XML 31 R21.htm IDEA: XBRL DOCUMENT v3.23.3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 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		$	55,863			$	—			$	—
U.S. Government sponsored entity securities			—				5,674				—
Agency mortgage-backed securities, residential			—				105,305				—
Interest rate swap derivatives			—				1,607				—
Liabilities:
Interest rate swap derivatives			—				(1,607	)			—

		Fair Value Measurements at December 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		$	54,792			$	—			$	—
U.S. Government sponsored entity securities			—				7,983				—
Agency mortgage-backed securities, residential			—				121,299				—
Interest rate swap derivatives			—				1,340				—
Liabilities:
Interest rate swap derivatives			—				(1,340	)			—

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at September 30, 2023 and December 31, 2022 are as follows:

		Carrying				Fair Value Measurements at September 30, 2023 Using
		Value				Level 1				Level 2				Level 3				Total
Financial Assets:
Cash and cash equivalents		$	91,190			$	91,190			$	—			$	—			$	91,190
Certificates of deposit in financial institutions			-				—				-				—				-
Securities available for sale			166,842				55,863				110,979				—				166,842
Securities held to maturity			8,946				—				4,873				3,056				7,929
Loans, net			953,049				—				—				922,791				922,791
Interest rate swap derivatives			1,607				—				1,607				—				1,607
Accrued interest receivable			3,743				—				595				3,148				3,743
Financial liabilities:
Deposits			1,095,540				774,344				319,424				—				1,093,768
Other borrowed funds			45,751				—				43,888				—				43,888
Subordinated debentures			8,500				—				8,500				—				8,500
Interest rate swap derivatives			1,607				—				1,607				—				1,607
Accrued interest payable			4,701				—				4,701				—				4,701

		Carrying				Fair Value Measurements at December 31, 2022 Using
		Value				Level 1				Level 2				Level 3				Total
Financial Assets:
Cash and cash equivalents		$	45,990			$	45,990			$	—			$	—			$	45,990
Certificates of deposit in financial institutions			1,862				—				1,862				—				1,862
Securities available for sale			184,074				54,792				129,282				—				184,074
Securities held to maturity			9,226				—				4,987				3,473				8,460
Loans, net			879,780				—				—				846,870				846,870
Interest rate swap derivatives			1,340				—				1,340				—				1,340
Accrued interest receivable			3,112				—				485				2,627				3,112
Financial liabilities:
Deposits			1,027,655				875,736				149,974				—				1,025,710
Other borrowed funds			17,945				—				16,364				—				16,364
Subordinated debentures			8,500				—				8,500				—				8,500
Interest rate swap derivatives			1,340				—				1,340				—				1,340
Accrued interest payable			432				1				431				—				432

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration