FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	Fair Value Measurements at March 31, 2023 Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
U.S. Government securities	$	55,468	$	—		$	—
U.S. Government sponsored entity securities		—		5,940			—
Agency mortgage-backed securities, residential		—		118,345			—
Interest rate swap derivatives		—		1,118			—
Liabilities:
Interest rate swap derivatives		—		(1,118	)		—

	Fair Value Measurements at December 31, 2022 Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
U.S. Government securities	$	54,792	$	—		$	—
U.S. Government sponsored entity securities		—		7,983			—
Agency mortgage-backed securities, residential		—		121,299			—
Interest rate swap derivatives		—		1,340			—
Liabilities:
Interest rate swap derivatives		—		(1,340	)		—

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2023 and December 31, 2022 are as follows:

	Carrying		Fair Value Measurements at March 31, 2023 Using
	Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	89,848	$	89,848	$	—	$	—	$	89,848
Certificates of deposit in financial institutions		735		—		735		—		735
Securities available for sale		179,753		55,468		124,285		—		179,753
Securities held to maturity		9,001		—		5,074		3,324		8,398
Loans, net		898,706		—		—		868,593		868,593
Interest rate swap derivatives		1,118		—		1,118		—		1,118
Accrued interest receivable		3,225		—		520		2,705		3,225
Financial liabilities:
Deposits		1,081,195		829,598		250,075		—		1,079,673
Other borrowed funds		17,330		—		15,736		—		15,736
Subordinated debentures		8,500		—		8,500		—		8,500
Interest rate swap derivatives		1,118		—		1,118		—		1,118
Accrued interest payable		1,326		—		1,326		—		1,326

	Carrying		Fair Value Measurements at December 31, 2022 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	45,990	$	45,990	$	—	$	—	$	45,990
Certificates of deposit in financial institutions		1,862		—		1,862		—		1,862
Securities available for sale		184,074		54,792		129,282		—		184,074
Securities held to maturity		9,226		—		4,987		3,473		8,460
Loans, net		879,780		—		—		846,870		846,870
Interest rate swap derivatives		1,340		—		1,340		—		1,340
Accrued interest receivable		3,112		—		485		2,627		3,112
Financial liabilities:
Deposits		1,027,655		875,736		149,974		—		1,025,710
Other borrowed funds		17,945		—		16,364		—		16,364
Subordinated debentures		8,500		—		8,500		—		8,500
Interest rate swap derivatives		1,340		—		1,340		—		1,340
Accrued interest payable		432		1		431		—		432