FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021 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)
March 31, 2022
U.S. Treasury securities	$	9,241	$	—	$	9,241	$	—
U.S. Government Sponsored Enterprises (GSEs)	8,039		—		8,039		—
State and municipal securities	54,646		—		54,646		—
Corporate debt securities	10,441		—		10,441		—
Asset based securities	10,005		—		10,005		—
Mortgage-backed GSE residential/multifamily and non-GSE	58,655		—		58,655		—
Other equity securities	8,937		4,854		—		4,083
Interest Rate Products - asset	4,278		—		4,278		—
Interest Rate Products - liabilities	(4,322)		—		(4,322)		—
December 31, 2021
U.S. Treasury securities	$	7,822	$	—	$	7,822	$	—
U.S. Government Sponsored Enterprises (GSEs)	9,193		—		9,193		—
State and municipal securities	56,781		—		56,781		—
Corporate debt securities	10,784		—		10,784		—
Asset based securities	10,472		—		10,472		—
Mortgage-backed GSE residential/multifamily and non-GSE	37,120		—		37,120		—
Other equity securities	9,232		4,985		—		4,247
Interest Rate Products - asset	1,784		—		1,784		—
Interest Rate Products - liabilities	(1,843)		—		(1,843)		—

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

	March 31, 2022
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	208,824	$	208,824	$	—	$	—
Securities available for sale	151,027		—		151,027		—
Other equity securities	8,937		4,854		—		4,083
Loans held for sale	2,509		—		2,509		—
Trading assets	4,278		—		4,278		—
Loans, net	1,294,578		—		1,277,836		8,329
Bank owned life insurance	29,343		—		29,343		—
Annuities	15,523		—		15,523		—
Accrued interest receivable	4,427		—		4,427		—
Restricted equity securities	2,825		—		—		2,825
Financial liabilities:
Deposits	$	1,541,839	$	—	$	1,469,334	$	—
Trading liabilities	4,322		—		4,322		—
FHLB advances	25,950		—		25,829		—
Other borrowings	—		—		—		—
Subordinated notes	47,154		—		47,154		—
Accrued interest payable	107		—		107		—

Fair Value of Financial Instruments (Continued)

	December 31, 2021
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	283,956	$	283,956	$	—	$	—
Securities available for sale	132,172		—		132,172		—
Other equity securities	9,232		4,985		—		4,247
Loans held for sale	2,400		—		2,400		—
Trading assets	1,784		—		1,784		—
Loans, net	1,235,456		—		1,237,491		7,718
Bank owned life insurance	22,201		—		22,201		—
Annuities	12,888		—		12,888		—
Accrued interest receivable	4,170		—		4,170		—
Restricted equity securities	2,600		—		—		2,600
Financial liabilities:
Deposits	$	1,556,451	$	—	$	1,507,190	$	—
Trading liabilities	1,843		—		1,843		—
FHLB advances	25,950		—		25,926		—
Other borrowings	12,498		—		12,498		—
Subordinated notes	—		—		—		—
Accrued interest payable	132		—		132		—

Fair Value Measurements, Nonrecurring

Assets measured at fair value on a nonrecurring basis are included in the table below as of March 31, 2022 and December 31, 2021:

	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)
March 31, 2022:
Impaired loans	$	8,329	$	—	$	—	$	8,329
Foreclosed assets	2,930		—		—		2,930
Totals	$	11,259	$	—	$	—	$	11,259

	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, 2021:
Impaired loans	$	7,718	$	—	$	—	$	7,718
Foreclosed assets	2,930		—		—		2,930
Totals	$	10,648	$	—	$	—	$	10,648

Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2022, 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	$	8,329	Appraisal	Appraisal discounts (%)	15-20%
Foreclosed assets	$	2,930	Appraisal	Appraisal discounts (%)	10-15%

For Level 3 assets measured at fair value on a non-recurring basis as of December 31, 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	$	7,718	Appraisal	Appraisal discounts (%)	15-20%
Foreclosed assets	$	2,930	Appraisal	Appraisal discounts (%)	10-15%