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FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of carrying amount and estimated fair value by classification Level of the Company's financial instruments

The carrying amount and estimated fair value by classification Level of the Company’s financial instruments as of December 31, 2019 and December 31, 2018 are as follows:

		December 31, 2019
		Carrying			Fair Value
(Dollars in thousands)		Amount			Total			Level 1			Level 2			Level 3
Financial Assets:
Cash and short term investments		$	47,692		$	47,692		$	47,692		$	—		$	—
Available-for-sale securities			286,800			286,800			23,632			261,361			1,807
Other investments, at cost			1,992			1,992			—			—			1,992
Loans held for sale			11,155			11,155			—			11,155			—
Net loans receivable			730,401			728,745			—			—			728,745
Accrued interest			3,481			3,481			3,481			—			—
Financial liabilities:
Non-interest bearing demand		$	289,829		$	289,829		$	—		$	289,829		$	—
Interest bearing demand deposits and money market accounts			423,257			423,257			—			423,257			—
Savings			104,456			104,456			—			104,456			—
Time deposits			170,660			171,558			—			171,558			—
Total deposits			988,201			989,099			—			989,099			—
Federal Home Loan Bank Advances			211			211			—			211			—
Short term borrowings			33,296			33,296			—			33,296			—
Junior subordinated debentures			14,964			13,161			—			13,161			—
Accrued interest payable			1,033			1,033			1,033			—			—

		December 31, 2018
		Carrying			Fair Value
(Dollars in thousands)		Amount			Total			Level 1			Level 2			Level 3
Financial Assets:
Cash and short term investments		$	32,268		$	32,268		$	32,268		$	—		$	—
Held-to-maturity securities			16,174			16,184			—			16,184			—
Available-for-sale securities			237,893			237,893			1,642			235,560			691
Other investments, at cost			1,955			1,955			—			—			1,955
Loans held for sale			3,223			3,223			—			3,223			—
Net loans receivable			712,199			697,432			—			693,065			4,367
Accrued interest			3,579			3,579			3,579			—			—
Financial liabilities:
Non-interest bearing demand		$	244,686		$	244,686		$	—		$	244,686		$	—
NOW and money market accounts			393,473			393,473			—			393,473			—
Savings			108,368			108,368			—			108,368			—
Time deposits			178,996			177,797			—			177,797			—
Total deposits			925,523			924,324			—			924,324			—
Federal Home Loan Bank Advances			231			231			—			231			—
Short term borrowings			28,022			28,022			—			28,022			—
Junior subordinated debentures			14,964			14,178			—			12,791			—
Accrued interest payable			861			861			861			—			—

Schedule of fair value for each category of assets carried at fair value that are measured on a recurring basis

The following table summarizes quantitative disclosures about the fair value for each category of assets carried at fair value as of December 31, 2019 and December 31, 2018 that are measured on a recurring basis. There were no liabilities carried at fair value as of December 31, 2019 or December 31, 2018 that are measured on a recurring basis.

(Dollars in thousands)

Description		December 31, 2019				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Available- for-sale securities
US Treasury Securities		$	7,203			$	—			$	7,203			$	—
Government Sponsored Enterprises			1,001				—				1,001				—
Mortgage-backed securities			183,586				18,435				163,344				1,807
Small Business Administration pools			45,343				—				45,343				—
State and local government			49,648				5,188				44,460				—
Corporate and other securities			19				9				10				—
			286,800				23,632				261,361				1,807
Loans held for sale			11,155				—				11,155				—
Total		$	297,955			$	23,632			$	272,516			$	1,807

(Dollars in thousands)

Description		December 31, 2018				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Available-for-sale securities
US Treasury Securities		$	15,457			$	—			$	15,457			$	—
Government sponsored enterprises			1,100				—				1,100				—
Mortgage-backed securities			115,475				—				114,784				691
Small Business Administration pools			55,336				1,633				53,703				—
State and local government			50,506				—				50,506				—
Corporate and other securities			19				9				10				—
			237,893				1,642				235,560				691
Loans held for sale			3,223				—				3,223				—
Total		$	241,116			$	1,642			$	238,783			$	691

Schedule of the fair value for each category of assets carried at fair value that are measured on a non-recurring basis

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of December 31, 2019 and December 31, 2018 that are measured on a non-recurring basis. There were no liabilities carried at fair value and measured on a non-recurring basis at December 31, 2019 and 2018.

(Dollars in thousands)
Description		December 31, 2019				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Impaired loans:
Commercial & Industrial		$	400			$	—			$	—			$	400
Real estate:
Mortgage-residential			392				—				—				392
Mortgage-commercial			3,129				—				—				3,129
Consumer:
Home equity			70				—				—				70
Other			—				—				—				—
Total impaired			3,991				—				—				3,991
Other real estate owned:
Construction			826				—				—				826
Mortgage-commercial			584				—				—				584
Total other real estate owned			1,410				—				—				1,410
Total		$	5,401			$	—			$	—			$	5,401

(Dollars in thousands)
Description		December 31, 2018				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Impaired loans:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			322				—				—				322
Mortgage-commercial			4,016				—				—				4,016
Consumer:
Home equity			29				—				—				29
Other			—				—				—				—
Total impaired			4,367				—				—				4,367
Other real estate owned:
Construction			828				—				—				828
Mortgage-commercial			632				—				—				632
Total other real estate owned		$	1,460			$	—			$	—			$	1,460
Total		$	6,057			$	—			$	—			$	6,057

Schedule of significant unobservable inputs used in the fair value measurements

For Level 3 assets and liabilities measured at fair value on a non-recurring or non-recurring basis as of December 31, 2019 and December 31, 2018, the significant unobservable inputs used in the fair value measurements were as follows:

(Dollars in thousands)		Fair Value as of December 31, 2019			Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$	1,410		Appraisal Value/Comparison Sales/Other estimates		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost
Impaired loans		$	3,991		Appraisal Value		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost
(Dollars in thousands)		Fair Value as of December 31, 2018			Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$	1,460		Appraisal Value/Comparison Sales/Other estimates		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost
Impaired loans		$	4,367		Appraisal Value		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Subparagraph (a)
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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