First Western Financial (MYFW) 10-K 15 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 09, 2022	Jun. 30, 2021
Document And Entity Information Abstract
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-38595
Entity Registrant Name	First Western Financial Inc
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	37-1442266
Entity Address, Address Line One	1900 16th Street
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	531.8100
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	MYFW
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
ICFR Auditor Attestation Flag	false
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Public Float			$ 166.4
Entity Common Stock, Shares Outstanding		9,430,007
Entity Central Index Key	0001327607
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Crowe LLP
Auditor Firm ID	173
Auditor Location	Denver, Colorado

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents:
Cash and due from banks	$ 6,487	$ 2,405
Federal funds sold	1,491
Interest-bearing deposits in other financial institutions	379,005	153,584
Total cash and cash equivalents	386,983	155,989
Available-for-sale securities, at fair value	56,211	36,666
Correspondent bank stock, at cost	2,584	2,552
Mortgage loans held for sale	30,620	161,843
Loans, net of allowance of $13,732 and $12,539	1,935,405	1,520,294
Premises and equipment, net	23,976	5,320
Accrued interest receivable	7,151	6,618
Accounts receivable	5,267	4,865
Other receivables	1,949	1,422
Other real estate owned, net		194
Goodwill and other intangible assets, net	31,902	24,258
Deferred tax assets, net	6,845	6,056
Company-owned life insurance	15,803	15,449
Other assets	22,678	32,129
Assets held for sale	115
Total assets	2,527,489	1,973,655
Deposits:
Noninterest-bearing	636,304	481,457
Interest-bearing	1,569,399	1,138,453
Total deposits	2,205,703	1,619,910
Borrowings:
Federal Home Loan Bank and Federal Reserve borrowings	38,629	149,563
Subordinated notes	39,031	24,291
Accrued interest payable	355	453
Other liabilities	24,730	24,476
Total liabilities	2,308,448	1,818,693
SHAREHOLDERS' EQUITY
Preferred stock - no par value; 10,000,000 shares authorized; 0 issued and outstanding
Common stock - no par value; 90,000,000 shares authorized; 9,419,271 and 7,951,773 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively
Additional paid-in capital	188,629	144,703
Retained earnings	30,189	9,579
Accumulated other comprehensive income	223	680
Total shareholders' equity	219,041	154,962
Total liabilities and shareholders' equity	$ 2,527,489	$ 1,973,655

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Allowance for loans	$ 13,732	$ 12,539
Preferred Stock, par value (in dollars per share)	$ 0	$ 0
Preferred Stock, shares authorized	10,000,000	10,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0	$ 0
Common Stock, shares authorized	90,000,000	90,000,000
Common Stock, shares issued	9,419,271	7,951,773
Common Stock, shares outstanding	9,419,271	7,951,773

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest and dividend income:
Loans, including fees	$ 60,758	$ 51,998
Investment securities	770	878
Interest-bearing deposits in other financial institutions	397	458
Total interest and dividend income	61,925	53,334
Interest expense:
Deposits	3,482	5,794
Other borrowed funds	1,934	1,438
Total interest expense	5,416	7,232
Net interest income	56,509	46,102
Less: Provision for loan losses	1,230	4,682
Net interest income, after provision for loan losses	55,279	41,420
Non-interest income:
Trust and investment management fees	20,220	19,022
Net gain on mortgage loans	16,060	29,276
Bank fees	1,847	1,320
Risk management and insurance fees	1,120	1,199
Income on company-owned life insurance	354	363
Net gain on equity interests	489
Other	60
Total non-interest income	40,150	51,180
Total income before non-interest expense	95,429	92,600
Non-interest expense:
Salaries and employee benefits	40,746	34,785
Occupancy and equipment	5,990	6,009
Professional services	6,473	5,035
Technology and information systems	3,707	4,035
Data processing	6,327	4,000
Marketing	1,613	1,478
Amortization of other intangible assets	17	14
Net loss on assets held for sale		553
Provision for other real estate owned		176
Other	3,276	3,452
Total non-interest expense	68,149	59,537
Income before income taxes	27,280	33,063
Income tax expense	6,670	8,529
Net income available to common shareholders	$ 20,610	$ 24,534
Earnings per common share:
Basic	$ 2.58	$ 3.11
Diluted	$ 2.50	$ 3.08

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 20,610	$ 24,534
Other comprehensive (loss)/income items, net of tax effect:
Net change in unrealized (losses)/gains on available-for-sale securities	(457)	844
Comprehensive income	$ 20,153	$ 25,378

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit).	Accumulated Other Comprehensive Income (loss)	Total
Balance at Beginning at Dec. 31, 2019		$ 142,797	$ (14,955)	$ (164)	$ 127,678
Balance at Beginning (in shares) at Dec. 31, 2019	7,940,168
Increase (Decrease) in Stockholders' Equity
Net income			24,534		24,534
Other comprehensive income, net of tax				844	844
Settlement of share awards		(261)			(261)
Settlement of share awards (in shares)	34,710
Share repurchase		(377)			(377)
Share repurchase (in shares)	(23,105)
Stock-based compensation		2,544			2,544
Balance at Ending at Dec. 31, 2020		144,703	9,579	680	154,962
Balance at Ending (in shares) at Dec. 31, 2020	7,951,773
Increase (Decrease) in Stockholders' Equity
Net income			20,610		20,610
Other comprehensive income, net of tax				(457)	(457)
Settlement of share awards		(501)			(501)
Settlement of share awards (in shares)	58,884
Issuance of common stock for Teton Acquisition		39,818			39,818
Issuance of common stock for Teton Acquisition (in shares)	1,337,791
Options exercised		1,706			1,706
Options exercised (in shares)	70,823
Stock-based compensation		2,903			2,903
Balance at Ending at Dec. 31, 2021		$ 188,629	$ 30,189	$ 223	$ 219,041
Balance at Ending (in shares) at Dec. 31, 2021	9,419,271

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income	$ 20,610	$ 24,534
Adjustments to reconcile net income to net cash used in operating activities:
Net amortization of investment securities	131	442
Stock dividends received on correspondent bank stock	(76)	(17)
Provision for loan losses	1,230	4,682
Net gain on mortgage loans	(16,060)	(29,276)
Origination of mortgage loans held for sale	(1,263,346)	(1,331,989)
Proceeds from mortgage loans	1,417,808	1,238,881
Depreciation and amortization	1,273	1,117
Provision for other real estate owned		176
Deferred income tax benefits, net of valuation allowance	(668)	(1,300)
Increase in cash surrender value of company-owned life insurance	(354)	(363)
Loss on assets held for sale		553
Stock-based compensation	2,903	2,544
Gain on equity interests	(489)
Loss/(Gain) on sale of assets	27	(43)
Net changes in operating assets and liabilities:
Change in accounts receivable	(247)	355
Change in accrued interest receivable and other assets	1,254	(4,473)
Change in accrued interest payable and other liabilities	1,852	858
Net cash provided by/(used in) operating activities	165,848	(93,319)
Activity in available-for-sale securities:
Maturities, prepayments, and calls	16,241	28,639
Purchases	(17,667)	(6,000)
Purchases of correspondent bank stock	(1)	(1,950)
Redemption of correspondent bank stock	973
Contributions to low-income housing tax credit investments	(2,087)
Loan and note receivable originations and principal collections, net	(162,900)	(414,486)
Purchases of premises and equipment	(2,108)	(1,205)
Proceeds from sale of premises and equipment		10
Proceeds from sale of other real estate owned	194	288
Net cash received/(paid) on acquisitions	120,997	(61,316)
Net cash used in investing activities	(46,358)	(456,020)
Cash flows from financing activities
Net change in deposits	206,566	470,046
Payments to Federal Home Loan Bank borrowings		(30,000)
Proceeds from Federal Home Loan Bank borrowings		35,000
Payments to Federal Reserve borrowings	(194,608)	(69,750)
Proceeds from Federal Reserve borrowings	83,674	204,313
Proceeds from subordinated notes, net of issuance costs	14,667	17,719
Proceeds from the exercise of stock options	1,706
Repurchase of common stock		(377)
Settlement of restricted stock	(501)	(261)
Net cash provided by financing activities	111,504	626,690
Net change in cash and cash equivalents	230,994	77,351
Cash and cash equivalents, beginning of year	155,989	78,638
Cash and cash equivalents, end of period	386,983	155,989
Supplemental cash flow information:
Interest paid on deposits and borrowed funds	5,514	7,078
Income tax payment, net of refunds received	6,336	11,763
Cash paid for amounts included in the measurement of lease liabilities	$ 5,287	5,659
Supplemental noncash disclosures:
Common stock issued for Teton acquisition	39,818
Reclass of held for sale assets, net of liabilities		(2,990)
Contingent asset resulting from sale of held for sale assets		3,062
Change in unrealized (loss)/gain on available-for-sale securities	$ (620)	1,113
Lease right-of-use-asset obtained in exchange for lease liabilities	$ 2,262	$ 3,600

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business and Basis of Presentation FWFI is a bank holding company with financial holding company status registered with the Board of Governors of the Federal Reserve System. FWFI wholly owns the following subsidiaries: First Western Trust Bank (the "Bank") and Ryder, Stilwell Inc. ("RSI"). The Bank wholly owns the following subsidiaries, which are therefore indirectly wholly-owned by FWFI: First Western Merger Corporation ("Merger Corp.") and RRI, LLC ("RRI"). RSI and RRI are not active operating entities. The Company provides a fully-integrated suite of wealth management services including private banking, personal trust, investment management, mortgage loans, and institutional asset management services to individual and corporate clients principally in Colorado (metro Denver, Aspen, Boulder, Fort Collins and Vail Valley), Arizona (Phoenix and Scottsdale), California (Century City), and Wyoming (Jackson Hole, Laramie, Pinedale and Rock Springs). The Company’s revenues are generated from its full range of product offerings as noted above, but principally from net interest income (the interest income earned on the Bank’s assets net of funding costs), fee-based wealth advisory, investment management, asset management and personal trust services, and net gains earned on mortgage loans. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") for financial information, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), and where applicable, reporting practices prescribed for the banking and investment advisory industries. Consolidation Business Combinations and Divestitures: ​ On May 15, 2020, the Company completed a branch purchase and assumption transaction ("Branch Acquisition") with Simmons Bank ("Simmons"). Management concluded that the acquisition represented a business combination, which is accounted for using the acquisition method, with the results of operations included in the Company’s consolidated financial statements as of the acquisition date. Use of Estimates ​ The Company could experience a material adverse effect on its business as a result of the impact of the COVID-19 pandemic, and the resulting governmental actions to curtail its spread. It is at least reasonably possible that information which was available at the date of the financial statements will change in the near term due to the COVID-19 pandemic and that the effect of the change would be material to the financial statements. The extent to which the COVID-19 pandemic will impact our estimates and assumptions is highly uncertain. Concentration of Credit Risk Cash and Cash Equivalents Investment Securities The Company invests in projects to create affordable housing. These investments are classified as Other assets on the Consolidated Balance Sheets. Investments in affordable housing projects that qualify for low-income housing tax credits ("LIHTC") are accounted for using the proportional amortization method. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other benefits received and recognized as a component of applicable income tax expense in the Consolidated Statements of Income. Net purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities, without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Declines in the fair value of available-for-sale securities below their cost that are deemed to be other-than-temporary are recorded in earnings as realized losses in Non-interest income. ​ Management evaluates securities for other-than-temporary impairment ("OTTI") on a quarterly basis, or more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to loss on securities, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income (loss). The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. As of December 31, 2021 and 2020, no securities were determined to be other-than-temporarily impaired. ​ Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. ​ Correspondent Bank Stock ​ Mortgage Loans Held for Sale ​ Loans ​ Past Due Loans Interest accrued but not collected is charged off against interest income at the time a loan is placed on non-accrual status. The interest collected on non-accrual loans is accounted for using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Loans can be returned to accrual status when there is a sustained period of repayment performance (usually six-months or longer) and the collectability of future payments is reasonably assured. ​ Troubled Debt Restructurings ​ The loan terms which have been modified or restructured due to a borrower’s financial difficulty, include but are not limited to (i) a reduction in the stated interest rate of the loan, (ii) an extension of the maturity date of the loan at an interest rate below market, or (iii) a reduction of the accrued interest. ​ Loan modifications granted by the Company are reviewed on a case-by-case basis to determine if they should be considered a restructured loan. COVID-19 Loan Modifications: As a result of the COVID-19 pandemic, a loan modification program was designed and implemented to assist our clients experiencing financial stress resulting from the economic impacts caused by the global pandemic. The Company was offering loan extensions, temporary payment moratoriums, and financial covenant waivers for commercial and consumer borrowers impacted by the pandemic who have a pass risk rating and have not been delinquent over 30 days on payments in the last two years, primarily for a period of 180 days or less. During 2021, the Company’s loan portfolio included 69 loans totaling $130.4 million, which participated in the Company’s COVID-19 loan modification program. As of December 31, 2021, the deferral period has ended for all loans previously modified and payments have resumed under the original terms. ​ COVID-19 and CARES Act The CARES Act created the paycheck protection program ("PPP"), which is administered by the Small Business Administration ("SBA"). The PPP is intended to provide loans to small businesses to pay their employees, rent, mortgage interest and utilities. The loans may be forgiven conditioned upon the client providing payroll documentation evidencing their compliant use of funds and otherwise complying with the terms of the program. The Bank is an approved SBA lender and supported the community and clients by originating PPP loans since the program was created. PPP loans are classified in the Cash, Securities and Other portion of the loan portfolio. See Note 5 - Loans and the Allowance for Loan Losses for further discussion on our PPP loans. The CARES Act provides banks optional, temporary relief from accounting for certain loan modifications as TDRs. The modifications must be related to the adverse effects of COVID-19, and certain other criteria are required to be met in order to apply the relief. Interagency guidance from Federal Reserve and the Federal Deposit Insurance Corporation ("FDIC") confirmed with the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not to be considered a TDR. We believe our loan modification program meets that definition and have not classified any of these modifications as a TDR as of December 31, 2021 and 2020. In accordance with that guidance, the Company is recognizing interest income on all loans modified for temporary payment moratoriums. See Note 5 - Loans and the Allowance for Loan Losses for further discussion on our loan modification program. All loans modified in response to COVID-19 are classified as performing and pass rated as of December 31, 2021 and 2020. These loans are included in the allowance for loan loss general reserve in accordance with ASC 450-20. Management has increased our loan level reviews and portfolio monitoring to address the changing environment. The Company continues to meet regularly with clients who could be more highly impacted by the recent COVID-19 pandemic. These are borrowers in industries we believe may be more impacted by the pandemic, for instance those loans where there may be a greater than 50% probability of a downgrade, covenant violation, or 20% reduction in collateral position. Management believes the diversity of the loan portfolio is prudent and remains consistent with the credit culture and goals of the Bank. Interest accrued during the modification term on modified loans is deferred to the end of the loan term. As of December 31, 2021 and 2020, no allowance for loan loss was deemed necessary on the accrued interest balances related to loan modifications. ​ The Company is a participant in the Federal Reserve’s Main Street Lending Program ("MSLP") to support lending to small and medium-sized for profit businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic. The Company may sell a 95% participation in a new MSLP loan to the Main Street Special Purpose Vehicle ("SPV") at par value. The Company must retain 5% of the MSLP loan until (i) it matures or (ii) neither the Main Street SPV nor a Governmental Assignee holds an interest in MSLP Loan in any capacity, whichever comes first. See Note 5 - Loans and the Allowance for Loan Losses for further discussion on our participation in the program. Allowance for Loan Losses: ​ The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and dollar volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral and prevailing economic conditions. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. ​ We are closely monitoring the changing dynamics in the economy and the client impact driven by the COVID-19 pandemic. We have intensified our portfolio management, focusing on higher impacted industries and commercial property types. Excluding loans acquired through the Teton Acquisition, the portion of our credit exposure to the highest risk industries impacted by COVID-19, such as accommodations, transportation and restaurants, is less than 4.3% of our loan portfolio. We are actively reviewing our acquired loans for any exposure to high risk industries. The Company has increased our loan level reviews and portfolio monitoring to address the changing environment and continues to engage in more frequent communication with these borrowers to better understand the impact on our borrower’s cash flows and respond proactively. During the year ended December 31, 2020, the Company increased its allowance to account for the additional variability surrounding the loan modifications and increased economic uncertainty related to the COVID-19 pandemic. ​ A loan is considered impaired when, based on current information and events, it is probable the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. ​ TDR and non-accrual loans are separately evaluated for impairment and included in the separately identified impairment disclosures. If cash flow dependent, TDR and non-accrual loans will be measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR or non-accrual loan is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For TDR and non-accrual loans that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses on loans individually identified as impaired. ​ Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting all scheduled principal and interest payments. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. ​ The allowance for loan losses is comprised of specific loan loss reserves and general loan loss reserves. The impairment of a specific loan is measured based either on (i) the present value of expected future cash flows discounted at the loan’s effective interest rate, or (ii) the fair value of the underlying collateral, less costs to sell, if the repayment is expected to be provided predominantly by the sale of the underlying collateral. Specific impairments are measured on a loan-by-loan basis if risk characteristics are unique to an individual borrower. The general loan loss reserve covers non-impaired loans and is established by evaluating the incurred loss on homogenous pools of loans, not specifically reviewed for impairment as noted above, that have common risk characteristics. The general loan loss reserve is based on historical loss experiences adjusted for nine qualitative factors on all loans in the portfolio not considered impaired. Certain factors are applied to each pool and certain factors are applied to all non-individually reviewed loans. The nine qualitative factors the Company considers are: ​ ● Changes in relevant economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments. ● Levels and trends in net charge-offs. ● The existence and effect of any concentrations of credit and changes in the level of such concentrations. ● Changes in the nature or volume of the loan portfolio and in the terms of loans. ● Changes in the experience, ability, and depth of lending management and other relevant staff. ● Changes in the volume and severity of past due loans. ● Changes in the quality of the loan review system and associated grading changes. ● Change in the level of overdrafts. ● Levels and status of loans modified as a result of COVID-19. The following portfolio segments have been identified: ​ ● Cash, Securities and Other— consists of consumer and commercial purpose loans that are primarily secured by securities managed and under custody with us, cash on deposit with us or life insurance policies. In addition, loans in this portfolio are collateralized with other sources of consumer collateral and an immaterial amount of each loan may be unsecured. This segment of our portfolio is affected by a variety of local and national economic factors affecting borrowers’ employment prospects, income levels, and overall economic sentiment. PPP loans that are fully guaranteed by the SBA are classified within this line item as of December 31, 2021 and 2020. ● Construction and Development—consists of loans to finance the construction of residential and non-residential properties. These loans are dependent on the strength of the industries of the related borrowers and the risks consistent with construction projects. ● 1-4 Family Residential— consists of loans and home equity lines of credit secured by 1-4 family residential properties. These loans typically enable borrowers to purchase or refinance existing homes, most of which serve as the primary residence of the owner. In addition, some borrowers secure a commercial purpose loan with owner occupied or non-owner occupied 1-4 family residential properties. Loans in this segment are dependent on the industries tied to these loans as well as the national and local economies, and local residential and commercial real estate markets. ● Commercial Real Estate (" CRE ") , Owner Occupied and Non-Owner Occupied—consists of commercial loans collateralized by real estate. These loans may be collateralized by owner occupied or non-owner occupied real estate, as well as multi-family residential real estate. These loans are dependent on the strength of the industries of the related borrowers and the success of their businesses. ● Commercial and Industrial—consists of commercial and industrial loans, including working capital lines of credit, permanent working capital term loans, business asset loans, acquisition, expansion and development loans, and other loan products, primarily in our target markets. This portfolio primarily consists of term loans and lines of credit which are dependent on the strength of the industries of the related borrowers and the success of their businesses. This category includes MSLP loans as of December 31, 2021 and 2020. The reserve for unfunded commitments represents the estimate for probable loan losses inherent in unfunded commitments to extend credit. Unfunded commitments to extend credit include commercial and standby letters of credit, unused lines of credit, and unfunded loan commitments expected to be funded. The process used to determine the reserve for unfunded commitments is consistent with the process for determining the allowance for loan losses, adjusted for estimated funding probabilities. Changes to the level of the reserve for unfunded commitments are recognized through the provision for loan losses for off-balance sheet credit exposures, included in the non-interest other expense line of the Consolidated Statements of Income. Transfers of Financial Assets Premises and Equipment 25 software are Goodwill and Other Intangible Assets one Accounts Receivable Other Receivables Leases Other Real Estate Owned Company-Owned Life Insurance Mortgage Banking Derivatives In order to manage the interest rate risk on our uncommitted IRLC and mortgage loans held for sale pipeline, the Company enters into mortgage derivative financial instruments called To Be Announced ("TBA"), which we refer to as forward commitments. TBA agreements are forward contracts to purchase mortgage backed securities ("MBS") that will be issued by a US Government Sponsored Enterprise. The Bank purchases or sells these derivatives to offset the changes in value of our mortgage loans held for sale and IRLC adjusted pipeline where we have exposure to interest rate volatility. Changes in the fair values of these derivatives are included in the Net gain on mortgage loans line of the Consolidated Statements of Income. Stock-Based Compensation Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s policy is to recognize forfeitures as they occur. Income Taxes The Company recognizes tax benefits from uncertain tax positions when it is more-likely-than-not, based on the technical merits of the position, the tax position will be sustained upon examination, including the resolution of any appeals or litigation. Tax benefits recognized in the consolidated financial statements from such a position are measured as the largest benefit that has a greater than fifty percent likelihood of being realized upon resolution. The Company may from time to time be assessed interest or penalties by major tax jurisdictions, although any such assessments have historically been minimal and immaterial to financial results. The Company classifies interest and penalties, if any, as a component of income tax expense. Comprehensive Income Earnings per Common Share Loan Commitments and Related Financial Instruments Loss Contingencies Deposits Borrowings Fair Value of Financial Instruments Revenue Recognition Transition of LIBOR to an Alternative Reference Rate The administrator of LIBOR has proposed to extend publication of the most commonly used U.S. Dollar LIBOR settings to June 30, 2023, and to cease publishing other LIBOR settings on December 31, 2021. ​ Certain of the Company’s assets and liabilities are indexed to LIBOR, with exposure extending past December 31, 2021. The Company is currently evaluating and planning for the eventual replacement of the LIBOR benchmark interest rate, including the possibility of SOFR as the dominant replacement. In general, the transition away from LIBOR may result in increased market risk, credit risk, operational risk and business risk for the Company. The Company has developed a LIBOR transition plan, which addresses governance, risk management, legal, operational, systems and operations, fallback language, and other aspects of planning. The company no longer originates LIBOR indexed loans. Existing LIBOR indexed commercial loans are expected to be transitioned to SOFR by June 30, 2022. Consumer indexed loans are being managed in accordance with Interagency Guidance. Restrictions on Cash Reclassifications Recently adopted accounting pronouncements In January 2021, the FASB issued ASU 2021-01, " Reference Rate Reform (Topic 848) Recently issued accounting pronouncements, not yet adopted In February 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) ("ASU 2016-13"). ASU 2016-13 replaces the incurred loss model with an expected loss model, which is referred to as the current expected credit loss ("CECL") model. The CECL model is applicable to the measurement of credit losses on the financial assets measured at amortized cost, including loan receivables, held-to-maturity debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. For all other assets within the scope of CECL, a cumulative-effect adjustment will be recognized in retained earnings and the allowance for credit losses as of the beginning of the first reporting period in which the guidance is effective. ASU 2016-13 was set to be effective for most public companies on January 1, 2020. However, at the October 16, 2019 FASB meeting, the FASB voted unanimously to delay the effective date of CECL adoption for smaller reporting companies ("SRCs") to January 1, 2023. During the year ended December 31, 2021, the CECL committee of the Company continued to work through its implementation plan. The Company has integrated historical and current loan level data as required by CECL and is working with its third-party vendor solution to begin evaluating the methodologies available under the CECL model on its loan portfolios. The Company also continues to evaluate documentation requirements, internal control structure, relevant data sources, and system configurations. The Company has completed a successful integration of the required fields and historical data for key loan, client and collateral data within the third-party solution and has been able to run parallels of our current allowance for loan and lease losses ("ALLL") calculation in the software to compare to our internal calculation and reconcile known differences. The Company has started the process of selecting the methodologies to be used for each segment of its loan portfolio and started preliminarily testing to determine the impact of each methodology. Currently, we are unable to estimate the impact the adoption of this update will have on the consolidated financial statements and disclosures. However, the Company expects the impact of the adoption will be significantly influenced by the composition and characteristics of its loan portfolios along with economic conditions prevalent as of the date of adoption. The Company expects to implement the new standard beginning January 1, 2023. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2021
ACQUISITIONS
ACQUISITIONS	NOTE 2 – ACQUISITIONS ​ On July 22, 2021, the Company entered into the Merger Agreement with Teton, parent company of Rocky Mountain Bank, a Wyoming-chartered bank headquartered in Jackson, Wyoming. The Merger Agreement provides that, subject to the terms and conditions set forth in the Merger Agreement, Teton would merge into the Company, with the Company continuing as the surviving corporation. The Merger Agreement also provides that following the merger, Rocky Mountain Bank would merge with and into the Bank, with the Bank surviving the bank merger. The transaction closed on December 31, 2021 with an aggregate purchase price of $51.3 million. Total acquisition costs incurred through December 31, 2021 for the transaction were approximately $4.1 million and are primarily reflected in the Data processing, Professional services, and Salaries and employee benefits lines of the Consolidated Statements of Income, with a remaining immaterial amount in the Other line of the Consolidated Statements of Income. As part of its long-term growth strategy, the Teton Acquisition expands First Western’s presence in Wyoming and allows the Bank to deliver its unique approach to private and commercial banking to more clients in the region. ​ The Teton Acquisition was accounted for under the acquisition method of accounting and therefore all assets and liabilities have been measured and recorded at their fair values as of the acquisition close date of December 31, 2021. All non-equity acquisition related costs were expensed as incurred and are included in noninterest expense in the Consolidated Statements of Income. Certain acquisition costs related to the issuance of equity were capitalized as of December 31, 2021. Market value adjustments for assets acquired and liabilities assumed are amortized or accreted on a level yield basis over the estimated life of the asset or liability. Loans acquired are recorded at their estimated fair value and therefore no allowance for loan and lease losses was recorded at the date of acquisition. Additionally, core deposit intangible assets have been identified and recorded at their estimated fair values and are amortized over their estimated useful life. On August 31, 2021, the Company completed the issuance and sale of subordinated notes, which provided partial funding of the transaction. See Note 10 – Borrowings. ​ As of December 31, 2021, loans, deposits, core deposit intangible, and equity warrants fair values are considered provisional. These items contain estimates of the accounting for the acquisition which are subject to revision in future periods when the application of purchase accounting is finalized. The Company utilized preliminary balance sheet values to estimate the fair values and then applied those values to the acquired balances as of December 31, 2021. The final valuation will be determined based on the actual December 31, 2021 balances which is in process at the time of this filing. ​ The following presents the estimated fair values of the assets acquired and liabilities assumed in the December 31, 2021 transaction with Teton, and reflects all adjustments made to the fair value of the opening balance sheet on December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of consideration transferred ​ December 31, 2021 Cash consideration ​ $ 11,501 Common stock issued ​ ​ 39,818 Total fair value of consideration transferred ​ ​ 51,319 ​ ​ ​ ​ Assets acquired ​ ​ ​ Cash and cash equivalents ​ ​ 132,498 Available-for-sale securities, at fair value ​ ​ 18,218 Correspondent bank stock, at cost ​ ​ 928 Mortgage loans held for sale ​ ​ 840 Loans, net ​ ​ 252,275 Premises and equipment ​ ​ 17,758 Accrued interest receivable ​ ​ 923 Accounts receivable ​ ​ 95 Other receivable ​ ​ 520 Core deposit intangible (1) ​ ​ 1,264 Other assets ​ ​ 66 Assets held for sale ​ ​ 115 Total assets acquired ​ ​ 425,500 ​ ​ ​ ​ Liabilities assumed ​ ​ ​ Deposits ​ ​ 379,227 Accrued interest payable ​ ​ 26 Other liabilities ​ 1,283 Deferred tax liabilities, net ​ ​ 42 Total liabilities assumed ​ ​ 380,578 Net assets acquired ​ ​ 44,922 Goodwill recognized ​ $ 6,397 _____________________________________ (1) The core deposit intangible was determined to have an estimated life of 10 years . ​ The fair value adjustments were determined using discounted expected cash flows. Loans had a fair value of $252.3 million and a contractual balance of $256.3 million as of December 31, 2021. The discount on the loans acquired in this transaction due to anticipated credit loss, as well as considerations for market interest rates, totaled $4.0 million, representing 1.6% of their contractual balance. There were no loans acquired that were considered to be purchased credit impaired ("PCI") loans. ​ The composition of the contractual balance of acquired loans as of December 31, 2021 is detailed in the table below (in thousands): ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2021 Cash, Securities and Other (1) ​ $ 20,080 Construction and Development ​ 33,977 1-4 Family Residential ​ 70,348 Non-Owner Occupied CRE ​ 43,162 Owner Occupied CRE ​ ​ 33,000 Commercial and Industrial ​ ​ 55,690 Total loans ​ ​ 256,257 Acquisition fair value adjustments ​ ​ (3,982) Loans, net ​ $ 252,275 _____________________________________ (1) Includes $6.7 million in PPP loans. ​ The Company incurred $4.1 million in expenses related to the acquisition during the year ended December 31, 2021. The following presents the acquisition expenses within Non-interest expense of the Consolidated Statements of Income (in thousands): ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 Mergers and acquisitions expense: ​ ​ ​ Salaries and employee benefits ​ $ 547 Professional services ​ ​ 1,118 Data processing ​ ​ 2,428 Other ​ ​ 8 Total mergers and acquisitions expense ​ $ 4,101 ​ On February 10, 2020, the Company entered into a branch purchase and assumption agreement with Simmons Bank, a subsidiary of Simmons First National Corporation, to acquire all of the Simmons’ Colorado locations, including three branches and one loan production office located in Denver, as well as certain deposits, loans and other assets and liabilities. The transaction closed on May 15, 2020 with an aggregate purchase price of $61.6 million, including a deposit premium of 6.06%. ​ During the third quarter of 2020, the Company closed two of the branches and the loan production office Goodwill of $4.5 million was recognized in the transaction and represents expected synergies and cost savings resulting from combining the expanded footprint and expertise of the associates. ​ The following presents the estimated fair values of the assets acquired and liabilities assumed in the May 15, 2020 transaction with Simmons, and reflects all adjustments made to the fair value of the opening balance sheet through December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ May 15, Fair value of consideration transferred ​ 2020 Cash consideration ​ $ 61,599 Total fair value of consideration transferred ​ ​ 61,599 ​ ​ ​ ​ Assets acquired ​ ​ ​ Cash and due from banks ​ ​ 283 Loans, net ​ ​ 119,552 Core deposit intangible (1) ​ ​ 53 Accrued income and other assets ​ ​ 382 Total assets acquired ​ ​ 120,270 ​ ​ ​ ​ Liabilities assumed ​ ​ ​ Deposits ​ ​ 63,080 Accrued expenses and other liabilities ​ 96 Total liabilities assumed ​ ​ 63,176 Net assets acquired ​ ​ 57,094 Goodwill recognized ​ $ 4,505 _____________________________________ (1) The core deposit intangible was determined to have an estimated life of 10 years . ​ The fair value of net assets acquired includes fair value adjustments to loans as of the acquisition date. The fair value adjustments were determined using discounted expected cash flows. Loans had a fair value of $119.6 million and a contractual balance of $120.6 million as of May 15, 2020. The discount on the loans acquired in this transaction due to anticipated credit loss, as well as considerations for market interest rates, totaled $1.1 million, representing 0.9% of their contractual balances. No allowance for loan losses related to acquired loans was recorded as a result of the Branch Acquisition. Loans acquired included short-term modifications made on a good faith basis by Simmons, in response to COVID-19. All of the modification were given additional review prior to the closing of the purchase and management determined that loans were performing prior to modification and were not considered impaired at purchase. There were no loans acquired that were considered to be PCI loans. ​ The composition of the acquired loan portfolio as of May 15, 2020 is detailed in the table below (in thousands): ​ ​ ​ ​ ​ ​ ​ May 15, ​ 2020 Cash, Securities and Other (1) ​ $ 13,457 Construction and Development ​ 40,407 1-4 Family Residential ​ 7,252 Non-Owner Occupied CRE ​ 545 Owner Occupied CRE ​ ​ 321 Commercial and Industrial ​ ​ 58,660 Total loans ​ $ 120,642 _____________________________________ (1) Includes $12.9 million in PPP loans. ​ The Company incurred $0.7 million in expenses related to the acquisition during the year ended December 31, 2020. Acquisition expenses, including Data processing, Professional fees, Salaries and employee benefit, Technology and information systems, and occupancy and equipment lines are included in the Total non-interest expense line of the Consolidated Statements of Income. The following table presents pro forma information for the years ended December 31, 2021 and 2020, as if the Teton Acquisition and Branch Acquisition had occurred on January 1, 2020. This table has been prepared for comparative purposes only, and is not indicative of the actual results that would have been attained had the acquisitions occurred as of the beginning of the periods presented, nor is it indicative of future results (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pro Forma ​ ​ ​ Twelve Months Ended December 31, ​ ​ ​ 2021 ​ 2020 Net interest income after provision for loan losses ​ $ 68,019 ​ $ 56,465 Noninterest income ​ ​ 41,206 ​ ​ 52,926 Net income ​ ​ 23,234 ​ ​ 23,689 Pro forma earnings per share: ​ ​ ​ ​ ​ ​ Basic ​ ​ 2.49 ​ ​ 2.55 Diluted ​ ​ 2.43 ​ ​ 2.55 ​

