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FAIR VALUE (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets (Liabilities) Measured at Fair Value | The following tables summarize quantitative disclosures about the fair value measurements for each category of financial assets (liabilities) carried at fair value:
September 30, 2024 |  | Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Other Unobservable Inputs (Level 3) |
Assets at fair value on a recurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
Treasury securities |  | $ | 14,967 |  |  | $ | — |  |  | $ | 14,967 |  |  | $ | — |
Mortgage-backed securities |  |  | 219,434 |  |  |  | — |  |  |  | 219,434 |  |  |  | — |
Collateralized mortgage obligations |  |  | 14,725 |  |  |  | — |  |  |  | 14,725 |  |  |  | — |
Municipal securities |  |  | 2,441 |  |  |  | — |  |  |  | 2,441 |  |  |  | — |
Corporate bonds |  |  | 26,000 |  |  |  | — |  |  |  | 26,000 |  |  |  | — |
Loans held for sale |  |  | 770 |  |  |  | — |  |  |  | — |  |  |  | 770 |
Cash surrender value of life insurance |  |  | 42,623 |  |  |  | — |  |  |  | 42,623 |  |  |  | — |
SBA servicing assets |  |  | 535 |  |  |  | — |  |  |  | — |  |  |  | 535 |
Assets at fair value on a nonrecurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Other real estate owned |  |  | 15,184 |  |  |  | — |  |  |  | — |  |  |  | 15,184 |
December 31, 2023 |  | Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Other Unobservable Inputs (Level 3) |
Assets at fair value on a recurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 149,812 |  |  | $ | — |  |  | $ | 149,812 |  |  | $ | — |
Collateralized mortgage obligations |  |  | 17,074 |  |  |  | — |  |  |  | 17,074 |  |  |  | — |
Municipal securities |  |  | 2,504 |  |  |  | — |  |  |  | 2,504 |  |  |  | — |
Corporate bonds |  |  | 26,805 |  |  |  | — |  |  |  | 26,805 |  |  |  | — |
Loans held for sale |  |  | 976 |  |  |  | — |  |  |  | — |  |  |  | 976 |
Cash surrender value of life insurance |  |  | 42,348 |  |  |  | — |  |  |  | 42,348 |  |  |  | — |
SBA servicing assets |  |  | 691 |  |  |  | — |  |  |  | — |  |  |  | 691 |
Assets at fair value on a nonrecurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated collateral dependent loans |  |  | 14,527 |  |  |  | — |  |  |  | — |  |  |  | 14,527 |
Schedule of Foreclosed Assets Measured and Recorded at Fair Value | The following table presents foreclosed assets that were remeasured and recorded at fair value as of September 30, 2024. There were no foreclosed assets that were remeasured and recorded at fair value as of December 31, 2023 or September 30, 2023.
|  | September 30, 2024 |
Other real estate owned remeasured subsequent to initial recognition: |  |  |
Carrying value of other real estate owned prior to remeasurement |  | $ | 14,900 |
Write-downs included in collection and other real estate owned expense |  |  | (900 | )
Fair value of other real estate owned remeasured subsequent to initial recognition |  | $ | 14,000 |
Schedule of Quantitative Information About Nonrecurring Level 3 Fair Value Measurements | The following tables present quantitative information about nonrecurring Level 3 fair value measurements as of September 30, 2024 and December 31, 2023.
