FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024
Recurring:
Securities available for sale
Collateralized mortgage obligations	$	—	$	13,165	$	—	$	13,165
Agency mortgage-backed securities		525		43,185		—		43,710
Municipal securities		—		33,115		—		33,115
Corporate securities		—		1,292		—		1,292
U.S. Government agency securities		—		37,445		—		37,445
Non-recurring:
Impaired loans		—		—		395		395
	$	525	$	128,202	$	395	$	129,122
December 31, 2023
Recurring:
Securities available for sale
Collateralized mortgage obligations	$	—	$	13,661	$	—	$	13,661
Agency mortgage-backed securities		531		45,583		—		46,114
Municipal securities		—		33,729		—		33,729
Corporate securities		—		1,284		—		1,284
U.S. Government agency securities		—		37,694		—		37,694
U.S. Treasury securities		6,945		—		—		6,945
Non-recurring:
Impaired loans		—		—		398		398
	$	7,476	$	131,951	$	398	$	139,825

Schedule of estimated fair values of financial instruments

	March 31, 2024				December 31, 2023
(dollars in thousands)	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Cash and due from banks	$	9,091	$	9,091	$	1,940	$	1,940
Interest-bearing deposits in other financial institutions		33,305		33,305		12,189		12,189
Federal funds sold		232		232		1,112		1,112
Investment securities available for sale		128,727		128,727		139,427		139,427
Investments in restricted stock		246		246		1,217		1,217
Ground rents		127		127		130		130
Loans, less allowance for credit losses		175,915		164,874		174,150		161,802
Accrued interest receivable		1,281		1,281		1,192		1,192
Cash value of life insurance		8,700		8,700		8,657		8,657
Financial liabilities:
Deposits		309,231		246,601		300,067		252,707
Short-term borrowings		40,000		40,000		30,000		30,000
Accrued interest payable		586		586		366		366
Unrecognized financial instruments:
Commitments to extend credit		34,569		34,569		33,162		33,162
Standby letters of credit		45		45		45		45

Schedule of fair value hierarchy of financial instruments

(dollars in thousands)
	Carrying		Fair
March 31, 2024	Amount		Value		Level 1		Level 2		Level 3
Financial instruments - Assets
Cash and cash equivalents	$	42,628	$	42,628	$	42,628	$	—	$	—
Loans receivable, net		175,915		164,874		—		—		164,874
Cash value of life insurance		8,700		8,700		—		8,700		—
Financial instruments - Liabilities
Deposits		309,231		246,601		30,363		216,238		—
Short-term debt		40,000		40,000		—		40,000		—