FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 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	$	60,009	$	—		$	—
U.S. Government sponsored entity securities		—		5,850			—
Agency mortgage-backed securities, residential		—		96,890			—
Interest rate swap derivatives		—		1,251			—
Liabilities:
Interest rate swap derivatives		—		(1,251	)		—

	Fair Value Measurements at December 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	$	50,297	$	—		$	—
U.S. Government sponsored entity securities		—		5,877			—
Agency mortgage-backed securities, residential		—		106,084			—
Interest rate swap derivatives		—		1,147			—
Liabilities:
Interest rate swap derivatives		—		(1,147	)		—

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at June 30, 2024 and December 31, 2023 are as follows:

	Carrying		Fair Value Measurements at June 30, 2024 Using
	Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	107,679	$	107,679	$	—	$	—	$	107,679
Securities available for sale		162,749		60,009		102,740		—		162,749
Securities held to maturity		7,930		—		3,892		3,290		7,182
Loans, net		1,030,853		—		—		1,012,086		1,012,086
Interest rate swap derivatives		1,251		—		1,251		—		1,251
Accrued interest receivable		4,300		—		581		3,719		4,300
Financial liabilities:
Deposits		1,178,428		793,611		384,609		—		1,178,220
Other borrowed funds		42,056		—		40,711		—		40,711
Subordinated debentures		8,500		—		8,500		—		8,500
Interest rate swap derivatives		1,251		—		1,251		—		1,251
Accrued interest payable		7,578		1		7,577		—		7,578

	Carrying		Fair Value Measurements at December 31, 2023 Using
	Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	128,126	$	128,126	$	—	$	—	$	128,126
Securities available for sale		162,258		50,297		111,961		—		162,258
Securities held to maturity		7,986		—		4,281		3,109		7,390
Loans, net		963,133		—		—		944,544		944,544
Interest rate swap derivatives		1,147		—		1,147		—		1,147
Accrued interest receivable		3,606		—		466		3,140		3,606
Financial liabilities:
Deposits		1,127,136		748,013		379,455		—		1,127,468
Other borrowed funds		44,593		—		43,387		—		43,387
Subordinated debentures		8,500		—		8,500		—		8,500
Interest rate swap derivatives		1,147		—		1,147		—		1,147
Accrued interest payable		6,597		1		6,596		—		6,597