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
	Dec. 31, 2021
INVESTMENT SECURITIES
INVESTMENT SECURITIES	NOTE 3 - INVESTMENT SECURITIES The following presents the amortized cost and fair value of securities available-for-sale, with gross unrealized gains and losses recognized in accumulated other comprehensive income as of December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair December 31, 2021 ​ Cost ​ Gains ​ Losses ​ Value Investment securities available-for-sale: ​ ​ ​ ​ U.S. Treasury debt ​ $ 250 ​ $ — ​ $ (3) ​ $ 247 U.S. Government Agency ​ ​ 3,522 ​ ​ — ​ ​ — ​ ​ 3,522 Corporate bonds ​ ​ 8,113 ​ ​ 227 ​ ​ (15) ​ ​ 8,325 GNMA mortgage-backed securities – residential ​ 26,611 ​ 185 ​ (146) ​ 26,650 FNMA mortgage-backed securities – residential ​ ​ 14,400 ​ ​ 43 ​ ​ — ​ ​ 14,443 Government CMO and MBS - commercial ​ ​ 878 ​ ​ — ​ ​ — ​ ​ 878 Corporate CMO and MBS ​ 1,492 ​ 23 ​ (18) ​ 1,497 Other ​ ​ 649 ​ ​ — ​ ​ — ​ ​ 649 Total securities available-for-sale ​ $ 55,915 ​ $ 478 ​ $ (182) ​ $ 56,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair December 31, 2020 ​ Cost ​ Gains ​ Losses ​ Value Investment securities available-for-sale: ​ ​ ​ ​ U.S. Treasury debt ​ $ 250 ​ $ 4 ​ $ — ​ $ 254 Corporate bonds ​ ​ 6,000 ​ ​ 55 ​ ​ (11) ​ ​ 6,044 GNMA mortgage-backed securities – residential ​ 23,806 ​ 798 ​ — ​ 24,604 FNMA mortgage-backed securities – residential ​ ​ 1,616 ​ ​ 61 ​ ​ — ​ ​ 1,677 Corporate CMO and MBS ​ 4,078 ​ 62 ​ (53) ​ 4,087 Total securities available-for-sale ​ $ 35,750 ​ $ 980 ​ $ (64) ​ $ 36,666 ​ Net amortization of premiums and discounts related to mortgage securities during each of the years ended December 31, 2021 and 2020 was $0.1 million and $0.4 million, respectively, and is included in Net interest income in the Consolidated Statements of Income. As of December 31, 2021, the amortized cost and estimated fair value of available-for-sale securities have contractual maturity dates shown in the table below (in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Fair December 31, 2021 ​ Cost ​ Value Due within one year ​ $ 506 ​ $ 506 Due between one year and five years ​ ​ 414 ​ ​ 411 Due between five years and ten years ​ ​ 9,303 ​ ​ 9,515 Due after ten years ​ ​ 1,662 ​ ​ 1,662 Securities (CMO and MBS) ​ 44,030 ​ 44,117 Total ​ $ 55,915 ​ $ 56,211 ​ In 2014, the Company began investing in a small business investment company ("SBIC") fund administered by the Small Business Administration. During the year ended December 31, 2021, the Company did not make any contributions to the SBIC fund and received a $0.1 million return of capital. During the year ended December 31, 2020, the Company invested $0.5 million in SBIC. As of December 31, 2021 and 2020, the Company held a balance of $2.0 million and $2.1 million, respectively, with SBIC, which is included in Other assets in the accompanying Consolidated Balance Sheets. The Company may be obligated to invest up to an additional $1.0 million in future SBIC investments. As of December 31, 2021, securities with carrying values totaling $17.3 million, which includes $14.9 million acquired from the Teton Acquisition, were pledged to secure various public deposits and credit facilities of the Company. As of December 31, 2020, securities with carrying values totaling $3.7 million were pledged. As of December 31, 2021 and December 31, 2020, there were no holdings of securities of any one issuer, other than the U.S. Government sponsored entities and agencies, in an amount greater than 10% of shareholders’ equity. As of December 31, 2021 and December 31, 2020, ten securities and seven securities were in an unrealized loss position, with unrealized losses totaling $0.2 million and $0.1 million, respectively. One of the securities in an unrealized loss position as of December 31, 2021 has been in a continuous unrealized loss position for more than twelve months, and the remaining have been in a continuous unrealized loss position for less than twelve months. The unrealized loss positions were caused primarily by interest rate changes and market assumptions about prepayments of principal and interest on the underlying mortgages. Because the decline in market value is attributable to market conditions, not credit quality, and because the Company has the ability and intent to hold these investments until a recovery of fair value, which may be near or at maturity, the Company does not consider these investments to be other-than-temporarily impaired as of December 31, 2021. The following presents securities with unrealized losses as of December 31, 2021 and December 31, 2020, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands, before tax): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 Months 12 Months or Longer Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized December 31, 2021 ​ Value ​ Losses ​ Value ​ Losses ​ Value Losses U.S. Treasury debt ​ $ 247 ​ $ (3) ​ $ — ​ $ — ​ $ 247 ​ $ (3) Corporate bonds ​ ​ 485 ​ ​ (15) ​ ​ — ​ ​ — ​ ​ 485 ​ ​ (15) GNMA mortgage-backed securities – residential ​ ​ 17,205 ​ ​ (146) ​ ​ — ​ ​ — ​ ​ 17,205 ​ ​ (146) Corporate CMO and MBS ​ — ​ — ​ 521 ​ (18) ​ 521 ​ (18) Total ​ $ 17,937 ​ $ (164) ​ $ 521 ​ $ (18) ​ $ 18,458 ​ $ (182) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 Months 12 Months or Longer Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized December 31, 2020 Value ​ Losses ​ Value ​ Losses Value Losses Corporate bonds ​ $ 3,489 ​ $ (11) ​ $ — ​ $ — ​ $ 3,489 ​ $ (11) Corporate CMO and MBS ​ 880 ​ (40) ​ 566 ​ (13) ​ 1,446 ​ (53) Total ​ $ 4,369 ​ $ (51) ​ $ 566 ​ $ (13) ​ $ 4,935 ​ $ (64) ​ The Company did not sell any securities during the years ended December 31, 2021 or 2020.

CORRESPONDENT BANK STOCK

CORRESPONDENT BANK STOCK	12 Months Ended
	Dec. 31, 2021
CORRESPONDENT BANK STOCK
CORRESPONDENT BANK STOCK	NOTE 4 – CORRESPONDENT BANK STOCK The following presents the Company’s investments in correspondent bank stock, as of the dates noted (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 ​ 2020 FHLB ​ $ 1,625 ​ $ 2,522 BBW ​ 31 ​ 30 FRB ​ ​ 928 ​ ​ — Total ​ $ 2,584 ​ $ 2,552 ​

LOANS AND THE ALLOWANCE FOR LOA

LOANS AND THE ALLOWANCE FOR LOAN LOSSES	12 Months Ended
	Dec. 31, 2021
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
LOANS AND THE ALLOWANCE FOR LOAN LOSSES	NOTE 5 - LOANS AND THE ALLOWANCE FOR LOAN LOSSES The following presents a summary of the Company’s loans as of the dates noted (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 2020 Cash, Securities and Other (1) ​ $ 295,948 ​ $ 357,020 Construction and Development ​ 178,716 ​ 131,111 1-4 Family Residential ​ 580,872 ​ 455,038 Non-Owner Occupied CRE ​ 482,622 ​ 281,943 Owner Occupied CRE ​ ​ 212,426 ​ ​ 163,042 Commercial and Industrial (2) ​ ​ 203,584 ​ ​ 146,031 Total loans held for investment ​ 1,954,168 ​ 1,534,185 Deferred fees and unamortized premiums/(unaccreted discounts), net ​ (5,031) ​ (1,352) Allowance for loan losses ​ (13,732) ​ (12,539) Loans, net ​ $ 1,935,405 ​ $ 1,520,294 ______________________________________ (1) (2) ​ As of December 31, 2021, total loans held for investment included $356.7 million and $127.2 million, respectively, of performing loans purchased through mergers or acquisitions. The CARES Act created the PPP, which is administered by the SBA. The PPP is intended to provide loans to small businesses to pay their employees, rent, mortgage interest and utilities. The loans may be forgiven conditioned upon the client providing payroll documentation evidencing their compliant use of funds and otherwise complying with the terms of the program. The Bank is an approved SBA lender and as of December 31, 2021, the Cash, Securities and Other portion of the loan portfolio included $46.8 million of PPP loans, or 15.8% of the total category. As of December 31, 2020, the Cash, Securities, and Other portion of the loan portfolio included $142.9 million of PPP loans, or 40.0% of the total category. The Company is a participant in the Federal Reserve’s MSLP to support lending to small and medium-sized for profit businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic. As of December 31, 2021, the Company’s Commercial and Industrial loans included five MSLP loans with the net carrying amount of $6.8 million, or 3.3% of the total category. As of December 31, 2020, the Company’s Commercial and Industrial loans included six MSLP loans with the net carrying amount of $6.6 million, or 4.5% of the total category. Loan Modifications As a result of the COVID-19 pandemic, a loan modification program was designed and implemented to assist our clients experiencing financial stress resulting from the economic impacts caused by the global pandemic. The Company offered loan extensions, temporary payment moratoriums, and financial covenant waivers for commercial and consumer borrowers impacted by the pandemic who have a pass risk rating and have not been delinquent over 30 days on payments in the last two years. As of December 31, 2021, the deferral period has ended for all loans previously modified and payments have resumed under the original terms. As of December 31, 2021, the Company’s loan portfolio included 69 loans which were previously modified under the loan modification program, totaling $130.4 million. The CARES Act provides banks optional, temporary relief from accounting for certain loan modifications as a TDR. The modifications must be related to the adverse effects of COVID-19, and certain other criteria are required to be met in order to apply the relief. Interagency guidance from Federal Reserve and the FDIC confirmed with the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not to be considered TDRs. We believe our loan modification program meets that definition. In accordance with that guidance, the Company is recognizing interest income on all loans modified for temporary payment moratoriums, primarily for a period of 180 days or less. All loans modified in response to COVID-19 are classified as performing and pass rated as of December 31, 2021 and 2020. These loans are included in the allowance for loan loss general reserve in accordance with ASC 450-20. Management has increased our loan level reviews and portfolio monitoring to address the changing environment. The Company continues to meet regularly with clients who could be more highly impacted by the recent COVID-19 pandemic. These are borrowers in accommodations, transportation and restaurant industries, which we believe may be more impacted by the pandemic, and those loans where there may be a greater than 50% probability of a downgrade, covenant violation or 20% reduction in collateral position. Excluding loans acquired through the Teton Acquisition, the portion of our credit exposure to the highest risk industries impacted by COVID-19, such as accommodations, transportation, and restaurants, is less than 4.3% of our loan portfolio. Management believes the diversity of the loan portfolio is prudent and remains consistent with the credit culture and goals of the Bank. Interest accrued during the modification term on modified loans is deferred to the end of the loan term. As of December 31, 2021 and 2020, no allowance for loan loss was deemed necessary on the accrued interest balances related to loan modifications. The following presents, by class, an aging analysis of the recorded investments (excluding accrued interest receivable, deferred costs (fees), and unamortized premiums/(unaccreted discounts) which are not material) in loans past due as of December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-59 60-89 90 or Total ​ ​ Total ​ ​ Days ​ Days ​ More Days ​ Loans ​ ​ ​ ​ Recorded December 31, 2021 ​ Past Due ​ Past Due ​ Past Due ​ Past Due ​ Current ​ Investment Cash, Securities and Other ​ $ 1,199 ​ $ — ​ $ 8 ​ $ 1,207 ​ $ 294,741 ​ $ 295,948 Construction and Development ​ 2,758 ​ ​ — ​ ​ — ​ 2,758 ​ 175,958 ​ 178,716 1-4 Family Residential ​ 1,449 ​ ​ — ​ ​ — ​ 1,449 ​ 579,423 ​ 580,872 Non-Owner Occupied CRE ​ ​ — ​ ​ 2,548 ​ ​ — ​ ​ 2,548 ​ ​ 480,074 ​ ​ 482,622 Owner Occupied CRE ​ ​ 1,419 ​ ​ — ​ ​ — ​ ​ 1,419 ​ ​ 211,007 ​ ​ 212,426 Commercial and Industrial ​ 748 ​ ​ — ​ ​ 2,200 ​ 2,948 ​ 200,636 ​ 203,584 Total ​ $ 7,573 ​ $ 2,548 ​ $ 2,208 ​ $ 12,329 ​ $ 1,941,839 ​ $ 1,954,168 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-59 60-89 90 or Total ​ ​ Total ​ ​ Days ​ Days ​ More Days ​ Loans ​ ​ ​ ​ Recorded December 31, 2020 ​ Past Due ​ Past Due ​ Past Due ​ Past Due ​ Current ​ Investment Cash, Securities and Other ​ $ 752 ​ $ — ​ $ 48 ​ $ 800 ​ $ 356,220 ​ $ 357,020 Construction and Development ​ — ​ — ​ — ​ — ​ 131,111 ​ 131,111 1-4 Family Residential ​ 1,283 ​ — ​ — ​ 1,283 ​ 453,755 ​ 455,038 Non-Owner Occupied CRE ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 281,943 ​ ​ 281,943 Owner Occupied CRE ​ ​ 479 ​ ​ — ​ ​ — ​ ​ 479 ​ ​ 162,563 ​ ​ 163,042 Commercial and Industrial ​ 271 ​ — ​ 3,529 ​ 3,800 ​ 142,231 ​ 146,031 Total ​ $ 2,785 ​ $ — ​ $ 3,577 ​ $ 6,362 ​ $ 1,527,823 ​ $ 1,534,185 ​ As of December 31, 2021 the Company had one loan, totaling an immaterial amount, in the Commercial and Industrial portfolio that was more than 90 days delinquent and accruing interest. As of December 31, 2020, the Company did not have any loans which were more than 90 days delinquent and accruing interest. Non-Accrual Loans and Troubled Debt Restructurings The following presents the recorded investment in non-accrual loans by class as of the dates noted (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 2020 Cash, Securities and Other ​ $ 8 ​ $ 50 1-4 Family Residential ​ ​ 75 ​ ​ — Owner Occupied CRE ​ ​ 1,241 ​ ​ 479 Commercial and Industrial ​ 2,938 ​ 3,529 Total ​ $ 4,262 ​ $ 4,058 ​ Non-accrual loans classified as TDR accounted for $4.3 million of the recorded investment as of December 31, 2021 and $3.6 million as of December 31, 2020. Non-accrual loans are classified as impaired loans and individually evaluated for impairment. The following presents a summary of the unpaid principal balance of loans classified as TDRs as of the dates noted (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 2020 Accruing ​ ​ ​ ​ ​ ​ Non-Owner Occupied CRE ​ $ 55 ​ $ — Non-accrual ​ ​ ​ ​ ​ ​ Cash, Securities, and Other ​ ​ 6 ​ ​ 48 1-4 Family Residential ​ ​ 75 ​ ​ — Owner Occupied CRE ​ ​ 1,241 ​ ​ — Commercial and Industrial ​ ​ 2,938 ​ ​ 3,529 Total ​ ​ 4,315 ​ ​ 3,577 Allowance for loan losses associated with TDR ​ (1,751) ​ (1,619) Net recorded investment ​ $ 2,564 ​ $ 1,958 ​ As of December 31, 2021 and December 31, 2020, the Company had not committed any additional funds to a borrower with a loan classified as a TDR. The Company modified three loans resulting in TDR status during the year ended December 31, 2021. The first loan was a small mortgage with a remaining balance of $0.1 million where the borrower was unable to make payments or obtain additional financing to pay off the mortgage. As a result, we have modified the loan at the maturity date with a one year renewal to allow the borrower time to seek a refinance. As of December 31, 2021, this loan remains current under the terms of the modification. The second and third loans modified are in relation to one borrower who has two loans, one Commercial Real Estate Loan in the amount of $1.2 million, which is the space where the related business operates, and a Commercial loan with a balance of $0.7 million. The borrower has experienced a reduction in cash flow through ongoing impact from the pandemic and related shut downs and hiring shortages. As a result, the Company modified both loans allowing for a six month interest only period to provide cash flow relief. The Company obtained a reduced term on the business loan as well as additional collateral from the Borrower. All three of the loans modified during 2021 were sufficiently collateralized and therefore did not require any specific reserve. The Company modified one loan into a TDR during the year ended December 31, 2020. The Borrower was having difficulty making payments in accordance with the original contract terms. The Company restructured the loan including receiving a large paydown and extended the maturity and lowered the interest rate as a result of the Borrower’s financial difficulties. The loan paid off in full as of December 31, 2020. TDRs are reviewed individually for impairment and are included in the Company’s specific reserves in the allowance for loan losses. If charged off, the amount of the charge off is included in the Company’s charge off factors, which impact the Company’s reserves on non-impaired loans. The following presents impaired loans by portfolio and related valuation allowance as of the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ ​ Unpaid Allowance ​ ​ ​ Unpaid Allowance ​ ​ Total ​ Contractual ​ for ​ Total ​ Contractual ​ for ​ ​ Recorded ​ Principal ​ Loan ​ Recorded ​ Principal ​ Loan ​ ​ Investment ​ Balance ​ Losses ​ Investment ​ Balance ​ Losses Impaired loans with a valuation allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, Securities, and Other ​ $ 2 ​ $ 2 ​ $ 2 ​ $ 2 ​ $ 2 ​ $ 2 Commercial and Industrial ​ ​ 2,190 ​ ​ 2,190 ​ ​ 1,751 ​ ​ 3,419 ​ ​ 3,419 ​ ​ 1,619 Total ​ $ 2,192 ​ $ 2,192 ​ $ 1,753 ​ $ 3,421 ​ $ 3,421 ​ $ 1,621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans with no related valuation allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, Securities, and Other ​ $ 6 ​ $ 6 ​ $ — ​ $ 48 ​ $ 48 ​ $ — 1-4 Family Residential ​ ​ 75 ​ ​ 75 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Owner Occupied CRE ​ ​ 1,241 ​ ​ 1,241 ​ ​ — ​ ​ 479 ​ ​ 479 ​ ​ — Commercial and Industrial ​ ​ 748 ​ ​ 748 ​ ​ — ​ ​ 110 ​ ​ 110 ​ ​ — Total ​ $ 2,070 ​ $ 2,070 ​ $ — ​ $ 637 ​ $ 637 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total impaired loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, Securities, and Other ​ $ 8 ​ $ 8 ​ $ 2 ​ $ 50 ​ $ 50 ​ $ 2 1-4 Family Residential ​ ​ 75 ​ ​ 75 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Owner Occupied CRE ​ ​ 1,241 ​ ​ 1,241 ​ ​ — ​ ​ 479 ​ ​ 479 ​ ​ — Commercial and Industrial ​ ​ 2,938 ​ ​ 2,938 ​ ​ 1,751 ​ ​ 3,529 ​ ​ 3,529 ​ ​ 1,619 Total ​ $ 4,262 ​ $ 4,262 ​ $ 1,753 ​ $ 4,058 ​ $ 4,058 ​ $ 1,621 ​ The recorded investment in loans in the previous tables excludes accrued interest, deferred costs (fees), and unamortized premiums/(unaccreted discounts), which are not material. Interest income, if any, was recognized on the cash basis on non-accrual loans. The average balance of impaired loans and interest income recognized on impaired loans during the years ended December 31, 2021 and 2020 are included in the table below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ Average ​ Interest ​ Average ​ Interest ​ ​ Recorded ​ Income ​ Recorded ​ Income ​ ​ Investment ​ Recognized ​ Investment ​ Recognized Impaired loans with a valuation allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, Securities, and Other ​ $ 2 ​ $ — ​ $ 1 ​ $ — Commercial and Industrial ​ ​ 2,413 ​ ​ 21 ​ ​ 3,453 ​ ​ — Total ​ $ 2,415 ​ $ 21 ​ $ 3,454 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans with no related valuation allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, Securities, and Other ​ $ 17 ​ $ — ​ $ 1,180 ​ $ — Owner Occupied CRE ​ ​ 248 ​ ​ 51 ​ ​ 96 ​ ​ — Commercial and Industrial ​ ​ 205 ​ ​ 262 ​ ​ 4,893 ​ ​ 336 1-4 Family Residential ​ ​ 15 ​ ​ — ​ ​ — ​ ​ — Total ​ $ 485 ​ $ 313 ​ $ 6,169 ​ $ 336 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total impaired loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, Securities, and Other ​ $ 19 ​ $ — ​ $ 1,181 ​ $ — Owner Occupied CRE ​ ​ 248 ​ ​ 51 ​ ​ 96 ​ ​ — Commercial and Industrial ​ ​ 2,618 ​ ​ 283 ​ ​ 8,346 ​ ​ 336 1-4 Family Residential ​ ​ 15 ​ ​ — ​ ​ — ​ ​ — Total ​ $ 2,900 ​ $ 334 ​ $ 9,623 ​ $ 336 ​ ​ Allowance for Loan Losses Allocation of a portion of the allowance for loan losses to one category of loans does not preclude its availability to absorb losses in other categories. The following presents the activity in the Company’s allowance for loan losses by portfolio class for the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, ​ Construction ​ 1-4 ​ Non-Owner ​ Owner ​ Commercial ​ ​ ​ ​ Securities ​ and ​ Family ​ Occupied ​ Occupied ​ and ​ ​ ​ and Other ​ Development ​ Residential ​ CRE ​ CRE ​ Industrial ​ Total Changes in allowance for loan losses for the year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 2,579 ​ $ 932 ​ $ 3,233 ​ $ 2,004 ​ $ 1,159 ​ $ 2,632 ​ $ 12,539 (Recovery of)/provision for loan losses ​ (678) ​ 160 ​ 320 ​ 948 ​ 133 ​ 347 ​ 1,230 Charge-offs ​ (44) ​ — ​ — ​ — ​ — ​ — ​ (44) Recoveries ​ 7 ​ — ​ — ​ — ​ — ​ — ​ 7 Ending balance ​ $ 1,864 ​ $ 1,092 ​ $ 3,553 ​ $ 2,952 ​ $ 1,292 ​ $ 2,979 ​ $ 13,732 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses as of December 31, 2021 allocated to loans evaluated for impairment: ​ ​ ​ ​ ​ ​ ​ Individually ​ $ 2 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,751 ​ $ 1,753 Collectively ​ 1,862 ​ 1,092 ​ 3,553 ​ 2,952 ​ 1,292 ​ 1,228 ​ 11,979 Ending balance ​ $ 1,864 ​ $ 1,092 ​ $ 3,553 ​ $ 2,952 ​ $ 1,292 ​ $ 2,979 ​ $ 13,732 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans as of December 31, 2021, evaluated for impairment: ​ ​ ​ ​ ​ ​ ​ Individually ​ $ 8 ​ $ — ​ $ 75 ​ $ — ​ $ 1,241 ​ $ 2,938 ​ $ 4,262 Collectively ​ 295,940 ​ 178,716 ​ 580,797 ​ 482,622 ​ 211,185 ​ 200,646 ​ 1,949,906 Ending balance ​ $ 295,948 ​ $ 178,716 ​ $ 580,872 ​ $ 482,622 ​ $ 212,426 ​ $ 203,584 ​ $ 1,954,168 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, ​ Construction ​ 1-4 ​ Non-Owner ​ Owner ​ Commercial ​ ​ ​ ​ Securities ​ and ​ Family ​ Occupied ​ Occupied ​ and ​ ​ ​ and Other ​ Development ​ Residential ​ CRE ​ CRE ​ Industrial ​ Total Changes in allowance for loan losses for the year ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 1,058 ​ $ 200 ​ $ 2,850 ​ $ 1,176 ​ $ 911 ​ $ 1,680 ​ $ 7,875 Provision for/(recovery of) loan losses ​ 1,539 ​ 732 ​ 383 ​ 828 ​ 248 ​ 952 ​ 4,682 Charge-offs ​ (31) ​ — ​ — ​ — ​ — ​ — ​ (31) Recoveries ​ 13 ​ — ​ — ​ — ​ — ​ — ​ 13 Ending balance ​ $ 2,579 ​ $ 932 ​ $ 3,233 ​ $ 2,004 ​ $ 1,159 ​ $ 2,632 ​ $ 12,539 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses as of December 31, 2020 allocated to loans evaluated for impairment: ​ ​ ​ ​ ​ ​ ​ Individually ​ $ 2 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,619 ​ $ 1,621 Collectively ​ 2,577 ​ 932 ​ 3,233 ​ 2,004 ​ 1,159 ​ 1,013 ​ 10,918 Ending balance ​ $ 2,579 ​ $ 932 ​ $ 3,233 ​ $ 2,004 ​ $ 1,159 ​ $ 2,632 ​ $ 12,539 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans as of December 31, 2020, evaluated for impairment: ​ ​ ​ ​ ​ ​ ​ Individually ​ $ 50 ​ $ — ​ $ — ​ $ 479 ​ $ — ​ $ 3,529 ​ $ 4,058 Collectively ​ 356,970 ​ 131,111 ​ 455,038 ​ 281,464 ​ ​ 163,042 ​ 142,502 ​ 1,530,127 Ending balance ​ $ 357,020 ​ $ 131,111 ​ $ 455,038 ​ $ 281,943 ​ $ 163,042 ​ $ 146,031 ​ $ 1,534,185 ​ The Company categorizes loans into risk categories based on relevant information about the ability of the borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans by credit risk on a quarterly basis. The Company uses the following definitions for risk ratings: Special Mention—Loans classified as special mention have a potential weakness or borrowing relationships that require more than the usual amount of management attention. Adverse industry conditions, deteriorating financial conditions, declining trends, management problems, documentation deficiencies or other similar weaknesses may be evident. Ability to meet current payment schedules may be questionable, even though interest and principal are still being paid as agreed. The asset has potential weaknesses that may result in deteriorating repayment prospects if left uncorrected. Loans in this risk grade are not considered adversely classified. Substandard—Substandard loans are considered "classified" and are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. Loans in this category may be placed on non-accrual status and may individually be evaluated for impairment if indicators of impairment exist. Doubtful—Loans graded Doubtful are considered "classified" and have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. However, the amount of certainty of eventual loss is not known because of specific pending factors. Loans not meeting any of the three criteria above are considered to be pass-rated loans. The following presents, by class and by credit quality indicator, the recorded investment in the Company’s loans as of December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ December 31, 2021 Pass Mention Substandard ​ Total Cash, Securities and Other ​ $ 295,940 ​ $ — ​ $ 8 ​ $ 295,948 Construction and Development ​ 176,194 ​ 2,522 ​ — ​ 178,716 1-4 Family Residential ​ ​ 580,797 ​ ​ — ​ ​ 75 ​ ​ 580,872 Non-Owner Occupied CRE ​ ​ 476,670 ​ ​ 5,952 ​ ​ — ​ ​ 482,622 Owner Occupied CRE ​ ​ 210,493 ​ ​ — ​ ​ 1,933 ​ ​ 212,426 Commercial and Industrial ​ 198,368 ​ 401 ​ 4,815 ​ 203,584 Total ​ $ 1,938,462 ​ $ 8,875 ​ $ 6,831 ​ $ 1,954,168 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ December 31, 2020 Pass Mention Substandard ​ Total Cash, Securities and Other ​ $ 356,970 ​ $ — ​ $ 50 ​ $ 357,020 Construction and Development ​ ​ 131,111 ​ — ​ — ​ ​ 131,111 1-4 Family Residential ​ ​ 451,918 ​ ​ — ​ ​ 3,120 ​ ​ 455,038 Non-Owner Occupied CRE ​ ​ 275,627 ​ ​ 6,316 ​ ​ — ​ ​ 281,943 Owner Occupied CRE ​ 161,850 ​ ​ — ​ ​ 1,192 ​ 163,042 Commercial and Industrial ​ 140,432 ​ — ​ 5,599 ​ 146,031 Total ​ $ 1,517,908 ​ $ 6,316 ​ $ 9,961 ​ $ 1,534,185 ​ The Company had no loans graded doubtful as of the years ended December 31, 2021 and 2020.

