FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Measurements

Schedule of changes in asset subject to fair value measurement by Level

							Fair
(dollars in thousands)	Level 1		Level 2		Level 3		Value
March 31, 2020
Recurring:
Securities available for sale
Collateralized mortgage obligations	$	—	$	26,206	$	—	$	26,206
Agency mortgage-backed securities		—		29,312		—		29,312
Municipal securities		—		12,470		—		12,470
U.S. Government agency securities		—		1,682		—		1,682
U.S. Treasury securities		—		502		—		502
Interest rate swap		—		(1,034)		—		(1,034)
Non-recurring:
Maryland Financial Bank stock		—		—		3		3
Impaired loans		—		—		4,597		4,597
OREO		—		705		—		705
	$	—	$	69,843	$	4,600	$	74,443
December 31, 2019
Recurring:
Securities available for sale
Collateralized mortgage obligations	$	—	$	27,483	$	—	$	27,483
Agency mortgage-backed securities		—		27,837		—		27,837
Municipal securities		—		12,475		—		12,475
U.S. Government agency securities		—		3,191		—		3,191
U.S. Treasury securities		—		500		—		500
Interest rate swap		—		(336)		—		(336)
Non-recurring:
Maryland Financial Bank stock		—		—		3		3
Impaired loans		—		—		4,638		4,638
OREO				705				705
	$	—	$	71,855	$	4,641	$	76,496

Schedule of estimated fair values of financial instruments

	March 31, 2020				December 31, 2019
(dollars in thousands)	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Cash and due from banks	$	2,658	$	2,658	$	2,420	$	2,420
Interest-bearing deposits in other financial institutions		14,159		14,159		10,017		10,017
Federal funds sold		1,254		1,254		853		853
Investment securities available for sale		70,172		70,172		71,486		71,486
Investments in restricted stock		1,199		1,199		1,437		1,437
Ground rents		143		143		143		143
Loans, less allowance for credit losses		275,042		278,025		282,672		282,583
Accrued interest receivable		970		970		961		961
Cash value of life insurance		8,062		8,062		8,023		8,023
Financial liabilities:
Deposits		321,780		322,965		321,440		300,944
Short-term borrowings		20,000		20,060		25,000		25,386
Accrued interest payable		95		95		100		100
Unrecognized financial instruments:
Commitments to extend credit		30,127		30,127		26,297		26,297
Standby letters of credit		1,044		1,044		1,059		1,059

Schedule of fair value hierarchy of financial instruments

(dollars in thousands)
	Carrying		Fair
March 31, 2020	Amount		Value		Level 1		Level 2	Level 3
Financial instruments - Assets
Cash and cash equivalents	$	18,071	$	18,071	$	18,071	—	$	—
Loans receivable, net		275,042		278,025		—	—		278,025
Cash value of life insurance		8,062		8,062		—	8,062		—
Financial instruments - Liabilities
Deposits		321,780		322,965		113,328	209,637		—
Short-term debt		20,000		20,060		—	20,060		—