FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

FAIR VALUE MEASUREMENTS

Schedule of fair values of assets and liabilities measured on a recurring and nonrecurring basis

Fair value measurements of assets and liabilities measured on a recurring basis at December 31, 2022 and 2021 follow:

	Fair Value Measurements at Reporting Date Using
(Dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
December 31, 2022
Available-for-sale securities	$	79,602	$	-	$	79,602	$	-
December 31, 2021
Available-for-sale securities	$	88,339	$	-	$	88,339	$	-

Fair value measurements of assets and liabilities measured on a nonrecurring basis at December 31, 2022 and 2021 follow:

	Fair Value Measurements at Reporting Date Using
(Dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
December 31, 2022
Impaired loans	$	898	$	-	$	-	$	898
Foreclosed assets		320		-		-		320
Total	$	1,218	$	-	$	-	$	1,218
December 31, 2021
Impaired loans	$	1,020	$	-	$	-	$	1,020
Foreclosed assets		340		-		-		340
Total	$	1,360	$	-	$	-	$	1,360

Schedule of estimated fair values of the Bank's financial instruments

	December 31, 2022
(Dollars in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	13,472	$	13,472	$	13,472	$	-	$	-
Investment securities:
Available-for-sale		79,602		79,602		-		79,602		-
Held-to-maturity		13,475		10,724		-		10,724		-
Loans receivable, net		131,800		121,208		-		-		121,208
Bank-owned life insurance		13,617		13,617		-		13,617		-
Financial Liabilities:
Deposits		165,094		163,797		-		163,797		-
Borrowed funds		9,198		7,682		-		7,682		-

	December 31, 2021
(Dollars in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	40,884	$	40,884	$	40,884	$	-	$	-
Investment securities:
Available-for-sale		88,339		88,339		-		88,339		-
Held-to-maturity		13,498		13,152		-		13,152		-
Loans receivable, net		129,827		128,591		-		-		128,591
Bank-owned life insurance		3,303		3,303		-		3,303		-
Financial Liabilities:
Deposits		176,795		176,869		-		176,869		-
Borrowed funds		9,018		8,720		-		8,720		-