FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Information related to the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020 is as follows:

	Fair Value Measurements At Reporting Date Using:
	Fair Value		Quoted Prices In Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2021:
U.S. Treasury securities	$	7,955	$	—	$	7,955	$	—
U.S. Government Sponsored Enterprises (GSEs)	9,572		—		9,572		—
State and municipal securities	51,752		—		51,752		—
Corporate debt securities	10,626		—		10,626		—
Asset based securities	10,746		—		10,746		—
Mortgage-backed GSE residential/multifamily	22,666		—		22,666		—
Other equity securities	9,227		9,227		—		—
Interest Rate Products - asset	1,638		—		1,638		—
Interest Rate Products - liabilities	(1,690)		—		(1,690)		—
December 31, 2020:
U.S. Treasury securities	$	—	$	—	$	—	$	—
U.S. Government Sponsored Enterprises (GSEs)	9,366		—		9,366		—
State and municipal securities	67,941		—		67,941		—
Corporate debt securities	8,469		—		8,469		—
Asset based securities	9,111		—		9,111		—
Mortgage-backed GSE residential/multifamily	19,114		—		19,114		—
Other equity securities	5,017		5,017		—		—
Interest Rate Products - asset	983		—		983		—
Interest Rate Products - liabilities	(1,013)		—		(1,013)		—

The carrying amount and estimated fair value of the Company’s financial instruments were as follows:

	September 30, 2021
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	177,822	$	177,822	$	—	$	—
Securities available for sale	113,317		—		113,317		—
Other equity securities	9,227		9,227		—		—
Loans held for sale	2,097		—		2,097		—
Trading assets	1,638		—		1,638		—
Loans, net	1,131,350		—		1,137,628		2,401
Bank owned life insurance	22,081		—		22,081		—
Annuities	12,968		—		12,968		—
Foreclosed assets	10,146		—		—		10,146
Accrued interest receivable	3,933		—		3,933		—
Restricted equity securities	2,600		—		—		2,600
Financial liabilities:
Deposits	$	1,336,322	$	—	$	1,308,710	$	—
Trading liabilities	1,690		—		1,690		—
FHLB advances	26,900		—		26,925		—
Other borrowings	12,498		—		12,498		—
Subordinated notes	—		—		—		—
Accrued interest payable	125		—		125		—

Fair Value of Financial Instruments (Continued)

	December 31, 2020
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	84,907	$	84,907	$	—	$	—
Securities available for sale	114,001		—		114,001		—
Other equity securities	5,017		5,017		—		—
Loans held for sale	5,696		—		5,696		—
Trading assets	983		—		983		—
Loans, net	1,018,256		—		1,030,104		4,392
Bank owned life insurance	22,458		—		22,458		—
Annuities	12,903		—		12,903		—
Foreclosed assets	10,224		—		—		10,224
Accrued interest receivable	4,243		—		4,243		—
Restricted equity securities	3,224		—		—		3,224
Financial liabilities:
Deposits	$	1,139,661	$	—	$	1,140,979	$	—
Trading liabilities	1,013		—		1,013		—
FHLB advances	30,900		—		30,962		—
Other borrowings	7,975		—		7,975		—
Subordinated notes	4,493		—		4,493		—
Accrued interest payable	278		—		278		—

Fair Value Measurements, Nonrecurring

Assets measured at fair value on a nonrecurring basis are included in the table below as of September 30, 2021 and December 31, 2020:

	Fair Value Measurements At Reporting Date Using:
	Fair Value		Quoted Prices In Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2021:
Impaired loans	$	2,401	$	—	$	—	$	2,401
Foreclosed assets	10,146		—		—		10,146
Totals	$	12,547	$	—	$	—	12,547

	Fair Value		Quoted Prices In Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2020:
Impaired loans	$	4,392	$	—	$	—	$	4,392
Foreclosed assets	10,224		—		—		10,224
Totals	$	14,616	$	—	$	—	14,616

Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2021, the significant unobservable inputs used in the fair value measurements are presented below.

	Carrying Amount		Valuation Technique	Significant Unobservable Input	Weighted Average of Input
Nonrecurring:
Impaired loans	$	2,401	Appraisal	Appraisal discounts (%)	15-20%
Foreclosed assets	$	10,146	Appraisal	Appraisal discounts (%)	10-15%

For Level 3 assets measured at fair value on a non-recurring basis as of December 31, 2020, the significant unobservable inputs used in the fair value measurements are presented below.

	Carrying Amount		Valuation Technique	Significant Unobservable Input	Weighted Average of Input
Nonrecurring:
Impaired loans	$	4,392	Appraisal	Appraisal discounts (%)	15-20%
Foreclosed assets	$	10,224	Appraisal	Appraisal discounts (%)	10-15%