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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 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 |  | $ | 168,842 |  |  | $ | — |  |  | $ | — |
U.S. Government sponsored entity securities |  |  | — |  |  |  | 5,967 |  |  |  | — |
Agency mortgage-backed securities, residential |  |  | — |  |  |  | 96,378 |  |  |  | — |
Interest rate swap derivatives |  |  | — |  |  |  | 865 |  |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap derivatives |  |  | — |  |  |  | (865 | ) |  |  | — |
|  | 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 | ) |  |  | — |
Assets and Liabilities Measured on Nonrecurring Basis | There were no assets or liabilities measured at fair value on a nonrecurring basis at December 31, 2023. Assets or liabilities measured at fair value on a nonrecurring basis at September 30, 2024 are summarized below:
| Fair Value Measurements at September 30, 2024 Using |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |
Individually evaluated collateral dependent loans: |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | — |  |  | $ | — |  |  | $ | 550 |
Quantitative Information about Level 3 Inputs | There was no quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2023. 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 September 30, 2024:
September 30, 2024 |  | Fair Value |  |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range |  |  | Weighted Average |
Individually evaluated collateral dependent loans: |  |  |  |  |  | 1 |  |  |  |  | 1 |  |  |  |
Commercial and industrial |  | $ | 550 |  |  | Sales approach |  | Adjustment to comparables and equipment comparables |  | 4.8% to 13.1% |  |  |  | 9.5 | %
Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments at September 30, 2024 and December 31, 2023 are as follows:
|  | Carrying |  |  | Fair Value Measurements at September 30, 2024 Using |
|  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 82,204 |  |  | $ | 82,204 |  |  | $ | — |  |  | $ | — |  |  | $ | 82,204 |
Securities available for sale |  |  | 271,187 |  |  |  | 168,842 |  |  |  | 102,345 |  |  |  | — |  |  |  | 271,187 |
Securities held to maturity |  |  | 7,912 |  |  |  | — |  |  |  | 4,354 |  |  |  | 3,038 |  |  |  | 7,392 |
Loans, net |  |  | 1,038,993 |  |  |  | — |  |  |  | — |  |  |  | 1,022,584 |  |  |  | 1,022,584 |
Interest rate swap derivatives |  |  | 865 |  |  |  | — |  |  |  | 865 |  |  |  | — |  |  |  | 865 |
Accrued interest receivable |  |  | 4,841 |  |  |  | — |  |  |  | 1,298 |  |  |  | 3,543 |  |  |  | 4,841 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 1,261,420 |  |  |  | 870,838 |  |  |  | 391,511 |  |  |  | — |  |  |  | 1,262,349 |
Other borrowed funds |  |  | 40,888 |  |  |  | — |  |  |  | 40,460 |  |  |  | — |  |  |  | 40,460 |
Subordinated debentures |  |  | 8,500 |  |  |  | — |  |  |  | 8,500 |  |  |  | — |  |  |  | 8,500 |
Interest rate swap derivatives |  |  | 865 |  |  |  | — |  |  |  | 865 |  |  |  | — |  |  |  | 865 |
Accrued interest payable |  |  | 8,399 |  |  |  | 1 |  |  |  | 8,398 |  |  |  | — |  |  |  | 8,399 |
|  | 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 |  |  | 1,147 |  |  |  | — |  |  |  | 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 |

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- 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 Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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- 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 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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