FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	Fair Value Measurements at September 30, 2021 Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
U.S. Government securities		—	$	17,724			—
U.S. Government sponsored entity securities		—		29,992			—
Agency mortgage-backed securities, residential		—		125,732			—
Interest rate swap derivatives		—		699			—
Liabilities:
Interest rate swap derivatives		—		(699	)		—

	Fair Value Measurements at December 31, 2020 Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
U.S. Government sponsored entity securities		—	$	18,153			—
Agency mortgage-backed securities, residential		—		94,169			—
Interest rate swap derivatives		—		928			—
Liabilities:
Interest rate swap derivatives		—		(928	)		—

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at September 30, 2021 and December 31, 2020 are as follows:

	Carrying		Fair Value Measurements at September 30, 2021 Using
	Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	135,064	$	135,064	$	—	$	—	$	135,064
Certificates of deposit in financial institutions		2,500		—		2,500		—		2,500
Securities available for sale		173,448		—		173,448		—		173,448
Securities held to maturity		9,753		—		5,993		3,956		9,949
Loans, net		839,069		—		—		836,161		836,161
Interest rate swap derivatives		699		—		699		—		699
Accrued interest receivable		3,118		—		444		2,674		3,118
Financial liabilities:
Deposits		1,051,675		331,195		721,283		—		1,052,478
Other borrowed funds		23,285		—		24,442		—		24,442
Subordinated debentures		8,500		—		5,522		—		5,522
Interest rate swap derivatives		699		—		699		—		699
Accrued interest payable		503		1		502		—		503

	Carrying		Fair Value Measurements at December 31, 2020 Using
	Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	138,303	$	138,303	$	—	$	—	$	138,303
Certificates of deposit in financial institutions		2,500		—		2,500		—		2,500
Securities available for sale		112,322		—		112,322		—		112,322
Securities held to maturity		10,020		—		4,989		5,355		10,344
Loans, net		841,504		—		—		837,387		837,387
Interest rate swap derivatives		928		—		928		—		928
Accrued interest receivable		3,319		—		283		3,036		3,319
Financial liabilities:
Deposits		993,739		314,777		680,904		—		995,681
Other borrowed funds		27,863		—		29,807		—		29,807
Subordinated debentures		8,500		—		5,556		—		5,556
Interest rate swap derivatives		928		—		928		—		928
Accrued interest payable		1,100		1		1,099		—		1,100