FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2019

FAIR VALUE MEASUREMENTS

Schedule of fair value on a recurring basis

The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a recurring basis as of December 31, 2019 and December 31, 2018 (dollars in thousands):

			Quoted Prices in		Significant
Investment securities			Active Markets		Other		Significant
available for sale			for Identical		Observable		Unobservable
December 31, 2019	Fair value		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
U.S. government agencies – GSE’s	$	9,996	$	—	$	9,996	$	—
Mortgage-backed securities – GSE’s		47,743		—		47,743		—
Corporate Bonds		2,299		—		2,299		—
Municipal bonds		12,329		—		12,329		—
Total investment  available for sale	$	72,367	$	—	$	72,367	$	—

			Quoted Prices in		Significant
Investment securities			Active Markets		Other		Significant
available for sale			for Identical		Observable		Unobservable
December 31, 2018	Fair value		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
U.S. government agencies – GSE’s	$	9,837	$	—	$	9,837	$	—
Mortgage-backed securities – GSE’s		22,983		—		22,983		—
Corporate Bonds		1,722		—		1,722		—
Municipal bonds		16,991		—		16,991		—
Total investment available for sale	$	51,533	$	—	$	51,533	$	—

Schedule of fair value on a non-recurring basis

The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a nonrecurring basis as of December 31, 2019 and December 31, 2018 (dollars in thousands):

			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
Asset Category December 31, 2019	Fair value		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
Impaired loans	$	5,941	$	—	$	—	$	5,941
Foreclosed real estate		3,533		—		—		3,533
Total	$	9,474	$	—	$	—	$	9,474

			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
Asset Category December 31, 2018	Fair value		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
Impaired loans	$	7,257	$	—	$	—	$	7,257
Assets held for sale		668		—		—		668
Foreclosed real estate		1,088		—		—		1,088
Total	$	9,013	$	—	$	—	$	9,013

Schedule of carrying and fair values

The following table presents the carrying values and estimated fair values of the Company’s financial instruments at December 31, 2019 and 2018:

	December 31, 2019
	Carrying		Estimated
	Amount		Fair Value		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets:
Cash and due from banks	$	19,110	$	19,110	$	19,110	$	—	$	—
Interest-earning deposits in other banks		50,920		50,920		50,920		—		—
Federal funds sold		9,047		9,047		9,047		—		—
Investment securities available for sale		72,367		72,367		—		72,367		—
Loans held for sale		928		928		—		928		—
Loans, net		1,021,651		1,016,239		—		—		1,016,239
Accrued interest receivable		4,189		4,189		—		4,189		—
Stock in the FHLB		3,045		3,045		—		—		3,045
Other non-marketable securities		719		719		—		—		719
Financial liabilities:
Deposits	$	992,838	$	995,056	$	—	$	995,056	$	—
Long-term debt		57,372		55,429		—		55,429		—
Accrued interest payable		578		578		—		578		—

	December 31, 2018
	Carrying		Estimated
	Amount		Fair Value		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets:
Cash and due from banks	$	17,059	$	17,059	$	17,059	$	—	$	—
Certificates of deposits		1,000		1,000		1,000		—		—
Interest-earning deposits in other banks		121,303		121,303		121,303		—		—
Investment securities available for sale		51,533		51,533		—		51,533		—
Loans held for sale		580		580		—		580		—
Loans, net		977,371		970,330		—		—		970,330
Accrued interest receivable		3,889		3,889		—		3,889		—
Stock in the FHLB		3,283		3,283		—		—		3,283
Other non-marketable securities		762		762		—		—		762
Assets held for sale		668		668		—		—		668
Financial liabilities:
Deposits	$	980,427	$	979,570	$	—	$	979,570	$	—
Short-term debt		7,000		7,000		—		7,000		—
Long-term debt		57,372		55,504		—		55,504		—
Accrued interest payable		667		667		—		667		—