FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023.

	(in thousands)
September 30, 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	$	93,683	$	93,683	$	—	$	—
Securities of U.S. government agencies and corporations		110,739		—		110,739		—
Obligations of states and political subdivisions		68,679		—		68,679		—
Collateralized mortgage obligations		95,236		—		95,236		—
Mortgage-backed securities		264,067		—		264,067		—
Total investments at fair value	$	632,404	$	93,683	$	538,721	$	—

	(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 September 30, 2024.

	(in thousands)
September 30, 2024	Carrying Value		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 September 30, 2024 were as follows:

	Method	Assumption Inputs
Individually evaluated loans	Collateral, market, income, enterprise, liquidation	External appraised values, management assumptions regarding market trends or other relevant factors, selling costs generally ranging from 6% to 10%

Estimated Fair Value of Financial Instruments

The estimated fair values of the Company’s financial instruments for the periods ended September 30, 2024 and December 31, 2023 were approximately as follows:

(in thousands)			September 30, 2024				December 31, 2023
	Level		Carrying amount		Fair value		Carrying amount		Fair value
Financial assets:
Cash and cash equivalents		1	$	163,918	$	163,918	$	149,211	$	149,211
Certificates of deposit		2		19,244		19,351		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		1,042,304		961,748		1,052,465		958,077
Interest receivable		2		7,678		7,678		6,810		6,810
Mortgage servicing rights		3		1,350		1,880		1,482		2,094
Financial liabilities:
Time deposits		3		153,936		153,887		135,696		135,540
Interest payable		2		1,345		1,345		1,567		1,567