FAIR VALUE INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities measured at Fair Value

The following table presents information about assets and liabilities measured at fair value on a recurring and non-recurring basis and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair values (dollars in thousands):

March 31, 2024	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Fair Value
Recurring:
Assets:
Securities available-for-sale:
Mortgage-backed securities	$	—	$	69,763	$	—	$	69,763
U.S. Treasuries		—		2,770		—		2,770
U.S. Government Agencies		—		8,585		—		8,585
Municipal obligations		—		20,252		—		20,252
Corporate debt		—		856		—		856
Total available-for-sale:	$	—	$	102,226	$	—	$	102,226
Nonrecurring basis:
Collateral Dependent Loans	$	—	$	—	$	1,193	$	1,193

December 31, 2023	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Fair Value
Recurring:
Assets:
Securities available-for-sale:
Mortgage-backed securities	$	—	$	32,467	$	—	$	32,467
U.S. Treasuries		—		2,792		—		2,792
U.S. Government Agencies		—		270		—		270
Municipal obligations		—		20,328		—		20,328
Corporate debt		—		833		—		833
Total available-for-sale:	$	—	$	56,690	$	—	$	56,690
Nonrecurring basis:
Collateral dependent loans	$	—	$	—	$	1,071	$	1,071
Other Real Estate Owned	$	—	$	—	$	3,000	$	3,000

Fair Value Measurement Inputs and Valuation Techniques

The following table presents the significant unobservable inputs used in the fair value measurements for Level 3 financial assets measured on a non-recurring basis (dollars in thousands):

Collateral Dependent Loans March 31, 2024	Fair Value		Valuation Methodologies	Valuation Model	Unobservable Input Valuation
Commercial		1,193	Appraisal	Receivables Discount/Liquidation Discount	0–50%
Total collateral dependent loans	$	1,193
Collateral Dependent Loans December 31, 2023	Fair Value		Valuation Methodologies	Valuation Model	Unobservable Input Valuation
Commercial		1,071	Appraisal	Receivables Discount/Liquidation Discount	0–50%
Total collateral dependent loans	$	1,071
Other Assets
Other Real Estate Owned	$	3,000	Appraisal	Appraisal Discount/Estimated Selling Costs	23	%

Schedule of Fair Value of Financial Instruments

The estimated fair values of the Company’s consolidated financial instruments on the dates noted are as follows (dollars in thousands):

			March 31,						December 31,
			2024						2023
Financial assets	Fair Value Hierarchy		Carrying Amount			Fair Value			Carrying Amount			Fair Value
Cash and due from banks		Level 1	$	66,234		$	66,234		$	27,182		$	27,182
Federal funds sold		Level 2		6,510			6,510			1,715			1,715
Securities available-for-sale		Level 2		102,226			102,226			56,690			56,690
Securities held-to-maturity		Level 2		5,645			5,235			5,684			5,107
Loans held for investment		Level 3		750,307			730,156			457,027			437,878
Other investments		Level 2		6,097			6,097			4,063			4,063
Accrued interest receivable		Level 1		2,961			2,961			1,597			1,597
Financial liabilities
Nonmaturity Deposits		Level 1	$	(591,281	)	$	(591,281	)	$	(331,596	)	$	(331,596	)
Time deposits		Level 2		(215,125	)		(214,408	)		(128,403	)		(128,108	)
FRB and FHLB advances		Level 2		(49,000	)		(49,000	)		(29,000	)		(29,000	)
Subordinated debentures		Level 3		(23,108	)		(19,383	)		(24,595	)		(20,421	)
Accrued interest payable		Level 1		(1,337	)		(1,337	)		(521	)		(521	)