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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 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		$	54,880			$	—			$	—
U.S. Government sponsored entity securities			—				5,817				—
Agency mortgage-backed securities, residential			—				101,489				—
Interest rate swap derivatives			—				1,263				—
Liabilities:
Interest rate swap derivatives			—				(1,263	)			—

		Fair Value Measurements at December 31, 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		$	50,297			$	—			$	—
U.S. Government sponsored entity securities			—				5,877				—
Agency mortgage-backed securities, residential			—				106,084				—
Interest rate swap derivatives			—				1,147				—
Liabilities:
Interest rate swap derivatives			—				(1,147	)			—

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2024 and December 31, 2023 are as follows:

		Carrying				Fair Value Measurements at March 31, 2024 Using
		Value				Level 1				Level 2				Level 3				Total
Financial Assets:
Cash and cash equivalents		$	129,060			$	129,060			$	—			$	—			$	129,060
Securities available for sale			162,186				54,880				107,306				—				162,186
Securities held to maturity			7,968				—				3,793				3,455				7,248
Loans, net			980,633				—				—				961,438				961,438
Interest rate swap derivatives			1,263				—				1,263				—				1,263
Accrued interest receivable			4,338				—				675				3,663				4,338
Financial liabilities:
Deposits			1,148,784				752,327				396,514				—				1,148,841
Other borrowed funds			43,261				—				42,045				—				42,045
Subordinated debentures			8,500				—				8,500				—				8,500
Interest rate swap derivatives			1,263				—				1,263				—				1,263
Accrued interest payable			6,036				1				6,035				—				6,036

		Carrying				Fair Value Measurements at December 31, 2023 Using:
		Value				Level 1				Level 2				Level 3				Total
Financial Assets:
Cash and cash equivalents		$	128,126			$	128,126			$	—			$	—			$	128,126
Securities available for sale			162,258				50,297				111,961				—				162,258
Securities held to maturity			7,986				—				4,281				3,109				7,390
Loans, net			963,133				—				—				944,544				944,544
Interest rate swap derivatives			11,147				—				1,147				—				1,147
Accrued interest receivable			3,606				—				466				3,140				3,606
Financial liabilities:
Deposits			1,127,136				748,013				379,455				—				1,127,468
Other borrowed funds			44,593				—				43,387				—				43,387
Subordinated debentures			8,500				—				8,500				—				8,500
Interest rate swap derivatives			1,147				—				1,147				—				1,147
Accrued interest payable			6,597				1				6,596				—				6,597

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

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- References

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- 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

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