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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