FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2023

Fair Values of Financial Instruments

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, 2023
Recurring:
Securities available for sale
Collateralized mortgage obligations	$	—	$	14,877	$	—	$	14,877
Agency mortgage-backed securities		—		51,092		—		51,092
Municipal securities		—		33,433		—		33,433
Corporate securities		—		1,315		—		1,315
U.S. Government agency securities		—		37,179		—		37,179
U.S. Treasury securities		—		6,830		—		6,830
Non-recurring:
Impaired loans		—		—		433		433
	$	—	$	144,726	$	433	$	145,159
December 31, 2022
Recurring:
Securities available for sale
Collateralized mortgage obligations	$	—	$	15,255	$	—	$	15,255
Agency mortgage-backed securities		—		51,893		—		51,893
Municipal securities		—		32,297		—		32,297
Corporate securities		—		1,325		—		1,325
U.S. Government agency securities		—		36,580		—		36,580
U.S. Treasury securities		—		6,783		—		6,783
Non-recurring:
Impaired loans		—		—		330		330
	$	—	$	144,133	$	330	$	144,463

Schedule of estimated fair values of financial instruments

	March 31, 2023				December 31, 2022
(dollars in thousands)	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Cash and due from banks	$	1,959	$	1,959	$	2,035	$	2,035
Interest-bearing deposits in other financial institutions		12,446		12,446		22,680		22,680
Federal funds sold		187		187		5,377		5,377
Investment securities available for sale		144,726		144,726		144,133		144,133
Investments in restricted stock		191		191		221		221
Ground rents		128		128		131		131
Loans, less allowance for credit losses		181,980		173,515		184,278		177,254
Accrued interest receivable		1,259		1,259		1,159		1,159
Cash value of life insurance		8,532		8,532		8,493		8,493
Financial liabilities:
Deposits		343,014		286,655		362,947		299,773
Accrued interest payable		17		17		9		9
Unrecognized financial instruments:
Commitments to extend credit		34,570		34,570		30,718		30,718
Standby letters of credit		45		45		45		45

Schedule of fair value hierarchy of financial instruments

(dollars in thousands)
	Carrying		Fair
March 31, 2023	Amount		Value		Level 1		Level 2		Level 3
Financial instruments - Assets
Cash and cash equivalents	$	14,592	$	14,592	$	14,592	$	—	$	—
Loans receivable, net		181,980		173,515		—		—		173,515
Cash value of life insurance		8,532		8,532		—		8,532		—
Financial instruments - Liabilities
Deposits		343,014		286,655		—		286,655		—