FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2023

FAIR VALUE MEASUREMENTS [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022.

	(in thousands)
March 31, 2023	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U.S. Treasury securities	$	111,880	$	111,880	$	—	$	—
Securities of U.S. government agencies and corporations		113,499		—		113,499		—
Obligations of states and political subdivisions		54,623		—		54,623		—
Collateralized mortgage obligations		100,743		—		100,743		—
Mortgage-backed securities		243,050		—		243,050		—
Total investments at fair value	$	623,795	$	111,880	$	511,915	$	—

	(in thousands)
December 31, 2022	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U.S. Treasury securities	$	113,815	$	113,815	$	—	$	—
Securities of U.S. government agencies and corporations		118,911		—		118,911		—
Obligations of states and political subdivisions		53,326		—		53,326		—
Collateralized mortgage obligations		95,350		—		95,350		—
Mortgage-backed securities		236,690		—		236,690		—
Total investments at fair value	$	618,092	$	113,815	$	504,277	$	—

Estimated Fair Value of Financial Instruments

The estimated fair values of the Company’s financial instruments for the periods ended March 31, 2023 and December 31, 2022 were approximately as follows:

			March 31, 2023				December 31, 2022
	Level		Carrying amount		Fair value		Carrying amount		Fair value
Financial assets:
Cash and cash equivalents		1	$	206,110	$	206,110	$	187,417	$	187,417
Certificates of deposit		2		21,695		21,233		20,948		20,560
Stock in Federal Home Loan Bank and other equity securities		3		9,440		9,440		9,440		9,440
Loans receivable:
Net loans		3		974,215		932,512		970,138		929,163
Loans held-for-sale		2		415		422		—		—
Interest receivable		2		5,774		5,774		5,745		5,745
Mortgage servicing rights		3		1,594		2,127		1,650		2,101
Financial liabilities:
Deposits		3		1,751,075		1,359,467		1,726,874		1,372,411
Interest payable		2		153		153		93		93