PREMISES AND EQUIPMENT, NET

PREMISES AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2021
PREMISES AND EQUIPMENT, NET
PREMISES AND EQUIPMENT, NET	NOTE 6 – PREMISES AND EQUIPMENT, NET The following presents a summary of the cost and accumulated depreciation of premises and equipment as of December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Building and building improvements ​ $ 12,190 ​ $ — Leasehold improvements, including artwork ​ ​ 11,464 ​ ​ 9,440 Land ​ ​ 4,980 ​ ​ — Equipment and software ​ 6,144 ​ 5,504 Gross premise and equipment ​ 34,778 ​ 14,944 Less: accumulated depreciation ​ (10,802) ​ (9,624) Premises and equipment, net ​ $ 23,976 ​ $ 5,320 ​ During the year ended December 31, 2021, the Company acquired buildings and land associated with the Teton Acquisition. These assets were recorded at their fair value on December 31, 2021 and the buildings will be depreciated over their remaining useful lives. During the year ended December 31, 2020, the Company retired leasehold improvements, equipment, and software in the amount of $1.1 million for an immaterial loss. Depreciation expense for premises and equipment for the years ended December 31, 2021 and 2020 totaled $1.2 million and $1.1 million, respectively.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE 7 – GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill were as follows as of December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 ​ 2020 Beginning balance $ 24,191 ​ $ 19,686 Acquisition activity ​ 6,397 ​ ​ 4,505 Ending balance $ 30,588 ​ $ 24,191 ​ During the year ended December 31, 2021, the Company recorded $6.4 million of goodwill as a result of the Teton Acquisition on December 31, 2021. During the year ended December 31, 2020, the Company recorded $4.5 million of goodwill as a result of the Simmons Branch Acquisition on May 15, 2020. For additional information on goodwill and other intangible related to the Teton and Simmons Branch Acquisitions, see Note 2 – Acquisitions. Goodwill is tested annually for impairment on October 31 or earlier upon the occurrence of certain events. Step 1 of the goodwill impairment analysis includes the determination of the carrying value of the reporting unit, including the existing goodwill, and estimating the fair value of the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, we are not required to perform the second step to the impairment test. As of December 31, 2021, the Company’s reporting unit had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value. Therefore, the Company did not complete the two-step impairment test. ​ The following presents the Company’s intangible assets and related accumulated amortization as of December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Other intangibles ​ $ 5,857 ​ $ 4,593 Less: accumulated amortization on other intangibles ​ (4,543) ​ (4,526) Other intangible assets, net ​ $ 1,314 ​ $ 67 ​ ​ Amortization expense on definite-lived customer relationship and non-compete intangible assets was immaterial for the years ended December 31, 2021 and 2020. The following presents the expected amortization expense on definite-lived intangible assets existing as of December 31, 2021 (in thousands): ​ ​ ​ ​ ​ Year ​ ​ Expense 2022 ​ $ 241 2023 ​ ​ 165 2024 ​ ​ 145 2025 ​ ​ 130 2026 ​ ​ 122 Thereafter ​ ​ 511 Total ​ $ 1,314 ​

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
LEASES
LEASES	NOTE 8 - LEASES Leases in which the Company is determined to be the lessee are primarily operating leases comprised of real estate property and office space for our corporate headquarters and profit centers with terms that extend to 2032. Certain properties contain portions that are subleased with terms that ended in 2020. In accordance with ASC 842, operating leases are required to be recognized as a right-of-use asset with a corresponding lease liability. The following table presents the classification of the right-of-use assets and corresponding liabilities within the Consolidated Balance Sheets. The Company elected to not include short-term leases with initial terms of twelve months or less, on the Consolidated Balance Sheets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ ​ 2021 ​ 2020 Lease Right-of-Use Assets Classification ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets Other assets ​ $ 10,720 ​ $ 11,341 ​ ​ ​ ​ ​ ​ ​ ​ Lease Liabilities Classification ​ ​ ​ ​ ​ ​ Operating lease liabilities Other liabilities ​ $ 13,863 ​ $ 13,970 ​ The Company’s operating lease agreements typically include an option to renew the lease at the Company’s discretion. To the extent the Company is reasonably certain it will exercise the renewal option at the inception of the lease, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. ASC 842 requires the use of the rate implicit in the lease when it is readily determinable. As this rate is typically not readily determinable, at the inception of the lease, the Company uses its collateralized incremental borrowing rate over a similar term. The amount of the right-of-use asset and lease liability are impacted by the discount rate used to calculate the present value of the minimum lease payments over the term of the lease. ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 ​ 2020 Weighted-Average Remaining Lease Term ​ ​ ​ ​ ​ Operating leases 5.26 years ​ 4.79 years ​ ​ ​ ​ ​ ​ Weighted-Average Discount Rate ​ ​ ​ ​ ​ Operating leases 2.67 % ​ 3.04 % ​ The Company’s operating leases contain fixed and variable lease components and it has elected to account for all classes of underlying assets as a single lease component. Variable lease costs primarily represent common area maintenance and parking. The Company recognized lease costs in Occupancy and equipment expense in the accompanying Consolidated Statements of Income. The following table represents the Company’s net lease costs (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 ​ 2020 Lease Costs ​ ​ ​ ​ ​ Operating lease cost $ 3,040 ​ $ 3,162 Variable lease cost ​ 1,756 ​ ​ 1,894 Sublease income ​ — ​ ​ (232) Lease costs, net $ 4,796 ​ $ 4,824 ​ The following presents a maturity analysis of the Company’s operating lease liabilities on an annual basis for each of the next five years and total amounts thereafter as of December 31, 2021. ​ ​ ​ ​ ​ Year Ending December 31, ​ Operating Leases 2022 ​ $ 3,461 2023 ​ 3,210 2024 ​ ​ 3,064 2025 ​ 2,073 2026 ​ 703 Thereafter ​ 2,168 Total future minimum lease payments ​ ​ 14,679 Less: imputed interest ​ ​ (816) Present value of net future minimum lease payments ​ $ 13,863 ​ Leases in which the Company is determined to be the lessor are considered operating leases and consist of the partial lease of Company owned buildings. In accordance with ASC 842, these leases have been accounted for as operating leases. These leases were acquired as part of the Teton Acquisition and as such, no rental income is reflected as of December 31, 2021. ​ The following presents a maturity analysis of the Company’s operating payments to be received on an annual basis for each of the next five years and total amounts thereafter as of December 31, 2021: ​ ​ ​ ​ ​ Year Ending December 31, ​ Undiscounted Operating Lease Income 2022 ​ $ 286 2023 ​ ​ 221 2024 ​ ​ 199 2025 ​ ​ — 2026 ​ ​ — Thereafter ​ ​ — Total undiscounted operating lease income ​ $ 706 ​ ​

DEPOSITS

DEPOSITS	12 Months Ended
	Dec. 31, 2021
DEPOSITS
DEPOSITS	NOTE 9 - DEPOSITS The following presents the Company’s interest bearing deposits as of December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 2020 Money market deposit accounts ​ $ 1,056,669 ​ $ 847,430 Time deposits ​ 170,491 ​ 172,682 Negotiable order of withdrawal accounts ​ 309,940 ​ 113,052 Savings accounts ​ 32,299 ​ 5,289 Total interest-bearing deposits ​ $ 1,569,399 ​ $ 1,138,453 Aggregate time deposits of $250 or greater ​ $ 75,747 ​ $ 73,401 ​ Deposits acquired through acquisitions on December 31, 2021 and May 15, 2020 totaled $379.2 million and $63.1 million, respectively. See Note 2 – Acquisitions. Overdraft balances classified as loans totaled an immaterial amount and $0.1 million as of December 31, 2021 and 2020, respectively. The following presents the scheduled maturities of all time deposits for the next five years ending December 31 (in thousands): ​ ​ ​ ​ ​ Year Ending December 31, ​ Time Deposits 2022 ​ $ 114,073 2023 ​ 31,597 2024 ​ 4,461 2025 ​ 1,909 2026 ​ 18,428 Thereafter ​ 23 Total ​ $ 170,491 ​

BORROWINGS

BORROWINGS	12 Months Ended
	Dec. 31, 2021
BORROWINGS
BORROWINGS	NOTE 10 - BORROWINGS The Bank has executed a blanket pledge and security agreement with the FHLB that requires certain loans and securities be pledged as collateral for any outstanding borrowings under the agreement. The collateral pledged as of December 31, 2021 and December 31, 2020 amounted to $771.4 million and $668.6 million, respectively. Based on this collateral and the Company’s holdings of FHLB stock, the Company was eligible to borrow an additional $509.7 million as of December 31, 2021. Each advance is payable at its maturity date. The Company had the following required maturities on FHLB borrowings as of the dates noted (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, Maturity Date Rate % 2021 2020 April 22, 2022 ​ 0.37 ​ $ 5,000 ​ $ 5,000 May 5, 2023 ​ 0.76 ​ ​ 10,000 ​ ​ 10,000 Total ​ $ 15,000 ​ $ 15,000 ​ To bolster the effectiveness of the SBA’s PPP, the Federal Reserve is supplying liquidity to participating financial institutions through term financing collateralized by PPP loans to small businesses. The Paycheck Protection Program Liquidity Facility ("PPPLF") extends credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face value and bearing interest at 35 bps. The terms of the loans are directly tied to the underlying PPP loans, which were originated at 2 The Bank has borrowing capacity associated with three unsecured federal funds lines of credit up to $10.0 million, $19.0 million, and $25.0 million. As of December 31, 2021 and 2020, there were no amounts outstanding on any of the federal funds lines. On March 17, 2020, the Company completed the issuance and sale of subordinated notes (the "March 2020 Sub Notes") totaling $8.0 million in aggregate principal amount. The issuance included $0.1 million of issuance costs resulting in a net balance of $7.9 million as of December 31, 2021 included in the Subordinated notes line of the Consolidated Balance Sheets. The March 2020 Sub Notes accrue interest at a rate of 5.125% per annum until March 31, 2025, at which time the rate will adjust each quarter to the then current three-month LIBOR, or an alternative rate determined in accordance with the terms of the March 2020 Sub Notes, plus 450 On October 28, 2020, the Company entered into a Business Loan Agreement and associated Promissory Note (the “Note”), dated June 30, 2020, with a corresponding lending partner. The Note is secured by stock of the Bank and bears interest at the one month ICE Benchmark Administration (“IBA”) LIBOR plus 2.5%. As of December 31, 2020, there were no amounts outstanding and the borrowing capacity associated with this facility was $5.0 million. The Business Loan Agreement expired on June 30, 2021, in accordance with its terms, and was not renewed. On November 25, 2020, the Company completed the issuance and sale of subordinated notes (the "November 2020 Sub Notes") totaling $10.0 million in aggregate principal amount. The issuance included $0.2 million of issuance costs resulting in a net balance of $9.8 million as of December 31, 2021 included in the Subordinated notes line of the Consolidated Balance Sheets. The November 2020 Sub Notes accrue interest at a rate of 4.25% per annum until December 1, 2025, at which time the rate will adjust each quarter to the then current three-month term SOFR, or an alternative rate determined in accordance with the terms of the November 2020 Sub Notes, plus 402 On August 31, 2021, the Company completed the issuance and sale of subordinated notes (the Notes”) totaling $15.0 million in aggregate principal amount. The issuance included $0.3 million of issuance costs resulting in a net balance of $14.7 million as of December 31, 2021 included in the Subordinated notes line of the Consolidated Balance Sheets. The Notes accrue interest at a rate of 3.25% per annum until September 1, 2026, at which time the rate will adjust each quarter to the then current three-month SOFR, or an alternative rate determined in accordance with the terms of the Notes, plus 258 basis points; mature on September 1, 2031; are redeemable at the option of the Company on or after September 1, 2026; and pay interest quarterly. The Company has outstanding subordinated notes due December 31, 2026, totaling $6.6 million in aggregate principal amount, which become redeemable on or after January 1, 2022. On December 22, 2021, the Company elected to redeem the notes and notified debt holders. The redemption price is equal to 100% of the principal amount being redeemed, plus accrued and unpaid interest up to, but excluding the date of redemption. For the years ended December 31, 2021 and 2020, the Company recorded $1.5 million and $0.8 million, respectively, of interest expense related to the collective subordinated notes. The subordinated notes are included in Tier 2 capital under current regulatory guidelines and interpretations, subject to limitations. The Company’s borrowing facilities include various financial and other covenants, including, but not limited to, a requirement that the Bank maintains regulatory capital that is deemed "well capitalized" by federal banking agencies. See Note 22 – Regulatory Capital Matters for more information. As of December 31, 2021 and 2020, the Company was in compliance with the covenant requirements.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 11 – COMMITMENTS AND CONTINGENCIES The Company is party to credit-related financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its clients. These financial instruments include commitments to extend credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets. Commitments may expire without being utilized. The Company’s exposure to loan loss is represented by the contractual amount of these commitments, although material losses are not anticipated. The Company follows the same credit policies in making commitments as it does for on-balance sheet instruments. The following presents the Company’s financial instruments whose contract amounts represent credit risk, as of the dates noted (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Fixed Rate Variable Rate Fixed Rate Variable Rate Unused lines of credit ​ $ 136,289 ​ $ 442,035 ​ $ 78,506 ​ $ 360,883 Standby letters of credit ​ ​ 2,420 ​ ​ 20,940 ​ ​ 1,933 ​ ​ 17,524 Commitments to make loans to sell ​ ​ 60,529 ​ ​ — ​ ​ 370,512 ​ ​ — Commitments to make loans ​ ​ 16,256 ​ ​ 14,920 ​ ​ 24,225 ​ ​ 25,316 ​ Unused lines of credit are agreements to lend to a client as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Several of the commitments may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the client. Unused lines of credit under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing clients. These lines of credit are uncollateralized and usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a client’s obligation to a third party. Those letters of credit are primarily issued to support public and private borrowing arrangements. Substantially all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to clients. The Company holds collateral supporting those commitments if deemed necessary. Commitments to make loans to sell are agreements to sell a loan to an investor in the secondary market for which the interest rate has been locked with the client provided there is no violation of any condition within the contract with either party. Commitments to make loans to sell have fixed interest rates. Since commitments may expire without being extended, total commitment amounts may not necessarily represent cash requirements. Commitments to make loans are agreements to lend to a client, provided there is no violation of any condition within the contract. Commitments to make loans generally have fixed expiration dates or other termination clauses. Since commitments may expire without being extended, total commitment amounts may not necessarily represent cash requirements. Litigation, Claims and Settlements The Company is, from time to time, involved in various legal actions arising in the normal course of business. While the ultimate outcome of any such proceedings cannot be predicted with certainty, it is the opinion of management, based on advice from legal counsel, that no proceedings exist, either individually or in the aggregate, which, if determined adversely to the Company, would have a material effect on the Company’s consolidated financial statements. ​ Without admitting or denying the SEC’s findings, First Western Capital Management (“FWCM”), a previously owned subsidiary of First Western, agreed on July 16, 2020 to settle claims that FWCM failed reasonably to supervise its investment adviser representatives who purchased securities sold in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), for advisory clients when the clients were not qualified institutional buyers in a Rule 144A transaction, and to adopt and implement written policies and procedures reasonably designed to prevent violations of the Investment Advisers Act of 1940 and the rules thereunder by the adviser and its supervised persons. The Company had since replaced the FWCM President and FWCM compliance team which were in place during that time. FWCM recognized and paid a fine of $0.2 million to the SEC in 2020.

SHAREHOLDERS EQUITY

SHAREHOLDERS EQUITY	12 Months Ended
	Dec. 31, 2021
SHAREHOLDERS EQUITY
SHAREHOLDERS EQUITY	NOTE 12 – SHAREHOLDERS’ EQUITY Common Stock The Company’s common stock has no par value and each holder of common stock is entitled to one vote for each share (though certain voting restrictions may exist on non-vested restricted stock) held. On June 14, 2019, the Company announced that its board of directors had authorized a share repurchase plan (the "2019 Repurchase Plan") under which the Company may repurchase up to 300,000 shares of its common stock and that the Board of Governors of the Federal Reserve System advised the Company that it had no objection to the Company’s 2019 Repurchase Plan. The 2019 Repurchase Plan was in effect for a one-year period, with the timing of purchases and the number of shares repurchased under the program dependent upon a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. The 2019 Repurchase Plan expired in June 2020. During the year ended December 31, 2020, the Company repurchased 22,679 shares at an average price of $16.50. On November 3, 2020, the Company announced that its board of directors authorized the repurchase of up to 400,000 shares of the Company’s common stock, no par value, from time to time, within one year (the "2020 Repurchase Plan") and that the Board of Governors of the Federal Reserve System advised the Company that it has no objection to the Company’s 2020 Repurchase Plan. The Company may repurchase shares in privately negotiated transactions, in the open market, including pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 promulgated by the SEC, or otherwise in a manner that complies with applicable federal securities laws. The 2020 Repurchase Plan does not obligate the Company to acquire a specific dollar amount or number of shares and it may be extended, modified or discontinued at any time without notice. The 2020 Repurchase Plan expired in November 2021. During the year ended December 31, 2021, the Company did not repurchase any shares under the 2020 Repurchase plan. During the year ended December 31, 2020, the Company repurchased 426 shares at an average price of $17.30 under the authorization of the 2020 Repurchase Plan. On December 31, 2021, the Company closed on the Merger Agreement with Teton. As part of the Merger Agreement, the Company issued 1,337,791 shares of common stock to Teton shareholders. For additional information, see Note 2 – Acquisitions. During the years ended December 31, 2021 and 2020, the Company sold no shares of common stock. Restricted Stock Awards In 2017, the Company issued 105,264 shares of common stock ("Restricted Stock Awards") with a value of $3.0 million to the sole member of EMC Holdings, LLC ("EMC"), subject to forfeiture based on his continued employment with the Company. Half of the Restricted Stock Awards ($1.5 million or 52,632 shares) vests ratably over five-years. The remaining $1.5 million, or 52,632 shares, may be earned based on performance of the mortgage division of the Company. During the year ended December 31, 2020, the Company recognized compensation expense of $0.1 million, representing the remaining 14,114 shares, related to the performance based awards. The performance based awards fully vested in the second quarter of 2020. As of December 31, 2021 and 2020, the Restricted Stock Awards have a weighted-average grant date fair value of $28.50 per share. During the years ended December 31, 2021 and 2020, the Company recognized compensation expense of $0.3 million and $0.4 million, respectively, for all the Restricted Stock Awards. As of December 31, 2021, the Company has $0.2 million of unrecognized stock-based compensation expense related to the shares issued, which is expected to be recognized over a weighted average period of less than one year. During the year ended December 31, 2021, 10,526 shares of the Restricted Stock Awards vested. During the year ended December 31, 2020, 10,527 of the Restricted Stock Awards and 30,088 shares of the performance based Restricted Stock Awards vested. Stock-Based Compensation Plans The 2008 Stock Incentive Plan (“the 2008 Plan”) was frozen in connection with the adoption of the 2016 Plan and no new awards may be granted under the 2008 Plan. As of December 31, 2021, there were a total of 334,534 shares available for issuance under the First Western Financial, Inc. 2016 Omnibus Incentive Plan ("the 2016 Plan"). If the Awards outstanding under the 2008 Plan or the 2016 Plan are forfeited, cancelled or terminated with no consideration paid to the Company, those amounts will increase the number of shares eligible to be granted under the 2016 Plan. Stock Options The Company did not grant any stock options during the years ended December 31, 2021 and 2020. During the years ended December 31, 2021 and 2020, the Company recognized an immaterial amount and $0.2 million, respectively, of stock based compensation expense associated with stock options. As of December 31, 2021, the Company has no unrecognized stock-based compensation expense related to stock options. The following presents activity for nonqualified stock options for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ Number ​ Average ​ Remaining ​ Aggregate ​ ​ of ​ Exercise ​ Contractual ​ Intrinsic ​ Options Price Term Value Outstanding as of December 31, 2020 ​ 419,197 ​ $ 29.02 ​ ​ ​ ​ Granted ​ — ​ ​ — ​ ​ ​ ​ Exercised ​ (70,823) ​ ​ 24.08 ​ ​ ​ ​ Forfeited or expired ​ (39,800) ​ ​ 36.29 ​ ​ ​ ​ Outstanding as of December 31, 2021 ​ 308,574 ​ ​ 29.21 ​ 1.9 ​ (1) Options fully vested/exercisable as of December 31, 2021 ​ 308,574 ​ ​ 29.21 ​ 1.9 ​ (1) (1) As of December 31, 2021 and December 31, 2020, there were 308,574 and 414,727 options, respectively, that were exercisable. Exercise prices are between $20.00 and $40.00 per share, and the options are exercisable for a period of ten years from the original grant date and expire on various dates between 2022 and 2026. Restricted Stock Units Pursuant to the 2016 Plan, the Company can grant associates and non-associate directors long-term cash and stock-based compensation. During the year ended December 31, 2021, the Company granted certain associates restricted stock units which are earned over time or based on various performance measures and convert to common stock upon vesting, which are summarized here and expanded further below: The following presents the activity for the Time Vesting Units, the Financial Performance Units and the Market Performance Units for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time ​ Financial ​ Market ​ ​ Vesting ​ Performance ​ Performance ​ Units Units Units Outstanding as of December 31, 2020 ​ 285,052 ​ 152,430 ​ 14,862 Granted ​ 59,194 ​ 41,743 ​ — Vested ​ (79,577) ​ — ​ — Forfeited ​ (14,848) ​ (10,690) ​ (1,116) Outstanding as of December 31, 2021 ​ 249,821 ​ 183,483 ​ 13,746 ​ During the year ended December 31, 2021, the Company issued 58,884 shares of common stock upon the settlement of Restricted Stock Units. The remaining 20,693 shares were surrendered with a combined market value at the dates of settlement of $0.5 million to cover employee withholding taxes. During the year ended December 31, 2020, the Company issued 34,710 shares of common stock upon the settlement of Restricted Stock Units. The remaining 20,043 shares were surrendered with a combined market value at the dates of settlement of $0.3 million to cover employee withholding taxes. Time Vesting Units The Time Vesting Units are granted to full-time associates and board members at the date approved by the Company’s board of directors. The Company granted 59,194 Time Vesting Units with a five-year service period during the year ended December 31, 2021, that vest in equal installments of 20% on the anniversary of the grant date, assuming continuous employment through the scheduled vesting dates. During the years ended December 31, 2021 and 2020, the Company recognized compensation expense of $1.7 million and $1.4 million, respectively, for the Time Vesting Units. As of December 31, 2021, there was $3.4 million of unrecognized compensation expense related to the Time Vesting Units, which is expected to be recognized over a weighted-average period of 1.7 years. Financial Performance Units Financial Performance Units are granted to certain key associates and are earned based on the Company achieving various financial performance metrics. If the Company achieves the financial metrics, which include various thresholds from 0% up to 150%, then the Financial Performance Units will have a subsequent vesting period. The following presents the Company’s existing Financial Performance Units as of December 31, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant Period ​ Threshold Accrual Maximum Issuable Shares at Current Threshold ​ Unrecognized Compensation Expense ​ Weighted-Average (1) ​ Financial Metric End Date ​ Vesting Requirement End Date Prior to May 1, 2019 ​ 63% on half; 135% on other half 12,100 ​ $ — ​ — ​ December 31, 2019 ​ December 31, 2021 May 1, 2019 through April 30, 2020 ​ 150% 80,255 ​ ​ 331 ​ 2.1 years ​ December 31, 2021 ​ December 31, 2023 May 1, 2020 through December 31, 2020, excluding November 18, 2020 ​ 150% 81,516 ​ ​ 438 ​ 3.0 years ​ December 31, 2022 ​ December 31, 2023 On November 18, 2020 ​ 150% 34,752 ​ ​ 329 ​ 2.9 years ​ December 31, 2022 ​ 50% November 18, 2023 and 2025 May 3, 2021 through August 11, 2021 ​ 150% 60,306 ​ ​ 901 ​ 4.0 years ​ December 31, 2023 ​ December 31, 2025 ________________ (1) The following presents the Company’s Financial Performance Units activity for the years noted December 31 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Units Granted ​ Compensation Expense Recognized Grant Period ​ 2021 ​ 2020 ​ 2021 ​ 2020 Prior to May 1, 2019 ​ — ​ — ​ $ 110 ​ $ 64 May 1, 2019 through April 30, 2020 ​ — ​ 1,866 ​ ​ 216 ​ ​ 312 May 1, 2020 through December 31, 2020, excluding November 18, 2020 ​ — ​ 58,993 ​ ​ 208 ​ ​ 156 On November 18, 2020 ​ ​ ​ — ​ ​ 125 ​ ​ 17 May 3, 2021 through August 11, 2021 ​ 41,743 ​ 23,168 ​ ​ 221 ​ ​ — ​ Market Performance Units Market Performance Units were granted to certain key associates and are earned based on growth in the value of the Company’s common stock, and were dependent on the Company completing an initial public offering of stock during a defined period of time. On July 23, 2018, the Company completed its initial public offering and the Market Performance Units performance condition was met. Subsequent to the performance condition there is also a market condition as a vesting requirement for the Market Performance Units which affects the determination of the grant date fair value. The Company estimated the grant date fair value using various valuation assumptions. During years ended December 31, 2021 and 2020, the Company recognized an immaterial amount of compensation expense for the Market Performance Units. As of December 31, 2021, there was an immaterial amount of unrecognized compensation expense related to the Market Performance Units which is expected to be recognized over a weighted-average period of less than one year. If the Company’s common stock is trading at or above certain prices, over a performance period which ended on June 30, 2020, the Market Performance Units would have been determined to be earned and vest following the completion of a subsequent service period ending on June 30, 2022. The Company’s common stock did not trade at or above the required prices over the performance period and as a result, no Market Performance Units are eligible to be earned.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	12 Months Ended
	Dec. 31, 2021
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE	NOTE 13 - EARNINGS PER COMMON SHARE The following presents the calculation of basic and diluted earnings per common share for the periods indicated (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Earnings per common share - Basic ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net income available for common shareholders ​ $ 20,610 $ 24,534 ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Basic weighted average shares ​ 7,980,491 7,899,278 Earnings per common share - basic ​ $ 2.58 ​ $ 3.11 ​ ​ ​ ​ ​ ​ ​ Earnings per common share - Diluted ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net income available for common shareholders ​ $ 20,610 $ 24,534 ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Basic weighted average shares ​ ​ 7,980,491 ​ ​ 7,899,278 Diluted effect of common stock equivalents: ​ ​ ​ ​ ​ ​ Stock options ​ ​ 30,661 ​ ​ — Time Vesting Units ​ ​ 139,829 ​ ​ 32,995 Financial Performance Units ​ ​ 70,437 ​ ​ 16,160 Market Performance Units ​ ​ 13,760 ​ ​ 13,471 Total diluted effect of common stock equivalents ​ ​ 254,687 ​ ​ 62,626 Diluted weighted average shares ​ 8,235,178 7,961,904 Earnings per common share - diluted ​ $ 2.50 ​ $ 3.08 ​ Diluted earnings per share was computed without consideration to potentially dilutive instruments as their inclusion would have been anti-dilutive. For the years ended December 31, 2021 and 2020, potentially dilutive securities excluded from the diluted earnings per share calculation are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 ​ 2020 Stock options ​ 168,872 ​ ​ 419,197 Time Vesting Units ​ 996 ​ ​ 88,121 Financial Performance Units ​ 32,713 ​ ​ 70,397 Restricted Stock Awards ​ 7,895 ​ ​ 36,401 Total potentially dilutive securities ​ 210,476 ​ ​ 614,116 ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	​ NOTE 14 - INCOME TAXES The following presents the components of the Company’s income tax expense as of December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Current: ​ ​ Federal ​ $ 6,228 ​ $ 7,970 State and local ​ 1,110 ​ 1,859 Total current tax expense ​ 7,338 ​ 9,829 Deferred: ​ ​ ​ ​ ​ ​ Federal ​ ​ (734) ​ ​ (1,392) State and local ​ 66 ​ (280) Valuation allowance ​ — ​ 372 Total deferred tax benefit ​ (668) ​ (1,300) Income tax expense ​ $ 6,670 ​ $ 8,529 ​ The following is a reconciliation of income taxes reflected on the Consolidated Statements of Income for the years ended December 31, 2021 and 2020, with income tax expense computed by applying the United States federal income tax rate of 21% to income before income taxes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Income tax expense computed at 21% statutory rate ​ $ 5,729 ​ $ 6,943 Differences: ​ ​ Permanent differences ​ 169 ​ (57) State taxes, net of federal expense ​ 1,018 ​ 1,150 LIHTC investment tax credit ​ ​ (386) ​ ​ (36) LIHTC investment proportional amortization ​ ​ 539 ​ ​ — Valuation allowance ​ ​ — ​ ​ 372 Other, net ​ (399) ​ 157 Income tax expense ​ $ 6,670 ​ $ 8,529 ​ The following presents the principal components of the Company’s deferred tax items as of December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Deferred tax assets: ​ ​ Net operating loss carryforwards ​ $ 395 ​ $ 577 Allowance for loan losses ​ 3,385 ​ 3,054 Acquired loans fair market value adjustments ​ ​ 976 ​ ​ — Acquisition related basis adjustment ​ ​ 226 ​ ​ — Deferred rent ​ 753 ​ 635 Stock-based compensation ​ 1,800 ​ 1,613 Provision on other real estate owned ​ 463 ​ 484 Other intangible assets ​ 279 ​ 615 Accrued bonuses ​ 868 ​ 898 Loan fees ​ — ​ 244 Accrued expenses ​ ​ 821 ​ ​ — Other ​ 382 ​ 553 Total deferred tax assets ​ 10,348 ​ 8,673 Deferred tax liabilities: ​ ​ Goodwill ​ ​ (1,137) ​ ​ (1,013) Depreciation ​ ​ (1,636) ​ ​ (904) Unrealized gain on securities ​ ​ (73) ​ ​ (236) Loan fees ​ ​ (155) ​ ​ — Other ​ (130) ​ (92) Total deferred tax liabilities ​ (3,131) ​ (2,245) Net operating loss valuation allowance ​ ​ (372) ​ ​ (372) Net deferred tax asset ​ $ 6,845 ​ $ 6,056 ​ Management believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the total deferred tax assets. The net operating loss ("NOL") carryforwards expire in tax years 2028 through 2032. As of December 31, 2021, the Company has $5.5 million of California NOLs available for utilization, compared to $6.5 million as of December 31, 2020. For taxable years 2020, 2021, and 2022, California has suspended the NOL carryover deduction. Both corporations and individual tax payers may continue to compute and carryover an NOL during the suspension period. Different rules apply depending on the amount of income per year. The suspension does not apply to corporate tax payers if their income subject to California taxation is less than $1 million. During 2020, as a result of this tax legislation and certain divestitures in California, the Company was uncertain as to the probability of realizing the full NOL. As such, the Company recorded a $4.3 million valuation allowance related to the California NOLs, resulting in a tax effected valuation allowance of $0.4 million. The Company identified no other material uncertain tax positions for which it is reasonably possible the total amount of unrecognized tax benefits will significantly increase or decrease within 12 months. For the tax year ended December 31, 2020, the Company’s apportioned California income was just under $1 million and therefore was able to utilize the same amount in NOLs. The Company and its subsidiaries file tax returns for the United States and for multiple states and localities. The United States federal income tax returns of the Company are eligible to be examined for the years 2017 and forward. There are no federal or state tax examinations currently in progress.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	NOTE 15 – EMPLOYEE BENEFIT PLANS The Company sponsors a 401(k) Plan, which is a defined contribution plan, in which substantially all associates are eligible to participate in and associates may contribute up to 100% of their compensation subject to certain limits based on federal tax laws. The Company may elect to make matching contributions as defined by the plan. For the years ended December 31, 2021 and 2020, the Company expensed matching contributions to the plan totaling $1.0 million and $0.9 million, respectively. For the years ended December 31, 2021 and 2020, the Company incurred $0.1 million and an immaterial amount, respectively, of administrative fees attributable to the plan.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	NOTE 16 – RELATED-PARTY TRANSACTIONS The Bank extends credit to certain covered parties including Company directors, executive officers, and their affiliates. As of December 31, 2021 and December 31, 2020, there were no delinquent or non-performing loans to any executive officer or director of the Company. These covered parties, along with principal owners, management, immediate family of management or principal owners, a parent company and its subsidiaries, trusts for the benefit of employees, and other parties, may be considered related parties. The following presents a summary of related-party loan activity as of the dates noted (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Balance, beginning of year ​ $ 14,321 ​ $ 5,675 Funded loans ​ 11,294 ​ 17,348 Payments collected ​ (12,782) ​ (8,702) Balance, end of period ​ $ 12,833 ​ $ 14,321 ​ Deposits from related parties held by the Bank as of December 31, 2021 and December 31, 2020 totaled $51.0 million and $26.2 million, respectively. The Company leases office spaces from entities controlled by one of the Company’s board members. During each of the years ended December 31, 2021 and 2020, the Company incurred $0.2 million of expense related to these leases. The Company earned trust and investment management fees of $0.1 million and $0.2 million from related parties during the years ended December 31, 2021 and 2020, respectively. Assets under management for those related parties totaled $ 103.1