September 30, 2024 |  | Fair Value |  |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range (Weighted Average)
Other real estate owned |  | $ | 14,000 |  |  | Income approach |  | Capitalization rate |  | 6.50%
Other real estate owned |  | $ | 1,184 |  |  | Market approach |  | Appraised value less selling costs |  | 26.00%
December 31, 2023 |  | Fair Value |  |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range (Weighted Average)
Individually evaluated collateral dependent loans |  | $ | 14,527 |  |  | Income approach |  | Capitalization rate |  | 6.50%
Schedule of Individually Evaluated Collateral Dependent Loans at Fair Value | There were no individually evaluated collateral dependent loans included in the ACL model as of September 30, 2024.
|  | Fair Value Measurements Using |  |  |  |
December 31, 2023 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Fair Value |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | 14,527 |  |  | $ | 14,527 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 14,527 |  |  | $ | 14,527 |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments not previously discussed in this note, as of September 30, 2024 and December 31, 2023, are as follows:
|  | Fair value measurements as of September 30, 2024 using: |
|  | Carrying Amount |  |  | Level 1 Inputs |  |  | Level 2 Inputs |  |  | Level 3 Inputs |  |  | Total Fair Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash, due from banks, federal funds sold and interest-bearing deposits |  | $ | 162,946 |  |  | $ | 162,946 |  |  | $ | — |  |  | $ | — |  |  | $ | 162,946 |
Marketable securities held to maturity |  |  | 341,911 |  |  |  | — |  |  |  | 319,313 |  |  |  | — |  |  |  | 319,313 |
Loans, net |  |  | 2,107,597 |  |  |  | — |  |  |  | — |  |  |  | 2,048,172 |  |  |  | 2,048,172 |
Accrued interest receivable |  |  | 10,927 |  |  |  | — |  |  |  | 10,927 |  |  |  | — |  |  |  | 10,927 |
Nonmarketable equity securities |  |  | 18,148 |  |  |  | — |  |  |  | 18,148 |  |  |  | — |  |  |  | 18,148 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 2,668,914 |  |  | $ | 1,917,016 |  |  | $ | 758,329 |  |  | $ | — |  |  | $ | 2,675,345 |
Securities sold under repurchase agreements |  |  | 31,164 |  |  |  | — |  |  |  | 31,164 |  |  |  | — |  |  |  | 31,164 |
Accrued interest payable |  |  | 5,875 |  |  |  | — |  |  |  | 5,875 |  |  |  | — |  |  |  | 5,875 |
Federal Home Loan Bank advances |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Subordinated debt |  |  | 43,885 |  |  |  | — |  |  |  | 44,486 |  |  |  | — |  |  |  | 44,486 |
|  | Fair value measurements as of December 31, 2023 using: |
|  | Carrying Amount |  |  | Level 1 Inputs |  |  | Level 2 Inputs |  |  | Level 3 Inputs |  |  | Total Fair Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash, due from banks, federal funds sold and interest-bearing deposits |  | $ | 89,524 |  |  | $ | 89,524 |  |  | $ | — |  |  | $ | — |  |  | $ | 89,524 |
Marketable securities held to maturity |  |  | 404,208 |  |  |  | — |  |  |  | 374,523 |  |  |  | — |  |  |  | 374,523 |
Loans, net |  |  | 2,290,881 |  |  |  | — |  |  |  | — |  |  |  | 2,187,669 |  |  |  | 2,187,669 |
Accrued interest receivable |  |  | 13,143 |  |  |  | — |  |  |  | 13,143 |  |  |  | — |  |  |  | 13,143 |
Nonmarketable equity securities |  |  | 24,128 |  |  |  | — |  |  |  | 24,128 |  |  |  | — |  |  |  | 24,128 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 2,633,246 |  |  | $ | 1,928,063 |  |  | $ | 706,074 |  |  | $ | — |  |  | $ | 2,634,137 |
Securities sold under repurchase agreements |  |  | 25,172 |  |  |  | — |  |  |  | 25,172 |  |  |  | — |  |  |  | 25,172 |
Accrued interest payable |  |  | 5,272 |  |  |  | — |  |  |  | 5,272 |  |  |  | — |  |  |  | 5,272 |
Federal Home Loan Bank advances |  |  | 140,000 |  |  |  | — |  |  |  | 139,963 |  |  |  | — |  |  |  | 139,963 |
Subordinated debt |  |  | 45,785 |  |  |  | — |  |  |  | 46,433 |  |  |  | — |  |  |  | 46,433 |

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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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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