FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023.

	(in thousands)
March 31, 2024	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	$	81,886	$	81,886	$	—	$	—
Securities of U.S. government agencies and corporations		109,711		—		109,711		—
Obligations of states and political subdivisions		51,888		—		51,888		—
Collateralized mortgage obligations		87,453		—		87,453		—
Mortgage-backed securities		227,503		—		227,503		—
Total investments at fair value	$	558,441	$	81,886	$	476,555	$	—

	(in thousands)
December 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	$	87,182	$	87,182	$	—	$	—
Securities of U.S. government agencies and corporations		115,079		—		115,079		—
Obligations of states and political subdivisions		51,677		—		51,677		—
Collateralized mortgage obligations		90,947		—		90,947		—
Mortgage-backed securities		227,472		—		227,472		—
Total investments at fair value	$	572,357	$	87,182	$	485,175	$	—

Assets Measured at Fair Value on a Nonrecurring Basis

Assets measured at fair value on a non-recurring basis are included in the table below by level within the fair value hierarchy as of March 31, 2024.

March 31, 2024	Total		Level 1		Level 2		Level 3
Individually evaluated loans	$	139	$	—	$	—	$	139
Total assets at fair value	$	139	$	—	$	—	$	139

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 March 31, 2024 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 March 31, 2024 and December 31, 2023 were approximately as follows:

			March 31, 2024				December 31, 2023
	Level		Carrying amount		Fair value		Carrying amount		Fair value
Financial assets:
Cash and cash equivalents		1	$	186,909	$	186,909	$	149,211	$	149,211
Certificates of deposit		2		18,185		18,032		19,710		19,570
Stock in Federal Home Loan Bank and other equity securities		3		10,518		10,518		10,518		10,518
Loans receivable:
Net loans		3		1,047,296		956,356		1,052,465		958,077
Interest receivable		2		6,667		6,667		6,810		6,810
Mortgage servicing rights		3		1,434		2,010		1,482		2,094
Financial liabilities:
Time deposits		3		156,115		155,594		135,696		135,540
Interest payable		2		1,770		1,770		1,567		1,567