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2021
FAIR VALUE
FAIR VALUE	NOTE 17 - FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. ​ ​ Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. ​ ​ Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. ​ Recurring Fair Value Investment Securities : Guarantee asset and liability : Mortgage Related Derivatives : Mortgage Loans Held for Sale : The following presents assets and liabilities measured on a recurring basis as of December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Inputs ​ Inputs ​ Reported December 31, 2021 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Balance Investment securities available-for-sale: ​ ​ ​ ​ U.S. Treasury debt ​ $ 247 ​ $ — ​ $ — ​ $ 247 U.S. Government Agency ​ ​ — ​ ​ 3,522 ​ ​ — ​ ​ 3,522 Corporate bonds ​ ​ — ​ ​ 6,212 ​ ​ 2,113 ​ ​ 8,325 GNMA mortgage-backed securities - residential ​ — ​ 26,650 ​ — ​ 26,650 FNMA mortgage-backed securities - residential ​ ​ — ​ ​ 14,443 ​ ​ — ​ ​ 14,443 Government CMO and MBS ​ ​ — ​ ​ 878 ​ ​ — ​ ​ 878 Corporate CMO and MBS ​ — ​ 1,497 ​ — ​ 1,497 Other ​ ​ — ​ ​ 649 ​ ​ — ​ ​ 649 Total securities available-for-sale ​ $ 247 ​ $ 53,851 ​ $ 2,113 ​ $ 56,211 Equity securities ​ $ 709 ​ $ — ​ $ — ​ $ 709 Guarantee asset ​ $ — ​ $ — ​ $ 237 ​ $ 237 IRLC, net ​ $ — ​ $ — ​ $ 1,473 ​ $ 1,473 Forward commitments and FSC ​ $ — ​ $ (65) ​ $ (9) ​ $ (74) Mortgage loans held for sale ​ $ — ​ $ 30,620 ​ $ — ​ $ 30,620 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Inputs ​ Inputs ​ Reported December 31, 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Balance Investment securities available-for-sale: ​ ​ ​ ​ U.S. Treasury debt ​ $ 254 ​ $ — ​ $ — ​ $ 254 Corporate bonds ​ ​ — ​ ​ 6,044 ​ ​ — ​ ​ 6,044 GNMA mortgage-backed securities - residential ​ — ​ 24,604 ​ — ​ 24,604 FNMA mortgage-backed securities - residential ​ ​ — ​ ​ 1,677 ​ ​ — ​ ​ 1,677 Corporate CMO and MBS ​ — ​ 4,087 ​ — ​ 4,087 Total securities available-for-sale ​ $ 254 ​ $ 36,412 ​ $ — ​ $ 36,666 Equity securities ​ $ 730 ​ $ — ​ $ — ​ $ 730 Guarantee asset ​ $ — ​ $ — ​ $ 232 ​ $ 232 IRLC, net ​ $ — ​ $ — ​ $ 9,841 ​ $ 9,841 Forward commitments and FSC ​ $ — ​ $ (2,534) ​ $ (89) ​ $ (2,623) Mortgage loans held for sale ​ $ — ​ $ 161,843 ​ $ — ​ $ 161,843 ​ There were no transfers levels U.S. Treasury debt is reported at fair value utilizing Level 1 inputs. One Corporate bond is reported at fair value utilizing Level 3 inputs. The remaining portfolio of securities are reported at fair value with Level 2 inputs provided by a pricing service. As of December 31, 2021 and December 31, 2020, the majority of the securities had credit support provided by the Federal Home Loan Mortgage Corporation, GNMA, and FNMA. Factors used to value the securities by the pricing service include: benchmark yields, reported trades, interest spreads, prepayments, and other market research. In addition, ratings and collateral quality are considered. As of December 31, 2021, equity securities, IRLC, and guarantee assets have been recorded at fair value within the Other assets line item and the FSC have been recorded at fair value within the Other liabilities line item in the Consolidated Balance Sheets. All changes are recorded in the Other line item in the Consolidated Statements of Income. Nonrecurring Fair Value ​ Other Real Estate Owned : Impaired Loans : Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, the Company reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. The following presents assets measured on a nonrecurring basis as of December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ Prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Inputs ​ Inputs ​ Reported December 31, 2021 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Balance Impaired loans (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and Industrial ​ $ — ​ $ — ​ $ 439 ​ $ 439 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Inputs ​ Inputs ​ Reported December 31, 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Balance Other real estate owned: ​ ​ ​ ​ Commercial properties ​ $ — ​ $ — ​ $ 194 ​ $ 194 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and Industrial ​ $ — ​ $ — ​ $ 1,800 ​ $ 1,800 ______________________________________ (1) ​ The sales comparison approach was utilized for estimating the fair value of non-recurring assets. As of December 31, 2021, the Company did not own any OREO properties. As of December 31, 2020, OREO had a carrying amount of $0.2 million, which is the cost basis of $2.1 million net of a valuation allowance of $1.9 million. As of December 31, 2021, total impaired loans measured for impairment using the fair value of the collateral for collateral dependent loans had carrying values of $2.2 million with valuation allowances of $1.8 million and were classified as Level 3. As of December 31, 2020, impaired loans measured for impairment using the fair value of the collateral for collateral dependent loans had carrying values of $3.4 million with valuation allowances of $1.6 million and were classified as Level 3. Impaired loans accounted for specific reserves of $1.8 million and $1.6 million for the year ended December 31, 2021 and 2020. The Bank charged off an immaterial amount during the years ended December 31, 2021 and December 31, 2020 from the specific reserve. Level 3 Analysis ​ The following presents a reconciliation for Level 3 instruments measured at fair value on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 Corporate Bonds Guarantee Asset IRLC FSC Beginning balance ​ $ — ​ $ 232 ​ $ 9,841 ​ $ (89) Acquisitions ​ 2,113 ​ — ​ ​ 19,526 ​ ​ (182) Originations ​ — ​ 2 ​ ​ (25,804) ​ ​ — Gains (losses) in net income, net ​ ​ — ​ ​ 3 ​ ​ (2,090) ​ ​ 262 Ending balance ​ $ 2,113 ​ $ 237 ​ $ 1,473 ​ $ (9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 Corporate Bonds Guarantee Asset IRLC FSC Beginning balance ​ $ — ​ $ — ​ $ 1,184 ​ $ — Acquisitions ​ — ​ — ​ ​ 34,345 ​ ​ (278) Originations ​ — ​ — ​ ​ (27,944) ​ ​ — Sales ​ — ​ 245 ​ ​ — ​ ​ — Gains (losses) in net income, net ​ ​ — ​ ​ 55 ​ ​ 2,256 ​ ​ 189 Other settlements ​ ​ — ​ ​ (68) ​ ​ — ​ ​ — Ending balance ​ $ — ​ $ 232 ​ $ 9,841 ​ $ (89) ​ The following presents quantitative information about Level 3 assets measured on a recurring and nonrecurring basis as of December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2021 ​ ​ ​ ​ ​ Valuation ​ Significant ​ Range ​ ​ Fair Value ​ Technique ​ Unobservable Input ​ (Weighted Average) Recurring fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate Bonds ​ $ 2,113 ​ ​ Discounted cash flow ​ ​ Discount rate ​ ​ 7% (7%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Guarantee asset ​ ​ 237 ​ ​ Discounted cash flow ​ ​ Discount rate ​ ​ 3% (3%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IRLC, net ​ ​ 1,473 ​ ​ Best execution model ​ ​ Pull through ​ ​ 71% to 100% (88%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FSC ​ ​ (9) ​ ​ Internal pricing model ​ ​ Market Differential ​ ​ -14bps to -2 bps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonrecurring fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and Industrial ​ ​ 439 ​ ​ Sales comparison, Market approach - guideline transaction method ​ ​ Management discount for asset/property type ​ ​ 17% - 45% (39%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2020 ​ ​ ​ ​ ​ Valuation ​ Significant ​ Range ​ ​ Fair Value ​ Technique ​ Unobservable Input ​ (Weighted Average) Recurring fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Guarantee asset ​ $ 232 ​ ​ Discounted cash flow ​ ​ Discount rate ​ ​ 3% (3%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IRLC, net ​ ​ 9,841 ​ ​ Best execution model ​ ​ Pull through ​ ​ 55% to 100% (86%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FSC ​ ​ (89) ​ ​ Internal pricing model ​ ​ Market Differential ​ ​ -59 bps to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonrecurring fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other real estate owned: ​ ​ ​ ​ Commercial properties ​ ​ 194 ​ ​ Sales contract ​ ​ Commission, cost to sell, closing costs ​ ​ 5% (5%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and Industrial ​ ​ 1,800 ​ ​ Sales comparison, Market approach - guideline transaction method ​ ​ Management discount for asset/property type ​ ​ 17% - 35% (26%) ______________________________________ (1) ​ Estimated Fair Value of Other Financial Instruments ​ The following presents carrying amounts and estimated fair values for financial instruments not carried at fair value as of December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair Value Measurements Using: December 31, 2021 Amount Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 386,983 ​ $ 386,983 ​ $ — ​ $ — Loans, net ​ 1,935,405 ​ — ​ — ​ 1,919,625 Accrued interest receivable ​ 7,151 ​ — ​ 10 ​ 7,141 Liabilities: ​ ​ ​ ​ Deposits ​ ​ 2,205,703 ​ ​ — ​ ​ 2,207,452 ​ ​ — Borrowings: ​ ​ ​ ​ FHLB borrowings – fixed rate ​ 15,000 ​ — ​ 14,990 ​ — Federal Reserve borrowings – fixed rate ​ 23,629 ​ — ​ 23,629 ​ — Subordinated notes – fixed-to-floating rate ​ 39,031 ​ — ​ — ​ 40,325 Accrued interest payable ​ ​ 355 ​ ​ — ​ ​ 156 ​ ​ 199 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair Value Measurements Using: December 31, 2020 ​ Amount ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ Cash and cash equivalents ​ $ 155,989 ​ $ 155,989 ​ $ — ​ $ — Loans, net ​ 1,520,294 ​ — ​ — ​ 1,512,699 Accrued interest receivable ​ 6,618 ​ — ​ 90 ​ 6,528 Liabilities: ​ ​ ​ ​ Deposits ​ ​ 1,619,910 ​ ​ — ​ ​ 1,621,648 ​ ​ — Borrowings: ​ ​ ​ ​ FHLB borrowings – fixed rate ​ 15,000 ​ — ​ 15,099 ​ — Federal Reserve borrowings – fixed rate ​ ​ 134,563 ​ — ​ 134,563 ​ — Subordinated notes – fixed-to-floating rate ​ ​ 24,291 ​ — ​ — ​ 25,750 Accrued interest payable ​ ​ 453 ​ ​ — ​ ​ 124 ​ ​ 329 ​ The fair value estimates presented and discussed above are based on pertinent information available to management as of the dates specified. The estimated fair value amounts are based on the exit price notion set forth by ASU 2016-01. Although management is not aware of any factors that would significantly affect the estimated fair values, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since the balance sheet dates. Therefore, current estimates of fair value may differ significantly from the amounts presented herein. The methods and assumptions, not previously presented, used to estimate fair values are described as follows. Cash and Cash Equivalents and Restricted Cash Loans, net Accrued Interest Receivable and Payable Deposits Fixed Rate Borrowings Fixed-to-Floating Rate Borrowings:

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2021
SEGMENT REPORTING
SEGMENT REPORTING	NOTE 18 - SEGMENT REPORTING The Company’s reportable segments consist of Wealth Management and Mortgage. The chief operating decision maker ("CODM") is the Chief Executive Officer. The measure of profit or loss used by the CODM to identify and measure the Company’s reportable segments is income before income tax. The Wealth Management segment consists of operations relative to the Company’s fully integrated wealth management products and services. Services provided include deposit, loan, insurance, and trust and investment management advisory products and services. The Mortgage segment consists of operations relative to the Company’s residential mortgage service offerings. Mortgage products and services are financial in nature for which premiums are recognized, net of expenses, upon the sale of mortgage loans to third parties. The following presents the financial information for each segment that is specifically identifiable or based on allocations using internal methods for the years ended December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the year ended December 31, 2021 ​ Wealth Management ​ Mortgage ​ Consolidated Income Statement ​ ​ ​ ​ ​ ​ ​ ​ ​ Total interest income $ 61,925 $ — $ 61,925 Total interest expense ​ ​ 5,416 ​ ​ — ​ 5,416 Provision for loan losses ​ ​ 1,230 ​ ​ — ​ 1,230 Net interest income, after provision for loan losses ​ ​ 55,279 ​ ​ — ​ 55,279 Non-interest income ​ ​ 24,031 ​ ​ 16,119 ​ 40,150 Total income before non-interest expense ​ ​ 79,310 ​ ​ 16,119 ​ 95,429 Depreciation and amortization expense ​ ​ 1,147 ​ ​ 53 ​ 1,200 All other non-interest expense ​ ​ 56,785 ​ ​ 10,164 ​ 66,949 Income before income taxes ​ $ 21,378 ​ $ 5,902 $ 27,280 ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ $ 30,588 ​ $ — $ 30,588 Total assets ​ ​ 2,494,207 ​ ​ 33,282 ​ 2,527,489 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the year ended December 31, 2020 ​ Wealth Management ​ Mortgage Consolidated Income Statement ​ ​ ​ ​ ​ ​ ​ ​ Total interest income $ 53,334 ​ $ — $ 53,334 Total interest expense ​ ​ 7,232 ​ ​ — ​ 7,232 Provision for loan losses ​ ​ 4,682 ​ ​ — ​ 4,682 Net interest income, after provision for loan losses ​ ​ 41,420 ​ ​ — ​ 41,420 Non-interest income ​ ​ 21,836 ​ ​ 29,344 ​ 51,180 Total income before non-interest expense ​ ​ 63,256 ​ ​ 29,344 ​ 92,600 Depreciation and amortization expense ​ ​ 1,035 ​ ​ 70 ​ 1,105 All other non-interest expense ​ ​ 50,135 ​ ​ 8,297 ​ 58,432 Income before income taxes ​ $ 12,086 ​ $ 20,977 $ 33,063 ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ $ 24,191 ​ $ — $ 24,191 Total assets ​ ​ 1,798,416 ​ ​ 175,239 ​ 1,973,655 ​

LOW-INCOME HOUSING TAX CREDIT I

LOW-INCOME HOUSING TAX CREDIT INVESTMENT	12 Months Ended
	Dec. 31, 2021
LOW-INCOME HOUSING TAX CREDIT INVESTMENTS
LOW-INCOME HOUSING TAX CREDIT INVESTMENTS	NOTE 19 – LOW-INCOME HOUSING TAX CREDIT INVESTMENTS On December 19, 2019, the Company invested in a low-income housing tax credit ("LIHTC") investment. As of December 31, 2021 and 2020, the balance of the investment for LIHTC was $2.6 million and $1.1 million, respectively. These balances are reflected in the Other assets line item of the Consolidated Balance Sheets. Total unfunded commitments related to the investment in the LIHTC total $0.2 million and $2.2 million as of December 31, 2021 and 2020. The Company expects to fulfill these commitments during the year ending 2022. The Company uses the proportional amortization method to account for this investment. During the year ended December 31, 2021, the Company recognized amortization expense of $0.5 million, which was included within the Income tax expense line item of the Consolidated Statements of Income. The Company recognized amortization expense of $0.2 million in the year ended December 31, 2020. Additionally, during the year ended December 31, 2021, the Company recognized tax credits and other benefits from this investment in the LIHTC of $0.5 million. The Company recognized tax credits and other benefits from this investment in the LIHTC of $0.1 million in the year end December 31, 2020. During the years ending December 31, 2021 and 2020, the Company did not incur any impairment losses.

CONDENSED FINANCIAL STATEMENTS

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY	12 Months Ended
	Dec. 31, 2021
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY	NOTE 20 – CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY The following presents condensed financial statements pertaining only to FWFI (in thousands). Investments in subsidiaries are stated using the equity method of accounting. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, Condensed Balance Sheets 2021 ​ 2020 ASSETS ​ ​ Cash and cash equivalents $ 18,124 $ 14,270 Investment in subsidiaries ​ ​ 233,417 ​ ​ 157,377 Loans, net ​ ​ 1,978 ​ ​ 2,021 Other assets ​ ​ 3,611 ​ ​ 4,075 Total assets ​ $ 257,130 ​ $ 177,743 LIABILITIES ​ ​ Subordinated notes ​ $ 39,031 ​ $ 24,291 Other liabilities (1) ​ (942) ​ (1,510) Total liabilities ​ 38,089 ​ 22,781 SHAREHOLDERS’ EQUITY ​ ​ Total shareholders’ equity ​ 219,041 ​ 154,962 Total liabilities and shareholders’ equity ​ $ 257,130 ​ $ 177,743 _________________________________________________ (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Condensed Statements of Income 2021 ​ 2020 Income ​ ​ Interest income ​ $ 60 ​ $ 87 Non-interest income ​ ​ — ​ ​ (1) Total income ​ ​ 60 ​ ​ 86 Expense ​ ​ Interest expense ​ 1,549 ​ 854 Non-interest expense ​ ​ 285 ​ ​ 355 Total expense ​ 1,834 ​ 1,209 Loss before income tax and equity in undistributed income of subsidiaries ​ (1,774) ​ (1,123) Income tax benefit ​ 119 ​ (85) Loss before equity in undistributed income of subsidiaries ​ ​ (1,655) ​ ​ (1,208) Equity in undistributed income to subsidiaries ​ 22,265 ​ 25,742 Net income ​ $ 20,610 ​ $ 24,534 ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Condensed Statements of Cash Flows ​ 2021 ​ 2020 Cash flows from operating activities ​ ​ Net income ​ $ 20,610 ​ $ 24,534 Adjustments: ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ 73 ​ ​ 12 Current and deferred income tax expense/(benefit) ​ ​ 301 ​ ​ (3,003) Stock-based compensation ​ ​ 2,903 ​ ​ 2,544 Undistributed equity in subsidiaries ​ ​ (22,265) ​ ​ (25,742) Change in other assets ​ 678 ​ (32) Change in other liabilities ​ ​ 53 ​ ​ (42) Net cash provided by/(used in) operating activities ​ 2,353 ​ (1,729) Cash flows from investing activities ​ ​ ​ ​ ​ ​ Net cash paid on acquisition ​ ​ (11,501) ​ ​ — Investment in subsidiaries ​ ​ (2,913) ​ ​ (10,453) Loan and note receivable originations and principal collections ​ 43 ​ 70 Net cash used in investing activities ​ (14,371) ​ (10,383) Cash flows from financing activities ​ ​ Proceeds from subordinated notes ​ ​ 14,667 ​ ​ 17,719 Repurchase of common stock ​ ​ — ​ ​ (377) Settlement of restricted stock ​ ​ (501) ​ ​ (261) Proceeds from the exercise of stock options ​ 1,706 ​ — Net cash provided by financing activities ​ 15,872 ​ 17,081 ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents ​ 3,854 ​ 4,969 Cash and cash equivalents, beginning of year ​ 14,270 ​ 9,301 Cash and cash equivalents, end of year ​ $ 18,124 ​ $ 14,270 ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information: ​ ​ ​ ​ ​ ​ Interest paid on borrowed funds ​ $ 1,549 ​ $ 854 ​ ​ ​ ​ ​ ​ ​ Supplemental noncash disclosures: ​ ​ ​ ​ ​ ​ Common stock issued for Teton acquisition ​ ​ 39,818 ​ ​ — Segment collapse impact to investment in subsidiary ​ ​ — ​ ​ 2,454 Segment collapse impact to deferred income tax (benefit)/expense ​ ​ — ​ ​ 640 Segment collapse impact to other assets ​ ​ — ​ ​ (3,202) Segment collapse impact to other liabilities ​ ​ — ​ ​ 108 ​

OTHER NON-INTEREST EXPENSE

OTHER NON-INTEREST EXPENSE	12 Months Ended
	Dec. 31, 2021
OTHER NON-INTEREST EXPENSE
OTHER NON-INTEREST EXPENSE	NOTE 21 – OTHER NON-INTEREST EXPENSE Other non-interest expense as shown in the Consolidated Statements of Income is detailed in the following schedule to the extent the components exceed one percent of total interest income and other income (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Other non-interest expense ​ 2021 ​ 2020 Corporate development and related ​ $ 1,769 ​ $ 1,517 Loan and deposit related ​ ​ 1,016 ​ ​ 1,453 Other ​ ​ 491 ​ ​ 482 Total other non-interest expense ​ $ 3,276 ​ $ 3,452 ​

REGULATORY CAPITAL MATTERS

REGULATORY CAPITAL MATTERS	12 Months Ended
	Dec. 31, 2021
REGULATORY CAPITAL MATTERS
REGULATORY CAPITAL MATTERS	NOTE 22 - REGULATORY CAPITAL MATTERS First Western and the Bank are subject to various regulatory capital adequacy requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and, additionally for banks, the regulatory framework for prompt corrective action, First Western and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. First Western and the Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators regarding components, risk weightings and other factors. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks ("Basel III rules") has been fully phased in. The net unrealized gain or loss on available-for-sale securities is not included in computing regulatory capital. During the years ended December 31, 2021 and 2020, First Western made capital injections of $2.9 million and $10.0 million, respectively, into the Bank. Management believes as of December 31, 2021, First Western and the Bank meet all capital adequacy requirements to which they are subject to. Prompt corrective action regulations for First Western and the Bank provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. The standard ratios established by First Western and the Bank’s primary regulators to measure capital require First Western and the Bank to maintain minimum amounts and ratios, set forth in the following table. These ratios are common equity Tier 1 capital ("CET1"), Tier 1 capital and total capital (as defined in the regulations) to risk-weighted assets (as defined), and Tier 1 capital (as defined) to average assets (as defined). The actual capital ratios of First Western and the Bank, along with the applicable regulatory capital requirements as of December 31, 2021, were calculated in accordance with the requirements of Basel III. The final rules of Basel III also established a "capital conservation buffer" of 2.5% above new regulatory minimum capital ratios, which are fully effective following minimum ratios: (i) a CET1 ratio of 7.0%; (ii) a Tier 1 capital ratio of 8.5%; and (iii) a total capital ratio of 10.5%. Banks are subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if their capital level falls below the buffer amount. These limitations establish a maximum percentage of eligible retained income that can be utilized for such activities. As of December 31, 2021, the most recent filings with the FDIC categorized First Western and the Bank as well capitalized under the regulatory guidelines. To be categorized as well capitalized, an institution must maintain minimum CET1 risk-based, Tier 1 risk-based, total risk-based, and Tier 1 leverage ratios as set forth in the following table. Management believes there are no conditions or events since December 31, 2021 that have changed the categorization of First Western and the Bank as well capitalized. Management believes First Western and the Bank met all capital adequacy requirements to which they are subject to as of December 31, 2021 and December 31, 2020. The following presents the actual and required capital amounts and ratios as of December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ To be Well Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under Prompt ​ ​ ​ ​ ​ ​ ​ ​ Required for Capital ​ ​ Corrective Action ​ ​ Actual ​ ​ Adequacy Purposes (1) ​ ​ Regulations December 31, 2021 Amount Ratio ​ Amount Ratio ​ Amount Ratio Tier 1 capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ $ 203,164 11.40 % ​ $ 106,945 6.0 % ​ $ 142,594 ​ 8.0 % Consolidated ​ ​ 188,777 ​ 10.54 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ CET1 to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ ​ 203,164 11.40 ​ ​ ​ 80,209 4.5 ​ ​ ​ 115,858 6.5 ​ Consolidated ​ ​ 188,777 ​ 10.54 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ Total capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ ​ 217,215 12.19 ​ ​ 142,594 8.0 ​ ​ 178,242 10.0 ​ Consolidated ​ ​ 242,388 ​ 13.54 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ Tier 1 capital to average assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ ​ 203,164 10.05 ​ ​ 80,887 4.0 ​ ​ 101,108 5.0 ​ Consolidated ​ ​ 188,777 ​ 9.31 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ To be Well Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under Prompt ​ ​ ​ ​ ​ ​ ​ ​ Required for Capital ​ ​ Corrective Action ​ ​ Actual ​ ​ Adequacy Purposes (1) ​ ​ Regulations December 31, 2020 Amount Ratio ​ Amount Ratio ​ Amount Ratio Tier 1 capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ $ 133,963 10.22 % ​ $ 78,660 6.0 % ​ $ 104,880 ​ 8.0 % Consolidated ​ ​ 131,507 ​ 9.96 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ CET1 to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ ​ 133,963 10.22 ​ ​ ​ 58,995 4.5 ​ ​ ​ 85,215 6.5 ​ Consolidated ​ ​ 131,507 ​ 9.96 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ Total capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ ​ 146,853 11.20 ​ ​ 104,880 8.0 ​ ​ 131,100 10.0 ​ Consolidated ​ ​ 168,957 ​ 12.80 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ Tier 1 capital to average assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ ​ 133,963 7.62 ​ ​ 70,301 4.0 ​ ​ 87,877 5.0 ​ Consolidated ​ ​ 131,507 ​ 7.45 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ ______________________________________ (1) Does not include capital conservation buffer .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	NOTE 23 – SUBSEQUENT EVENTS (Unaudited) The Company elected to redeem the subordinated notes due December 31, 2026 in the amount of $6.6 million, which were redeemable on or after January 1, 2022. The redemption price is equal to 100% of the principal amount being redeemed, plus accrued and unpaid interest up to, but excluding the date of redemption. As of this filing, the December 31, 2026 subordinated debt has been fully redeemed. *****

