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FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Carrying Amount, Estimated Fair Value, and Placement in the Fair Value Hierarchy
The carrying amount, estimated fair values, and placement in the fair value hierarchy of the Company’s financial instruments are as follows: 
 
CarryingEstimatedLevel
(dollars in thousands)AmountFair Value123
December 31, 2023     
Assets     
Cash and short-term investments$83,322 $83,322 $83,322 $— $— 
Investment securities available for sale407,382 407,382 — 396,568 10,814 
Investment securities held to maturity449,031 405,576 — 405,576 — 
Other investments16,868 16,868 — 16,868 — 
Loans held for sale27,958 27,958 — 27,958 — 
Loans, net1,865,099 1,699,870 — — 1,699,870 
Liabilities
Deposits2,544,790 2,538,477 — 2,538,477 — 
Federal Home Loan Bank advances175,000 176,022 — 176,022 — 
Other borrowed money63,445 51,056 — 51,056 — 
Derivative instruments438 438 — 438 — 
December 31, 2022
Assets
Cash and short-term investments$80,678 $80,678 $80,678 $— $— 
Investment securities available for sale432,553 432,553 — 416,957 15,596 
Investment securities held to maturity465,858 411,264 411,264 — 
Other investments, at cost13,793 13,793 — 13,003 790 
Loans held for sale17,743 17,743 — 17,743 — 
Loans, net1,720,978 1,469,707 — — 1,469,707 
Liabilities
Deposits2,490,997 2,489,481 — 2,489,481 — 
Federal Home Loan Bank advances125,000 125,163 — 125,163 — 
Other borrowed money78,352 69,930 — 69,930 — 
Schedule of Assets Measured at Fair Value on a Recurring and Nonrecurring Basis The table below includes collateral dependent loans and other real estate properties at December 31, 2023 and 2022. Those collateral dependent loans and other real estate properties are shown net of the related specific reserves and valuation allowances.
 Fair Value Measurements at Reporting Date Using
(dollars in thousands)Total 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    
Nonrecurring
Collateral dependent loans$1,410 $— $— $1,410 
Other real estate448 — — 448 
December 31, 2022
Nonrecurring
Collateral dependent loans$521 $— $— $521 
Other real estate651 — — 651 
Schedule of Fair Value Measurements Using Significant Unobservable Inputs
The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements for assets in level 3 of the fair value hierarchy measured on a nonrecurring basis at December 31, 2023 and 2022. These tables are comprised primarily of collateral dependent impaired loans and other real estate owned:
 
(dollars in thousands)December 31, 2023Valuation
Techniques
Unobservable
Inputs
Range
Weighted Avg
Collateral dependent loans$1,410 Appraised ValueDiscounts to reflect current market conditions, ultimate collectability, and estimated costs to sell25 %-50%
Other Real Estate$448 Appraised Value/ Comparable SalesDiscounts to reflect current market conditions and estimated costs to sell%-20%

(dollars in thousands)December 31, 2022Valuation
Techniques
Unobservable
Inputs
Range
Weighted Avg
Collateral dependent loans$521 Appraised ValueDiscounts to reflect current market conditions, ultimate collectability, and estimated costs to sell25 %-50%
Other Real Estate$651 Appraised Value/ Comparable SalesDiscounts to reflect current market conditions and estimated costs to sell%-20%


The following tables present quantitative information about recurring level 3 fair value measurements as of December 31, 2023 and 2022.
December 31, 2023
(dollars in thousands)Fair ValueValuation
Techniques
Unobservable
Inputs
Range
(Weighted Avg)
Available for sale securities$10,814 Discounted Cash FlowDiscount Rate or YieldN/A*


December 31, 2022
(dollars in thousands)Fair ValueValuation
Techniques
Unobservable
Inputs
Range
(Weighted Avg)
Available for sale securities$15,596 Discounted Cash FlowDiscount Rate or YieldN/A*
Other investments$790 Discounted Cash FlowDiscount Rate or YieldN/A*

* The Company relies on a third-party pricing service to value its securities. The details of the unobservable inputs and other adjustments used by the third-party pricing service were not readily available to the Company.
Schedule of Reconciliation and Statement of Income Classification of Gains and Losses for All Assets Measured at Fair Value on a Recurring Basis
The following table presents a reconciliation and statement of income classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the year ended December 31, 2023 and 2022:
 Available for sale securitiesOther Investments
(dollars in thousands)2023202220232022
Beginning balance$15,596 $— $790 $4,255 
Additions— — — — 
Redemptions(2,733)— (800)(3,306)
Total unrealized/realized gains (losses) included in earnings(270)— 10 (159)
Transfers between levels(1,779)15,596 — — 
Ending balance$10,814 $15,596 $— $790