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DISCLOSURES ABOUT FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

DISCLOSURES ABOUT FAIR VALUE MEASUREMENTS

Schedule of assets and liabilities measured and recorded at fair value on a recurring basis

The following table presents the assets and liabilities measured and reported on the Consolidated Balance Sheets on a recurring basis at their fair value as of December 31, 2023 and 2022 by level within the fair value hierarchy (in thousands).

FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2023

TOTAL

(LEVEL 1)

(LEVEL 2)

(LEVEL 3)

Equity securities ⁽¹⁾

$

499

$

499

$

—

$

—

Available for sale securities:

U.S. Agency

5,339

—

5,339

—

U.S. Agency mortgage-backed securities

93,075

—

93,075

—

Municipal

10,360

—

10,360

—

Corporate bonds

56,937

—

56,937

—

Interest rate swap asset ⁽¹⁾

4,582

—

4,582

—

Interest rate hedge ⁽²⁾

(446)

—

(446)

—

Interest rate swap liability ⁽²⁾

(4,665)

—

(4,665)

—

Risk participation agreement ⁽²⁾

(410)

—

(410)

—


		FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2022
		TOTAL			(LEVEL 1)			(LEVEL 2)			(LEVEL 3)
Equity securities ⁽¹⁾		$	502		$	502		$	—		$	—
Available for sale securities:
U.S. Agency			10,533			—			10,533			—
U.S. Agency mortgage-backed securities			89,985			—			89,985			—
Municipal			19,038			—			19,038			—
Corporate bonds			59,952			—			59,952			—
Interest rate swap asset ⁽¹⁾			6,992			—			6,992			—
Interest rate swap liability ⁽²⁾			(6,872)			—			(6,872)			—
Risk participation agreement ⁽²⁾			—			—			—			—

(1)	Included within other assets on the Consolidated Balance Sheets.

(2)	Included within other liabilities on the Consolidated Balance Sheets.

Schedule of assets measured and recorded at fair value on a non-recurring basis

Assets measured and recorded at fair value on a non-recurring basis are summarized below (in thousands, except range data):


		FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2023
		TOTAL			(LEVEL 1)			(LEVEL 2)			(LEVEL 3)
Other real estate owned and repossessed assets			15			—			—			15


		FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2022
		TOTAL			(LEVEL 1)			(LEVEL 2)			(LEVEL 3)
Impaired loans		$	1,583		$	—		$	—		$	1,583
Other real estate owned and repossessed assets			39			—			—			39


		Quantitative Information About Level 3 Fair Value Measurements
					Valuation		Unobservable
DECEMBER 31, 2023		Fair Value			Techniques		Input		Range (Wgtd Avg)
Other real estate owned and repossessed assets			15		Appraisal of		Appraisal		63% (63%)
					collateral ⁽¹⁾		adjustments ⁽²⁾
							Liquidation		33% (33%)
							expenses


		Quantitative Information About Level 3 Fair Value Measurements
					Valuation		Unobservable
DECEMBER 31, 2022		Fair Value			Techniques		Input		Range (Wgtd Avg)
Impaired loans		$	1,583		Appraisal of		Appraisal		0% to 100% (0.2%)
					collateral ⁽¹⁾		adjustments ⁽²⁾
Other real estate owned and repossessed assets			39		Appraisal of		Appraisal		52% (52%)
					collateral ⁽¹⁾		adjustments ⁽²⁾
							Liquidation		10% to 39% (11%)
							expenses

(1)	Fair Value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. Also includes qualitative adjustments by management and estimated liquidation expenses.

(2)	Appraisals may be adjusted by management for qualitative factors such as economic conditions.