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business and Basis of Presentation	Business and Basis of Presentation FWFI is a bank holding company with financial holding company status registered with the Board of Governors of the Federal Reserve System. FWFI wholly owns the following subsidiaries: First Western Trust Bank (the "Bank") and Ryder, Stilwell Inc. ("RSI"). The Bank wholly owns the following subsidiaries, which are therefore indirectly wholly-owned by FWFI: First Western Merger Corporation ("Merger Corp.") and RRI, LLC ("RRI"). RSI and RRI are not active operating entities. The Company provides a fully-integrated suite of wealth management services including private banking, personal trust, investment management, mortgage loans, and institutional asset management services to individual and corporate clients principally in Colorado (metro Denver, Aspen, Boulder, Fort Collins and Vail Valley), Arizona (Phoenix and Scottsdale), California (Century City), and Wyoming (Jackson Hole, Laramie, Pinedale and Rock Springs). The Company’s revenues are generated from its full range of product offerings as noted above, but principally from net interest income (the interest income earned on the Bank’s assets net of funding costs), fee-based wealth advisory, investment management, asset management and personal trust services, and net gains earned on mortgage loans. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") for financial information, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), and where applicable, reporting practices prescribed for the banking and investment advisory industries.
Consolidation	Consolidation
Business Combinations and Divestitures	​ On May 15, 2020, the Company completed a branch purchase and assumption transaction ("Branch Acquisition") with Simmons Bank ("Simmons"). Management concluded that the acquisition represented a business combination, which is accounted for using the acquisition method, with the results of operations included in the Company’s consolidated financial statements as of the acquisition date.
Use of Estimates	Use of Estimates ​ The Company could experience a material adverse effect on its business as a result of the impact of the COVID-19 pandemic, and the resulting governmental actions to curtail its spread. It is at least reasonably possible that information which was available at the date of the financial statements will change in the near term due to the COVID-19 pandemic and that the effect of the change would be material to the financial statements. The extent to which the COVID-19 pandemic will impact our estimates and assumptions is highly uncertain.
Concentration of Credit Risk	Concentration of Credit Risk
Cash and Cash Equivalents	Cash and Cash Equivalents
Investment Securities	Investment Securities The Company invests in projects to create affordable housing. These investments are classified as Other assets on the Consolidated Balance Sheets. Investments in affordable housing projects that qualify for low-income housing tax credits ("LIHTC") are accounted for using the proportional amortization method. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other benefits received and recognized as a component of applicable income tax expense in the Consolidated Statements of Income. Net purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities, without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Declines in the fair value of available-for-sale securities below their cost that are deemed to be other-than-temporary are recorded in earnings as realized losses in Non-interest income. ​ Management evaluates securities for other-than-temporary impairment ("OTTI") on a quarterly basis, or more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to loss on securities, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income (loss). The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. As of December 31, 2021 and 2020, no securities were determined to be other-than-temporarily impaired. ​ Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method.
Correspondent Bank Stock	Correspondent Bank Stock
Mortgage Loans Held for Sale	Mortgage Loans Held for Sale
Loans	Loans ​ Past Due Loans Interest accrued but not collected is charged off against interest income at the time a loan is placed on non-accrual status. The interest collected on non-accrual loans is accounted for using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Loans can be returned to accrual status when there is a sustained period of repayment performance (usually six-months or longer) and the collectability of future payments is reasonably assured. ​ Troubled Debt Restructurings ​ The loan terms which have been modified or restructured due to a borrower’s financial difficulty, include but are not limited to (i) a reduction in the stated interest rate of the loan, (ii) an extension of the maturity date of the loan at an interest rate below market, or (iii) a reduction of the accrued interest. ​ Loan modifications granted by the Company are reviewed on a case-by-case basis to determine if they should be considered a restructured loan. COVID-19 Loan Modifications: As a result of the COVID-19 pandemic, a loan modification program was designed and implemented to assist our clients experiencing financial stress resulting from the economic impacts caused by the global pandemic. The Company was offering loan extensions, temporary payment moratoriums, and financial covenant waivers for commercial and consumer borrowers impacted by the pandemic who have a pass risk rating and have not been delinquent over 30 days on payments in the last two years, primarily for a period of 180 days or less. During 2021, the Company’s loan portfolio included 69 loans totaling $130.4 million, which participated in the Company’s COVID-19 loan modification program. As of December 31, 2021, the deferral period has ended for all loans previously modified and payments have resumed under the original terms.
COVID-19 and CARES Act	COVID-19 and CARES Act The CARES Act created the paycheck protection program ("PPP"), which is administered by the Small Business Administration ("SBA"). The PPP is intended to provide loans to small businesses to pay their employees, rent, mortgage interest and utilities. The loans may be forgiven conditioned upon the client providing payroll documentation evidencing their compliant use of funds and otherwise complying with the terms of the program. The Bank is an approved SBA lender and supported the community and clients by originating PPP loans since the program was created. PPP loans are classified in the Cash, Securities and Other portion of the loan portfolio. See Note 5 - Loans and the Allowance for Loan Losses for further discussion on our PPP loans. The CARES Act provides banks optional, temporary relief from accounting for certain loan modifications as TDRs. The modifications must be related to the adverse effects of COVID-19, and certain other criteria are required to be met in order to apply the relief. Interagency guidance from Federal Reserve and the Federal Deposit Insurance Corporation ("FDIC") confirmed with the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not to be considered a TDR. We believe our loan modification program meets that definition and have not classified any of these modifications as a TDR as of December 31, 2021 and 2020. In accordance with that guidance, the Company is recognizing interest income on all loans modified for temporary payment moratoriums. See Note 5 - Loans and the Allowance for Loan Losses for further discussion on our loan modification program. All loans modified in response to COVID-19 are classified as performing and pass rated as of December 31, 2021 and 2020. These loans are included in the allowance for loan loss general reserve in accordance with ASC 450-20. Management has increased our loan level reviews and portfolio monitoring to address the changing environment. The Company continues to meet regularly with clients who could be more highly impacted by the recent COVID-19 pandemic. These are borrowers in industries we believe may be more impacted by the pandemic, for instance those loans where there may be a greater than 50% probability of a downgrade, covenant violation, or 20% reduction in collateral position. Management believes the diversity of the loan portfolio is prudent and remains consistent with the credit culture and goals of the Bank. Interest accrued during the modification term on modified loans is deferred to the end of the loan term. As of December 31, 2021 and 2020, no allowance for loan loss was deemed necessary on the accrued interest balances related to loan modifications. ​ The Company is a participant in the Federal Reserve’s Main Street Lending Program ("MSLP") to support lending to small and medium-sized for profit businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic. The Company may sell a 95% participation in a new MSLP loan to the Main Street Special Purpose Vehicle ("SPV") at par value. The Company must retain 5% of the MSLP loan until (i) it matures or (ii) neither the Main Street SPV nor a Governmental Assignee holds an interest in MSLP Loan in any capacity, whichever comes first. See Note 5 - Loans and the Allowance for Loan Losses for further discussion on our participation in the program.
Allowance for Loan Losses	Allowance for Loan Losses: ​ The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and dollar volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral and prevailing economic conditions. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. ​ We are closely monitoring the changing dynamics in the economy and the client impact driven by the COVID-19 pandemic. We have intensified our portfolio management, focusing on higher impacted industries and commercial property types. Excluding loans acquired through the Teton Acquisition, the portion of our credit exposure to the highest risk industries impacted by COVID-19, such as accommodations, transportation and restaurants, is less than 4.3% of our loan portfolio. We are actively reviewing our acquired loans for any exposure to high risk industries. The Company has increased our loan level reviews and portfolio monitoring to address the changing environment and continues to engage in more frequent communication with these borrowers to better understand the impact on our borrower’s cash flows and respond proactively. During the year ended December 31, 2020, the Company increased its allowance to account for the additional variability surrounding the loan modifications and increased economic uncertainty related to the COVID-19 pandemic. ​ A loan is considered impaired when, based on current information and events, it is probable the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. ​ TDR and non-accrual loans are separately evaluated for impairment and included in the separately identified impairment disclosures. If cash flow dependent, TDR and non-accrual loans will be measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR or non-accrual loan is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For TDR and non-accrual loans that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses on loans individually identified as impaired. ​ Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting all scheduled principal and interest payments. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. ​ The allowance for loan losses is comprised of specific loan loss reserves and general loan loss reserves. The impairment of a specific loan is measured based either on (i) the present value of expected future cash flows discounted at the loan’s effective interest rate, or (ii) the fair value of the underlying collateral, less costs to sell, if the repayment is expected to be provided predominantly by the sale of the underlying collateral. Specific impairments are measured on a loan-by-loan basis if risk characteristics are unique to an individual borrower. The general loan loss reserve covers non-impaired loans and is established by evaluating the incurred loss on homogenous pools of loans, not specifically reviewed for impairment as noted above, that have common risk characteristics. The general loan loss reserve is based on historical loss experiences adjusted for nine qualitative factors on all loans in the portfolio not considered impaired. Certain factors are applied to each pool and certain factors are applied to all non-individually reviewed loans. The nine qualitative factors the Company considers are: ​ ● Changes in relevant economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments. ● Levels and trends in net charge-offs. ● The existence and effect of any concentrations of credit and changes in the level of such concentrations. ● Changes in the nature or volume of the loan portfolio and in the terms of loans. ● Changes in the experience, ability, and depth of lending management and other relevant staff. ● Changes in the volume and severity of past due loans. ● Changes in the quality of the loan review system and associated grading changes. ● Change in the level of overdrafts. ● Levels and status of loans modified as a result of COVID-19. The following portfolio segments have been identified: ​ ● Cash, Securities and Other— consists of consumer and commercial purpose loans that are primarily secured by securities managed and under custody with us, cash on deposit with us or life insurance policies. In addition, loans in this portfolio are collateralized with other sources of consumer collateral and an immaterial amount of each loan may be unsecured. This segment of our portfolio is affected by a variety of local and national economic factors affecting borrowers’ employment prospects, income levels, and overall economic sentiment. PPP loans that are fully guaranteed by the SBA are classified within this line item as of December 31, 2021 and 2020. ● Construction and Development—consists of loans to finance the construction of residential and non-residential properties. These loans are dependent on the strength of the industries of the related borrowers and the risks consistent with construction projects. ● 1-4 Family Residential— consists of loans and home equity lines of credit secured by 1-4 family residential properties. These loans typically enable borrowers to purchase or refinance existing homes, most of which serve as the primary residence of the owner. In addition, some borrowers secure a commercial purpose loan with owner occupied or non-owner occupied 1-4 family residential properties. Loans in this segment are dependent on the industries tied to these loans as well as the national and local economies, and local residential and commercial real estate markets. ● Commercial Real Estate (" CRE ") , Owner Occupied and Non-Owner Occupied—consists of commercial loans collateralized by real estate. These loans may be collateralized by owner occupied or non-owner occupied real estate, as well as multi-family residential real estate. These loans are dependent on the strength of the industries of the related borrowers and the success of their businesses. ● Commercial and Industrial—consists of commercial and industrial loans, including working capital lines of credit, permanent working capital term loans, business asset loans, acquisition, expansion and development loans, and other loan products, primarily in our target markets. This portfolio primarily consists of term loans and lines of credit which are dependent on the strength of the industries of the related borrowers and the success of their businesses. This category includes MSLP loans as of December 31, 2021 and 2020. The reserve for unfunded commitments represents the estimate for probable loan losses inherent in unfunded commitments to extend credit. Unfunded commitments to extend credit include commercial and standby letters of credit, unused lines of credit, and unfunded loan commitments expected to be funded. The process used to determine the reserve for unfunded commitments is consistent with the process for determining the allowance for loan losses, adjusted for estimated funding probabilities. Changes to the level of the reserve for unfunded commitments are recognized through the provision for loan losses for off-balance sheet credit exposures, included in the non-interest other expense line of the Consolidated Statements of Income.
Transfers of Financial Assets	Transfers of Financial Assets
Premises and Equipment	Premises and Equipment 25 software are
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets one
Accounts Receivable	Accounts Receivable
Other Receivables	Other Receivables
Leases	Leases
Other Real Estate Owned	Other Real Estate Owned
Company-Owned Life Insurance	Company-Owned Life Insurance
Mortgage Banking Derivatives	Mortgage Banking Derivatives In order to manage the interest rate risk on our uncommitted IRLC and mortgage loans held for sale pipeline, the Company enters into mortgage derivative financial instruments called To Be Announced ("TBA"), which we refer to as forward commitments. TBA agreements are forward contracts to purchase mortgage backed securities ("MBS") that will be issued by a US Government Sponsored Enterprise. The Bank purchases or sells these derivatives to offset the changes in value of our mortgage loans held for sale and IRLC adjusted pipeline where we have exposure to interest rate volatility. Changes in the fair values of these derivatives are included in the Net gain on mortgage loans line of the Consolidated Statements of Income.
Stock-Based Compensation	Stock-Based Compensation Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s policy is to recognize forfeitures as they occur.
Income Taxes	Income Taxes The Company recognizes tax benefits from uncertain tax positions when it is more-likely-than-not, based on the technical merits of the position, the tax position will be sustained upon examination, including the resolution of any appeals or litigation. Tax benefits recognized in the consolidated financial statements from such a position are measured as the largest benefit that has a greater than fifty percent likelihood of being realized upon resolution. The Company may from time to time be assessed interest or penalties by major tax jurisdictions, although any such assessments have historically been minimal and immaterial to financial results. The Company classifies interest and penalties, if any, as a component of income tax expense.
Comprehensive Income	Comprehensive Income
Earnings per Common Share	Earnings per Common Share
Loan Commitments and Related Financial Instruments	Loan Commitments and Related Financial Instruments
Loss Contingencies	Loss Contingencies
Deposits	Deposits
Borrowings	Borrowings
Fair Value of Financial Instruments	Fair Value of Financial Instruments
Revenue Recognition	Revenue Recognition
Transition of LIBOR to an Alternative Reference Rate	Transition of LIBOR to an Alternative Reference Rate The administrator of LIBOR has proposed to extend publication of the most commonly used U.S. Dollar LIBOR settings to June 30, 2023, and to cease publishing other LIBOR settings on December 31, 2021. ​ Certain of the Company’s assets and liabilities are indexed to LIBOR, with exposure extending past December 31, 2021. The Company is currently evaluating and planning for the eventual replacement of the LIBOR benchmark interest rate, including the possibility of SOFR as the dominant replacement. In general, the transition away from LIBOR may result in increased market risk, credit risk, operational risk and business risk for the Company. The Company has developed a LIBOR transition plan, which addresses governance, risk management, legal, operational, systems and operations, fallback language, and other aspects of planning. The company no longer originates LIBOR indexed loans. Existing LIBOR indexed commercial loans are expected to be transitioned to SOFR by June 30, 2022. Consumer indexed loans are being managed in accordance with Interagency Guidance.
Restrictions on Cash	Restrictions on Cash
Reclassifications	Reclassifications
Recently adopted accounting pronouncements and Recently issued accounting pronouncements, not yet adopted	Recently adopted accounting pronouncements In January 2021, the FASB issued ASU 2021-01, " Reference Rate Reform (Topic 848) Recently issued accounting pronouncements, not yet adopted In February 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) ("ASU 2016-13"). ASU 2016-13 replaces the incurred loss model with an expected loss model, which is referred to as the current expected credit loss ("CECL") model. The CECL model is applicable to the measurement of credit losses on the financial assets measured at amortized cost, including loan receivables, held-to-maturity debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. For all other assets within the scope of CECL, a cumulative-effect adjustment will be recognized in retained earnings and the allowance for credit losses as of the beginning of the first reporting period in which the guidance is effective. ASU 2016-13 was set to be effective for most public companies on January 1, 2020. However, at the October 16, 2019 FASB meeting, the FASB voted unanimously to delay the effective date of CECL adoption for smaller reporting companies ("SRCs") to January 1, 2023. During the year ended December 31, 2021, the CECL committee of the Company continued to work through its implementation plan. The Company has integrated historical and current loan level data as required by CECL and is working with its third-party vendor solution to begin evaluating the methodologies available under the CECL model on its loan portfolios. The Company also continues to evaluate documentation requirements, internal control structure, relevant data sources, and system configurations. The Company has completed a successful integration of the required fields and historical data for key loan, client and collateral data within the third-party solution and has been able to run parallels of our current allowance for loan and lease losses ("ALLL") calculation in the software to compare to our internal calculation and reconcile known differences. The Company has started the process of selecting the methodologies to be used for each segment of its loan portfolio and started preliminarily testing to determine the impact of each methodology. Currently, we are unable to estimate the impact the adoption of this update will have on the consolidated financial statements and disclosures. However, the Company expects the impact of the adoption will be significantly influenced by the composition and characteristics of its loan portfolios along with economic conditions prevalent as of the date of adoption. The Company expects to implement the new standard beginning January 1, 2023. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2021
ACQUISITIONS
Estimated fair value of assets acquired and liabilities assumed	The following presents the estimated fair values of the assets acquired and liabilities assumed in the December 31, 2021 transaction with Teton, and reflects all adjustments made to the fair value of the opening balance sheet on December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of consideration transferred ​ December 31, 2021 Cash consideration ​ $ 11,501 Common stock issued ​ ​ 39,818 Total fair value of consideration transferred ​ ​ 51,319 ​ ​ ​ ​ Assets acquired ​ ​ ​ Cash and cash equivalents ​ ​ 132,498 Available-for-sale securities, at fair value ​ ​ 18,218 Correspondent bank stock, at cost ​ ​ 928 Mortgage loans held for sale ​ ​ 840 Loans, net ​ ​ 252,275 Premises and equipment ​ ​ 17,758 Accrued interest receivable ​ ​ 923 Accounts receivable ​ ​ 95 Other receivable ​ ​ 520 Core deposit intangible (1) ​ ​ 1,264 Other assets ​ ​ 66 Assets held for sale ​ ​ 115 Total assets acquired ​ ​ 425,500 ​ ​ ​ ​ Liabilities assumed ​ ​ ​ Deposits ​ ​ 379,227 Accrued interest payable ​ ​ 26 Other liabilities ​ 1,283 Deferred tax liabilities, net ​ ​ 42 Total liabilities assumed ​ ​ 380,578 Net assets acquired ​ ​ 44,922 Goodwill recognized ​ $ 6,397 _____________________________________ (1) The core deposit intangible was determined to have an estimated life of 10 years . The following presents the estimated fair values of the assets acquired and liabilities assumed in the May 15, 2020 transaction with Simmons, and reflects all adjustments made to the fair value of the opening balance sheet through December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ May 15, Fair value of consideration transferred ​ 2020 Cash consideration ​ $ 61,599 Total fair value of consideration transferred ​ ​ 61,599 ​ ​ ​ ​ Assets acquired ​ ​ ​ Cash and due from banks ​ ​ 283 Loans, net ​ ​ 119,552 Core deposit intangible (1) ​ ​ 53 Accrued income and other assets ​ ​ 382 Total assets acquired ​ ​ 120,270 ​ ​ ​ ​ Liabilities assumed ​ ​ ​ Deposits ​ ​ 63,080 Accrued expenses and other liabilities ​ 96 Total liabilities assumed ​ ​ 63,176 Net assets acquired ​ ​ 57,094 Goodwill recognized ​ $ 4,505 _____________________________________ (1) The core deposit intangible was determined to have an estimated life of 10 years .
Schedule of composition of acquired loan portfolio	The composition of the contractual balance of acquired loans as of December 31, 2021 is detailed in the table below (in thousands): ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2021 Cash, Securities and Other (1) ​ $ 20,080 Construction and Development ​ 33,977 1-4 Family Residential ​ 70,348 Non-Owner Occupied CRE ​ 43,162 Owner Occupied CRE ​ ​ 33,000 Commercial and Industrial ​ ​ 55,690 Total loans ​ ​ 256,257 Acquisition fair value adjustments ​ ​ (3,982) Loans, net ​ $ 252,275 _____________________________________ (1) Includes $6.7 million in PPP loans. The composition of the acquired loan portfolio as of May 15, 2020 is detailed in the table below (in thousands): ​ ​ ​ ​ ​ ​ ​ May 15, ​ 2020 Cash, Securities and Other (1) ​ $ 13,457 Construction and Development ​ 40,407 1-4 Family Residential ​ 7,252 Non-Owner Occupied CRE ​ 545 Owner Occupied CRE ​ ​ 321 Commercial and Industrial ​ ​ 58,660 Total loans ​ $ 120,642 _____________________________________ (1) Includes $12.9 million in PPP loans.
Schedule of acquisition expenses within Non-interest expense	The Company incurred $4.1 million in expenses related to the acquisition during the year ended December 31, 2021. The following presents the acquisition expenses within Non-interest expense of the Consolidated Statements of Income (in thousands): ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 Mergers and acquisitions expense: ​ ​ ​ Salaries and employee benefits ​ $ 547 Professional services ​ ​ 1,118 Data processing ​ ​ 2,428 Other ​ ​ 8 Total mergers and acquisitions expense ​ $ 4,101
Schedule of business acquisition, pro forma information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pro Forma ​ ​ ​ Twelve Months Ended December 31, ​ ​ ​ 2021 ​ 2020 Net interest income after provision for loan losses ​ $ 68,019 ​ $ 56,465 Noninterest income ​ ​ 41,206 ​ ​ 52,926 Net income ​ ​ 23,234 ​ ​ 23,689 Pro forma earnings per share: ​ ​ ​ ​ ​ ​ Basic ​ ​ 2.49 ​ ​ 2.55 Diluted ​ ​ 2.43 ​ ​ 2.55

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2021
INVESTMENT SECURITIES
Schedule of the amortized cost and fair value of securities available for sale, with gross unrealized gains and losses recognized	The following presents the amortized cost and fair value of securities available-for-sale, with gross unrealized gains and losses recognized in accumulated other comprehensive income as of December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair December 31, 2021 ​ Cost ​ Gains ​ Losses ​ Value Investment securities available-for-sale: ​ ​ ​ ​ U.S. Treasury debt ​ $ 250 ​ $ — ​ $ (3) ​ $ 247 U.S. Government Agency ​ ​ 3,522 ​ ​ — ​ ​ — ​ ​ 3,522 Corporate bonds ​ ​ 8,113 ​ ​ 227 ​ ​ (15) ​ ​ 8,325 GNMA mortgage-backed securities – residential ​ 26,611 ​ 185 ​ (146) ​ 26,650 FNMA mortgage-backed securities – residential ​ ​ 14,400 ​ ​ 43 ​ ​ — ​ ​ 14,443 Government CMO and MBS - commercial ​ ​ 878 ​ ​ — ​ ​ — ​ ​ 878 Corporate CMO and MBS ​ 1,492 ​ 23 ​ (18) ​ 1,497 Other ​ ​ 649 ​ ​ — ​ ​ — ​ ​ 649 Total securities available-for-sale ​ $ 55,915 ​ $ 478 ​ $ (182) ​ $ 56,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair December 31, 2020 ​ Cost ​ Gains ​ Losses ​ Value Investment securities available-for-sale: ​ ​ ​ ​ U.S. Treasury debt ​ $ 250 ​ $ 4 ​ $ — ​ $ 254 Corporate bonds ​ ​ 6,000 ​ ​ 55 ​ ​ (11) ​ ​ 6,044 GNMA mortgage-backed securities – residential ​ 23,806 ​ 798 ​ — ​ 24,604 FNMA mortgage-backed securities – residential ​ ​ 1,616 ​ ​ 61 ​ ​ — ​ ​ 1,677 Corporate CMO and MBS ​ 4,078 ​ 62 ​ (53) ​ 4,087 Total securities available-for-sale ​ $ 35,750 ​ $ 980 ​ $ (64) ​ $ 36,666
Summary of the amortized cost and estimated fair value of available for sale securities, excluding SBIC with contractual maturity dates	​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Fair December 31, 2021 ​ Cost ​ Value Due within one year ​ $ 506 ​ $ 506 Due between one year and five years ​ ​ 414 ​ ​ 411 Due between five years and ten years ​ ​ 9,303 ​ ​ 9,515 Due after ten years ​ ​ 1,662 ​ ​ 1,662 Securities (CMO and MBS) ​ 44,030 ​ 44,117 Total ​ $ 55,915 ​ $ 56,211
Summary of securities with unrealized losses aggregated by major security type and length of time in a continuous unrealized loss position	The following presents securities with unrealized losses as of December 31, 2021 and December 31, 2020, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands, before tax): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 Months 12 Months or Longer Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized December 31, 2021 ​ Value ​ Losses ​ Value ​ Losses ​ Value Losses U.S. Treasury debt ​ $ 247 ​ $ (3) ​ $ — ​ $ — ​ $ 247 ​ $ (3) Corporate bonds ​ ​ 485 ​ ​ (15) ​ ​ — ​ ​ — ​ ​ 485 ​ ​ (15) GNMA mortgage-backed securities – residential ​ ​ 17,205 ​ ​ (146) ​ ​ — ​ ​ — ​ ​ 17,205 ​ ​ (146) Corporate CMO and MBS ​ — ​ — ​ 521 ​ (18) ​ 521 ​ (18) Total ​ $ 17,937 ​ $ (164) ​ $ 521 ​ $ (18) ​ $ 18,458 ​ $ (182) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 Months 12 Months or Longer Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized December 31, 2020 Value ​ Losses ​ Value ​ Losses Value Losses Corporate bonds ​ $ 3,489 ​ $ (11) ​ $ — ​ $ — ​ $ 3,489 ​ $ (11) Corporate CMO and MBS ​ 880 ​ (40) ​ 566 ​ (13) ​ 1,446 ​ (53) Total ​ $ 4,369 ​ $ (51) ​ $ 566 ​ $ (13) ​ $ 4,935 ​ $ (64)

CORRESPONDENT BANK STOCK (Table

CORRESPONDENT BANK STOCK (Tables)	12 Months Ended
	Dec. 31, 2021
CORRESPONDENT BANK STOCK
Summary of company's investment in correspondent bank stock	The following presents the Company’s investments in correspondent bank stock, as of the dates noted (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 ​ 2020 FHLB ​ $ 1,625 ​ $ 2,522 BBW ​ 31 ​ 30 FRB ​ ​ 928 ​ ​ — Total ​ $ 2,584 ​ $ 2,552

LOANS AND THE ALLOWANCE FOR L_2

LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Tables)	12 Months Ended
	Dec. 31, 2021
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Summary of the Company's loans	The following presents a summary of the Company’s loans as of the dates noted (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 2020 Cash, Securities and Other (1) ​ $ 295,948 ​ $ 357,020 Construction and Development ​ 178,716 ​ 131,111 1-4 Family Residential ​ 580,872 ​ 455,038 Non-Owner Occupied CRE ​ 482,622 ​ 281,943 Owner Occupied CRE ​ ​ 212,426 ​ ​ 163,042 Commercial and Industrial (2) ​ ​ 203,584 ​ ​ 146,031 Total loans held for investment ​ 1,954,168 ​ 1,534,185 Deferred fees and unamortized premiums/(unaccreted discounts), net ​ (5,031) ​ (1,352) Allowance for loan losses ​ (13,732) ​ (12,539) Loans, net ​ $ 1,935,405 ​ $ 1,520,294 ______________________________________ (1) (2)
Summary of aging analysis of the recorded investments in loans past due	The following presents, by class, an aging analysis of the recorded investments (excluding accrued interest receivable, deferred costs (fees), and unamortized premiums/(unaccreted discounts) which are not material) in loans past due as of December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-59 60-89 90 or Total ​ ​ Total ​ ​ Days ​ Days ​ More Days ​ Loans ​ ​ ​ ​ Recorded December 31, 2021 ​ Past Due ​ Past Due ​ Past Due ​ Past Due ​ Current ​ Investment Cash, Securities and Other ​ $ 1,199 ​ $ — ​ $ 8 ​ $ 1,207 ​ $ 294,741 ​ $ 295,948 Construction and Development ​ 2,758 ​ ​ — ​ ​ — ​ 2,758 ​ 175,958 ​ 178,716 1-4 Family Residential ​ 1,449 ​ ​ — ​ ​ — ​ 1,449 ​ 579,423 ​ 580,872 Non-Owner Occupied CRE ​ ​ — ​ ​ 2,548 ​ ​ — ​ ​ 2,548 ​ ​ 480,074 ​ ​ 482,622 Owner Occupied CRE ​ ​ 1,419 ​ ​ — ​ ​ — ​ ​ 1,419 ​ ​ 211,007 ​ ​ 212,426 Commercial and Industrial ​ 748 ​ ​ — ​ ​ 2,200 ​ 2,948 ​ 200,636 ​ 203,584 Total ​ $ 7,573 ​ $ 2,548 ​ $ 2,208 ​ $ 12,329 ​ $ 1,941,839 ​ $ 1,954,168 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-59 60-89 90 or Total ​ ​ Total ​ ​ Days ​ Days ​ More Days ​ Loans ​ ​ ​ ​ Recorded December 31, 2020 ​ Past Due ​ Past Due ​ Past Due ​ Past Due ​ Current ​ Investment Cash, Securities and Other ​ $ 752 ​ $ — ​ $ 48 ​ $ 800 ​ $ 356,220 ​ $ 357,020 Construction and Development ​ — ​ — ​ — ​ — ​ 131,111 ​ 131,111 1-4 Family Residential ​ 1,283 ​ — ​ — ​ 1,283 ​ 453,755 ​ 455,038 Non-Owner Occupied CRE ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 281,943 ​ ​ 281,943 Owner Occupied CRE ​ ​ 479 ​ ​ — ​ ​ — ​ ​ 479 ​ ​ 162,563 ​ ​ 163,042 Commercial and Industrial ​ 271 ​ — ​ 3,529 ​ 3,800 ​ 142,231 ​ 146,031 Total ​ $ 2,785 ​ $ — ​ $ 3,577 ​ $ 6,362 ​ $ 1,527,823 ​ $ 1,534,185
Schedule of recorded investment in non accrual loans by class	The following presents the recorded investment in non-accrual loans by class as of the dates noted (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 2020 Cash, Securities and Other ​ $ 8 ​ $ 50 1-4 Family Residential ​ ​ 75 ​ ​ — Owner Occupied CRE ​ ​ 1,241 ​ ​ 479 Commercial and Industrial ​ 2,938 ​ 3,529 Total ​ $ 4,262 ​ $ 4,058
Summary of the unpaid principal balance of loans classified as TDRs	The following presents a summary of the unpaid principal balance of loans classified as TDRs as of the dates noted (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 2020 Accruing ​ ​ ​ ​ ​ ​ Non-Owner Occupied CRE ​ $ 55 ​ $ — Non-accrual ​ ​ ​ ​ ​ ​ Cash, Securities, and Other ​ ​ 6 ​ ​ 48 1-4 Family Residential ​ ​ 75 ​ ​ — Owner Occupied CRE ​ ​ 1,241 ​ ​ — Commercial and Industrial ​ ​ 2,938 ​ ​ 3,529 Total ​ ​ 4,315 ​ ​ 3,577 Allowance for loan losses associated with TDR ​ (1,751) ​ (1,619) Net recorded investment ​ $ 2,564 ​ $ 1,958
Summary of impaired loans by portfolio and related valuation allowance	The following presents impaired loans by portfolio and related valuation allowance as of the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ ​ Unpaid Allowance ​ ​ ​ Unpaid Allowance ​ ​ Total ​ Contractual ​ for ​ Total ​ Contractual ​ for ​ ​ Recorded ​ Principal ​ Loan ​ Recorded ​ Principal ​ Loan ​ ​ Investment ​ Balance ​ Losses ​ Investment ​ Balance ​ Losses Impaired loans with a valuation allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, Securities, and Other ​ $ 2 ​ $ 2 ​ $ 2 ​ $ 2 ​ $ 2 ​ $ 2 Commercial and Industrial ​ ​ 2,190 ​ ​ 2,190 ​ ​ 1,751 ​ ​ 3,419 ​ ​ 3,419 ​ ​ 1,619 Total ​ $ 2,192 ​ $ 2,192 ​ $ 1,753 ​ $ 3,421 ​ $ 3,421 ​ $ 1,621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans with no related valuation allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, Securities, and Other ​ $ 6 ​ $ 6 ​ $ — ​ $ 48 ​ $ 48 ​ $ — 1-4 Family Residential ​ ​ 75 ​ ​ 75 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Owner Occupied CRE ​ ​ 1,241 ​ ​ 1,241 ​ ​ — ​ ​ 479 ​ ​ 479 ​ ​ — Commercial and Industrial ​ ​ 748 ​ ​ 748 ​ ​ — ​ ​ 110 ​ ​ 110 ​ ​ — Total ​ $ 2,070 ​ $ 2,070 ​ $ — ​ $ 637 ​ $ 637 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total impaired loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, Securities, and Other ​ $ 8 ​ $ 8 ​ $ 2 ​ $ 50 ​ $ 50 ​ $ 2 1-4 Family Residential ​ ​ 75 ​ ​ 75 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Owner Occupied CRE ​ ​ 1,241 ​ ​ 1,241 ​ ​ — ​ ​ 479 ​ ​ 479 ​ ​ — Commercial and Industrial ​ ​ 2,938 ​ ​ 2,938 ​ ​ 1,751 ​ ​ 3,529 ​ ​ 3,529 ​ ​ 1,619 Total ​ $ 4,262 ​ $ 4,262 ​ $ 1,753 ​ $ 4,058 ​ $ 4,058 ​ $ 1,621 The average balance of impaired loans and interest income recognized on impaired loans during the years ended December 31, 2021 and 2020 are included in the table below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ Average ​ Interest ​ Average ​ Interest ​ ​ Recorded ​ Income ​ Recorded ​ Income ​ ​ Investment ​ Recognized ​ Investment ​ Recognized Impaired loans with a valuation allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, Securities, and Other ​ $ 2 ​ $ — ​ $ 1 ​ $ — Commercial and Industrial ​ ​ 2,413 ​ ​ 21 ​ ​ 3,453 ​ ​ — Total ​ $ 2,415 ​ $ 21 ​ $ 3,454 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans with no related valuation allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, Securities, and Other ​ $ 17 ​ $ — ​ $ 1,180 ​ $ — Owner Occupied CRE ​ ​ 248 ​ ​ 51 ​ ​ 96 ​ ​ — Commercial and Industrial ​ ​ 205 ​ ​ 262 ​ ​ 4,893 ​ ​ 336 1-4 Family Residential ​ ​ 15 ​ ​ — ​ ​ — ​ ​ — Total ​ $ 485 ​ $ 313 ​ $ 6,169 ​ $ 336 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total impaired loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, Securities, and Other ​ $ 19 ​ $ — ​ $ 1,181 ​ $ — Owner Occupied CRE ​ ​ 248 ​ ​ 51 ​ ​ 96 ​ ​ — Commercial and Industrial ​ ​ 2,618 ​ ​ 283 ​ ​ 8,346 ​ ​ 336 1-4 Family Residential ​ ​ 15 ​ ​ — ​ ​ — ​ ​ — Total ​ $ 2,900 ​ $ 334 ​ $ 9,623 ​ $ 336
Schedule of activity in the Company's allowance for loan losses by portfolio class	Allocation of a portion of the allowance for loan losses to one category of loans does not preclude its availability to absorb losses in other categories. The following presents the activity in the Company’s allowance for loan losses by portfolio class for the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, ​ Construction ​ 1-4 ​ Non-Owner ​ Owner ​ Commercial ​ ​ ​ ​ Securities ​ and ​ Family ​ Occupied ​ Occupied ​ and ​ ​ ​ and Other ​ Development ​ Residential ​ CRE ​ CRE ​ Industrial ​ Total Changes in allowance for loan losses for the year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 2,579 ​ $ 932 ​ $ 3,233 ​ $ 2,004 ​ $ 1,159 ​ $ 2,632 ​ $ 12,539 (Recovery of)/provision for loan losses ​ (678) ​ 160 ​ 320 ​ 948 ​ 133 ​ 347 ​ 1,230 Charge-offs ​ (44) ​ — ​ — ​ — ​ — ​ — ​ (44) Recoveries ​ 7 ​ — ​ — ​ — ​ — ​ — ​ 7 Ending balance ​ $ 1,864 ​ $ 1,092 ​ $ 3,553 ​ $ 2,952 ​ $ 1,292 ​ $ 2,979 ​ $ 13,732 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses as of December 31, 2021 allocated to loans evaluated for impairment: ​ ​ ​ ​ ​ ​ ​ Individually ​ $ 2 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,751 ​ $ 1,753 Collectively ​ 1,862 ​ 1,092 ​ 3,553 ​ 2,952 ​ 1,292 ​ 1,228 ​ 11,979 Ending balance ​ $ 1,864 ​ $ 1,092 ​ $ 3,553 ​ $ 2,952 ​ $ 1,292 ​ $ 2,979 ​ $ 13,732 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans as of December 31, 2021, evaluated for impairment: ​ ​ ​ ​ ​ ​ ​ Individually ​ $ 8 ​ $ — ​ $ 75 ​ $ — ​ $ 1,241 ​ $ 2,938 ​ $ 4,262 Collectively ​ 295,940 ​ 178,716 ​ 580,797 ​ 482,622 ​ 211,185 ​ 200,646 ​ 1,949,906 Ending balance ​ $ 295,948 ​ $ 178,716 ​ $ 580,872 ​ $ 482,622 ​ $ 212,426 ​ $ 203,584 ​ $ 1,954,168 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, ​ Construction ​ 1-4 ​ Non-Owner ​ Owner ​ Commercial ​ ​ ​ ​ Securities ​ and ​ Family ​ Occupied ​ Occupied ​ and ​ ​ ​ and Other ​ Development ​ Residential ​ CRE ​ CRE ​ Industrial ​ Total Changes in allowance for loan losses for the year ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 1,058 ​ $ 200 ​ $ 2,850 ​ $ 1,176 ​ $ 911 ​ $ 1,680 ​ $ 7,875 Provision for/(recovery of) loan losses ​ 1,539 ​ 732 ​ 383 ​ 828 ​ 248 ​ 952 ​ 4,682 Charge-offs ​ (31) ​ — ​ — ​ — ​ — ​ — ​ (31) Recoveries ​ 13 ​ — ​ — ​ — ​ — ​ — ​ 13 Ending balance ​ $ 2,579 ​ $ 932 ​ $ 3,233 ​ $ 2,004 ​ $ 1,159 ​ $ 2,632 ​ $ 12,539 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses as of December 31, 2020 allocated to loans evaluated for impairment: ​ ​ ​ ​ ​ ​ ​ Individually ​ $ 2 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,619 ​ $ 1,621 Collectively ​ 2,577 ​ 932 ​ 3,233 ​ 2,004 ​ 1,159 ​ 1,013 ​ 10,918 Ending balance ​ $ 2,579 ​ $ 932 ​ $ 3,233 ​ $ 2,004 ​ $ 1,159 ​ $ 2,632 ​ $ 12,539 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans as of December 31, 2020, evaluated for impairment: ​ ​ ​ ​ ​ ​ ​ Individually ​ $ 50 ​ $ — ​ $ — ​ $ 479 ​ $ — ​ $ 3,529 ​ $ 4,058 Collectively ​ 356,970 ​ 131,111 ​ 455,038 ​ 281,464 ​ ​ 163,042 ​ 142,502 ​ 1,530,127 Ending balance ​ $ 357,020 ​ $ 131,111 ​ $ 455,038 ​ $ 281,943 ​ $ 163,042 ​ $ 146,031 ​ $ 1,534,185
Summary of recorded investment in the Company's loans by class and by credit quality indicator	Loans not meeting any of the three criteria above are considered to be pass-rated loans. The following presents, by class and by credit quality indicator, the recorded investment in the Company’s loans as of December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ December 31, 2021 Pass Mention Substandard ​ Total Cash, Securities and Other ​ $ 295,940 ​ $ — ​ $ 8 ​ $ 295,948 Construction and Development ​ 176,194 ​ 2,522 ​ — ​ 178,716 1-4 Family Residential ​ ​ 580,797 ​ ​ — ​ ​ 75 ​ ​ 580,872 Non-Owner Occupied CRE ​ ​ 476,670 ​ ​ 5,952 ​ ​ — ​ ​ 482,622 Owner Occupied CRE ​ ​ 210,493 ​ ​ — ​ ​ 1,933 ​ ​ 212,426 Commercial and Industrial ​ 198,368 ​ 401 ​ 4,815 ​ 203,584 Total ​ $ 1,938,462 ​ $ 8,875 ​ $ 6,831 ​ $ 1,954,168 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ December 31, 2020 Pass Mention Substandard ​ Total Cash, Securities and Other ​ $ 356,970 ​ $ — ​ $ 50 ​ $ 357,020 Construction and Development ​ ​ 131,111 ​ — ​ — ​ ​ 131,111 1-4 Family Residential ​ ​ 451,918 ​ ​ — ​ ​ 3,120 ​ ​ 455,038 Non-Owner Occupied CRE ​ ​ 275,627 ​ ​ 6,316 ​ ​ — ​ ​ 281,943 Owner Occupied CRE ​ 161,850 ​ ​ — ​ ​ 1,192 ​ 163,042 Commercial and Industrial ​ 140,432 ​ — ​ 5,599 ​ 146,031 Total ​ $ 1,517,908 ​ $ 6,316 ​ $ 9,961 ​ $ 1,534,185

PREMISES AND EQUIPMENT, NET (Ta

PREMISES AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2021
PREMISES AND EQUIPMENT, NET
Schedule of premises and equipment	The following presents a summary of the cost and accumulated depreciation of premises and equipment as of December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Building and building improvements ​ $ 12,190 ​ $ — Leasehold improvements, including artwork ​ ​ 11,464 ​ ​ 9,440 Land ​ ​ 4,980 ​ ​ — Equipment and software ​ 6,144 ​ 5,504 Gross premise and equipment ​ 34,778 ​ 14,944 Less: accumulated depreciation ​ (10,802) ​ (9,624) Premises and equipment, net ​ $ 23,976 ​ $ 5,320

