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FAIR VALUE OF FINANCIAL INSTRUMENTS
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 17 – 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

September 30, 2023

 

  

 

  

 

  

 

  

 

  

Financial assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

301,934

$

301,934

$

301,934

$

$

Time deposits in banks

 

1,743

 

1,743

 

1,743

 

 

Investment securities available-for-sale

 

145,845

 

145,845

 

 

145,845

 

Equity securities

11,639

11,639

11,639

Investment in FHLB and FRB Stock

 

20,934

 

20,934

 

 

20,934

 

Loans held for sale

 

1,274

 

1,274

 

 

1,274

 

Loans, net

 

1,949,004

 

1,847,702

 

 

 

1,847,702

Accrued interest receivable

 

8,515

 

8,515

 

 

8,515

 

Financial liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

 

2,159,444

 

2,161,763

 

 

2,161,763

 

Junior subordinated deferrable interest debentures, net

8,544

8,558

8,558

Subordinated debt, net

63,839

 

63,839

 

63,839

Accrued interest payable

 

2,491

 

2,491

 

 

2,491

 

Off-balance sheet liabilities:

 

 

  

 

  

 

  

 

  

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

 

79,569

 

79,319

 

 

 

79,319

Carrying

Fair

Fair value measurements

    

amount

    

value

    

Level 1

    

Level 2

    

Level 3

December 31, 2022

 

  

 

  

 

  

 

  

 

  

Financial assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

176,815

$

176,815

$

176,815

$

$

Time deposits in banks

 

2,241

 

2,241

 

2,241

 

 

Investment securities available-for-sale

 

154,004

 

154,004

 

 

154,004

 

Equity securities

13,757

13,757

13,757

Investment in FHLB and FRB Stock

 

20,281

 

20,281

 

 

20,281

 

Loans held for sale

 

2,380

 

2,380

 

 

2,380

 

Loans, net

 

2,002,224

 

1,940,480

 

 

 

1,940,480

Accrued interest receivable

 

7,659

 

7,659

 

 

7,659

 

Financial liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

 

2,085,479

 

2,087,265

 

 

2,087,265

 

Junior subordinated deferrable interest debentures, net

 

8,484

 

7,739

 

 

 

7,739

Subordinated debt, net

 

63,711

 

63,711

 

 

63,711

 

Accrued interest payable

 

1,413

 

1,413

 

 

1,413

 

Off-balance sheet liabilities:

 

 

 

 

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

 

97,542

 

97,227

 

 

 

97,227