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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of fair value, assets measured on recurring basis

The following assets are measured at fair value on a recurring basis at the dates indicated:


		Total			Level 1			Level 2			Level 3
December 31, 2020
U.S. Treasuries		$	—		$	—		$	—		$	—
U.S. Government Agencies			5,544			—			5,544			—
Municipal securities			16,687			—			16,687			—
Mortgage-backed securities			36,578			—			36,578			—
Collateralized mortgage obligations			27,695			—			27,695			—
SBA securities			7,667			—			7,667			—
Corporate bonds			21,419			—			21,419			—
Total		$	115,590		$	—		$	115,590		$	—


		Total			Level 1			Level 2			Level 3
December 31, 2019
U.S. Treasuries		$	999		$	999		$	—		$	—
U.S. Government Agencies			10,090			—			10,090			—
Municipal securities			18,291			—			18,291			—
Mortgage-backed securities			43,743			—			43,743			—
Collateralized mortgage obligations			28,605			—			28,605			—
SBA securities			9,486			—			9,486			—
Corporate bonds			8,675			—			8,675			—
Total		$	119,889		$	999		$	118,890		$	—

Schedule of fair value measurements, nonrecurring


		Total			Level 1			Level 2			Level 3
December 31, 2020
Performing impaired loans		$	798		$	—		$	—		$	798
Nonperforming impaired loans			8,421			—			—			8,421
OREO			429			—			—			429
Total		$	9,648		$	—		$	—		$	9,648

		Total			Level 1			Level 2			Level 3
December 31, 2019
Performing impaired loans		$	789		$	—		$	—		$	789
Nonperforming impaired loans			6,842			—			—			6,842
OREO			574			—			—			574
Total		$	8,205		$	—		$	—		$	8,205

Schedule of estimated fair value of financial instruments

The carrying amounts and fair values of the Company’s financial instruments at the dates indicated are presented below:


		Carrying			Fair			Fair value measurements
		amount			value			Level 1			Level 2			Level 3
December 31, 2020
Financial assets:
Cash and cash equivalents		$	299,329		$	299,329		$	299,329		$	—		$	—
Interest bearing deposits in banks			7,718			7,718			7,718			—			—
Investment securities available-for-sale			111,809			115,590			—			115,590			—
Investment in FHLB and FRB Stock			15,342			15,342			15,342			—			—
Loans held for sale			8,664			8,664			—			8,664			—
Loans, net			1,625,812			1,658,605			—			—			1,658,605
Accrued interest receivable			7,312			7,312			—			7,312			—
Financial liabilities:
Deposits			1,838,397			1,839,973			—			1,839,973			—
Other borrowings			5,000			5,000			—			5,000			—
Junior subordinated deferrable interest debentures, net			8,322			8,124			—			—			8,124
Subordinated debt, net			63,372			63,372			—			63,372			—
Accrued interest payable			1,401			1,401			—			1,401			—
Off-balance sheet liabilities:
Undisbursed loan commitments, lines of credit, standby letters of credit			110,702			110,287			—			—			110,287


		Carrying			Fair			Fair value measurements
		amount			value			Level 1			Level 2			Level 3
December 31, 2019
Financial assets:
Cash and cash equivalents		$	295,382		$	295,382		$	295,382		$	—		$	—
Interest bearing deposits in banks			1,739			1,739			1,739			—			—
Investment securities available-for-sale			118,132			119,889			999			118,890			—
Investment in FHLB and FRB Stock			13,905			13,905			13,905			—			—
Loans held for sale			2,226			2,226			—			2,226			—
Loans, net			1,450,229			1,453,067			—			—			1,453,067
Accrued interest receivable			5,495			5,495			—			5,495			—
Financial liabilities:
Deposits			1,701,183			1,704,428			—			1,704,428			—
Junior subordinated deferrable interest debentures, net			8,242			8,086			—			—			8,086
Accrued interest payable			1,607			1,607			—			1,607			—
Off-balance sheet liabilities:
Undisbursed loan commitments, lines of credit, standby letters of credit			128,934			128,519			—			—			128,519