FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2024

FAIR VALUE

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

							Fair
(dollars in thousands)	Level 1		Level 2		Level 3		Value
June 30, 2024
Recurring:
Securities available for sale
Collateralized mortgage obligations	$	—	$	12,730	$	—	$	12,730
Agency mortgage-backed securities		525		41,355		—		41,880
Municipal securities		—		32,851		—		32,851
Corporate securities		—		1,300		—		1,300
U.S. Government agency securities		—		28,419		—		28,419
Non-recurring:
Impaired loans		—		—		334		334
	$	525	$	116,655	$	334	$	117,514
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

	June 30, 2024				December 31, 2023
(dollars in thousands)	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Cash and due from banks	$	1,804	$	1,804	$	1,940	$	1,940
Interest-bearing deposits in other financial institutions		13,909		13,909		12,189		12,189
Federal funds sold		1,073		1,073		1,112		1,112
Investment securities available for sale		117,180		117,180		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		198,875		185,127		174,150		161,802
Accrued interest receivable		1,358		1,358		1,192		1,192
Cash value of life insurance		8,744		8,744		8,657		8,657
Financial liabilities:
Deposits		305,866		255,197		300,067		252,707
Short-term borrowings		30,000		30,074		30,000		30,000
Accrued interest payable		583		583		366		366
Unrecognized financial instruments:
Commitments to extend credit		39,303		39,303		33,162		33,162
Standby letters of credit		255		255		45		45

Schedule of fair value hierarchy of financial instruments

(dollars in thousands)
	Carrying		Fair
June 30, 2024	Amount		Value		Level 1		Level 2		Level 3
Financial instruments - Assets
Cash and cash equivalents	$	16,786	$	16,786	$	16,786	$	—	$	—
Loans receivable, net		198,875		185,127		—		—		185,127
Cash value of life insurance		8,744		8,744		—		8,744		—
Financial instruments - Liabilities
Deposits		305,866		255,197		26,740		228,457		—
Short-term debt		30,000		30,074		—		30,074		—