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of changes in carrying amount of goodwill	Changes in the carrying amount of goodwill were as follows as of December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 ​ 2020 Beginning balance $ 24,191 ​ $ 19,686 Acquisition activity ​ 6,397 ​ ​ 4,505 Ending balance $ 30,588 ​ $ 24,191
Schedule of intangible assets and accumulated amortization	The following presents the Company’s intangible assets and related accumulated amortization as of December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Other intangibles ​ $ 5,857 ​ $ 4,593 Less: accumulated amortization on other intangibles ​ (4,543) ​ (4,526) Other intangible assets, net ​ $ 1,314 ​ $ 67
Schedule of estimated amortization expense	​ ​ ​ ​ ​ Year ​ ​ Expense 2022 ​ $ 241 2023 ​ ​ 165 2024 ​ ​ 145 2025 ​ ​ 130 2026 ​ ​ 122 Thereafter ​ ​ 511 Total ​ $ 1,314

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
LEASES
Lease Balance Sheet Location	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ ​ 2021 ​ 2020 Lease Right-of-Use Assets Classification ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets Other assets ​ $ 10,720 ​ $ 11,341 ​ ​ ​ ​ ​ ​ ​ ​ Lease Liabilities Classification ​ ​ ​ ​ ​ ​ Operating lease liabilities Other liabilities ​ $ 13,863 ​ $ 13,970
Schedule Of Weighted Average Lease Term And Discount Rate	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 ​ 2020 Weighted-Average Remaining Lease Term ​ ​ ​ ​ ​ Operating leases 5.26 years ​ 4.79 years ​ ​ ​ ​ ​ ​ Weighted-Average Discount Rate ​ ​ ​ ​ ​ Operating leases 2.67 % ​ 3.04 %
Lease Costs	The following table represents the Company’s net lease costs (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 ​ 2020 Lease Costs ​ ​ ​ ​ ​ Operating lease cost $ 3,040 ​ $ 3,162 Variable lease cost ​ 1,756 ​ ​ 1,894 Sublease income ​ — ​ ​ (232) Lease costs, net $ 4,796 ​ $ 4,824
Schedule of Minimum Lease Payments Due	​ The following presents a maturity analysis of the Company’s operating lease liabilities on an annual basis for each of the next five years and total amounts thereafter as of December 31, 2021. ​ ​ ​ ​ ​ Year Ending December 31, ​ Operating Leases 2022 ​ $ 3,461 2023 ​ 3,210 2024 ​ ​ 3,064 2025 ​ 2,073 2026 ​ 703 Thereafter ​ 2,168 Total future minimum lease payments ​ ​ 14,679 Less: imputed interest ​ ​ (816) Present value of net future minimum lease payments ​ $ 13,863
Summary of maturity analysis of the Company's operating payments to be received	The following presents a maturity analysis of the Company’s operating payments to be received on an annual basis for each of the next five years and total amounts thereafter as of December 31, 2021: ​ ​ ​ ​ ​ Year Ending December 31, ​ Undiscounted Operating Lease Income 2022 ​ $ 286 2023 ​ ​ 221 2024 ​ ​ 199 2025 ​ ​ — 2026 ​ ​ — Thereafter ​ ​ — Total undiscounted operating lease income ​ $ 706

DEPOSITS (Tables)

DEPOSITS (Tables)	12 Months Ended
	Dec. 31, 2021
DEPOSITS
Schedule of interest bearing deposits	The following presents the Company’s interest bearing deposits as of December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 2020 Money market deposit accounts ​ $ 1,056,669 ​ $ 847,430 Time deposits ​ 170,491 ​ 172,682 Negotiable order of withdrawal accounts ​ 309,940 ​ 113,052 Savings accounts ​ 32,299 ​ 5,289 Total interest-bearing deposits ​ $ 1,569,399 ​ $ 1,138,453 Aggregate time deposits of $250 or greater ​ $ 75,747 ​ $ 73,401
Schedule Of Time Deposit Maturities	The following presents the scheduled maturities of all time deposits for the next five years ending December 31 (in thousands): ​ ​ ​ ​ ​ Year Ending December 31, ​ Time Deposits 2022 ​ $ 114,073 2023 ​ 31,597 2024 ​ 4,461 2025 ​ 1,909 2026 ​ 18,428 Thereafter ​ 23 Total ​ $ 170,491

BORROWINGS (Tables)

BORROWINGS (Tables)	12 Months Ended
	Dec. 31, 2021
BORROWINGS
Schedule of borrowings from FHLB Topeka	The Company had the following required maturities on FHLB borrowings as of the dates noted (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, Maturity Date Rate % 2021 2020 April 22, 2022 ​ 0.37 ​ $ 5,000 ​ $ 5,000 May 5, 2023 ​ 0.76 ​ ​ 10,000 ​ ​ 10,000 Total ​ $ 15,000 ​ $ 15,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
Schedule of contract amounts represent credit risk	The following presents the Company’s financial instruments whose contract amounts represent credit risk, as of the dates noted (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Fixed Rate Variable Rate Fixed Rate Variable Rate Unused lines of credit ​ $ 136,289 ​ $ 442,035 ​ $ 78,506 ​ $ 360,883 Standby letters of credit ​ ​ 2,420 ​ ​ 20,940 ​ ​ 1,933 ​ ​ 17,524 Commitments to make loans to sell ​ ​ 60,529 ​ ​ — ​ ​ 370,512 ​ ​ — Commitments to make loans ​ ​ 16,256 ​ ​ 14,920 ​ ​ 24,225 ​ ​ 25,316

SHAREHOLDERS EQUITY (Tables)

SHAREHOLDERS EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
SHAREHOLDERS EQUITY
Schedule of summarizes activity for nonqualified stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ Number ​ Average ​ Remaining ​ Aggregate ​ ​ of ​ Exercise ​ Contractual ​ Intrinsic ​ Options Price Term Value Outstanding as of December 31, 2020 ​ 419,197 ​ $ 29.02 ​ ​ ​ ​ Granted ​ — ​ ​ — ​ ​ ​ ​ Exercised ​ (70,823) ​ ​ 24.08 ​ ​ ​ ​ Forfeited or expired ​ (39,800) ​ ​ 36.29 ​ ​ ​ ​ Outstanding as of December 31, 2021 ​ 308,574 ​ ​ 29.21 ​ 1.9 ​ (1) Options fully vested/exercisable as of December 31, 2021 ​ 308,574 ​ ​ 29.21 ​ 1.9 ​ (1) (1)
Schedule of summarizes the activity for the Time Vesting Units, the Financial Performance Units and the Market Performance Units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time ​ Financial ​ Market ​ ​ Vesting ​ Performance ​ Performance ​ Units Units Units Outstanding as of December 31, 2020 ​ 285,052 ​ 152,430 ​ 14,862 Granted ​ 59,194 ​ 41,743 ​ — Vested ​ (79,577) ​ — ​ — Forfeited ​ (14,848) ​ (10,690) ​ (1,116) Outstanding as of December 31, 2021 ​ 249,821 ​ 183,483 ​ 13,746
Schedule of financial performance units activity	The following presents the Company’s existing Financial Performance Units as of December 31, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant Period ​ Threshold Accrual Maximum Issuable Shares at Current Threshold ​ Unrecognized Compensation Expense ​ Weighted-Average (1) ​ Financial Metric End Date ​ Vesting Requirement End Date Prior to May 1, 2019 ​ 63% on half; 135% on other half 12,100 ​ $ — ​ — ​ December 31, 2019 ​ December 31, 2021 May 1, 2019 through April 30, 2020 ​ 150% 80,255 ​ ​ 331 ​ 2.1 years ​ December 31, 2021 ​ December 31, 2023 May 1, 2020 through December 31, 2020, excluding November 18, 2020 ​ 150% 81,516 ​ ​ 438 ​ 3.0 years ​ December 31, 2022 ​ December 31, 2023 On November 18, 2020 ​ 150% 34,752 ​ ​ 329 ​ 2.9 years ​ December 31, 2022 ​ 50% November 18, 2023 and 2025 May 3, 2021 through August 11, 2021 ​ 150% 60,306 ​ ​ 901 ​ 4.0 years ​ December 31, 2023 ​ December 31, 2025 ________________ (1) The following presents the Company’s Financial Performance Units activity for the years noted December 31 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Units Granted ​ Compensation Expense Recognized Grant Period ​ 2021 ​ 2020 ​ 2021 ​ 2020 Prior to May 1, 2019 ​ — ​ — ​ $ 110 ​ $ 64 May 1, 2019 through April 30, 2020 ​ — ​ 1,866 ​ ​ 216 ​ ​ 312 May 1, 2020 through December 31, 2020, excluding November 18, 2020 ​ — ​ 58,993 ​ ​ 208 ​ ​ 156 On November 18, 2020 ​ ​ ​ — ​ ​ 125 ​ ​ 17 May 3, 2021 through August 11, 2021 ​ 41,743 ​ 23,168 ​ ​ 221 ​ ​ —

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
EARNINGS PER COMMON SHARE
Schedule of basic and diluted earnings per share	The following presents the calculation of basic and diluted earnings per common share for the periods indicated (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Earnings per common share - Basic ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net income available for common shareholders ​ $ 20,610 $ 24,534 ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Basic weighted average shares ​ 7,980,491 7,899,278 Earnings per common share - basic ​ $ 2.58 ​ $ 3.11 ​ ​ ​ ​ ​ ​ ​ Earnings per common share - Diluted ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net income available for common shareholders ​ $ 20,610 $ 24,534 ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Basic weighted average shares ​ ​ 7,980,491 ​ ​ 7,899,278 Diluted effect of common stock equivalents: ​ ​ ​ ​ ​ ​ Stock options ​ ​ 30,661 ​ ​ — Time Vesting Units ​ ​ 139,829 ​ ​ 32,995 Financial Performance Units ​ ​ 70,437 ​ ​ 16,160 Market Performance Units ​ ​ 13,760 ​ ​ 13,471 Total diluted effect of common stock equivalents ​ ​ 254,687 ​ ​ 62,626 Diluted weighted average shares ​ 8,235,178 7,961,904 Earnings per common share - diluted ​ $ 2.50 ​ $ 3.08
Schedule of Antidilutive securities	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 ​ 2020 Stock options ​ 168,872 ​ ​ 419,197 Time Vesting Units ​ 996 ​ ​ 88,121 Financial Performance Units ​ 32,713 ​ ​ 70,397 Restricted Stock Awards ​ 7,895 ​ ​ 36,401 Total potentially dilutive securities ​ 210,476 ​ ​ 614,116

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Schedule of income tax expense (benefit)	The following presents the components of the Company’s income tax expense as of December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Current: ​ ​ Federal ​ $ 6,228 ​ $ 7,970 State and local ​ 1,110 ​ 1,859 Total current tax expense ​ 7,338 ​ 9,829 Deferred: ​ ​ ​ ​ ​ ​ Federal ​ ​ (734) ​ ​ (1,392) State and local ​ 66 ​ (280) Valuation allowance ​ — ​ 372 Total deferred tax benefit ​ (668) ​ (1,300) Income tax expense ​ $ 6,670 ​ $ 8,529
Schedule of reconciliation of income tax (expense) benefit	The following is a reconciliation of income taxes reflected on the Consolidated Statements of Income for the years ended December 31, 2021 and 2020, with income tax expense computed by applying the United States federal income tax rate of 21% to income before income taxes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Income tax expense computed at 21% statutory rate ​ $ 5,729 ​ $ 6,943 Differences: ​ ​ Permanent differences ​ 169 ​ (57) State taxes, net of federal expense ​ 1,018 ​ 1,150 LIHTC investment tax credit ​ ​ (386) ​ ​ (36) LIHTC investment proportional amortization ​ ​ 539 ​ ​ — Valuation allowance ​ ​ — ​ ​ 372 Other, net ​ (399) ​ 157 Income tax expense ​ $ 6,670 ​ $ 8,529 ​
Schedule of principal components of deferred tax assets (liabilities)	The following presents the principal components of the Company’s deferred tax items as of December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Deferred tax assets: ​ ​ Net operating loss carryforwards ​ $ 395 ​ $ 577 Allowance for loan losses ​ 3,385 ​ 3,054 Acquired loans fair market value adjustments ​ ​ 976 ​ ​ — Acquisition related basis adjustment ​ ​ 226 ​ ​ — Deferred rent ​ 753 ​ 635 Stock-based compensation ​ 1,800 ​ 1,613 Provision on other real estate owned ​ 463 ​ 484 Other intangible assets ​ 279 ​ 615 Accrued bonuses ​ 868 ​ 898 Loan fees ​ — ​ 244 Accrued expenses ​ ​ 821 ​ ​ — Other ​ 382 ​ 553 Total deferred tax assets ​ 10,348 ​ 8,673 Deferred tax liabilities: ​ ​ Goodwill ​ ​ (1,137) ​ ​ (1,013) Depreciation ​ ​ (1,636) ​ ​ (904) Unrealized gain on securities ​ ​ (73) ​ ​ (236) Loan fees ​ ​ (155) ​ ​ — Other ​ (130) ​ (92) Total deferred tax liabilities ​ (3,131) ​ (2,245) Net operating loss valuation allowance ​ ​ (372) ​ ​ (372) Net deferred tax asset ​ $ 6,845 ​ $ 6,056

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
RELATED-PARTY TRANSACTIONS
Summary of related-party loan activity	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Balance, beginning of year ​ $ 14,321 ​ $ 5,675 Funded loans ​ 11,294 ​ 17,348 Payments collected ​ (12,782) ​ (8,702) Balance, end of period ​ $ 12,833 ​ $ 14,321

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2021
FAIR VALUE
Schedule of fair value assets and liabilities measured on recurring basis	The following presents assets and liabilities measured on a recurring basis as of December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Inputs ​ Inputs ​ Reported December 31, 2021 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Balance Investment securities available-for-sale: ​ ​ ​ ​ U.S. Treasury debt ​ $ 247 ​ $ — ​ $ — ​ $ 247 U.S. Government Agency ​ ​ — ​ ​ 3,522 ​ ​ — ​ ​ 3,522 Corporate bonds ​ ​ — ​ ​ 6,212 ​ ​ 2,113 ​ ​ 8,325 GNMA mortgage-backed securities - residential ​ — ​ 26,650 ​ — ​ 26,650 FNMA mortgage-backed securities - residential ​ ​ — ​ ​ 14,443 ​ ​ — ​ ​ 14,443 Government CMO and MBS ​ ​ — ​ ​ 878 ​ ​ — ​ ​ 878 Corporate CMO and MBS ​ — ​ 1,497 ​ — ​ 1,497 Other ​ ​ — ​ ​ 649 ​ ​ — ​ ​ 649 Total securities available-for-sale ​ $ 247 ​ $ 53,851 ​ $ 2,113 ​ $ 56,211 Equity securities ​ $ 709 ​ $ — ​ $ — ​ $ 709 Guarantee asset ​ $ — ​ $ — ​ $ 237 ​ $ 237 IRLC, net ​ $ — ​ $ — ​ $ 1,473 ​ $ 1,473 Forward commitments and FSC ​ $ — ​ $ (65) ​ $ (9) ​ $ (74) Mortgage loans held for sale ​ $ — ​ $ 30,620 ​ $ — ​ $ 30,620 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Inputs ​ Inputs ​ Reported December 31, 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Balance Investment securities available-for-sale: ​ ​ ​ ​ U.S. Treasury debt ​ $ 254 ​ $ — ​ $ — ​ $ 254 Corporate bonds ​ ​ — ​ ​ 6,044 ​ ​ — ​ ​ 6,044 GNMA mortgage-backed securities - residential ​ — ​ 24,604 ​ — ​ 24,604 FNMA mortgage-backed securities - residential ​ ​ — ​ ​ 1,677 ​ ​ — ​ ​ 1,677 Corporate CMO and MBS ​ — ​ 4,087 ​ — ​ 4,087 Total securities available-for-sale ​ $ 254 ​ $ 36,412 ​ $ — ​ $ 36,666 Equity securities ​ $ 730 ​ $ — ​ $ — ​ $ 730 Guarantee asset ​ $ — ​ $ — ​ $ 232 ​ $ 232 IRLC, net ​ $ — ​ $ — ​ $ 9,841 ​ $ 9,841 Forward commitments and FSC ​ $ — ​ $ (2,534) ​ $ (89) ​ $ (2,623) Mortgage loans held for sale ​ $ — ​ $ 161,843 ​ $ — ​ $ 161,843
Summary of assets and liability for level 3 instruments measured at fair value on recurring basis	The following presents a reconciliation for Level 3 instruments measured at fair value on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 Corporate Bonds Guarantee Asset IRLC FSC Beginning balance ​ $ — ​ $ 232 ​ $ 9,841 ​ $ (89) Acquisitions ​ 2,113 ​ — ​ ​ 19,526 ​ ​ (182) Originations ​ — ​ 2 ​ ​ (25,804) ​ ​ — Gains (losses) in net income, net ​ ​ — ​ ​ 3 ​ ​ (2,090) ​ ​ 262 Ending balance ​ $ 2,113 ​ $ 237 ​ $ 1,473 ​ $ (9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 Corporate Bonds Guarantee Asset IRLC FSC Beginning balance ​ $ — ​ $ — ​ $ 1,184 ​ $ — Acquisitions ​ — ​ — ​ ​ 34,345 ​ ​ (278) Originations ​ — ​ — ​ ​ (27,944) ​ ​ — Sales ​ — ​ 245 ​ ​ — ​ ​ — Gains (losses) in net income, net ​ ​ — ​ ​ 55 ​ ​ 2,256 ​ ​ 189 Other settlements ​ ​ — ​ ​ (68) ​ ​ — ​ ​ — Ending balance ​ $ — ​ $ 232 ​ $ 9,841 ​ $ (89)
Summary of assets measured at fair value on nonrecurring basis	The following presents assets measured on a nonrecurring basis as of December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ Prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Inputs ​ Inputs ​ Reported December 31, 2021 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Balance Impaired loans (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and Industrial ​ $ — ​ $ — ​ $ 439 ​ $ 439 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Inputs ​ Inputs ​ Reported December 31, 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Balance Other real estate owned: ​ ​ ​ ​ Commercial properties ​ $ — ​ $ — ​ $ 194 ​ $ 194 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and Industrial ​ $ — ​ $ — ​ $ 1,800 ​ $ 1,800 ______________________________________ (1)
Summary of assets and liabilities measured at fair value on a recurring or nonrecurring, the significant unobservable inputs	The following presents quantitative information about Level 3 assets measured on a recurring and nonrecurring basis as of December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2021 ​ ​ ​ ​ ​ Valuation ​ Significant ​ Range ​ ​ Fair Value ​ Technique ​ Unobservable Input ​ (Weighted Average) Recurring fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate Bonds ​ $ 2,113 ​ ​ Discounted cash flow ​ ​ Discount rate ​ ​ 7% (7%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Guarantee asset ​ ​ 237 ​ ​ Discounted cash flow ​ ​ Discount rate ​ ​ 3% (3%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IRLC, net ​ ​ 1,473 ​ ​ Best execution model ​ ​ Pull through ​ ​ 71% to 100% (88%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FSC ​ ​ (9) ​ ​ Internal pricing model ​ ​ Market Differential ​ ​ -14bps to -2 bps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonrecurring fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and Industrial ​ ​ 439 ​ ​ Sales comparison, Market approach - guideline transaction method ​ ​ Management discount for asset/property type ​ ​ 17% - 45% (39%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2020 ​ ​ ​ ​ ​ Valuation ​ Significant ​ Range ​ ​ Fair Value ​ Technique ​ Unobservable Input ​ (Weighted Average) Recurring fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Guarantee asset ​ $ 232 ​ ​ Discounted cash flow ​ ​ Discount rate ​ ​ 3% (3%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IRLC, net ​ ​ 9,841 ​ ​ Best execution model ​ ​ Pull through ​ ​ 55% to 100% (86%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FSC ​ ​ (89) ​ ​ Internal pricing model ​ ​ Market Differential ​ ​ -59 bps to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonrecurring fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other real estate owned: ​ ​ ​ ​ Commercial properties ​ ​ 194 ​ ​ Sales contract ​ ​ Commission, cost to sell, closing costs ​ ​ 5% (5%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and Industrial ​ ​ 1,800 ​ ​ Sales comparison, Market approach - guideline transaction method ​ ​ Management discount for asset/property type ​ ​ 17% - 35% (26%) ______________________________________ (1)
Schedule of Carrying Amounts and Estimated Fair Value of Financial Instruments Not Carried At Fair Value	The following presents carrying amounts and estimated fair values for financial instruments not carried at fair value as of December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair Value Measurements Using: December 31, 2021 Amount Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 386,983 ​ $ 386,983 ​ $ — ​ $ — Loans, net ​ 1,935,405 ​ — ​ — ​ 1,919,625 Accrued interest receivable ​ 7,151 ​ — ​ 10 ​ 7,141 Liabilities: ​ ​ ​ ​ Deposits ​ ​ 2,205,703 ​ ​ — ​ ​ 2,207,452 ​ ​ — Borrowings: ​ ​ ​ ​ FHLB borrowings – fixed rate ​ 15,000 ​ — ​ 14,990 ​ — Federal Reserve borrowings – fixed rate ​ 23,629 ​ — ​ 23,629 ​ — Subordinated notes – fixed-to-floating rate ​ 39,031 ​ — ​ — ​ 40,325 Accrued interest payable ​ ​ 355 ​ ​ — ​ ​ 156 ​ ​ 199 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair Value Measurements Using: December 31, 2020 ​ Amount ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ Cash and cash equivalents ​ $ 155,989 ​ $ 155,989 ​ $ — ​ $ — Loans, net ​ 1,520,294 ​ — ​ — ​ 1,512,699 Accrued interest receivable ​ 6,618 ​ — ​ 90 ​ 6,528 Liabilities: ​ ​ ​ ​ Deposits ​ ​ 1,619,910 ​ ​ — ​ ​ 1,621,648 ​ ​ — Borrowings: ​ ​ ​ ​ FHLB borrowings – fixed rate ​ 15,000 ​ — ​ 15,099 ​ — Federal Reserve borrowings – fixed rate ​ ​ 134,563 ​ — ​ 134,563 ​ — Subordinated notes – fixed-to-floating rate ​ ​ 24,291 ​ — ​ — ​ 25,750 Accrued interest payable ​ ​ 453 ​ ​ — ​ ​ 124 ​ ​ 329

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2021
SEGMENT REPORTING
Schedule of segment data	The following presents the financial information for each segment that is specifically identifiable or based on allocations using internal methods for the years ended December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the year ended December 31, 2021 ​ Wealth Management ​ Mortgage ​ Consolidated Income Statement ​ ​ ​ ​ ​ ​ ​ ​ ​ Total interest income $ 61,925 $ — $ 61,925 Total interest expense ​ ​ 5,416 ​ ​ — ​ 5,416 Provision for loan losses ​ ​ 1,230 ​ ​ — ​ 1,230 Net interest income, after provision for loan losses ​ ​ 55,279 ​ ​ — ​ 55,279 Non-interest income ​ ​ 24,031 ​ ​ 16,119 ​ 40,150 Total income before non-interest expense ​ ​ 79,310 ​ ​ 16,119 ​ 95,429 Depreciation and amortization expense ​ ​ 1,147 ​ ​ 53 ​ 1,200 All other non-interest expense ​ ​ 56,785 ​ ​ 10,164 ​ 66,949 Income before income taxes ​ $ 21,378 ​ $ 5,902 $ 27,280 ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ $ 30,588 ​ $ — $ 30,588 Total assets ​ ​ 2,494,207 ​ ​ 33,282 ​ 2,527,489 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the year ended December 31, 2020 ​ Wealth Management ​ Mortgage Consolidated Income Statement ​ ​ ​ ​ ​ ​ ​ ​ Total interest income $ 53,334 ​ $ — $ 53,334 Total interest expense ​ ​ 7,232 ​ ​ — ​ 7,232 Provision for loan losses ​ ​ 4,682 ​ ​ — ​ 4,682 Net interest income, after provision for loan losses ​ ​ 41,420 ​ ​ — ​ 41,420 Non-interest income ​ ​ 21,836 ​ ​ 29,344 ​ 51,180 Total income before non-interest expense ​ ​ 63,256 ​ ​ 29,344 ​ 92,600 Depreciation and amortization expense ​ ​ 1,035 ​ ​ 70 ​ 1,105 All other non-interest expense ​ ​ 50,135 ​ ​ 8,297 ​ 58,432 Income before income taxes ​ $ 12,086 ​ $ 20,977 $ 33,063 ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ $ 24,191 ​ $ — $ 24,191 Total assets ​ ​ 1,798,416 ​ ​ 175,239 ​ 1,973,655

CONDENSED FINANCIAL STATEMENT_2

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)	12 Months Ended
	Dec. 31, 2021
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
Condensed Balance Sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, Condensed Balance Sheets 2021 ​ 2020 ASSETS ​ ​ Cash and cash equivalents $ 18,124 $ 14,270 Investment in subsidiaries ​ ​ 233,417 ​ ​ 157,377 Loans, net ​ ​ 1,978 ​ ​ 2,021 Other assets ​ ​ 3,611 ​ ​ 4,075 Total assets ​ $ 257,130 ​ $ 177,743 LIABILITIES ​ ​ Subordinated notes ​ $ 39,031 ​ $ 24,291 Other liabilities (1) ​ (942) ​ (1,510) Total liabilities ​ 38,089 ​ 22,781 SHAREHOLDERS’ EQUITY ​ ​ Total shareholders’ equity ​ 219,041 ​ 154,962 Total liabilities and shareholders’ equity ​ $ 257,130 ​ $ 177,743 _________________________________________________ (1)
Condensed Statements of Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Condensed Statements of Income 2021 ​ 2020 Income ​ ​ Interest income ​ $ 60 ​ $ 87 Non-interest income ​ ​ — ​ ​ (1) Total income ​ ​ 60 ​ ​ 86 Expense ​ ​ Interest expense ​ 1,549 ​ 854 Non-interest expense ​ ​ 285 ​ ​ 355 Total expense ​ 1,834 ​ 1,209 Loss before income tax and equity in undistributed income of subsidiaries ​ (1,774) ​ (1,123) Income tax benefit ​ 119 ​ (85) Loss before equity in undistributed income of subsidiaries ​ ​ (1,655) ​ ​ (1,208) Equity in undistributed income to subsidiaries ​ 22,265 ​ 25,742 Net income ​ $ 20,610 ​ $ 24,534
Condensed Statements of Cash Flows	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Condensed Statements of Cash Flows ​ 2021 ​ 2020 Cash flows from operating activities ​ ​ Net income ​ $ 20,610 ​ $ 24,534 Adjustments: ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ 73 ​ ​ 12 Current and deferred income tax expense/(benefit) ​ ​ 301 ​ ​ (3,003) Stock-based compensation ​ ​ 2,903 ​ ​ 2,544 Undistributed equity in subsidiaries ​ ​ (22,265) ​ ​ (25,742) Change in other assets ​ 678 ​ (32) Change in other liabilities ​ ​ 53 ​ ​ (42) Net cash provided by/(used in) operating activities ​ 2,353 ​ (1,729) Cash flows from investing activities ​ ​ ​ ​ ​ ​ Net cash paid on acquisition ​ ​ (11,501) ​ ​ — Investment in subsidiaries ​ ​ (2,913) ​ ​ (10,453) Loan and note receivable originations and principal collections ​ 43 ​ 70 Net cash used in investing activities ​ (14,371) ​ (10,383) Cash flows from financing activities ​ ​ Proceeds from subordinated notes ​ ​ 14,667 ​ ​ 17,719 Repurchase of common stock ​ ​ — ​ ​ (377) Settlement of restricted stock ​ ​ (501) ​ ​ (261) Proceeds from the exercise of stock options ​ 1,706 ​ — Net cash provided by financing activities ​ 15,872 ​ 17,081 ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents ​ 3,854 ​ 4,969 Cash and cash equivalents, beginning of year ​ 14,270 ​ 9,301 Cash and cash equivalents, end of year ​ $ 18,124 ​ $ 14,270 ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information: ​ ​ ​ ​ ​ ​ Interest paid on borrowed funds ​ $ 1,549 ​ $ 854 ​ ​ ​ ​ ​ ​ ​ Supplemental noncash disclosures: ​ ​ ​ ​ ​ ​ Common stock issued for Teton acquisition ​ ​ 39,818 ​ ​ — Segment collapse impact to investment in subsidiary ​ ​ — ​ ​ 2,454 Segment collapse impact to deferred income tax (benefit)/expense ​ ​ — ​ ​ 640 Segment collapse impact to other assets ​ ​ — ​ ​ (3,202) Segment collapse impact to other liabilities ​ ​ — ​ ​ 108

OTHER NON-INTEREST EXPENSE (Tab

OTHER NON-INTEREST EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2021
OTHER NON-INTEREST EXPENSE
Other Non-interest expense	Other non-interest expense as shown in the Consolidated Statements of Income is detailed in the following schedule to the extent the components exceed one percent of total interest income and other income (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Other non-interest expense ​ 2021 ​ 2020 Corporate development and related ​ $ 1,769 ​ $ 1,517 Loan and deposit related ​ ​ 1,016 ​ ​ 1,453 Other ​ ​ 491 ​ ​ 482 Total other non-interest expense ​ $ 3,276 ​ $ 3,452

REGULATORY CAPITAL MATTERS (Tab

REGULATORY CAPITAL MATTERS (Tables)	12 Months Ended
	Dec. 31, 2021
REGULATORY CAPITAL MATTERS
Schedule of actual and required capital ratios	The following presents the actual and required capital amounts and ratios as of December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ To be Well Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under Prompt ​ ​ ​ ​ ​ ​ ​ ​ Required for Capital ​ ​ Corrective Action ​ ​ Actual ​ ​ Adequacy Purposes (1) ​ ​ Regulations December 31, 2021 Amount Ratio ​ Amount Ratio ​ Amount Ratio Tier 1 capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ $ 203,164 11.40 % ​ $ 106,945 6.0 % ​ $ 142,594 ​ 8.0 % Consolidated ​ ​ 188,777 ​ 10.54 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ CET1 to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ ​ 203,164 11.40 ​ ​ ​ 80,209 4.5 ​ ​ ​ 115,858 6.5 ​ Consolidated ​ ​ 188,777 ​ 10.54 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ Total capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ ​ 217,215 12.19 ​ ​ 142,594 8.0 ​ ​ 178,242 10.0 ​ Consolidated ​ ​ 242,388 ​ 13.54 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ Tier 1 capital to average assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ ​ 203,164 10.05 ​ ​ 80,887 4.0 ​ ​ 101,108 5.0 ​ Consolidated ​ ​ 188,777 ​ 9.31 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ To be Well Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under Prompt ​ ​ ​ ​ ​ ​ ​ ​ Required for Capital ​ ​ Corrective Action ​ ​ Actual ​ ​ Adequacy Purposes (1) ​ ​ Regulations December 31, 2020 Amount Ratio ​ Amount Ratio ​ Amount Ratio Tier 1 capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ $ 133,963 10.22 % ​ $ 78,660 6.0 % ​ $ 104,880 ​ 8.0 % Consolidated ​ ​ 131,507 ​ 9.96 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ CET1 to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ ​ 133,963 10.22 ​ ​ ​ 58,995 4.5 ​ ​ ​ 85,215 6.5 ​ Consolidated ​ ​ 131,507 ​ 9.96 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ Total capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ ​ 146,853 11.20 ​ ​ 104,880 8.0 ​ ​ 131,100 10.0 ​ Consolidated ​ ​ 168,957 ​ 12.80 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ Tier 1 capital to average assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank ​ ​ 133,963 7.62 ​ ​ 70,301 4.0 ​ ​ 87,877 5.0 ​ Consolidated ​ ​ 131,507 ​ 7.45 ​ ​ ​ N/A ​ N/A ​ ​ ​ N/A ​ N/A ​ ______________________________________ (1) Does not include capital conservation buffer .

