FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Information related to the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023 is as follows:

	Fair Value Measurements At Reporting Date Using:
	Fair Value		Quoted Prices In Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2024
U.S. Treasury securities	$	8,979	$	—	$	8,979	$	—
U.S. Government Sponsored Enterprises (GSEs)	1,983		—		1,983		—
State and municipal securities	42,663		—		42,663		—
Corporate debt securities	13,973		—		13,973		—
Asset based securities	15,245		—		15,245		—
Mortgage-backed GSE residential/multifamily and non-GSE	115,233		—		115,233		—
Other equity securities	3,733		3,733		—		—
Interest Rate Products - asset	6,132		—		6,132		—
Interest Rate Products - liabilities	(6,160)		—		(6,160)		—
December 31, 2023
U.S. Treasury securities	$	8,772	$	—	$	8,772	$	—
U.S. Government Sponsored Enterprises (GSEs)	2,268		—		2,268		—
State and municipal securities	41,069		—		41,069		—
Corporate debt securities	11,259		—		11,259		—
Asset based securities	18,687		—		18,687		—
Mortgage-backed GSE residential/multifamily and non-GSE	96,945		—		96,945		—
Other equity securities	3,649		3,649		—		—
Interest Rate Products - asset	7,691		—		7,691		—
Interest Rate Products - liabilities	(7,726)		—		(7,726)		—

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

	September 30, 2024
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	277,856	$	277,856	$	—	$	—
Securities available for sale	198,076		—		198,076		—
Other equity securities	3,733		3,733		—		—
Loans held for sale	415		—		415		—
Trading assets	6,132		—		6,132		—
Loans, net	2,171,150		—		2,155,738		2,191
Bank owned life insurance	39,159		—		39,159		—
Annuities	16,843		—		16,843		—
Accrued interest receivable	10,114		—		10,114		—
Restricted equity securities	4,418		—		—		4,418
Financial liabilities:
Deposits	$	2,420,546	$	—	$	2,421,471	$	—
Trading liabilities	6,160		—		6,160		—
FHLB advances	22,000		—		22,109		—
Other borrowings	7,976		—		7,976		—
Subordinated notes	91,107		—		91,107		—
Accrued interest payable	2,214		—		2,214		—

	December 31, 2023
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	250,651	$	250,651	$	—	$	—
Securities available for sale	179,000		—		179,000		—
Other equity securities	3,649		3,649		—		—
Loans held for sale	450		—		450		—
Trading assets	7,691		—		7,691		—
Loans, net	1,860,130		—		1,824,800		3,095
Bank owned life insurance	29,884		—		29,884		—
Annuities	15,036		—		15,036		—
Accrued interest receivable	8,711		—		8,711		—
Restricted equity securities	5,684		—		—		5,684
Financial liabilities:
Deposits	$	2,018,189	$	—	$	2,016,506	$	—
Trading liabilities	7,726		—		7,726		—
FHLB advances	70,000		—		70,029		—
Other borrowings	26,994		—		26,994		—
Subordinated notes	86,679		—		86,679		—
Accrued interest payable	1,519		—		1,519		—

Schedule of Fair Value Measurements, Nonrecurring

Assets measured at fair value on a nonrecurring basis are included in the table below as of September 30, 2024 and December 31, 2023:

	Fair Value Measurements At Reporting Date Using:
	Fair Value		Quoted Prices In Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2024:
Individually analyzed loans	$	2,191	$	—	$	—	$	2,191
Foreclosed assets	33		—		—		33
Totals	$	2,224	$	—	$	—	$	2,224

	Fair Value Measurements At Reporting Date Using:
	Fair Value		Quoted Prices In Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2023:
Individually analyzed loans	$	3,095	$	—	$	—	$	3,095
Foreclosed assets	33		—		—		33
Totals	$	3,128	$	—	$	—	$	3,128

Schedule of Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2024, the significant unobservable inputs used in the fair value measurements are presented below.

	Carrying Amount		Valuation Technique	Significant Unobservable Input	Weighted Average of Input
Nonrecurring:
Individually analyzed loans	$	2,191	Appraisal	Appraisal discounts (%)	15-20%
Foreclosed assets	$	33	Appraisal	Appraisal discounts (%)	10-15%

For Level 3 assets measured at fair value on a nonrecurring basis as of December 31, 2023, the significant unobservable inputs used in the fair value measurements are presented below.

	Carrying Amount		Valuation Technique	Significant Unobservable Input	Weighted Average of Input
Nonrecurring:
Individually analyzed loans	$	3,095	Appraisal	Appraisal discounts (%)	15-20%
Foreclosed assets	$	33	Appraisal	Appraisal discounts (%)	10-15%