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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of impact on the allowance for credit losses from the adoption of ASC 326

The following table illustrates the impact on the allowance for credit losses (“ACL”) from the adoption of ASC 326:

Schedule of impact on the allowance for credit losses from the adoption of ASC 326

(Dollars in thousands)		January 1, 2023 As Reported Under ASC 326				December 31, 2022 Pre-ASC 326 Adoption December				Impact of ASC 326 Adoption
Assets:
Held to maturity securities, at amortized cost		$	106,929			$	106,929			$	—
Allowance for credit losses on held to maturity securities:
State and local governments			43				—				43
Allowance for credit losses on held-to-maturity securities		$	43			$	—			$	43
Loans, at amortized cost		$	980,857			$	980,857			$	—
Allowance for credit losses on loans:
Commercial			1,042				849				193
Real Estate Construction			1,150				75				1,075
Real Estate Mortgage Residential			755				723				32
Real Estate Mortgage Commercial			7,686				8,569				(883	)
Consumer Home Equity			480				314				166
Consumer Other			209				170				39
Unallocated			—				636				(636	)
Allowance for credit losses on loans		$	11,322			$	11,336			$	(14	)
Liabilities:
Allowance for credit losses for unfunded commitments		$	398			$	—			$	398

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482989/270-10-45-12

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482989/270-10-45-13

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