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FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy and Fair Value of Financial Instruments

The estimated fair value hierarchy level and estimated fair value of financial instruments at March 31, 2025 and December 31, 2024, is summarized as follows:

												March 31, 2025												December 31, 2024
																		Estimated												Estimated
						Fair Value						Carrying						Fair						Carrying						Fair
(dollars in thousands)						Hierarchy						Value						Value						Value						Value
Financial assets:
Cash and due from banks						Level 1						$	80,441					$	80,441					$	60,471					$	60,471
Fed funds and interest-bearing balances						Level 1						358,800						358,800						327,691						327,691
Debt securities available for sale						Level 1/2						131,593						131,593						142,001						142,001
Debt securities held to maturity						Level 2						53,194						47,329						53,280						47,823
Loans held for sale						Level 2						4,625						4,898						17,180						17,855
Loans held for investment, net						Level 3						3,022,935						3,010,316						3,088,625						3,080,175
Restricted stock, at cost						Level 2						30,845						30,845						30,829						30,829
Other equity securities						Level 2						7,870						7,870						13,691						13,691
Accrued interest receivable						Level 2						11,390						11,390						12,824						12,824
Financial liabilities:
Deposits						Level 2						3,342,503						3,342,202						3,398,760						3,398,447
Borrowings						Level 2						70,308						71,699						69,725						69,876
Accrued interest payable						Level 2						1,397						1,397						4,342						4,342

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

The following table provides the hierarchy and fair value for each major category of assets and liabilities measured at fair value on a recurring basis at the periods indicated:

						Recurring Fair Value Measurements
(dollars in thousands)						Level 1						Level 2						Level 3						Total
March 31, 2025
Securities available for sale:
U.S. government and agency and government sponsored enterprise securities:
Mortgage-backed securities						$	—					$	77,898					$	—					$	77,898
SBA securities						—						4,615						—						4,615
U.S. Treasury						7,419						—						—						7,419
U.S. Agency						—						1,728						—						1,728
Collateralized mortgage obligations						—						38,187						—						38,187
Taxable municipals						—						918						—						918
Tax exempt bank-qualified municipals						—						828						—						828
						$	7,419					$	124,174					$	—					$	131,593
December 31, 2024
Securities available for sale:
U.S. government and agency and government sponsored enterprise securities:
Mortgage-backed securities						$	—					$	83,274					$	—					$	83,274
SBA securities						—						5,333						—						5,333
U.S. Treasury						12,326						—						—						12,326
U.S. Agency						—						1,670						—						1,670
Collateralized mortgage obligations						—						37,663						—						37,663
Taxable municipals						—						909						—						909
Tax exempt bank-qualified municipals						—						826						—						826
						$	12,326					$	129,675					$	—					$	142,001

Schedule of Fair Value Measurements, Nonrecurring

The following tables summarize the fair value of assets and liabilities measured at fair value on a nonrecurring basis as of March 31, 2025 and December 31, 2024. OREO is presented net of an allowance of $614 thousand as of March 31, 2025 and December 31, 2024. Only individually evaluated collateral-dependent loans with a related specific ACL or a partial charge off are included in the following table for purposes of fair value disclosures.

												Fair Value Measurement Level
												Quoted Prices in
												Active Markets for						Significant Other						Significant
						Fair						Identical Assets						Observable Inputs						Unobservable Inputs
(dollars in thousands)						Value						(Level 1)						(Level 2)						(Level 3)
March 31, 2025
Collateral dependent loans (1):
Construction and Land						$	9,708					$	—					$	—					$	9,708
Total collateral dependent loans						$	9,708					$	—					$	—					$	9,708
Foreclosed assets:
Other real estate owned, net						$	4,083					$	—					$	—					$	4,083
December 31, 2024
Collateral dependent loans (1):
Construction and Land						$	9,708					$	—					$	—					$	9,708
1-4 Family Residential						4,191						—						—						4,191
Commercial real estate and other						14,316						—						—						14,316
Commercial and industrial						6,476						—						—						6,476
						$	34,691					$	—					$	—					$	34,691
Foreclosed assets:
Other real estate owned, net						$	4,083					$	—					$	—					$	4,083

(1) Collateral-dependent loans whose fair value is based upon appraisals.

Schedule of Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

Quantitative information about Level 3 fair value measurements measured on a non-recurring basis are summarized below as of March 31, 2025 and December 31, 2024.

Asset Fair

Valuation

Unobservable

Range %

(dollars in thousands)

Value

Technique

Input

(Weighted Average)

March 31, 2025

Collateral dependent loans

Construction and Land

$

9,708

Fair value of property

Cost to sell

7.50% - 7.50% (7.50%)

Total collateral dependent loans

$

9,708

Other real estate owned, net

$

4,083

Market approach

Cost to sell

7.50% – 7.50% (7.50%)

December 31, 2024

Collateral dependent loans

Construction and Land

$

9,708

Fair value of property

Cost to sell

7.50% – 7.50% (7.50%)

1-4 Family Residential

4,191

Fair value of property

Cost to sell

7.50% – 7.50% (7.50%)

Commercial real estate and other

14,316

Fair value of property

Discount to appraised values

18.13% – 30.00% (19.70%)

Costs to sell

7.50% – 7.50% (7.50%)

14,316

Commercial and industrial

5,582

Fair value of collateral

Discount to appraised values

20.00% – 80.00% (54.04%)

Costs to sell

7.50% - 7.50% (7.50%)

894

Fair value of property

Costs to sell

8.00% – 10.00% (8.62%)

6,476

Total collateral dependent loans

$

34,691

Other real estate owned, net

$

4,083

Market approach

Cost to sell

7.50% – 7.50% (7.50%)

X

- 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
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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-Publisher FASB
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Name Accounting Standards Codification
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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/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

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