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FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets (Liabilities) Measured at Fair Value

The following tables summarize quantitative disclosures about the fair value measurements for each category of financial assets (liabilities) carried at fair value:

March 31, 2025

 

Fair Value

 

 

Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Other
Unobservable
Inputs
(Level 3)

 

Assets at fair value on a recurring basis:

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

Treasury securities

 

$

44,091

 

 

$

44,091

 

 

$

 

 

$

 

Mortgage-backed securities

 

 

276,140

 

 

 

 

 

 

276,140

 

 

 

 

Collateralized mortgage obligations

 

 

19,128

 

 

 

 

 

 

19,128

 

 

 

 

Municipal securities

 

 

2,365

 

 

 

 

 

 

2,365

 

 

 

 

Corporate bonds

 

 

20,923

 

 

 

 

 

 

20,923

 

 

 

 

Loans held for sale

 

 

150

 

 

 

 

 

 

 

 

 

150

 

Cash surrender value of life insurance

 

 

43,136

 

 

 

 

 

 

43,136

 

 

 

 

SBA servicing assets

 

 

487

 

 

 

 

 

 

 

 

 

487

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets at fair value on a nonrecurring basis:

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated collateral dependent loans

 

 

1,259

 

 

 

 

 

 

 

 

 

1,259

 

 

December 31, 2024

 

Fair Value

 

 

Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Other
Unobservable
Inputs
(Level 3)

 

Assets at fair value on a recurring basis:

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

Treasury securities

 

$

43,675

 

 

$

43,675

 

 

$

 

 

$

 

Mortgage-backed securities

 

 

248,734

 

 

 

 

 

 

248,734

 

 

 

 

Collateralized mortgage obligations

 

 

19,519

 

 

 

 

 

 

19,519

 

 

 

 

Municipal securities

 

 

2,393

 

 

 

 

 

 

2,393

 

 

 

 

Corporate bonds

 

 

25,983

 

 

 

 

 

 

25,983

 

 

 

 

Loans held for sale

 

 

143

 

 

 

 

 

 

 

 

 

143

 

Cash surrender value of life insurance

 

 

42,883

 

 

 

 

 

 

42,883

 

 

 

 

SBA servicing assets

 

 

495

 

 

 

 

 

 

 

 

 

495

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets at fair value on a nonrecurring basis:

 

 

 

 

 

 

 

 

 

 

 

 

Other real estate owned

 

 

1,184

 

 

 

 

 

 

 

 

 

1,184

 

Individually evaluated collateral dependent loans

 

 

1,280

 

 

 

 

 

 

 

 

 

1,280

 

Schedule of Quantitative Information About Nonrecurring Level 3 Fair Value Measurements

The following tables present quantitative information about nonrecurring Level 3 fair value measurements as of March 31, 2025 and December 31, 2024.

March 31, 2025

 

Fair Value

 

 

Valuation
Technique(s)

 

Unobservable Input(s)

 

Range
(Weighted
Average)

Individually evaluated collateral dependent loans

 

$

1,259

 

 

Market approach

 

Appraised value less selling costs

 

16.00%

 

December 31, 2024

 

Fair Value

 

 

Valuation
Technique(s)

 

Unobservable Input(s)

 

Range
(Weighted
Average)

Individually evaluated collateral dependent loans

 

$

1,280

 

 

Market approach

 

Appraised value less selling costs

 

16.00%

Other real estate owned

 

$

1,184

 

 

Market approach

 

Appraised value less selling costs

 

26.00%

Schedule of Individually Evaluated Collateral Dependent Loans at Fair Value

 

 

Fair Value Measurements Using

 

 

 

 

December 31, 2024

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total Fair Value

 

Commercial real estate

 

$

 

 

$

 

 

$

1,280

 

 

$

1,280

 

Total

 

$

 

 

$

 

 

$

1,280

 

 

$

1,280

 

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments not previously discussed in this note, as of March 31, 2025 and December 31, 2024, are as follows:

 

 

Fair value measurements as of
March 31, 2025 using:

 

 

 

Carrying
Amount

 

 

Level 1
Inputs

 

 

Level 2
Inputs

 

 

Level 3
Inputs

 

 

Total
Fair Value

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, due from banks, federal funds sold and interest-bearing deposits

 

$

217,813

 

 

$

217,813

 

 

$

 

 

$

 

 

$

217,813

 

Marketable securities held to maturity

 

 

305,153

 

 

 

 

 

 

278,169

 

 

 

 

 

 

278,169

 

Loans, net

 

 

2,079,864

 

 

 

 

 

 

 

 

 

2,056,445

 

 

 

2,056,445

 

Accrued interest receivable

 

 

10,764

 

 

 

 

 

 

10,764

 

 

 

 

 

 

10,764

 

Nonmarketable equity securities

 

 

17,138

 

 

 

 

 

 

17,138

 

 

 

 

 

 

17,138

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

2,704,340

 

 

$

1,980,282

 

 

$

725,633

 

 

$

 

 

$

2,705,915

 

Securities sold under repurchase agreements

 

 

47,702

 

 

 

 

 

 

47,702

 

 

 

 

 

 

47,702

 

Accrued interest payable

 

 

5,054

 

 

 

 

 

 

5,054

 

 

 

 

 

 

5,054

 

Subordinated debt

 

 

41,951

 

 

 

 

 

 

41,957

 

 

 

 

 

 

41,957

 

 

 

 

Fair value measurements as of
December 31, 2024 using:

 

 

 

Carrying
Amount

 

 

Level 1
Inputs

 

 

Level 2
Inputs

 

 

Level 3
Inputs

 

 

Total
Fair Value

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, due from banks, federal funds sold and interest-bearing deposits

 

$

145,964

 

 

$

145,964

 

 

$

 

 

$

 

 

$

145,964

 

Marketable securities held to maturity

 

 

334,732

 

 

 

 

 

 

303,245

 

 

 

 

 

 

303,245

 

Loans, net

 

 

2,102,565

 

 

 

 

 

 

 

 

 

2,088,644

 

 

 

2,088,644

 

Accrued interest receivable

 

 

12,016

 

 

 

 

 

 

12,016

 

 

 

 

 

 

12,016

 

Nonmarketable equity securities

 

 

17,167

 

 

 

 

 

 

17,167

 

 

 

 

 

 

17,167

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

2,692,167

 

 

$

1,949,499

 

 

$

745,763

 

 

$

 

 

$

2,695,262

 

Securities sold under repurchase agreements

 

 

31,075

 

 

 

 

 

 

31,075

 

 

 

 

 

 

31,075

 

Accrued interest payable

 

 

5,116

 

 

 

 

 

 

5,116

 

 

 

 

 

 

5,116

 

Federal Home Loan Bank advances

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated debt

 

 

41,918

 

 

 

 

 

 

44,133

 

 

 

 

 

 

44,133