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FAIR VALUE ACCOUNTING (Tables) | 9 Months Ended
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Sep. 30, 2024
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 September 30, 2024 and December 31, 2023:
| Fair Value |  | Quoted Prices in Active Markets for Identical Instruments (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
September 30, 2024 |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |
U.S. government agency obligations | $ | 14,457 |  |  | $ | — |  |  | $ | 14,457 |  |  | $ | — |
Mortgage-backed securities | 74,020 |  |  | — |  |  | 74,020 |  |  | — |
Corporate debt securities | 41,051 |  |  | — |  |  | 41,051 |  |  | — |
Asset-backed securities | 19,904 |  |  | — |  |  | 19,904 |  |  | — |
Total investment securities | 149,432 |  |  | — |  |  | 149,432 |  |  | — |
Equity Investments: |  |  |  |  |  |  |
Farmer Mac equity securities | 540 |  |  | 540 |  |  | — |  |  | — |
Preferred equity | 1,812 |  |  | — |  |  | — |  |  | 1,812 |
Equity investments measured at NAV(1) | 2,744 |  |  | — |  |  | — |  |  | — |
Total equity investments | 5,096 |  |  | 540 |  |  | — |  |  | 1,812 |
Total | $ | 154,528 |  |  | $ | 540 |  |  | $ | 149,432 |  |  | $ | 1,812 |
December 31, 2023 |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |
U.S. government agency obligations | $ | 16,576 |  |  | $ | — |  |  | $ | 16,576 |  |  | $ | — |
Mortgage-backed securities | 73,480 |  |  | — |  |  | 73,480 |  |  | — |
Corporate debt securities | 41,174 |  |  | — |  |  | 41,174 |  |  | — |
Corporate asset backed securities | 24,513 |  |  | — |  |  | 24,513 |  |  | — |
Total investment securities | 155,743 |  |  | — |  |  | 155,743 |  |  | — |
Equity Investments: |  |  |  |  |  |  |
Farmer Mac equity securities | 557 |  |  | 557 |  |  | — |  |  | — |
Equity investments measured at NAV(1) | 2,727 |  |  | — |  |  | — |  |  | — |
Total equity investments | 3,284 |  |  | 557 |  |  | — |  |  | — |
Total | $ | 159,027 |  |  | $ | 557 |  |  | $ | 155,743 |  |  | $ | — |
(1) Investments valued at NAV are excluded from being reported under the fair value hierarchy but are presented to permit reconciliation with the balance sheet in accordance with ASC 820-10-35-54B.
Schedule of Assets Measured on Nonrecurring Basis | The following tables present the financial instruments measured at fair value on a nonrecurring basis as of September 30, 2024 and December 31, 2023:
| Carrying Value |  | Quoted Prices in Active Markets for Identical Instruments (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
September 30, 2024 |  |  |  |  |  |  |
Foreclosed and repossessed assets, net | $ | 1,572 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,572 |
Collateral dependent loans | 1,805 |  |  | — |  |  | — |  |  | 1,805 |
Mortgage servicing rights | 3,696 |  |  | — |  |  | — |  |  | 5,025 |
Total | $ | 7,073 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,402 |
December 31, 2023 |  |  |  |  |  |  |
Foreclosed and repossessed assets, net | $ | 1,795 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,795 |
Collateral dependent loans | 3,499 |  |  | — |  |  | — |  |  | 3,499 |
Mortgage servicing rights | 3,865 |  |  | — |  |  | — |  |  | 5,589 |
Total | $ | 9,159 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,883 |
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 September 30, 2024.
| Fair Value |  | Valuation Techniques (1) |  | Significant Unobservable Inputs (2) |  | Range
September 30, 2024 |  |  |  |  |  |  |
Foreclosed and repossessed assets, net | $ | 1,572 |  |  | Appraisal value |  | Estimated costs to sell |  | 10% - 15%
Collateral dependent loans | $ | 1,805 |  |  | Appraisal value / Internal Collateral valuations |  | Estimated costs to sell |  | 10% - 15%
Mortgage servicing rights | $ | 5,025 |  |  | Discounted cash flows |  | Discounted rates |  | 9.125% - 12.125%
December 31, 2023 |  |  |  |  |  |  |
Foreclosed and repossessed assets, net | $ | 1,795 |  |  | Appraisal value |  | Estimated costs to sell |  | 10% - 15%
Collateral dependent loans | $ | 3,499 |  |  | Appraisal value / Internal Collateral valuations |  | Estimated costs to sell |  | 10% - 15%
Mortgage servicing rights | $ | 5,589 |  |  | Discounted cash flows |  | Discounted rates |  | 9.375% - 12.375%
(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 collateral depended 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:
|  |  | September 30, 2024 |  | December 31, 2023
| Valuation Method Used |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | (Level I) |  | $ | 36,632 |  |  | $ | 36,632 |  |  | $ | 37,138 |  |  | $ | 37,138 |
Securities available for sale “AFS” | (Level II) |  | 149,432 |  |  | 149,432 |  |  | 155,743 |  |  | 155,743 |
Securities held to maturity “HTM” | (Level II) |  | 87,033 |  |  | 71,046 |  |  | 91,229 |  |  | 73,262 |
Farmer Mac equity securities | (Level I) |  | 540 |  |  | 540 |  |  | 557 |  |  | 557 |
Preferred equity | (Level III) |  | 1,812 |  |  | 1,812 |  |  | — |  |  | — |
Equity investments valued at NAV(1) | N/A |  | 2,744 |  |  | N/A |  | 2,727 |  |  | N/A
Other investments | (Level II) |  | 12,311 |  |  | 12,311 |  |  | 15,725 |  |  | 15,725 |
Loans receivable, net | (Level III) |  | 1,403,828 |  |  | 1,379,680 |  |  | 1,437,884 |  |  | 1,374,387 |
Loans held for sale - Residential mortgage | (Level I) |  | 535 |  |  | 535 |  |  | 1,134 |  |  | 1,134 |
Loans held for sale - SBA /FSA | (Level II) |  | 162 |  |  | 162 |  |  | 4,639 |  |  | 4,639 |
Mortgage servicing rights | (Level III) |  | 3,696 |  |  | 5,025 |  |  | 3,865 |  |  | 5,589 |
Accrued interest receivable | (Level I) |  | 6,235 |  |  | 6,235 |  |  | 5,409 |  |  | 5,409 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits | (Level III) |  | $ | 1,520,667 |  |  | $ | 1,520,399 |  |  | $ | 1,519,092 |  |  | $ | 1,517,361 |
FHLB advances | (Level II) |  | 21,000 |  |  | 20,915 |  |  | 79,530 |  |  | 79,087 |
Other borrowings | (Level II) |  | 61,548 |  |  | 57,225 |  |  | 67,465 |  |  | 59,743 |
Accrued interest payable | (Level I) |  | 6,887 |  |  | 6,887 |  |  | 3,175 |  |  | 3,175 |
(1) Investments valued at NAV are excluded from being reported under the fair value hierarchy but are presented to permit reconciliation with the balance sheet in accordance with ASC 820-10-35-54B.

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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 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 Reference 1: 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 Reference 2: 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 + Details
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- Definition 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). + 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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