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FAIR VALUE OF FINANCIAL INSTRUMENTS
9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 18 – FAIR VALUE OF FINANCIAL INSTRUMENTS

The following methods and assumptions were used to estimate the fair value disclosure for financial instruments:

Carrying

Fair

Fair value measurements

    

amount

    

value

    

Level 1

    

Level 2

    

Level 3

September 30, 2022

 

  

 

  

 

  

 

  

 

  

Financial assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

224,681

$

224,681

$

224,681

$

$

Interest bearing deposits in banks

 

2,490

 

2,490

 

2,490

 

 

Investment securities available-for-sale

 

152,810

 

152,810

 

 

152,810

 

Equity securities

14,403

14,403

14,403

Investment in FHLB and FRB Stock

 

20,274

 

20,274

 

20,274

 

 

Loans held for sale

 

3,491

 

3,491

 

 

3,491

 

Loans, net

 

1,976,916

 

1,966,985

 

 

 

1,966,985

Accrued interest receivable

 

7,587

 

7,587

 

 

7,587

 

Financial liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

 

2,115,451

 

2,117,020

 

 

2,117,020

 

Junior subordinated deferrable interest debentures, net

8,464

7,775

7,775

Subordinated debt, net

63,669

 

63,669

 

63,669

Accrued interest payable

 

293

 

293

 

 

293

 

Off-balance sheet liabilities:

 

 

  

 

  

 

  

 

  

Undisbursed loan commitments, lines of credit, standby letters of credit

 

102,713

 

102,398

 

 

 

102,398

Carrying

Fair

Fair value measurements

    

amount

    

value

    

Level 1

    

Level 2

    

Level 3

December 31, 2021

 

  

 

  

 

  

 

  

 

  

Financial assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

379,687

$

379,687

$

379,687

$

$

Interest bearing deposits in banks

 

3,585

 

3,585

 

3,585

 

 

Investment securities available-for-sale

 

155,658

 

155,658

 

 

155,658

 

Equity securities

18,777

18,777

18,777

Investment in FHLB and FRB Stock

 

16,035

 

16,035

 

16,035

 

 

Loans held for sale

 

6,470

 

6,470

 

 

6,470

 

Loans, net

 

1,647,190

 

1,659,811

 

 

 

1,659,811

Accrued interest receivable

 

5,929

 

5,929

 

 

5,929

 

Financial liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

 

1,985,239

 

1,986,651

 

 

1,986,651

 

Junior subordinated deferrable interest debentures, net

 

8,403

 

8,612

 

 

 

8,612

Subordinated debt, net

 

63,542

 

63,542

 

 

63,542

 

Accrued interest payable

 

1,180

 

1,180

 

 

1,180

 

Off-balance sheet liabilities:

 

 

 

 

Undisbursed loan commitments, lines of credit, standby letters of credit

 

104,139

 

103,824

 

 

 

103,824