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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

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

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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