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) $ in Thousands	Nov. 13, 2020USD ($)	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Contingent consideration asset with an initial fair value	$ 3,100
Business Combination Period Of Quarterly Payments	3 years
Number Of Securities Determined To Be Other Than Temporarily Impaired | security		0	0
Merger related expenses		$ 6,473	$ 5,035
Impairment Of Correspondent Bank Stock		0	0
Performance based incentive fees		$ 0	$ 0
Collateral concentration risk | Loan portfolio | Real estate
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration risk (as a percent)		76.10%	66.90%
Teton Financial Services
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total assets acquired		$ 425,500

ORGANIZATION AND SUMMARY OF S_4

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Covid-19 Loan Modifications (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)loan
Percentage of probability	50.00%
Percentage of reduction in collateral position	20.00%
Portion of loan portfolio exposed to high risk industries impacted by Covid-19	4.30%
COVID-19
Number of Loans Modified | loan	69
Outstanding Balance of Modified Loans | $	$ 130.4

ORGANIZATION AND SUMMARY OF S_5

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Premises and Equipment (Details)	12 Months Ended
	Dec. 31, 2021building
Teton Financial Services
PREMISES AND EQUIPMENT, NET
Number of buildings acquired	3
Minimum | Leasehold improvements, including artwork
PREMISES AND EQUIPMENT, NET
Property, Plant and Equipment, Useful Life	7 years
Minimum | Furniture/equipment [Member]
PREMISES AND EQUIPMENT, NET
Property, Plant and Equipment, Useful Life	3 years
Minimum | Software [Member]
PREMISES AND EQUIPMENT, NET
Property, Plant and Equipment, Useful Life	3 years
Minimum | Teton Financial Services
PREMISES AND EQUIPMENT, NET
Property, Plant and Equipment, Useful Life	25 years
Maximum | Leasehold improvements, including artwork
PREMISES AND EQUIPMENT, NET
Property, Plant and Equipment, Useful Life	15 years
Maximum | Furniture/equipment [Member]
PREMISES AND EQUIPMENT, NET
Property, Plant and Equipment, Useful Life	7 years
Maximum | Software [Member]
PREMISES AND EQUIPMENT, NET
Property, Plant and Equipment, Useful Life	7 years
Maximum | Teton Financial Services
PREMISES AND EQUIPMENT, NET
Property, Plant and Equipment, Useful Life	50 years

ORGANIZATION AND SUMMARY OF S_6

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Finite-Lived Intangible Assets, Remaining Amortization Period	1 year
Maximum
Finite-Lived Intangible Assets, Remaining Amortization Period	10 years

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details)	May 15, 2020USD ($)	Sep. 30, 2020itemOffice	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Feb. 10, 2020item	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Goodwill	$ 4,500,000		$ 30,588,000	$ 24,191,000		$ 19,686,000
Goodwill acquired during the period			6,397,000	4,505,000
Simmons Bank
Business Acquisition [Line Items]
Number of branches acquired | item					3
Number of branches closed | item		2
Loan production offices acquired | item					1
Loan production offices closed | Office		1
Purchase consideration	$ 61,599,000
Deposit premium	6.06%
Goodwill	$ 4,505,000
Loans, net	119,552,000
Contractual balance	120,600,000
Discount on loans	$ 1,100,000
Discount on loans (in percent)	0.90%
Allowance for Loan and Lease Losses, Loans Acquired	$ 0
Acquisition cost				$ 700,000
Teton Financial Services
Business Acquisition [Line Items]
Purchase consideration			51,319,000
Goodwill			6,397,000
Loans, net			252,275,000
Contractual balance			256,300,000
Discount on loans			$ 4,000,000
Discount on loans (in percent)			1.60%
Acquisition cost			$ 4,100,000

ACQUISITIONS - Fair Value (Deta

ACQUISITIONS - Fair Value (Details) - USD ($) $ in Thousands	May 15, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Liabilities assumed
Deposits	$ 63,100	$ 379,200
Goodwill	4,500	30,588	$ 24,191	$ 19,686
Total loans held for investment		1,954,168	1,534,185
Cash, Securities and Other
Liabilities assumed
Total loans held for investment		295,948	357,020
Construction and Development
Liabilities assumed
Total loans held for investment		178,716	131,111
1-4 Family Residential
Liabilities assumed
Total loans held for investment		580,872	455,038
Non-Owner Occupied CRE
Liabilities assumed
Total loans held for investment		482,622	281,943
Owner Occupied CRE
Liabilities assumed
Total loans held for investment		212,426	163,042
Commercial. and Industrial.
Liabilities assumed
Total loans held for investment		203,584	146,031
PPP Loans
Liabilities assumed
Total loans held for investment		46,800	142,900
Simmons Bank
Business Acquisition [Line Items]
Cash consideration	61,599
Total fair value of consideration transferred	61,599
Assets acquired
Cash and cash equivalents	283
Total loans	120,642
Loans, net	119,552
Core deposit intangible	53
Accrued income and other assets	382
Total assets acquired	120,270
Liabilities assumed
Deposits	63,080
Accrued expenses and other liabilities	96
Total liabilities assumed	63,176
Net assets acquired	57,094
Goodwill	4,505
Total loans held for investment		356,700	127,200
Acquisition cost			$ 700
Simmons Bank | Cash, Securities and Other
Assets acquired
Total loans	13,457
Simmons Bank | Construction and Development
Assets acquired
Total loans	40,407
Simmons Bank | 1-4 Family Residential
Assets acquired
Total loans	7,252
Simmons Bank | Non-Owner Occupied CRE
Assets acquired
Total loans	545
Simmons Bank | Owner Occupied CRE
Assets acquired
Total loans	321
Simmons Bank | Commercial. and Industrial.
Assets acquired
Total loans	58,660
Simmons Bank | PPP Loans
Liabilities assumed
Total loans held for investment	$ 12,900
Teton Financial Services
Business Acquisition [Line Items]
Cash consideration		11,501
Common stock issued		39,818
Total fair value of consideration transferred		51,319
Assets acquired
Cash and cash equivalents		132,498
Available-for-sale securities, at fair value		18,218
Coorespondant bank stock, at cost		928
Mortgage loans held for sale		840
Total loans		256,257
Acquisition fair value adjustments		(3,982)
Loans, net		252,275
Premises and equipment		17,758
Accrued interest receivable		923
Accounts receivable		95
Other receivable		520
Core deposit intangible		1,264
Other assets		66
Assets held for sale		115
Total assets acquired		425,500
Liabilities assumed
Deposits		379,227
Accrued interest payable		26
Other liabilities		1,283
Deferred tax liabilities, net		42
Total liabilities assumed		380,578
Net assets acquired		44,922
Goodwill		6,397
Acquisition cost		4,100
Teton Financial Services | Cash, Securities and Other
Assets acquired
Total loans		20,080
Teton Financial Services | Construction and Development
Assets acquired
Total loans		33,977
Teton Financial Services | 1-4 Family Residential
Assets acquired
Total loans		70,348
Teton Financial Services | Non-Owner Occupied CRE
Assets acquired
Total loans		43,162
Teton Financial Services | Owner Occupied CRE
Assets acquired
Total loans		33,000
Teton Financial Services | Commercial. and Industrial.
Assets acquired
Total loans		55,690
Teton Financial Services | PPP Loans
Liabilities assumed
Total loans held for investment		$ 6,700
Core deposit
Liabilities assumed
Estimated life	10 years	10 years

ACQUISITIONS - Acquisition expe

ACQUISITIONS - Acquisition expenses (Details) $ in Thousands	Dec. 31, 2021USD ($)
Business Acquisition [Line Items]
Total mergers and acquisitions expense	$ 4,101
Salaries and employee benefits
Business Acquisition [Line Items]
Total mergers and acquisitions expense	547
Professional services
Business Acquisition [Line Items]
Total mergers and acquisitions expense	1,118
Data processing
Business Acquisition [Line Items]
Total mergers and acquisitions expense	2,428
Other.
Business Acquisition [Line Items]
Total mergers and acquisitions expense	$ 8

ACQUISITIONS - Pro forma inform

ACQUISITIONS - Pro forma information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
ACQUISITIONS
Net interest income after provision for loan losses	$ 68,019	$ 56,465
Noninterest income	41,206	52,926
Net income	$ 23,234	$ 23,689
Pro forma earnings per share, Basic	$ 2.49	$ 2.55
Pro forma earnings per share, Diluted	$ 2.43	$ 2.55

INVESTMENT SECURITIES - Amortiz

INVESTMENT SECURITIES - Amortized cost and fair value of securities available-for-sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 55,915	$ 35,750
Gross Unrealized Gains	478	980
Gross Unrealized Losses	(182)	(64)
Fair Value	56,211	36,666
Amortization of Premium and discounts, net	100	400
U.S. Treasury debt
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	250	250
Gross Unrealized Gains		4
Gross Unrealized Losses	(3)
Fair Value	247	254
U.S. Government Agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,522
Fair Value	3,522
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,113	6,000
Gross Unrealized Gains	227	55
Gross Unrealized Losses	(15)	(11)
Fair Value	8,325	6,044
Government National Mortgage Association ("GNMA") mortgage-backed securities - residential
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	26,611	23,806
Gross Unrealized Gains	185	798
Gross Unrealized Losses	(146)
Fair Value	26,650	24,604
Federal National Mortgage Association ("FNMA") mortgage-backed securities - residential
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,400	1,616
Gross Unrealized Gains	43	61
Fair Value	14,443	1,677
Government CMO and MBS - commercial
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	878
Fair Value	878
Corporate collateralized mortgage obligations ("CMO") and MBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,492	4,078
Gross Unrealized Gains	23	62
Gross Unrealized Losses	(18)	(53)
Fair Value	1,497	4,087
Other
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	649
Fair Value	649
Small Business Investment Company ("SBIC")
Debt Securities, Available-for-sale [Line Items]
Payments to Acquire Investments		500
Contractual Obligation	1,000
Return of capital, received	100
Other Assets [Member] | Small Business Investment Company ("SBIC")
Debt Securities, Available-for-sale [Line Items]
Balance with SBIC included in other assets	$ 2,000	$ 2,100

INVESTMENT SECURITIES - Amort_2

INVESTMENT SECURITIES - Amortized cost and estimated fair value of available-for-sale securities excluding SBIC (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 55,915	$ 35,750
Fair Value	56,211	$ 36,666
Debt available for sale securities pledged as collateral	$ 17,300
Threshold Percentage Of Shareholders Equity Amount Held As Securities By One Issuer	10.00%	10.00%
Unrealized loss	$ 182	$ 64
Teton Financial Services
Debt Securities, Available-for-sale [Line Items]
Debt available for sale securities pledged as collateral	14,900	$ 3,700
Available for sale securities, excluding SBIC
Debt Securities, Available-for-sale [Line Items]
Due within one year amortized cost	506
Due between one year and five years amortized cost	414
Due between five years and ten years amortized cost	9,303
Due after ten years, amortized cost	1,662
Due within one year fair value	506
Due between one year and five years fair value	411
Due between five years and ten years fair value	9,515
Due after ten years, fair value	1,662
Securities (CMO and MBS), amortized cost	44,030
Securities (CMO and MBS), fair value	44,117
Amortized Cost	55,915
Fair Value	$ 56,211
Number of securities in unrealized loss position | security	10	7

INVESTMENT SECURITIES - Securit

INVESTMENT SECURITIES - Securities with unrealized losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	$ 17,937	$ 4,369
Less than 12 months, Unrealized Losses	(164)	(51)
12 months or Longer, Fair Value	521	566
12 months or Longer, Unrealized Losses	(18)	(13)
Total Fair Value	18,458	4,935
Total Unrealized Losses	(182)	(64)
Sales	0	0
U.S. Treasury debt
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	247
Less than 12 months, Unrealized Losses	(3)
Total Fair Value	247
Total Unrealized Losses	(3)
Government National Mortgage Association ("GNMA") mortgage-backed securities - residential
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	17,205
Less than 12 months, Unrealized Losses	(146)
Total Fair Value	17,205
Total Unrealized Losses	(146)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	485	3,489
Less than 12 months, Unrealized Losses	(15)	(11)
Total Fair Value	485	3,489
Total Unrealized Losses	(15)	(11)
Corporate collateralized mortgage obligations ("CMO") and MBS
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value		880
Less than 12 months, Unrealized Losses		(40)
12 months or Longer, Fair Value	521	566
12 months or Longer, Unrealized Losses	(18)	(13)
Total Fair Value	521	1,446
Total Unrealized Losses	$ (18)	$ (53)

CORRESPONDENT BANK STOCK - CORR

CORRESPONDENT BANK STOCK - CORRESPONDENT BANK STOCK (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CORRESPONDENT BANK STOCK
Correspondent bank stock, at cost	$ 2,584	$ 2,552
FHLB
CORRESPONDENT BANK STOCK
Correspondent bank stock, at cost	1,625	2,522
BBW
CORRESPONDENT BANK STOCK
Correspondent bank stock, at cost	31	$ 30
FRB
CORRESPONDENT BANK STOCK
Correspondent bank stock, at cost	$ 928

LOANS AND THE ALLOWANCE FOR L_3

LOANS AND THE ALLOWANCE FOR LOAN LOSSES - Summary of loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	May 15, 2020USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment	$ 1,954,168	$ 1,534,185
Deferred fees and unamortized premiums/(unaccreted discounts), net	(5,031)	(1,352)
Allowance for loan losses	(13,732)	(12,539)
Loans, net	1,935,405	1,520,294
Simmons Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment	356,700	127,200
Cash, Securities and Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment	295,948	357,020
Construction and Development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment	178,716	131,111
1-4 Family Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment	580,872	455,038
Non-Owner Occupied CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment	482,622	281,943
Owner Occupied CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment	212,426	163,042
Commercial. and Industrial.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment	203,584	146,031
PPP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment	46,800	142,900
PPP Loans | Simmons Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment			$ 12,900
PPP Loans | Cash, Securities and Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment	$ 46,800	$ 142,900
Percent of Loans on Total Loan Segment	15.80%	40.00%
MSLP loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment	$ 6,800	$ 6,600
Percent of Loans on Total Loan Segment	3.30%	4.50%
COVID-19 | MSLP loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net	$ 6,800	$ 6,600
Number of loans | loan	5	6

LOANS AND THE ALLOWANCE FOR L_4

LOANS AND THE ALLOWANCE FOR LOAN LOSSES -Loan Modifications (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of probability	50.00%
Percentage of reduction in collateral position	20.00%
Portion of loan portfolio exposed to high risk industries impacted by Covid-19	4.30%
COVID-19
Accounts, Notes, Loans and Financing Receivable [Line Items]
Delinquent over period	30 days
Payments Period	2 years
Number of Loans Modified | loan	69
Outstanding Balance of Modified Loans | $	$ 130.4
Loans modified for temporary payment	180 days

LOANS AND THE ALLOWANCE FOR L_5

LOANS AND THE ALLOWANCE FOR LOAN LOSSES - Aging analysis of recorded investments by class (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	$ 12,329,000	$ 6,362,000
Current	1,941,839,000	1,527,823,000
Total Recorded Investment	1,954,168,000	1,534,185,000
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	7,573,000	2,785,000
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	2,548,000
90 or More Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	2,208,000	3,577,000
Cash, Securities and Other
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	1,207,000	800,000
Current	294,741,000	356,220,000
Total Recorded Investment	295,948,000	357,020,000
Cash, Securities and Other | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	1,199,000	752,000
Cash, Securities and Other | 90 or More Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	8,000	48,000
Construction and Development
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	2,758,000
Current	175,958,000	131,111,000
Total Recorded Investment	178,716,000	131,111,000
Construction and Development | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	2,758,000
1-4 Family Residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	1,449,000	1,283,000
Current	579,423,000	453,755,000
Total Recorded Investment	580,872,000	455,038,000
1-4 Family Residential | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	1,449,000	1,283,000
Non-Owner Occupied CRE
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	2,548,000
Current	480,074,000	281,943,000
Total Recorded Investment	482,622,000	281,943,000
Non-Owner Occupied CRE | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	2,548,000
Owner Occupied CRE
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	1,419,000	479,000
Current	211,007,000	162,563,000
Total Recorded Investment	212,426,000	163,042,000
Owner Occupied CRE | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	1,419,000	479,000
Commercial. and Industrial.
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	2,948,000	3,800,000
Current	200,636,000	142,231,000
Total Recorded Investment	$ 203,584,000	146,031,000
Number of loans, 90 days delinquent and accruing interest	1
Commercial. and Industrial. | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	$ 748,000	271,000
Commercial. and Industrial. | 90 or More Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	$ 2,200,000	$ 3,529,000

LOANS AND THE ALLOWANCE FOR L_6

LOANS AND THE ALLOWANCE FOR LOAN LOSSES - Recorded investment in non-accrual loans by class (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	$ 4,262	$ 4,058
Number of loans classified as TDRs | loan	3	1
Recorded investments	$ 4,300	$ 3,600
Cash, Securities and Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	8	50
1-4 Family Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	75
Owner Occupied CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	1,241	479
Commercial. and Industrial.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	$ 2,938	$ 3,529

LOANS AND THE ALLOWANCE FOR L_7

LOANS AND THE ALLOWANCE FOR LOAN LOSSES - Summary of unpaid principal balance of loans classified as TDRs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Recorded Investment	$ 4,262	$ 4,058
Allowance for loan associated with TDR	(1,753)	(1,621)
Net recorded investment	2,564	1,958
Additional funds to loans classified as TDRs	$ 0	$ 0
Number of loans classified as TDRs | loan	3	1
Recorded investments	$ 4,300	$ 3,600
Interest only payment period for modified loans	6 months
Cash, Securities and Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Recorded Investment	$ 8	50
Allowance for loan associated with TDR	(2)	(2)
1-4 Family Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Recorded Investment	75
Owner Occupied CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Recorded Investment	1,241	479
Commercial. and Industrial.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Recorded Investment	2,938	3,529
Allowance for loan associated with TDR	(1,751)	(1,619)
Allowance for loan losses associated with TDR	(1,751)
Small Mortgage Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded investments	100
Commercial and Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded investments	1,200
Commercial Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded investments	700
Accrual Loans | Non-Owner Occupied CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans classified as TDRs	55
Loans on nonaccrual status
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans classified as TDRs	4,315
Total Recorded Investment		3,577
Loans on nonaccrual status | Cash, Securities and Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans classified as TDRs	6
Total Recorded Investment		48
Loans on nonaccrual status | 1-4 Family Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans classified as TDRs	75
Loans on nonaccrual status | Owner Occupied CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans classified as TDRs	1,241
Loans on nonaccrual status | Commercial. and Industrial.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans classified as TDRs	$ 2,938
Total Recorded Investment		$ 3,529

LOANS AND THE ALLOWANCE FOR L_8

LOANS AND THE ALLOWANCE FOR LOAN LOSSES - Recorded investment in impaired loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Recorded Investment With Allowance	$ 2,192	$ 3,421
Total Recorded Investment With No Allowance	2,070	637
Total Recorded Investment	4,262	4,058
Unpaid Contractual Principal Balance with a valuation Allowance	2,192	3,421
Unpaid Contractual Principal Balance with no related valuation Allowance	2,070	637
Unpaid Contractual Principal Balance	4,262	4,058
Allowance for Loan Losses	1,753	1,621
Average Recorded Investment with Allowance	2,415	3,454
Average Recorded Investment with No Allowance	485	6,169
Average Recorded Investment	2,900	9,623
Interest Income Recognized with Allowance	21
Interest Income Recognized with No Allowance	313	336
Interest Income Recognized	334	336
Cash, Securities and Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Recorded Investment With Allowance	2	2
Total Recorded Investment With No Allowance	6	48
Total Recorded Investment	8	50
Unpaid Contractual Principal Balance with a valuation Allowance	2	2
Unpaid Contractual Principal Balance with no related valuation Allowance	6	48
Unpaid Contractual Principal Balance	8	50
Allowance for Loan Losses	2	2
Average Recorded Investment with Allowance	2	1
Average Recorded Investment with No Allowance	17	1,180
Average Recorded Investment	19	1,181
1-4 Family Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Recorded Investment With No Allowance	75
Total Recorded Investment	75
Unpaid Contractual Principal Balance with no related valuation Allowance	75
Unpaid Contractual Principal Balance	75
Average Recorded Investment with No Allowance	15
Average Recorded Investment	15
Owner Occupied CRE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Recorded Investment With No Allowance	1,241	479
Total Recorded Investment	1,241	479
Unpaid Contractual Principal Balance with no related valuation Allowance	1,241	479
Unpaid Contractual Principal Balance	1,241	479
Average Recorded Investment with No Allowance	248	96
Average Recorded Investment	248	96
Interest Income Recognized with No Allowance	51
Interest Income Recognized	51
Commercial. and Industrial.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Recorded Investment With Allowance	2,190	3,419
Total Recorded Investment With No Allowance	748	110
Total Recorded Investment	2,938	3,529
Unpaid Contractual Principal Balance with a valuation Allowance	2,190	3,419
Unpaid Contractual Principal Balance with no related valuation Allowance	748	110
Unpaid Contractual Principal Balance	2,938	3,529
Allowance for Loan Losses	1,751	1,619
Average Recorded Investment with Allowance	2,413	3,453
Average Recorded Investment with No Allowance	205	4,893
Average Recorded Investment	2,618	8,346
Interest Income Recognized with Allowance	21
Interest Income Recognized with No Allowance	262	336
Interest Income Recognized	$ 283	$ 336

LOANS AND THE ALLOWANCE FOR L_9

LOANS AND THE ALLOWANCE FOR LOAN LOSSES - Allowance for loan losses by portfolio (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 12,539	$ 7,875
(Recovery of) provision for loan losses	1,230	4,682
Charge-offs	(44)	(31)
Recoveries	7	13
Ending balance	13,732	12,539
Individually evaluated	1,753	1,621
Collectively evaluated	11,979	10,918
Loans individually evaluated	4,262	4,058
Loans collectively evaluated	1,949,906	1,530,127
Total Recorded Investment	1,954,168	1,534,185
Cash, Securities and Other
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	2,579	1,058
(Recovery of) provision for loan losses	(678)	1,539
Charge-offs	(44)	(31)
Recoveries	7	13
Ending balance	1,864	2,579
Individually evaluated	2	2
Collectively evaluated	1,862	2,577
Loans individually evaluated	8	50
Loans collectively evaluated	295,940	356,970
Total Recorded Investment	295,948	357,020
Construction and Development
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	932	200
(Recovery of) provision for loan losses	160	732
Ending balance	1,092	932
Collectively evaluated	1,092	932
Loans collectively evaluated	178,716	131,111
Total Recorded Investment	178,716	131,111
1-4 Family Residential
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	3,233	2,850
(Recovery of) provision for loan losses	320	383
Ending balance	3,553	3,233
Collectively evaluated	3,553	3,233
Loans individually evaluated	75
Loans collectively evaluated	580,797	455,038
Total Recorded Investment	580,872	455,038
Non-Owner Occupied CRE
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	2,004	1,176
(Recovery of) provision for loan losses	948	828
Ending balance	2,952	2,004
Collectively evaluated	2,952	2,004
Loans individually evaluated		479
Loans collectively evaluated	482,622	281,464
Total Recorded Investment	482,622	281,943
Owner Occupied CRE
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	1,159	911
(Recovery of) provision for loan losses	133	248
Ending balance	1,292	1,159
Collectively evaluated	1,292	1,159
Loans individually evaluated	1,241
Loans collectively evaluated	211,185	163,042
Total Recorded Investment	212,426	163,042
Commercial. and Industrial.
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	2,632	1,680
(Recovery of) provision for loan losses	347	952
Ending balance	2,979	2,632
Individually evaluated	1,751	1,619
Collectively evaluated	1,228	1,013
Loans individually evaluated	2,938	3,529
Loans collectively evaluated	200,646	142,502
Total Recorded Investment	$ 203,584	$ 146,031

LOANS AND THE ALLOWANCE FOR _10

LOANS AND THE ALLOWANCE FOR LOAN LOSSES - Recorded investment in company's loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	$ 1,954,168	$ 1,534,185
Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	1,938,462	1,517,908
Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	8,875	6,316
Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	6,831	9,961
Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	0	0
Cash, Securities and Other
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	295,948	357,020
Cash, Securities and Other | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	295,940	356,970
Cash, Securities and Other | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	8	50
Construction and Development
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	178,716	131,111
Construction and Development | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	176,194	131,111
Construction and Development | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	2,522
1-4 Family Residential
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	580,872	455,038
1-4 Family Residential | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	580,797	451,918
1-4 Family Residential | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	75	3,120
Non-Owner Occupied CRE
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	482,622	281,943
Non-Owner Occupied CRE | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	476,670	275,627
Non-Owner Occupied CRE | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	5,952	6,316
Owner Occupied CRE
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	212,426	163,042
Owner Occupied CRE | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	210,493	161,850
Owner Occupied CRE | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	1,933	1,192
Commercial. and Industrial.
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	203,584	146,031
Commercial. and Industrial. | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	198,368	140,432
Commercial. and Industrial. | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	401
Commercial. and Industrial. | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	$ 4,815	$ 5,599

PREMISES AND EQUIPMENT, NET - c

PREMISES AND EQUIPMENT, NET - cost and accumulated depreciation of premises and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
PREMISES AND EQUIPMENT, NET
Gross Premise and equipment	$ 34,778	$ 14,944
Less accumulated depreciation	(10,802)	(9,624)
Premises and equipment, net	23,976	5,320
Depreciation expense	1,200	1,100
Asset retired		1,100
Building and building improvements
PREMISES AND EQUIPMENT, NET
Gross Premise and equipment	12,190
Leasehold improvements, including artwork
PREMISES AND EQUIPMENT, NET
Gross Premise and equipment	11,464	9,440
Land
PREMISES AND EQUIPMENT, NET
Gross Premise and equipment	4,980
Equipment and software
PREMISES AND EQUIPMENT, NET
Gross Premise and equipment	$ 6,144	$ 5,504

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Beginning balance	$ 24,191	$ 19,686
Acquisition activity	6,397	4,505
Ending balance	30,588	24,191
Teton Financial Services
Goodwill [Roll Forward]
Ending balance	6,397
Change in goodwill	$ 6,400
Simmons Bank
Goodwill [Roll Forward]
Change in goodwill		$ 4,500

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill, intangible assets and related accumulated amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
GOODWILL AND OTHER INTANGIBLE ASSETS
Other intangibles	$ 5,857	$ 4,593
Less accumulated amortization on other intangibles	(4,543)	(4,526)
Amortization of intangible assets	17	14
Finite-Lived Intangible Assets:
2022	241
2023	165
2024	145
2025	130
2026	122
Thereafter	511
Other intangible assets, net	$ 1,314	$ 67

LEASES - Leases Balance Sheets

LEASES - Leases Balance Sheets Location (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
LEASES
Operating lease right-of-use asset	$ 10,720	$ 11,341
Financial position	Other assets	Other assets
Operating lease liability	$ 13,863	$ 13,970
Financial position	Other liabilities	Other liabilities
Weighted-Average Remaining Lease Term - Operating leases	5 years 3 months 3 days	4 years 9 months 14 days
Weighted-Average Discount Rate - Operating leases	2.67%	3.04%

LEASES - Leases Costs (Details)

LEASES - Leases Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
LEASES
Operating lease cost	$ 3,040	$ 3,162
Variable lease cost	1,756	1,894
Sublease income		(232)
Lease costs, net	$ 4,796	$ 4,824

LEASES - Lease Maturity (Detail

LEASES - Lease Maturity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
LEASES
2022	$ 3,461
2023	3,210
2024	3,064
2025	2,073
2026	703
Thereafter	2,168
Total future minimum lease payments	14,679
Less: Imputed interest	(816)
Present value of net future minimum lease payments	13,863	$ 13,970
Rent expense	$ 0

LEASES - Expected Amortization

LEASES - Expected Amortization Expense (Details) $ in Thousands	Dec. 31, 2021USD ($)
LEASES
2022	$ 286
2023	221
2024	199
Total undiscounted operating lease income	$ 706

DEPOSITS (Details)

DEPOSITS (Details) - USD ($) $ in Thousands	May 15, 2020	Dec. 31, 2021	Dec. 31, 2020
Money market deposit accounts		$ 1,056,669	$ 847,430
Time deposits		170,491	172,682
Negotiable order of withdrawal accounts		309,940	113,052
Savings accounts		32,299	5,289
Total interest bearing deposits		1,569,399	1,138,453
Aggregate time deposits of $250,000 or greater		75,747	73,401
Deposits acquired via acquisitions	$ 63,100	379,200
Overdrafts balances classified As loans		$ 100	$ 100
Simmons Bank
Deposits acquired via acquisitions	$ 63,080

DEPOSITS - Time Deposits (Detai

DEPOSITS - Time Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Scheduled maturities of time deposits
2022	$ 114,073
2023	31,597
2024	4,461
2025	1,909
2026	18,428
Thereafter	23
Total	$ 170,491	$ 172,682

BORROWINGS (Details)

BORROWINGS (Details)	Jan. 01, 2022USD ($)	Aug. 31, 2021USD ($)	Nov. 25, 2020USD ($)	Mar. 17, 2020USD ($)	Dec. 31, 2021USD ($)fund	Dec. 31, 2020USD ($)
BORROWINGS
Borrowings from FHLB					$ 15,000,000	$ 15,000,000
Number of unsecured federal funds lines of credit | fund					3
Amount outstanding					$ 0	0
Interest expenses					1,500,000	800,000
Total loans held for investment					1,954,168,000	1,534,185,000
Federal Funds Lines of Credit One
BORROWINGS
Maximum borrowing capacity					10,000,000
Federal Funds Lines of Credit Two
BORROWINGS
Maximum borrowing capacity					19,000,000
Federal Funds Line of Credit Three
BORROWINGS
Maximum borrowing capacity					25,000,000
Subordinated Notes March 2020
BORROWINGS
Face amount				$ 8,000,000
interest rate (as a percent)				5.125%
Issuance costs				$ 100,000
Net balance					7,900,000
Subordinated Notes March 2020 | 90 Day London Interbank Offered Rate [Member]
BORROWINGS
Basis spread (as a percent)				4.50%
Subordinated Notes November 2020
BORROWINGS
Face amount			$ 10,000,000
interest rate (as a percent)			4.25%
Issuance costs			$ 200,000
Net balance					9,800,000
Subordinated Notes November 2020 | 90 Day London Interbank Offered Rate [Member]
BORROWINGS
Basis spread (as a percent)			4.02%
Subordinated Notes 2026 [Member] | Subsequent events
BORROWINGS
Principle amount outstanding	$ 6,600,000
Redemption percentage	100.00%
Subordinated Notes
BORROWINGS
Face amount		$ 15,000,000
interest rate (as a percent)		3.25%
Basis spread (as a percent)		258.00%
Issuance costs		$ 300,000
Net balance					$ 14,700,000
Promissory Note
BORROWINGS
Maximum borrowing capacity						5,000,000
Amount outstanding						0
Credit Note
BORROWINGS
interest rate (as a percent)					2.50%
PPPLF
BORROWINGS
Face amount					$ 23,600,000	134,600,000
Interest bearing rate					35.00%
PPPLF | Minimum
BORROWINGS
Debt term					2 years
PPPLF | Maximum
BORROWINGS
Debt term					5 years
FHLB
BORROWINGS
Amount of collateral pledged					$ 771,400,000	668,600,000
Borrowings from FHLB					$ 509,700,000
April 22, 2022
BORROWINGS
Interest rate					0.37%
Borrowings from FHLB					$ 5,000,000	5,000,000
May 5, 2023
BORROWINGS
Interest rate					0.76%
Borrowings from FHLB					$ 10,000,000	$ 10,000,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Jul. 16, 2020	Dec. 31, 2021	Dec. 31, 2020
First Western Capital Management Company [Member]
COMMITMENTS AND CONTINGENCIES
Legally accrued	$ 200
Unused lines of credit-Fixed
COMMITMENTS AND CONTINGENCIES
Other commitment		$ 136,289	$ 78,506
Standby letters of credit-Fixed
COMMITMENTS AND CONTINGENCIES
Other commitment		2,420	1,933
Commitments to make loans to sell-Fixed
COMMITMENTS AND CONTINGENCIES
Other commitment		60,529	370,512
Commitments to make loans-Fixed
COMMITMENTS AND CONTINGENCIES
Other commitment		16,256	24,225
Unused lines of credit-Variable
COMMITMENTS AND CONTINGENCIES
Other commitment		442,035	360,883
Standby letters of credit-Variable
COMMITMENTS AND CONTINGENCIES
Other commitment		20,940	17,524
Commitments to make loans-Variable
COMMITMENTS AND CONTINGENCIES
Other commitment		$ 14,920	$ 25,316

