held for sale			—						5,816						—						5,816
Derivatives			—						11,328						55						11,383
Totals			$	17,966					$	484,844					$	27,908					$	530,718
Financial Liabilities
Derivatives			$	—					$	13,464					$	—					$	13,464
December 31, 2022
Financial Assets
Investment securities:
U.S. Treasury securities			$	17,291					$	—					$	—					$	17,291
U.S. government agencies			—						5,135						—						5,135
States and political subdivisions			—						191,488						5,926						197,414
GSE residential MBSs			—						59,402						—						59,402
GSE residential CMOs			—						68,378						—						68,378
Non-agency CMOs			—						18,491						21,267						39,758
Asset-backed			—						125,973						—						125,973
Other			377						—						—						377
Loans held for sale			—						10,880						—						10,880
Derivatives			—						10,482						35						10,517
Totals			$	17,668					$	490,229					$	27,228					$	535,125
Financial Liabilities
Derivatives			$	—					$	11,333					$	—					$	11,333

Level 3 Fair Value, Assets Measurement Activity

The following provides details of the Level 3 fair value measurement activity for the years ended December 31, 2023 or 2022.

Investment securities:
			2023						2022
Balance, beginning of year			$	27,193					$	23,147
Unrealized gains (losses) included in OCI			358						(1,859)
Purchases			871						21,237
Net discount accretion			62						56
Principal payments and other			(631)						(10)
Sales			—						(3,053)
Calls			—						(12,154)
OTTI			—						(171)
Balance, end of year			$	27,853					$	27,193

There were no transfers into or out of Level 3 at December 31, 2023 and 2022.

Interest rate lock commitments on residential mortgages:
			2023						2022
Balance, beginning of year			$	35					$	353
Total gains (losses) included in earnings			20						(318)
Balance, end of year			$	55					$	35

Summary of Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes assets measured at fair value on a nonrecurring basis at December 31, 2023 and 2022.

			Level 1						Level 2						Level 3						Total Fair Value Measurements
December 31, 2023
Individually evaluated loans
Commercial real estate:
Owner-occupied			$	—					$	—					$	75					$	75
Non-owner occupied residential			—						—						—						—
Commercial and industrial			—						—						164						164
Residential mortgage:
First lien			—						—						219						219
Home equity - lines of credit			—						—						56						56
Total impaired loans			$	—					$	—					$	514					$	514
December 31, 2022
Impaired loans
Commercial real estate:
Owner-occupied			$	—					$	—					$	116					$	116
Non-owner occupied residential			—						—						9						9
Residential mortgage:
First lien			—						—						309						309
Home equity - lines of credit			—						—						86						86
Total impaired loans			$	—					$	—					$	520					$	520

Schedule of Additional Qualitative Information

The following table presents additional qualitative information about assets measured on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value.

Fair Value Estimate

Valuation Techniques

Unobservable Input

Range

December 31, 2023

Individually evaluated loans

$

514

Appraisal of collateral

Management adjustments on appraisals for property type and recent activity

10% - 70% discount

- Management adjustments for liquidation expenses

3.3% - 12.3% discount

December 31, 2022

Impaired loans

$

520

Appraisal of collateral

Management adjustments on appraisals for property type and recent activity

10% - 25% discount

- Management adjustments for liquidation expenses

6.08% - 17.93% discount

Schedule of Estimated Fair Values of Financial Instruments

The following table presents the carrying amounts and estimated fair values of financial assets and liabilities at December 31, 2023, and 2022.

			Carrying Amount						Fair Value						Level 1						Level 2						Level 3
December 31, 2023
Financial Assets
Cash and due from banks			$	32,586					$	32,586					$	32,586					$	—					$	—
Interest-bearing deposits with banks			32,575						32,575						32,575						—						—
Restricted investments in bank stock			11,992						n/a						n/a						n/a						n/a
Investment securities			513,519						513,519						17,966						467,700						27,853
Loans held for sale			5,816						5,816						—						5,816						—
Loans, net of allowance for credit losses			2,269,611						2,159,745						—						—						2,159,745
Derivatives			11,383						11,383						—						11,328						55
Accrued interest receivable			13,630						13,630						—						4,987						8,643
Financial Liabilities
Deposits			2,558,814						2,555,904						—						2,555,904						—
Securities sold under agreements to repurchase and federal funds purchased			9,785						9,785						—						9,785						—
FHLB advances and other borrowings			137,500						137,500						—						137,500						—
Subordinated notes			32,093						29,887						—						29,887						—
Derivatives			13,464						13,464						—						13,464						—
Accrued interest payable			2,560						2,560						—						2,560						—
Off-balance sheet instruments			—						—						—						—						—
December 31, 2022
Financial Assets
Cash and due from banks			$	28,477					$	28,477					$	28,477					$	—					$	—
Interest-bearing deposits with banks			32,346						32,346						32,346						—						—
Restricted investments in bank stock			10,642						n/a						n/a						n/a						n/a
Investment securities			513,728						513,728						17,668						468,867						27,193
Loans held for sale			10,880						10,880						—						10,880						—
Loans, net of allowance for loan losses			2,126,054						1,991,164						—						—						1,991,164
Derivatives			10,517						10,517						—						10,482						35
Accrued interest receivable			11,027						11,027						—						4,441						6,586
Financial Liabilities
Deposits			2,444,939						2,440,660						—						2,440,660						—
Deposits held for assumption in connection with sale of bank branches			31,307						29,429						—						29,429						—
Securities sold under agreements to repurchase and federal funds purchased			17,251						17,251						—						17,251						—
FHLB advances and other borrowings			106,139						106,141						—						106,141						—
Subordinated notes			32,026						31,321						—						31,321						—
Derivatives			11,333						11,333						—						11,333						—
Accrued interest payable			457						457						—						457						—
Off-balance sheet instruments			—						—						—						—						—

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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).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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