FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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	$	55,795	$	—		$	—
U.S. Government sponsored entity securities		—		5,874			—
Agency mortgage-backed securities, residential		—		112,839			—
Interest rate swap derivatives		—		1,375			—
Liabilities:
Interest rate swap derivatives		—		(1,375	)		—

	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	)		—

Quantitative Information about Level 3 Inputs

The carrying amounts and estimated fair values of financial instruments at June 30, 2023 and December 31, 2022 are as follows:

	Carrying		Fair Value Measurements at June 30, 2023 Using
	Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	56,795	$	56,795	$	—	$	—	$	56,795
Certificates of deposit in financial institutions		245		—		245		—		245
Securities available for sale		174,508		55,795		118,713		—		174,508
Securities held to maturity		8,964		—		4,999		3,219		8,218
Loans, net		942,381		—		—		909,492		909,492
Interest rate swap derivatives		1,375		—		1,375		—		1,375
Accrued interest receivable		3,164		—		440		2,724		3,164
Financial liabilities:
Deposits		1,076,572		812,691		261,679		—		1,074,370
Other borrowed funds		26,904		—		25,411		—		25,411
Subordinated debentures		8,500		—		8,500		—		8,500
Interest rate swap derivatives		1,375		—		1,375		—		1,375
Accrued interest payable		3,048		—		3,048		—		3,048

	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

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at June 30, 2023 and December 31, 2022 are as follows:

	Carrying		Fair Value Measurements at June 30, 2023 Using
	Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	56,795	$	56,795	$	—	$	—	$	56,795
Certificates of deposit in financial institutions		245		—		245		—		245
Securities available for sale		174,508		55,795		118,713		—		174,508
Securities held to maturity		8,964		—		4,999		3,219		8,218
Loans, net		942,381		—		—		909,492		909,492
Interest rate swap derivatives		1,375		—		1,375		—		1,375
Accrued interest receivable		3,164		—		440		2,724		3,164
Financial liabilities:
Deposits		1,076,572		812,691		261,679		—		1,074,370
Other borrowed funds		26,904		—		25,411		—		25,411
Subordinated debentures		8,500		—		8,500		—		8,500
Interest rate swap derivatives		1,375		—		1,375		—		1,375
Accrued interest payable		3,048		—		3,048		—		3,048

	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