SHAREHOLDERS EQUITY - Common St

SHAREHOLDERS EQUITY - Common Stock (Details) - $ / shares	Jun. 14, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Nov. 03, 2020
Class of Stock [Line Items]
Common stock par value		$ 0	$ 0	$ 0
Issuance of common stock for Teton Acquisition (in shares)				0
2019 Repurchase Plan
Class of Stock [Line Items]
Number of shares repurchased			22,679
2020 Repurchase Plan
Class of Stock [Line Items]
Number of shares repurchased			426
Shares repurchased average price per share			$ 17.30
Common Stock
Class of Stock [Line Items]
Common stock par value		$ 0		$ 0
Number of votes per each share		one
Effective term of program	1 year
Common Stock | 2019 Repurchase Plan
Class of Stock [Line Items]
Authorized share repurchase	300,000
Shares repurchased average price per share			$ 16.50
Common Stock | 2020 Repurchase Plan
Class of Stock [Line Items]
Common stock par value					$ 0
Authorized share repurchase					400,000
Common Stock | Teton Financial Services
Class of Stock [Line Items]
Common stock issued as part of merger		1,337,791

SHAREHOLDERS EQUITY - Stock bas

SHAREHOLDERS EQUITY - Stock based compensation - Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2017	Dec. 31, 2019
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued			105,264
Value of shares issued			$ 3
Weighted-average grant date fair value (in dollars per share)		$ 28.50		$ 28.50
Recognized compensation expense	$ 0.3	$ 0.4
Number of stock awards vested	10,526	10,527
Unrecognized compensation expense	$ 0.2
Unrecognized compensation expense recognition period (in years)	1 year
Employee service period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued			52,632
Value of shares issued			$ 1.5
Vesting period (in years)			5 years
Performance of mortgage division
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued			52,632
Value of shares issued			$ 1.5
Recognized compensation expense	$ 0.1
Shares non-vested	14,114
Performance based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested		30,088
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized compensation expense		$ 0.2

SHAREHOLDERS EQUITY - Stock b_2

SHAREHOLDERS EQUITY - Stock based compensation - Stock Options (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 200,000
Unrecognized stock-based compensation expense		$ 0
2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance		334,534

SHAREHOLDERS EQUITY - Stock b_3

SHAREHOLDERS EQUITY - Stock based compensation - Stock Options Activity (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of year (in shares)	419,197
Exercised (in shares)	(70,823)
Forfeited or expired (in shares)	(39,800)
Outstanding at end of period (in shares)	308,574
Options fully vested / exercisable at end of period (in shares)	308,574	414,727
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options, Outstanding, Weighted Average Exercise Price, Beginning Balance	$ 29.02
Exercised (in dollars per share)	24.08
Forfeited or expired (in dollars per share)	36.29
Options, Outstanding, Weighted Average Exercise Price, Ending Balance	29.21
Options fully vested / exercisable	$ 29.21
Weighted Average Remaining Contractual Term
Outstanding at end of year	1 year 10 months 24 days
Options fully vested / exercisable	1 year 10 months 24 days
Aggregate Intrinsic Value
Exercise price low range	$ 20
Exercise price high range	$ 40
Expiry period	10 years

SHAREHOLDERS EQUITY - Stock b_4

SHAREHOLDERS EQUITY - Stock based compensation - Share Awards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Stock issued (in shares)		34,710
Stock surrendered (in shares)	20,693	20,043
Stock surrendered to cover employee withholding taxes	$ 0.5	$ 0.3
Time Vesting Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of year	285,052
Granted (in shares)	59,194
Vested (in shares)	(79,577)
Forfeited (in shares)	(14,848)
Outstanding at end of year	249,821	285,052
Stock issued (in shares)	58,884
Stock-based compensation expense	$ 1.7	$ 1.4
Unrecognized compensation expense	$ 3.4
Unrecognized compensation expense recognition period (in years)	1 year 8 months 12 days
Time Vesting Units | Third and fifth anniversaries
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Service period (in years)	5 years
Time Vesting Units | Anniversary of grant date
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)	59,194
Vesting Percentage	20.00%
Financial Performance Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of year	152,430
Granted (in shares)	41,743
Forfeited (in shares)	(10,690)
Outstanding at end of year	183,483	152,430
Market Performance Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of year	14,862
Forfeited (in shares)	(1,116)
Outstanding at end of year	13,746	14,862
Unrecognized compensation expense recognition period (in years)	1 year

SHAREHOLDERS EQUITY - Stock b_5

SHAREHOLDERS EQUITY - Stock based compensation - Time Vesting Units (Details) - Time Vesting Units - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	59,194
Stock-based compensation expense	$ 1.7	$ 1.4
Unrecognized compensation expense recognition period (in years)	1 year 8 months 12 days
Third and fifth anniversaries
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)	5 years
Anniversary of grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Percentage	20.00%
Granted (in shares)	59,194

SHAREHOLDERS EQUITY - Stock b_6

SHAREHOLDERS EQUITY - Stock based compensation - Financial Performance Units (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financial Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	41,743
Financial Performance Units Granted Prior to May 1, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares can be issued	12,100
Stock-based compensation expense	$ 110	$ 64
Financial Performance Units Granted Prior to May 1, 2019 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Financial performance threshold percentage	150.00%
Target threshold of awards	135.00%
Financial Performance Units Granted Prior to May 1, 2019 | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Financial performance threshold percentage	0.00%
Target threshold of awards	63.00%
Financial Performance Units Granted From May 1, 2019 Through April 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of shares can be issued	150.00%
Maximum number of shares can be issued	80,255
Unrecognized compensation expense	$ 331
Unrecognized compensation expense recognition period (in years)	2 years 1 month 6 days
Granted (in shares)		1,866
Stock-based compensation expense	$ 216	$ 312
Financial Performance Units Granted From May 01, 2020 Through December 31 2020, Excluding November 18, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of shares can be issued	150.00%
Maximum number of shares can be issued	81,516
Unrecognized compensation expense	$ 438
Unrecognized compensation expense recognition period (in years)	3 years
Granted (in shares)		58,993
Stock-based compensation expense	$ 208	$ 156
Financial Performance Units Granted on November 18, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remainder threshold awards	50.00%
Maximum percentage of shares can be issued	150.00%
Maximum number of shares can be issued	34,752
Unrecognized compensation expense	$ 329
Unrecognized compensation expense recognition period (in years)	2 years 10 months 25 days
Stock-based compensation expense	$ 125	$ 17
Financial Performance Units Granted From May 3 2021 Through August 11,2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of shares can be issued	150.00%
Maximum number of shares can be issued	60,306
Unrecognized compensation expense	$ 901
Unrecognized compensation expense recognition period (in years)	4 years
Granted (in shares)	41,743	23,168
Stock-based compensation expense	$ 221

SHAREHOLDERS EQUITY - Stock b_7

SHAREHOLDERS EQUITY - Stock based compensation - Market Performance Units (Details)	12 Months Ended
	Dec. 31, 2021
Market Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense recognition period (in years)	1 year

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income available for common shareholders	$ 20,610	$ 24,534
Denominator:
Basic weighted average shares	7,980,491	7,899,278
Earnings per common share - basic	$ 2.58	$ 3.11
Numerator:
Net income	$ 20,610	$ 24,534
Net income available for common shareholders	$ 20,610	$ 24,534
Denominator:
Basic weighted average shares	7,980,491	7,899,278
Diluted effect of common stock equivalents:
Total diluted effect of common stock equivalents	254,687	62,626
Diluted weighted average shares	8,235,178	7,961,904
Earnings per common share - diluted	$ 2.50	$ 3.08
Stock options
Diluted effect of common stock equivalents:
Diluted effect of common stock equivalents	30,661,000
Time Vesting Units
Diluted effect of common stock equivalents:
Diluted effect of common stock equivalents	139,829	32,995
Financial Performance Units
Diluted effect of common stock equivalents:
Diluted effect of common stock equivalents	70,437	16,160
Market Performance Units
Diluted effect of common stock equivalents:
Diluted effect of common stock equivalents	13,760	13,471

EARNINGS PER COMMON SHARE - Ant

EARNINGS PER COMMON SHARE - Anti-dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
EARNINGS PER COMMON SHARE
Total potentially dilutive securities	210,476	614,116
Stock options
EARNINGS PER COMMON SHARE
Total potentially dilutive securities	168,872	419,197
Time Vesting Units
EARNINGS PER COMMON SHARE
Total potentially dilutive securities	996	88,121
Financial Performance Units
EARNINGS PER COMMON SHARE
Total potentially dilutive securities	32,713	70,397
Restricted Stock Awards
EARNINGS PER COMMON SHARE
Total potentially dilutive securities	7,895	36,401

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Unrecognized tax benefits	$ 0
Unrecognized tax benefits (in years)	12 months
Income tax provision	$ 6,670	$ 8,529
California Franchise Tax Board
Net operating loss carryforwards	5,500	$ 6,500
Net operating loss carryforwards valuation allowance	4,300
Income tax provision	$ 400

INCOME TAXES - Income tax (bene

INCOME TAXES - Income tax (benefit) expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 6,228	$ 7,970
State and local	1,110	1,859
Total current tax expense	7,338	9,829
Deferred:
Federal	(734)	(1,392)
State and local	66	(280)
Valuation allowance		372
Total deferred (benefit) tax	(668)	(1,300)
Income tax expense	$ 6,670	$ 8,529
Effective income tax rate (as a percent)	21.00%	21.00%

INCOME TAXES - Deferred tax ite

INCOME TAXES - Deferred tax items (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 395	$ 577
Allowance for loan losses	3,385	3,054
Acquired loans fair market value adjustments	976
Acquisition related basis adjustment	226
Deferred rent	753	635
Stock-based compensation	1,800	1,613
Provision on other real estate owned	463	484
Other intangible assets	279	615
Accrued Bonuses	868	898
Loan fees		244
Accrued expenses	821
Other	382	553
Total deferred tax assets	10,348	8,673
Deferred tax liabilities:
Goodwill	(1,137)	(1,013)
Depreciation	(1,636)	(904)
Unrealized gains on securities	(73)	(236)
Loan fees	(155)
Other	(130)	(92)
Total deferred tax liabilities	(3,131)	(2,245)
Net operating loss valuation allowance	(372)	(372)
Net deferred tax asset	$ 6,845	$ 6,056

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense computed at 21% statutory rate	$ 5,729	$ 6,943
Permanent Differences	169	(57)
State taxes, net of federal expense	1,018	1,150
LIHTC investment tax credit	(386)	(36)
LIHTC investment proportional amortization	539
Valuation allowance		372
Other, net	(399)	157
Income tax expense	$ 6,670	$ 8,529
Effective income tax rate (as a percent)	21.00%	21.00%

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
EMPLOYEE BENEFIT PLANS
Maximum employee contribution (as a percent)	100.00%
Matching contributions to plan	$ 1	$ 0.9
Expenses attributable to plan	$ 0.1

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary of related party loan activity
Balance, beginning of year	$ 14,321,000	$ 5,675,000
Funded loans	11,294,000	17,348,000
Payments collected	(12,782,000)	(8,702,000)
Balance, end of year	12,833,000	14,321,000
Deposits from related parties	51,000,000	26,200,000
Related Party, Assets Under Management	103,100,000	92,100,000
Impaired Financing Receivable, Recorded Investment	4,262,000	4,058,000
Rent expense	0
Trust and investment management fees	20,220,000	19,022,000
Board Member
Summary of related party loan activity
Rental income	200,000
Board of Directors Chairman
Summary of related party loan activity
Trust and investment management fees	100,000	200,000
Executive Officer Or Director [Member]
Summary of related party loan activity
Impaired Financing Receivable, Recorded Investment		0	$ 0
Related Party Delinquent Or Nonperforming Loans	$ 0	$ 0

FAIR VALUE - Summary of assets

FAIR VALUE - Summary of assets measured at fair value on recurring basis (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	$ 56,211,000	$ 36,666,000
Mortgage loans held for sale	30,620,000	161,843,000
Transfer from level 3, assets, amount	0
Fair value, assets, level 1 to level 2 transfers, amount	0
Transfer to level 3, assets, amount	0
U.S. Government Agency
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	3,522,000
U.S. Treasury debt
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	247,000	254,000
Corporate bonds
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	8,325,000	6,044,000
Government CMO and MBS - commercial
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	878,000
Other
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	649,000
Recurring
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	56,211,000	36,666,000
Equity securities	709,000	730,000
Guarantee asset	237,000	232,000
Mortgage loans held for sale	30,620,000	161,843,000
Recurring | U.S. Government Agency
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	3,522,000
Recurring | U.S. Treasury debt
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	247,000	254,000
Recurring | Corporate bonds
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	8,325,000	6,044,000
Recurring | Government CMO and MBS - commercial
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	878,000
Recurring | Corporate collateralized mortgage obligations and mortgage-backed securities
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	1,497,000	4,087,000
Recurring | Other
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	649,000
Recurring | IRLC,net
Summary of assets measured on a recurring and nonrecurring basis
Derivative asset, Fair value	1,473,000	9,841,000
Recurring | Forward Commitment
Summary of assets measured on a recurring and nonrecurring basis
Derivative asset, Fair value	(74,000)	(2,623,000)
Recurring | GNMA
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	26,650,000	24,604,000
Recurring | FNMA
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	14,443,000	1,677,000
Level 1 | Recurring
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	247,000	254,000
Equity securities	709,000	730,000
Level 1 | Recurring | U.S. Treasury debt
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	247,000	254,000
Level 2 | Recurring
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	53,851,000	36,412,000
Mortgage loans held for sale	30,620,000	161,843,000
Level 2 | Recurring | U.S. Government Agency
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	3,522,000
Level 2 | Recurring | Corporate bonds
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	6,212,000	6,044,000
Level 2 | Recurring | Government CMO and MBS - commercial
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	878,000
Level 2 | Recurring | Corporate collateralized mortgage obligations and mortgage-backed securities
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	1,497,000	4,087,000
Level 2 | Recurring | Other
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	649,000
Level 2 | Recurring | Forward Commitment
Summary of assets measured on a recurring and nonrecurring basis
Derivative asset, Fair value	(65,000)	(2,534,000)
Level 2 | Recurring | GNMA
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	26,650,000	24,604,000
Level 2 | Recurring | FNMA
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	14,443,000	1,677,000
Level 3 | Recurring
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	2,113,000
Guarantee asset	237,000	232,000
Level 3 | Recurring | Corporate bonds
Summary of assets measured on a recurring and nonrecurring basis
Available-for-sale securities, at fair value	2,113,000
Level 3 | Recurring | IRLC,net
Summary of assets measured on a recurring and nonrecurring basis
Derivative asset, Fair value	1,473,000	9,841,000
Level 3 | Recurring | Forward Commitment
Summary of assets measured on a recurring and nonrecurring basis
Derivative asset, Fair value	$ (9,000)	$ (89,000)

FAIR VALUE - Summary of asset_2

FAIR VALUE - Summary of assets measured at fair value on recurring basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Corporate bonds
Guarantee asset
Acquisitions	$ 2,113
Ending balance	2,113
Guarantee Asset
Guarantee asset
Beginning balance	232
Originations	2
Sales		$ 245
Gains (losses) in net income, net	3	55
Other settlements		(68)
Ending balance	237	232
IRLC,net
Guarantee asset
Beginning balance	9,841
Ending balance	1,473	9,841
Fair value on a recurring basis
Beginning balance	9,841	1,184
Acquisitions	19,526	34,345
Originations	(25,804)	(27,944)
Gains (losses) in net income, net	(2,090)	2,256
Ending balance		9,841
Forward Commitment
Guarantee asset
Beginning balance	(89)
Ending balance	(9)	(89)
Forward Commitments
Forward Commitments, Beginning balance	(89)
Forward Commitments, Acquisitions	(182)	(278)
Forward Commitments, Gains (losses) in net income, net	$ 262	189
Forward Commitments, Ending balance		$ (89)

FAIR VALUE - Summary of asset_3

FAIR VALUE - Summary of assets and liabilities measured at fair value on a recurring or nonrecurring, the significant unobservable inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	$ 56,211	$ 36,666
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	8,325	6,044
Nonrecurring | Management discount for asset/property type | Level 3 | Commercial and Industrial | Sales Comparison, Market Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Estimate	$ 439
Nonrecurring | Minimum | Management discount for asset/property type | Level 3 | Commercial and Industrial | Sales Comparison, Market Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range and weighted average of discount rate	17.00%
Nonrecurring | Maximum | Management discount for asset/property type | Level 3 | Commercial and Industrial | Sales Comparison, Market Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range and weighted average of discount rate	45.00%
Nonrecurring | Weighted Average | Management discount for asset/property type | Level 3 | Commercial and Industrial | Sales Comparison, Market Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range and weighted average of discount rate	39.00%
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	$ 56,211	36,666
Guarantee asset, Fair Value	237	232
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	2,113
Guarantee asset, Fair Value	237	$ 232
Recurring | Level 3 | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantee assets		3.00%
Recurring | Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantee asset, Fair Value		$ 232
Recurring | Discount rate | Level 3 | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantee asset, Fair Value	$ 237
Guarantee assets	3.00%
Recurring | Prepayment rate | Level 3 | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantee assets	18.00%	25.00%
Recurring | Management discount for asset/property type | Commercial and Industrial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Estimate		$ 1,800
Recurring | Commission, Cost To Sell, Closing Costs [Member] | Commercial properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Estimate		$ 194
Recurring | Commission, Cost To Sell, Closing Costs [Member] | Level 3 | Commercial properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range and weighted average of discount rate		5.00%
Recurring | Minimum | Management discount for asset/property type | Level 3 | Commercial and Industrial | Sales Comparison, Market Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range and weighted average of discount rate		17.00%
Recurring | Maximum | Management discount for asset/property type | Level 3 | Commercial and Industrial | Sales Comparison, Market Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range and weighted average of discount rate		35.00%
Recurring | Weighted Average | Level 3 | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantee assets		3.00%
Recurring | Weighted Average | Discount rate | Level 3 | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantee assets	3.00%
Recurring | Weighted Average | Prepayment rate | Level 3 | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantee assets	18.00%	25.00%
Recurring | Weighted Average | Management discount for asset/property type | Level 3 | Commercial and Industrial | Sales Comparison, Market Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range and weighted average of discount rate		26.00%
Recurring | Weighted Average | Commission, Cost To Sell, Closing Costs [Member] | Level 3 | Commercial properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range and weighted average of discount rate		5.00%
Recurring | IRLC,net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, Fair Value	$ 1,473	$ 9,841
Recurring | IRLC,net | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, Fair Value	1,473	9,841
Recurring | IRLC,net | Pull through
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, Fair Value		$ 9,841
Recurring | IRLC,net | Pull through | Level 3 | Best execution model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, Fair Value	$ 1,473
Recurring | IRLC,net | Minimum | Pull through | Level 3 | Best execution model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	71	55
Recurring | IRLC,net | Maximum | Pull through | Level 3 | Best execution model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	100	100
Recurring | IRLC,net | Weighted Average | Pull through | Level 3 | Best execution model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	88	86
Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	$ 8,325	$ 6,044
Recurring | Corporate bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	$ 2,113
Recurring | Corporate bonds | Discount rate | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range and weighted average of discount rate	7.00%
Recurring | Corporate bonds | Discount rate | Level 3 | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	$ 2,113
Recurring | Corporate bonds | Weighted Average | Discount rate | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range and weighted average of discount rate	7.00%
Recurring | Forward Commitment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, Fair Value	$ (74)	(2,623)
Recurring | Forward Commitment | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, Fair Value	(9)	(89)
Recurring | Forward Commitment | Market Differential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, Fair Value		$ (89)
Recurring | Forward Commitment | Market Differential | Level 3 | Internal Pricing Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, Fair Value	$ (9)
Recurring | Forward Commitment | Minimum | Market Differential | Level 3 | Internal Pricing Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	(14)	(59)
Recurring | Forward Commitment | Maximum | Market Differential | Level 3 | Internal Pricing Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	(2)	(17)
Recurring | Forward Commitment | Weighted Average | Market Differential | Level 3 | Internal Pricing Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	(6)	(31)

FAIR VALUE - Summary of asset_4

FAIR VALUE - Summary of assets measured at level 3 fair value on recurring basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary of assets measured on a recurring and nonrecurring basis
Other real estate owned valuation allowance		$ 1,900
Impaired Financing Receivable, with Related Allowance, Recorded Investment	$ 2,192	3,421
Loans and Leases Receivable, Allowance	13,732	12,539
Other real estate owned, gross		2,100
Other real estate owned		194
Net recorded investment	2,564	1,958
Nonrecurring
Summary of assets measured on a recurring and nonrecurring basis
Other real estate owned		194
Level 3
Summary of assets measured on a recurring and nonrecurring basis
Impaired Financing Receivable, with Related Allowance, Recorded Investment	2,200	3,400
Loans and Leases Receivable, Allowance	1,800	1,600
Provision for loan losses	1,800	1,600
Level 3 | Nonrecurring
Summary of assets measured on a recurring and nonrecurring basis
Other real estate owned		194
Commercial and Industrial | Nonrecurring
Summary of assets measured on a recurring and nonrecurring basis
Net recorded investment	439	1,800
Commercial and Industrial | Level 3 | Nonrecurring
Summary of assets measured on a recurring and nonrecurring basis
Net recorded investment	$ 439	$ 1,800

FAIR VALUE - Summary of carryin

FAIR VALUE - Summary of carrying amounts and estimated fair values for financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 386,983	$ 155,989	$ 78,638
Loans, net	1,935,405	1,520,294
Accrued interest receivable	7,151	6,618
Liabilities
Deposits	2,205,703	1,619,910
FHLB borrowings - fixed rate	38,629	149,563
Subordinated notes	39,031	24,291
Accrued interest payable	355	453
Carrying Amount
Assets
Cash and cash equivalents	386,983	155,989
Loans, net	1,935,405	1,520,294
Accrued interest receivable	7,151	6,618
Liabilities
Deposits	2,205,703	1,619,910
FHLB borrowings - fixed rate	15,000	15,000
Federal Reserve Borrowings - fixed rate	23,629	134,563
Accrued interest payable	355	453
2016 Subordinated notes - fixed-to-floating rate | Carrying Amount
Liabilities
Subordinated notes	39,031	24,291
Level 1 | Estimated Fair Value
Assets
Cash and cash equivalents	386,983	155,989
Level 2 | Estimated Fair Value
Assets
Accrued interest receivable	10	90
Liabilities
Deposits	2,207,452	1,621,648
FHLB borrowings - fixed rate	14,990	15,099
Federal Reserve Borrowings - fixed rate	23,629	134,563
Accrued interest payable	156	124
Level 3 | Estimated Fair Value
Assets
Loans, net	1,919,625	1,512,699
Accrued interest receivable	7,141	6,528
Liabilities
Accrued interest payable	199	329
Level 3 | 2016 Subordinated notes - fixed-to-floating rate | Estimated Fair Value
Liabilities
Subordinated notes	$ 40,325	$ 25,750

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	May 15, 2020	Dec. 31, 2019
Income Statement
Total interest income	$ 61,925	$ 53,334
Total interest expense	5,416	7,232
Provision for loan losses	1,230	4,682
Net interest income, after provision for loan losses	55,279	41,420
Non-interest income	40,150	51,180
Total income	95,429	92,600
Depreciation and amortization expense	1,200	1,105
All other non-interest expense	66,949	58,432
Income before income taxes	27,280	33,063
Segment reporting
Goodwill	30,588	24,191	$ 4,500	$ 19,686
Assets held for sale	115
Total assets	2,527,489	1,973,655
Loss on intangibles held for sale		(553)
Wealth Management
Income Statement
Total interest income	61,925	53,334
Total interest expense	5,416	7,232
Provision for loan losses	1,230	4,682
Net interest income, after provision for loan losses	55,279	41,420
Non-interest income	24,031	21,836
Total income	79,310	63,256
Depreciation and amortization expense	1,147	1,035
All other non-interest expense	56,785	50,135
Income before income taxes	21,378	12,086
Segment reporting
Goodwill	30,588	24,191
Total assets	2,494,207	1,798,416
Mortgage
Income Statement
Non-interest income	16,119	29,344
Total income	16,119	29,344
Depreciation and amortization expense	53	70
All other non-interest expense	10,164	8,297
Income before income taxes	5,902	20,977
Segment reporting
Total assets	$ 33,282	$ 175,239

LOW-INCOME HOUSING TAX CREDIT_2

LOW-INCOME HOUSING TAX CREDIT INVESTMENT (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Unfunded commitments	$ 0.2	$ 2.2
Tax credits and other benefits	0.5	0.1
Impairment losses	0	0
Other Assets [Member]
Schedule of Investments [Line Items]
Investment balance	2.6	1.1
Income Tax Expense (Benefit).
Schedule of Investments [Line Items]
Amortization expense	$ 0.5	$ 0.2

CONDENSED FINANCIAL STATEMENT_3

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents:	$ 386,983	$ 155,989	$ 78,638
Loans, net	1,935,405	1,520,294
Other assets	22,678	32,129
Total assets	2,527,489	1,973,655
LIABILITIES
Subordinated notes	39,031	24,291
Total liabilities	2,308,448	1,818,693
SHAREHOLDERS' EQUITY
Total shareholders' equity	219,041	154,962	127,678
Total liabilities and shareholders' equity	2,527,489	1,973,655
First Western Financial, Inc
ASSETS
Cash and cash equivalents:	18,124	14,270	$ 9,301
Investment in subsidiaries	233,417	157,377
Loans, net	1,978	2,021
Other assets	3,611	4,075
Total assets	257,130	177,743
LIABILITIES
Subordinated notes	39,031	24,291
Other liabilities	(942)	(1,510)
Total liabilities	38,089	22,781
SHAREHOLDERS' EQUITY
Total shareholders' equity	219,041	154,962
Total liabilities and shareholders' equity	$ 257,130	$ 177,743

CONDENSED FINANCIAL STATEMENT_4

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY - Condensed Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income
Noninterest Income	$ 40,150	$ 51,180
Total interest and dividend income	61,925	53,334
Expense
Interest expense	5,416	7,232
Non-interest expense	68,149	59,537
Net income	20,610	24,534
First Western Financial, Inc
Income
Interest income	60	87
Noninterest Income		(1)
Total interest and dividend income	60	86
Expense
Interest expense	1,549	854
Non-interest expense	285	355
Total expense	1,834	1,209
Loss before income tax and equity in undistributed income of subsidiaries	(1,774)	(1,123)
Income tax benefit	119	(85)
Loss before equity in undistributed income of subsidiaries	(1,655)	(1,208)
Equity in undistributed income to subsidiaries	22,265	25,742
Net income	$ 20,610	$ 24,534

CONDENSED FINANCIAL STATEMENT_5

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income	$ 20,610	$ 24,534
Adjustments:
Depreciation and amortization	1,273	1,117
Income tax provision	6,670	8,529
Stock-based compensation	2,903	2,544
Net cash provided by/(used in) operating activities	165,848	(93,319)
Cash flows from investing activities
Net cash paid on acquisition	120,997	(61,316)
Net cash used in investing activities	(46,358)	(456,020)
Cash flows from financing activities
Proceeds from subordinated notes	14,667	17,719
Proceeds from issuance of common stock, net	1,706
Repurchase of common stock		(377)
Settlement of restricted stock	(501)	(261)
Proceeds from the exercise of stock options	1,706
Net cash provided by financing activities	111,504	626,690
Net change in cash and cash equivalents	230,994	77,351
Cash and cash equivalents, beginning of year	155,989	78,638
Cash and cash equivalents, end of period	386,983	155,989
First Western Financial, Inc
Cash flows from operating activities
Net income	20,610	24,534
Adjustments:
Depreciation and amortization	73	12
Income tax provision	301	(3,003)
Stock-based compensation	2,903	2,544
Undistributed equity in subsidiaries	(22,265)	(25,742)
Change in other assets	678	(32)
Change in other liabilities	53	(42)
Net cash provided by/(used in) operating activities	2,353	(1,729)
Cash flows from investing activities
Net cash paid on acquisition	(11,501)
Investment in subsidiaries	(2,913)	(10,453)
Loan and note receivable originations and principal collections, net	43	70
Net cash used in investing activities	(14,371)	(10,383)
Cash flows from financing activities
Proceeds from subordinated notes	14,667	17,719
Proceeds from issuance of common stock, net	1,706
Repurchase of common stock		(377)
Settlement of restricted stock	(501)	(261)
Proceeds from the exercise of stock options	1,706
Net cash provided by financing activities	15,872	17,081
Net change in cash and cash equivalents	3,854	4,969
Cash and cash equivalents, beginning of year	14,270	9,301
Cash and cash equivalents, end of period	18,124	14,270
Supplemental noncash disclosures:
Common stock issued for Teton acquisition	39,818
Interest paid on borrowed funds	$ 1,549	854
Segment collapse impact to investment in subsidiary		2,454
Segment collapse impact to deferred income tax (benefit)/expense		640
Segment collapse impact to other assets		(3,202)
Segment collapse impact to other liabilities		$ 108

OTHER NON-INTEREST EXPENSE (Det

OTHER NON-INTEREST EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
OTHER NON-INTEREST EXPENSE
Corporate development and related	$ 1,769	$ 1,517
Loan and deposit related	1,016	1,453
Other	491	482
Total other non-interest expense	$ 3,276	$ 3,452

REGULATORY CAPITAL MATTERS (Det

REGULATORY CAPITAL MATTERS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)
REGULATORY CAPITAL MATTERS
Capital injection	$ 2,900	$ 10,000
Capital conservation buffer	2.50%
Common Equity Tier 1 capital ratio including capital conservation buffer (as a percent)	7.00%
Tier 1 capital ratio including capital conservation buffer (as a percent)	8.50%
Total capital ratio including capital conservation buffer (as a percent0	10.50%
Number of conditions or events to be performed | item	0
Common Equity Tier 1 (CET 1) to risk-weighted assets
Actual Amount	$ 188,777	$ 131,507
Actual Ratio (as a percent)	10.54%	9.96%
Tier 1 capital to risk-weighted assets
Actual Amount	$ 188,777	$ 131,507
Actual Ratio (as a percent)	10.54	9.96
Total capital to risk-weighted assets
Actual Amount	$ 242,388	$ 168,957
Actual Ratio (as a percent)	13.54	12.80
Tier 1 capital to average assets
Actual Amount	$ 188,777	$ 131,507
Actual Ratio (as a percent)	9.31	7.45
Bank
Common Equity Tier 1 (CET 1) to risk-weighted assets
Actual Amount	$ 203,164	$ 133,963
Actual Ratio (as a percent)	11.40%	10.22%
Required for Capital Adequacy Purposes Amount	$ 80,209	$ 58,995
Required for Capital Adequacy Purposes Ratio (as a percent)	4.50%	4.50%
To be Well Capitalized Under Prompt Corrective Action Regulations Amount	$ 115,858	$ 85,215
To be Well Capitalized Under Prompt Corrective Action Regulations Ratio (as a percent)	6.50%	6.50%
Tier 1 capital to risk-weighted assets
Actual Amount	$ 203,164	$ 133,963
Actual Ratio (as a percent)	11.40	10.22
Required for Capital Adequacy Purposes Amount	$ 106,945	$ 78,660
Required for Capital Adequacy Purposes Amount (as a percent)	6	6
To be Well Capitalized Under Prompt Corrective Action Regulations Amount	$ 142,594	$ 104,880
To be Well Capitalized Under Prompt Corrective Action Regulations Ratio (as a percent)	8	8
Total capital to risk-weighted assets
Actual Amount	$ 217,215	$ 146,853
Actual Ratio (as a percent)	12.19	11.20
Required for Capital Adequacy Purposes Amount	$ 142,594	$ 104,880
Required for Capital Adequacy Purposes Ratio (as a percent)	8	8
To be Well Capitalized Under Prompt Corrective Action Regulations Amount	$ 178,242	$ 131,100
To be Well Capitalized Under Prompt Corrective Action Regulations Ratio (as a percent)	10	10
Tier 1 capital to average assets
Actual Amount	$ 203,164	$ 133,963
Actual Ratio (as a percent)	10.05	7.62
Required for Capital Adequacy Purposes Amount	$ 80,887	$ 70,301
Required for Capital Adequacy Purposes Ratio (as a percent)	4	4
To be Well Capitalized Under Prompt Corrective Action Regulations Amount	$ 101,108	$ 87,877
Tier One Leverage Capital Required to be Well Capitalized to Average Assets	5	5

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent events - Subordinated Notes 2026 [Member] - USD ($) $ in Millions	Jan. 01, 2022	Jan. 06, 2022
Subsequent Event [Line Items]
Principle amount outstanding	$ 6.6
Redemption percentage	100.00%
Maximum offering price		$ 100