FAIR VALUE INFORMATION (Tables)

6 Months Ended

Jun. 30, 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):

June 30, 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	$	—	$	29,898	$	—	$	29,898
U.S. Treasuries		—		5,736		—		5,736
U.S. Government Agencies		—		233		—		233
Municipal obligations		—		20,534		—		19,534
Corporate debt		—		856		—		856
Total available-for-sale:	$	—	$	56,257	$	—	$	56,257
Nonrecurring basis:
Collateral Dependent Loans	$	—	$	—	$	2,423	$	2,423

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):

June 30, 2024	Fair Value		Valuation Methodologies	Valuation Model	Unobservable Input Valuation
Collateral Dependent Loans Commercial		2,423	Appraisal/Borrower Financial Statements	Receivables Discount/Liquidation Discount	0–95	%
Total collateral dependent loans	$	2,423
December 31, 2023	Fair Value		Valuation Methodologies	Valuation Model	Unobservable Input Valuation
Collateral Dependent Loans Commercial		1,071	Appraisal/Borrower Financial Statements	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):

		June 30,						December 31,
		2024						2023
Financial assets	Fair Value Hierarchy	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Cash and due from banks	Level 1	$	52,515		$	52,515		$	27,182		$	27,182
Federal funds sold	Level 2		26,175			26,175			1,715			1,715
Securities available-for-sale	Level 2		56,257			56,257			56,690			56,690
Securities held-to-maturity	Level 2		5,647			5,249			5,684			5,107
Loans held for investment	Level 3		724,694			699,088			451,167			437,878
Other investments	Level 2		6,185			6,185			4,063			4,063
Accrued interest receivable	Level 1		2,787			2,787			1,597			1,597
Financial liabilities
Nonmaturity Deposits	Level 1	$	(555,280	)	$	(555,280	)	$	(331,596	)	$	(331,596	)
Time deposits	Level 2		(214,415	)		(213,739	)		(128,403	)		(128,108	)
FRB and FHLB advances	Level 2		(27,000	)		(27,000	)		(29,000	)		(29,000	)
Subordinated debentures	Level 3		(23,122	)		(19,383	)		(24,595	)		(20,421	)
Federal funds purchased	Level 2		(1,663	)		(1,663	)		—			—
Accrued interest payable	Level 1		(1,615	)		(1,615	)		(521	)		(521	)