FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

Financial assets measured at fair value on a recurring basis segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value are presented below as of the dates indicated (in thousands):

FAIR VALUE DISCLOSURES

	June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
U.S. government agencies	$	—	$	25,998	$	—	$	25,998
State and municipal obligations		—		22,475		—		22,475
Mortgage-backed securities - agency		—		28,040		—		28,040
Collateralized mortgage obligations - agency		—		23,045		—		23,045
Asset-backed securities		—		2,217		—		2,217
Corporate bonds		—		—		14,362		14,362
Total recurring assets at fair value	$	—	$	101,775	$	14,362	$	116,137
	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
U.S. government agencies	$	—	$	9,439	$	—	$	9,439
State and municipal obligations		—		26,677		—		26,677
Mortgage-backed securities - agency		—		33,418		—		33,418
Collateralized mortgage obligations - agency		—		27,435		—		27,435
Asset-backed securities		—		2,590		—		2,590
Corporate bonds		—		—		12,403		12,403
Total recurring assets at fair value	$	—	$	99,559	$	12,403	$	111,962

Schedule of Changes in Assets Measured at Fair Value on Recurring Basis

The changes in assets measured at fair value on a recurring basis for which we have utilized Level 3 inputs to determine fair value are presented in the following table for the years indicated (in thousands):

FAIR VALUE DISCLOSURES (Details 2)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2022			2021		2022			2021
Balance at beginning of period	$	14,829		$	5,093	$	12,403		$	4,605
Corporate bond additions		500			2,450		3,250			2,950
Corporate bond fair value adjustments		(967	)		61		(1,291	)		49
Balance at end of period	$	14,362		$	7,604	$	14,362		$	7,604

Schedule of NonFinancial Assets Measured at Fair Value on NonRecurring Basis

Nonfinancial assets measured at fair value on a nonrecurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value are presented below as of the dates indicated (in thousands):

FAIR VALUE DISCLOSURES (Details 3)

	June 30, 2022
	Level 1		Level 2		Level 3		Total
Real estate owned:
Other construction and land	$	—	$	—	$	842	$	842
Total	$	—	$	—	$	842	$	842
	December 31, 2021
	Level 1		Level 2		Level 3		Total
Collateral dependent impaired loans:
One-to four family residential	$	—	$	—	$	106	$	106
Commercial real estate		—		—		630		630
Commercial		—		—		28		28
Real estate owned:
Other construction and land		—		—		842		842
Total	$	—	$	—	$	1,606	$	1,606

Schedule of Unobservable Inputs measured at Fair Value

The following table provides information describing the unobservable inputs used in Level 3 fair value measurements at June 30, 2022 and December 31, 2021.

FAIR VALUE DISCLOSURES (Details 4)

			June 30, 2022	December 31, 2021
	Valuation Technique	Unobservable Input	General Range	General Range
Impaired loans	Discounted Appraisals	Collateral discounts	N/A	0% - 15%
Real estate owned	Discounted Appraisals	Collateral discounts and estimated selling cost	10% - 43%	10% - 43%
Corporate bonds	Discounted Cash Flows	Recent similar executed financing transactions	0% - 13%	0% - 4%

The estimated fair value of the Company’s financial assets and financial liabilities are summarized as follows at the dates indicated (in thousands):

The estimated fair value of the Company’s financial assets and financial liabilities are summarized as follows at the dates indicated (in thousands):

FAIR VALUE DISCLOSURES (Details 5)

			Fair Value Measurements at June 30, 2022
	Carrying
	Amount		Total		Level 1		Level 2		Level 3
Assets:
Cash and equivalents	$	142,936	$	142,936	$	142,936	$	—	$	—
Securities available for sale		116,137		116,137		—		101,775		14,362
Securities held to maturity		5,990		5,947		—		5,947		—
Loans receivable		952,813		936,240		—		—		936,240
Other investments, at cost		2,626		2,626		—		2,626		—
Accrued interest receivable		4,746		4,746		—		4,746		—
BOLI		14,935		14,935		—		14,935		—
Liabilities:
Demand deposits, money market and savings	$	927,370	$	927,370	$	—	$	927,370	$	—
Time deposits		183,731		182,740		—		182,740		—
Federal Home Loan Bank advances		5,000		5,190		—		5,190		—
Junior subordinated debentures		35,924		34,357		—		34,357		—
Accrued interest payable		254		254		—		254		—
			Fair Value Measurements at December 31, 2021
	Carrying
	Amount		Total		Level 1		Level 2		Level 3
Assets:
Cash and equivalents	$	124,101	$	124,101	$	124,101	$	—	$	—
Securities available for sale		111,962		111,962		—		99,559		12,403
Loans receivable, net		933,475		923,958		—		—		923,958
Other investments, at cost		2,984		2,984		—		2,984		—
Accrued interest receivable		4,808		4,808		—		4,808		—
BOLI		14,778		14,778		—		14,778		—
Liabilities:
Demand deposits, money market and savings	$	850,112	$	850,112	$	—	$	850,112	$	—
Time deposits		208,929		209,005		—		209,005		—
Federal Home Loan Bank advances		5,000		5,054		—		5,054		—
Junior subordinated debentures		35,864		36,113		—		36,113		—
Accrued interest payable		383		383		—		383		—