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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

		Fair Value Measurements at March 31, 2021 Using
		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
U.S. Government securities			—			$	5,166				—
U.S. Government sponsored entity securities			—				22,822				—
Agency mortgage-backed securities, residential			—				98,406				—
Interest rate swap derivatives			—				765				—
Liabilities:
Interest rate swap derivatives			—				(765	)			—

		Fair Value Measurements at December 31, 2020 Using
		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
U.S. Government sponsored entity securities			—			$	18,153				—
Agency mortgage-backed securities, residential			—				94,169				—
Interest rate swap derivatives			—				928				—
Liabilities:
Interest rate swap derivatives			—				(928	)			—

Assets and Liabilities Measured on Nonrecurring Basis

There were no assets or liabilities measured at fair value on a nonrecurring basis at December 31, 2020. Assets and liabilities measured at fair value on a nonrecurring basis are summarized below:

		Fair Value Measurements at March 31, 2021, Using
		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Impaired loans:
Commercial real estate:
Owner-occupied			—				—			$	2,097
Commercial and Industrial			—				—				244

Quantitative Information about Level 3 Inputs

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2021

March 31, 2021

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range

Weighted Average

Impaired loans:

1

1

Commercial real estate:

Owner-occupied

$

2,097

Sales approach

Adjustment to comparables

5% to 35%

20.8%

Commercial and industrial

944

Sales approach

Adjustment to comparables

20% to 33%

23.4%

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2021 and December 31, 2020 are as follows:

		Carrying				Fair Value Measurements at March 31, 2021 Using
		Value				Level 1				Level 2				Level 3				Total
Financial Assets:
Cash and cash equivalents		$	176,420			$	176,420			$	—			$	—			$	176,420
Certificates of deposit in financial institutions			2,255				—				2,255				—				2,255
Securities available for sale			126,394				—				126,394				—				126,394
Securities held to maturity			11,137				—				6,270				5,106				11,376
Loans, net			824,163				—				—				821,177				821,177
Interest rate swap derivatives			765				—				765				—				765
Accrued interest receivable			3,257				—				343				2,914				3,257
Financial liabilities:
Deposits			1,032,628				327,976				706,080				—				1,034,056
Other borrowed funds			26,691				—				27,925				—				27,925
Subordinated debentures			8,500				—				5,548				—				5,548
Interest rate swap derivatives			765				—				765				—				765
Accrued interest payable			882				1				881				—				882

		Carrying				Fair Value Measurements at December 31, 2020 Using:
		Value				Level 1				Level 2				Level 3				Total
Financial Assets:
Cash and cash equivalents		$	138,303			$	138,303			$	—			$	—			$	138,303
Certificates of deposit in financial institutions			2,500				—				2,500				—				2,500
Securities available for sale			112,322				—				112,322				—				112,322
Securities held to maturity			10,020				—				4,989				5,355				10,344
Loans, net			841,504				—				—				837,387				837,387
Interest rate swap derivatives			928				—				928				—				928
Accrued interest receivable			3,319				—				283				3,036				3,319
Financial liabilities:
Deposits			993,739				314,777				680,904				—				995,681
Other borrowed funds			27,863				—				29,807				—				29,807
Subordinated debentures			8,500				—				5,556				—				5,556
Interest rate swap derivatives			928				—				928				—				928
Accrued interest payable			1,100				1				1,099				—				1,100

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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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

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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.

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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