FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2023
Recurring:
Securities available for sale
Collateralized mortgage obligations	$	—	$	13,489	$	—	$	13,489
Agency mortgage-backed securities		—		45,487		—		45,487
Municipal securities		—		29,978		—		29,978
Corporate securities		—		1,262		—		1,262
U.S. Government agency securities		—		35,721		—		35,721
U.S. Treasury securities		—		16,768		—		16,768
Non-recurring:
Impaired loans		—		—		413		413
	$	—	$	142,705	$	413	$	143,118
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

	September 30, 2023				December 31, 2022
(dollars in thousands)	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Cash and due from banks	$	2,380	$	2,380	$	2,035	$	2,035
Interest-bearing deposits in other financial institutions		11,970		11,970		22,680		22,680
Federal funds sold		172		172		5,377		5,377
Investment securities available for sale		142,705		142,705		144,133		144,133
Investments in restricted stock		980		980		221		221
Ground rents		130		130		131		131
Loans, less allowance for credit losses		172,702		160,294		184,278		177,254
Accrued interest receivable		1,373		1,373		1,159		1,159
Cash value of life insurance		8,614		8,614		8,493		8,493
Financial liabilities:
Deposits		314,841		256,126		362,947		299,773
Short-term borrowings		25,000		24,988		—		—
Accrued interest payable		225		225		9		9
Unrecognized financial instruments:
Commitments to extend credit		30,536		30,536		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
September 30, 2023	Amount		Value		Level 1		Level 2		Level 3
Financial instruments - Assets
Cash and cash equivalents	$	14,522	$	14,522	$	14,522	$	—	$	—
Loans receivable, net		172,702		160,294		—		—		160,294
Cash value of life insurance		8,614		8,614		—		8,614		—
Financial instruments - Liabilities
Deposits		314,841		256,126		—		256,126		—
Short-term debt		25,000		24,988		—		24,988		—