FAIR VALUE MEASUREMENTS AND DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2024

FAIR VALUE MEASUREMENTS AND DISCLOSURES

Schedule of assets measured at fair value on a recurring basis

The balances of available for sale securities, which are the only assets measured at fair value on a recurring basis, by level within the fair value hierarchy and by investment type, as of December 31, 2024 and 2023, were as follows (in thousands):

			Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3
December 31, 2024:
U.S. Treasuries	$	117,045	$	—	$	117,045	$	—
Mortgage-backed securities		42,512		—		42,512		—
Collateralized mortgage obligations		68,864		—		68,864		—
States and political subdivisions		80,227		—		80,227		—
Total	$	308,648	$	—	$	308,648	$	—
December 31, 2023:
U.S. Treasuries	$	115,458	$	—	$	115,458	$	—
Mortgage-backed securities		47,785		—		47,785		—
Collateralized mortgage obligations		95,006		—		95,006		—
States and political subdivisions		81,228		—		81,228		—
Total	$	339,477	$	—	$	339,477	$	—

Schedule of change in the fair value of other real estate measured using Level 3 inputs

The following table presents a summary of changes in the fair value of other real estate which is measured using Level 3 inputs (in thousands):

	2024		2023
Balance, beginning of year	$	—	$	259
Loans transferred to ORE		18		952
Sales		(9)		(1,114)
Write-downs		—		(97)
Balance, end of year	$	9	$	—

Schedule of carrying value and estimated fair value of financial instruments

The carrying value and estimated fair value of financial instruments, by level within the fair value hierarchy, at December 31, 2024 and 2023 are as follows (in thousands):

	Carrying		Fair Value Measurements Using
	Amount		Level 1		Level 2		Level 3		Total
December 31, 2024:
Financial Assets:
Cash and due from banks	$	107,744	$	107,744	$	—	$	—	$	107,744
Available for sale securities		308,648		—		308,648		—		308,648
Held to maturity securities, net		123,156		—		111,112		—		111,112
Loans, net		230,594		—		—		225,422		225,422
Financial Liabilities:
Deposits:
Non-interest bearing		235,183		235,183		—		—		235,183
Interest bearing		434,680		—		—		377,233		377,233
Time deposits		50,867		—		—		50,212		50,212
Borrowings Federal Home Loan Bank
Bank		—		—		—		—		—

	Carrying		Fair Value Measurements Using
	Amount		Level 1		Level 2		Level 3		Total
December 31, 2023:
Financial Assets:
Cash and due from banks	$	22,794	$	22,794	$	—	$	—	$	22,794
Available for sale securities		339,477		—		339,477		—		339,477
Held to maturity securities, net		150,911		—		138,523		—		138,523
Loans, net		235,115		—		—		221,896		221,896
Financial Liabilities:
Deposits:
Non-interest bearing		174,933		174,933		—		—		174,933
Interest bearing		483,662		—		—		424,398		424,398
Time deposits		29,895		—		—		28,939		28,939
Borrowings from Federal Home Loan Bank
Bank		18,500		—		18,500		—		18,500

Other real estate

FAIR VALUE MEASUREMENTS AND DISCLOSURES

Schedule of assets measured at fair value on a recurring basis

Other real estate, which is measured at fair value on a non-recurring basis, by level within the fair value hierarchy as of December 31, 2024 and 2023 are as follows (in thousands):

			Fair Value Measurements Using
December 31:	Total		Level 1		Level 2		Level 3
2024	$	9	$	—	$	—	$	9
2023	$	—	$	—	$	—	$	—

Impaired Loans Receivable

FAIR VALUE MEASUREMENTS AND DISCLOSURES

Schedule of assets measured at fair value on a recurring basis

Collateral dependent loans, which are measured at fair value on a non-recurring basis, by level within the fair value hierarchy as of December 31, 2024 and 2023 were as follows (in thousands):

			Fair Value Measurements Using
December 31:	Total		Level 1		Level 2		Level 3
2024	$	—	$	—	$	—	$	—
2023	$	6	$	—	$	—	$	6