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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 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			—			$	28,993				—
U.S. Government sponsored entity securities			—				24,374				—
Agency mortgage-backed securities, residential			—				136,238				—
Interest rate swap derivatives			—				719				—
Liabilities:
Interest rate swap derivatives			—				(719	)			—

		Fair Value Measurements at December 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			—			$	20,143				—
U.S. Government sponsored entity securities			—				25,916				—
Agency mortgage-backed securities, residential			—				130,941				—
Interest rate swap derivatives			—				599				—
Liabilities:
Interest rate swap derivatives			—				(599	)			—

Assets and Liabilities Measured on Nonrecurring Basis

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

Fair Value Measurements at March 31, 2022, 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 and Industrial

—

—

$

1,664

Fair Value Measurements at December 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 and Industrial

—

—

$

1,983

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, 2022 and December 31, 2021

March 31, 2022

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range

Weighted Average

Impaired loans:

1

1

Commercial and industrial

$

1,664

Sales approach

Adjustment to comparables and equipment comparables

0% to 25%

17.0%

December 31, 2021

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Range

Weighted Average

Impaired loans:

1

1

Commercial and industrial

$

1,983

Sales approach

Adjustment to comparables and equipment comparables

0% to 25%

18.4%

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2022 and December 31, 2021 are as follows:

		Carrying				Fair Value Measurements at March 31, 2022 Using
		Value				Level 1				Level 2				Level 3				Total
Financial Assets:
Cash and cash equivalents		$	163,724			$	163,724			$	—			$	—			$	163,724
Certificates of deposit in financial institutions			2,124				—				2,124				—				2,124
Securities available for sale			189,605				—				189,605				—				189,605
Securities held to maturity			10,071				—				5,707				3,912				9,619
Loans, net			806,378				—				—				793,421				793,421
Interest rate swap derivatives			719				—				719				—				719
Accrued interest receivable			2,811				—				477				2,334				2,811
Financial liabilities:
Deposits			1,074,418				894,224				180,404				—				1,074,628
Other borrowed funds			18,929				—				19,153				—				19,153
Subordinated debentures			8,500				—				6,255				—				6,255
Interest rate swap derivatives			719				—				699				—				699
Accrued interest payable			400				1				502				—				503

		Carrying				Fair Value Measurements at December 31, 2021 Using:
		Value				Level 1				Level 2				Level 3				Total
Financial Assets:
Cash and cash equivalents		$	152,034			$	152,034			$	—			$	—			$	152,034
Certificates of deposit in financial institutions			2,329				—				2,329				—				2,329
Securities available for sale			177,000				—				177,000				—				177,000
Securities held to maturity			10,294				—				6,063				4,387				10,450
Loans, net			824,708				—				—				821,899				821,899
Interest rate swap derivatives			599				—				599				—				599
Accrued interest receivable			2,695				—				363				2,332				2,695
Financial liabilities:
Deposits			1,059,908				870,626				189,796				—				1,060,422
Other borrowed funds			19,614				—				20,279				—				20,279
Subordinated debentures			8,500				—				5,657				—				5,657
Interest rate swap derivatives			599				—				599				—				599
Accrued interest payable			439				1				438				—				439

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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-Publisher FASB
-Name Accounting Standards Codification
-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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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