FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

FAIR VALUE MEASUREMENTS [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022.

	(in thousands)
June 30, 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	$	110,877	$	110,877	$	—	$	—
Securities of U.S. government agencies and corporations		111,956		—		111,956		—
Obligations of states and political subdivisions		43,990		—		43,990		—
Collateralized mortgage obligations		93,966		—		93,966		—
Mortgage-backed securities		226,871		—		226,871		—
Total investments at fair value	$	587,660	$	110,877	$	476,783	$	—

	(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	$	—

Assets Measured at Fair Value on a Nonrecurring Basis

The table below presents the recorded amount of assets measured at fair value on a nonrecurring basis that had a write-down or an additional allowance provided during the period ended June 30, 2023.

	(in thousands)
June 30, 2023	Carrying Value		Level 1		Level 2		Level 3
Individually evaluated loans	$	1,439	$	—	$	—	$	1,439
Total assets at fair value	$	1,439	$	—	$	—	$	1,439

Key Methods and Assumptions Used in Measuring Fair Value

Key methods and assumptions used in measuring the fair value of collateral dependent loans as of June 30, 2023 were as follows:

	Method	Assumption Inputs
Individually evaluated loans	Collateral, market, income, enterprise, liquidation, and discounted cash flows	External appraised values, management assumptions regarding market trends or other relevant factors, selling costs generally ranging from 6% to 10%, or the amount and timing of cash flows based on the loan’s effective interest rate.

Estimated Fair Value of Financial Instruments

The estimated fair values of the Company’s financial instruments for the periods ended June 30, 2023 and December 31, 2022 were approximately as follows:

(in thousands)			June 30, 2023				December 31, 2022
	Level		Carrying amount		Fair value		Carrying amount		Fair value
Financial assets:
Cash and cash equivalents		1	$	204,806	$	204,806	$	187,417	$	187,417
Certificates of deposit		2		21,192		20,667		20,948		20,560
Stock in Federal Home Loan Bank and other equity securities		3		10,518		10,518		9,440		9,440
Loans receivable:
Net loans		3		1,017,721		952,199		970,138		929,163
Loans held-for-sale		2		1,011		1,033		—		—
Interest receivable		2		6,386		6,386		5,745		5,745
Mortgage servicing rights		3		1,541		2,002		1,650		2,101
Financial liabilities:
Time deposits		3		110,197		109,587		44,355		43,987
Interest payable		2		524		524		93		93