FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019 (in thousands):

			Quoted Prices in		Significant
Investment securities			Active Markets		Other		Significant
available for sale			for Identical		Observable		Unobservable
June 30, 2020	Fair value		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
U.S. government agencies – GSE’s	$	9,086	$	—	$	9,086	$	—
Mortgage-backed securities – GSE’s		39,533		—		39,533		—
Corporate Bonds		2,206		—		2,206		—
Municipal bonds		12,133		—		12,133		—
Total investment available for sale	$	62,958	$	—	$	62,958	$	—

			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	$	—

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 non-recurring basis as of June 30, 2020 and December 31, 2019 (in thousands):

			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
Asset Category June 30, 2020	Fair value		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
Impaired loans	$	7,979	$	—	$	—	$	7,979
Foreclosed real estate		3,561		—		—		3,561
Total	$	11,540	$	—	$	—	$	11,540

			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

Schedule of carrying and fair values

The following table presents the carrying values and estimated fair values of the Company’s financial instruments at June 30, 2020 and December 31, 2019:

	June 30, 2020
	Carrying		Estimated
	Amount		Fair Value		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets:
Cash and due from banks	$	24,037	$	24,037	$	24,037	$	—	$	—
Interest-earning deposits in other banks		157,521		157,521		157,521		—		—
Federal funds sold		9,726		9,726		9,726		—		—
Investment securities available for sale		62,958		62,958		—		62,958		—
Loans held for sale		3,455		3,455		—		3,455		—
Loans, net		1,237,945		1,239,667		—		—		1,239,667
Accrued interest receivable		4,400		4,400		—		4,400		—
Stock in the FHLB		3,059		3,059		—		—		3,059
Other non-marketable securities		718		718		—		—		718
Financial liabilities:
Deposits	$	1,338,753	$	1,342,114	$	—	$	1,342,114	$	—
Short-term debt		20,000		20,000		—		20,000		—
Long-term debt		37,372		33,932		—		33,932		—
Accrued interest payable		457		457		—		457		—

	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		55,729		—		55,729		—
Accrued interest payable		578		578		—		578		—