FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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

March 31, 2024 and December 31, 2023 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, 2024
U.S. Treasury securities	$	8,688	$	—	$	8,688	$	—
U.S. Government Sponsored Enterprises (GSEs)	2,181		—		2,181		—
State and municipal securities	40,486		—		40,486		—
Corporate debt securities	11,331		—		11,331		—
Asset based securities	17,615		—		17,615		—
Mortgage-backed GSE residential/multifamily and non-GSE	97,078		—		97,078		—
Other equity securities	3,638		3,638		—		—
Interest Rate Products - asset	7,810		—		7,810		—
Interest Rate Products - liabilities	(7,830)		—		(7,830)		—
December 31, 2023
U.S. Treasury securities	$	8,772	$	—	$	8,772	$	—
U.S. Government Sponsored Enterprises (GSEs)	2,268		—		2,268		—
State and municipal securities	41,069		—		41,069		—
Corporate debt securities	11,259		—		11,259		—
Asset based securities	18,687		—		18,687		—
Mortgage-backed GSE residential/multifamily and non-GSE	96,945		—		96,945		—
Other equity securities	3,649		3,649		—		—
Interest Rate Products - asset	7,691		—		7,691		—
Interest Rate Products - liabilities	(7,726)		—		(7,726)		—

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

	March 31, 2024
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	237,123	$	237,123	$	—	$	—
Securities available for sale	177,379		—		177,379		—
Other equity securities	3,638		3,638		—		—
Loans held for sale	425		—		425		—
Trading assets	7,810		—		7,810		—
Loans, net	1,940,005		—		1,898,426		4,162
Bank owned life insurance	30,075		—		30,075		—
Annuities	15,939		—		15,939		—
Accrued interest receivable	9,561		—		9,561		—
Restricted equity securities	5,108		—		—		5,108
Financial liabilities:
Deposits	$	2,109,798	$	—	$	2,107,741	$	—
Trading liabilities	7,830		—		7,830		—
FHLB advances	52,000		—		51,969		—
Other borrowings	7,997		—		7,997		—
Subordinated notes	86,776		—		86,776		—
Accrued interest payable	1,805		—		1,805		—

Fair Value of Financial Instruments (Continued)

	December 31, 2023
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	250,651	$	250,651	$	—	$	—
Securities available for sale	179,000		—		179,000		—
Other equity securities	3,649		3,649		—		—
Loans held for sale	450		—		450		—
Trading assets	7,691		—		7,691		—
Loans, net	1,860,130		—		1,824,800		3,095
Bank owned life insurance	29,884		—		29,884		—
Annuities	15,036		—		15,036		—
Accrued interest receivable	8,711		—		8,711		—
Restricted equity securities	5,684		—		—		5,684
Financial liabilities:
Deposits	$	2,018,189	$	—	$	2,016,506	$	—
Trading liabilities	7,726		—		7,726		—
FHLB advances	70,000		—		70,029		—
Other borrowings	26,994		—		26,994		—
Subordinated notes	86,679		—		86,679		—
Accrued interest payable	1,519		—		1,519		—

Schedule of Fair Value Measurements, Nonrecurring

March 31, 2024 and December 31, 2023:

	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, 2024:
Individually analyzed loans	$	4,162	$	—	$	—	$	4,162
Foreclosed assets	33		—		—		33
Totals	$	4,195	$	—	$	—	$	4,195

	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, 2023:
Individually analyzed loans	$	3,095	$	—	$	—	$	3,095
Foreclosed assets	33		—		—		33
Totals	$	3,128	$	—	$	—	$	3,128

Schedule of Fair Value Measurement Inputs and Valuation Techniques

assets measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023.

For Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2024, 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:
Individually analyzed loans	$	4,162	Appraisal	Appraisal discounts (%)	15-20%
Foreclosed assets	$	33	Appraisal	Appraisal discounts (%)	10-15%

For Level 3 assets measured at fair value on a nonrecurring basis as of December 31, 2023, 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:
Individually analyzed loans	$	3,095	Appraisal	Appraisal discounts (%)	15-20%
Foreclosed assets	$	33	Appraisal	Appraisal discounts (%)	10-15%