FAIR VALUES (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of summary of assets and liabilities measured at fair value

Assets and liabilities measured at fair value were as follows as of September 30, 2020 (for purpose of this table the impaired loans are shown net of the related allowance):

September 30, 2020  (Dollars are in thousands)	Quoted market price in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
(On a recurring basis) Available for sale investments
U.S. Government Agencies	$	—	$	14,781	$	—
Taxable municipals		—		4,567		—
Corporate bonds		—		5,558		—
Mortgage backed securities		—		19,203		—
(On a non-recurring basis) Other real estate owned		—		—		3,237
Impaired loans		—		—		4,487
Total	$	—	$	44,109	$	7,724

Assets and liabilities measured at fair value are as follows as of December 31, 2019 (for purpose of this table the impaired loans are shown net of the related allowance):

December 31, 2019  (Dollars are in thousands)	Quoted market price in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
(On a recurring basis) Available for sale investments
U.S. Government Agencies	$	—	$	15,633	$	—
Taxable municipals		—		4,442		—
Corporate bonds		—		5,523		—
Mortgage backed securities		—		25,051		—
(On a non-recurring basis) Other real estate owned		—		—		3,393
Impaired loans						5,252
Total	$	—	$	50,649	$	8,645

Schedule of significant unobservable inputs In level 3 assets

For Level 3 assets measured at fair value on a recurring or non-recurring basis as of September 30, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:

(Dollars in thousands)		Fair Value at September 30, 2020		Fair Value at  December 31,  2019	Valuation Technique	Significant Unobservable Inputs	General Range of Significant Unobservable Input Values
Impaired Loans	$	4,487	$	5,252	Appraised Value/Discounted Cash Flows/Market Value of Note	Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell	0 – 18%
Other Real Estate Owned	$	3,237	$	3,393	Appraised Value/Comparable Sales/Other Estimates from Independent Sources	Discounts to reflect current market conditions and estimated costs to sell	0 – 18%

Schedule of estimated fair value of financial instruments

The carrying amount and fair value of the Company’s financial instruments that are not required to be measured or reported at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 are as follows:

					Fair Value Measurements
(Dollars are in thousands)	Carrying Amount		Fair Value		Quoted market price in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
September 30, 2020
Financial Instruments – Assets
Net Loans	$	578,135	$	575,103	$	—	$	570,270	$	4,487
Financial Instruments – Liabilities
Time Deposits		249,733		252,846		—		252,846		—
FHLB Advances		5,000		4,971		—		4,971		—
December 31, 2019
Financial Instruments – Assets
Net Loans	$	557,176	$	550,495	$	—	$	545,243	$	5,252
Financial Instruments – Liabilities
Time Deposits		257,406		259,325		—		259,325		—
FHLB Advances		5,000		5,054		—		5,054		—