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FAIR VALUE ACCOUNTING (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets Measured on Recurring Basis

The following tables present the financial instruments measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020:

			Fair Value						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
March 31, 2021
Investment securities:
U.S. government agency obligations			$	31,712					$	—					$	31,712					$	—
Obligations of states and political subdivisions			140						—						140						—
Mortgage-backed securities			72,056						—						72,056						—
Corporate debt securities			27,913						—						27,913						—
Corporate asset-backed securities			35,709						—						35,709						—
Trust preferred securities			17,630						—						17,630						—
Total			$	185,160					$	—					$	185,160					$	—
December 31, 2020
Investment securities:
U.S. government agency obligations			$	33,365					$	—					$	33,365					$	—
Obligations of states and political subdivisions			140						—						140						—
Mortgage-backed securities			40,991						—						40,991						—
Corporate debt securities			17,462						—						17,462						—
Corporate asset backed securities			35,827						—						35,827						—
Trust preferred securities			16,448						—						16,448						—
Total			$	144,233					$	—					$	144,233					$	—

Schedule of Assets Measured on Nonrecurring Basis

The following tables present the financial instruments measured at fair value on a nonrecurring basis as of March 31, 2021 and December 31, 2020:

			Carrying Value						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
March 31, 2021
Foreclosed and repossessed assets, net			$	85					$	—					$	—					$	85
Impaired loans with allocated allowances			4,704						—						—						4,704
Mortgage servicing rights			3,999						—						—						4,005
Total			$	8,788					$	—					$	—					$	8,794
December 31, 2020
Foreclosed and repossessed assets, net			$	197					$	—					$	—					$	197
Impaired loans with allocated allowances			3,037						—						—						3,037
Mortgage servicing rights			3,252						—						—						3,285
Total			$	6,486					$	—					$	—					$	6,519

Schedule of Fair Value of Assets

The following table represents additional quantitative information about assets measured at fair value on a

recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine their fair value at

March 31, 2021.

			Fair Value						Valuation Techniques (1)						Significant Unobservable Inputs (2)						Range
March 31, 2021
Foreclosed and repossessed assets, net			$	85					Appraisal value						Estimated costs to sell						10% - 15%
Impaired loans with allocated allowances			$	4,704					Appraisal value						Estimated costs to sell						10% - 15%
Mortgage servicing rights			$	4,005					Discounted cash flows						Discounted rates						9% - 12%
December 31, 2020
Foreclosed and repossessed assets, net			$	197					Appraisal value						Estimated costs to sell						10% - 15%
Impaired loans with allocated allowances			$	3,037					Appraisal value						Estimated costs to sell						10% - 15%
Mortgage servicing rights			$	3,285					Discounted cash flows						Discounted rates						9% - 12%

(1)     Fair value is generally determined through independent third-party appraisals of the underlying

    collateral, which generally includes various level 3 inputs which are not observable.

(2)     The fair value basis of impaired loans and real estate owned may be adjusted to reflect management

    estimates of disposal costs including, but not limited to, real estate brokerage commissions, legal fees,

    and delinquent property taxes.

Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments

The carrying amount and estimated fair value of the Company’s financial instruments as of the dates indicated below were as follows:

									March 31, 2021												December 31, 2020
			Valuation Method Used						Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Financial assets:
Cash and cash equivalents			(Level I)						$	196,039					$	196,039					$	119,440					$	119,440
Other interest-bearing deposits			(Level II)						2,016						2,062						3,752						3,818
Securities available for sale “AFS”			(Level II)						185,160						185,160						144,233						144,233
Securities held to maturity “HTM”			(Level II)						57,419						55,786						43,551						43,784
Equity securities with readily determinable fair value			(Level I)						297						297						200						200
Other investments			(Level II)						15,069						15,069						14,948						14,948
Loans receivable, net			(Level III)						1,175,266						1,198,049						1,220,538						1,239,692
Loans held for sale			(Level II)						2,267						2,267						3,075						3,075
Mortgage servicing rights			(Level III)						3,999						4,005						3,252						3,285
Accrued interest receivable			(Level 1)						5,464						5,464						5,652						5,652
Financial liabilities:
Deposits			(Level III)						$	1,380,202					$	1,360,333					$	1,295,256					$	1,292,104
FHLB advances			(Level II)						115,481						118,996						123,498						128,282
Other borrowings			(Level I)						58,354						58,354						58,328						58,328
Accrued interest payable			(Level I)						603						603						796						796

X

- 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).

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Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

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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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