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FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

carrying amount and estimated fair value by classification Level

The carrying amount and estimated fair value by classification Level of the Company’s financial instruments as of December 31, 2020 and December 31, 2019 are as follows:

FAIR VALUE MEASUREMENT

		December 31, 2020
		Carrying			Fair Value
(Dollars in thousands)		Amount			Total			Level 1			Level 2			Level 3
Financial Assets:
Cash and short term investments		$	64,992		$	64,992		$	64,992		$	—		$	—
Available-for-sale securities			359,866			359,866			20,564			339,302			—
Other investments, at cost			2,053			2,053			—			—			2,053
Loans held for sale			45,020			45,020			—			45,020			—
Net loans receivable			833,768			829,685			—			—			829,685
Accrued interest			4,167			4,167			4,167			—			—
Financial liabilities:
Non-interest bearing demand		$	385,511		$	385,511		$	—		$	385,511		$	—
Interest bearing demand deposits and money market accounts			520,205			520,205			—			520,205			—
Savings			123,032			123,032			—			123,032			—
Time deposits			160,665			161,505			—			61,505			—
Total deposits			1,189,413			1,190,253			—			1,190,253			—
Federal Home Loan Bank Advances			—			—			—			—			—
Short term borrowings			40,914			40,914			—			40,914			—
Junior subordinated debentures			14,964			11,748			—			11,748			—
Accrued interest payable			667			667			667			—			—
		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			263,168			—
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		$	—
NOW 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			—			—			—			—			—
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			—			—

fair value for each category of assets carried at fair value

The following table summarizes quantitative disclosures about the fair value for each category of assets carried at fair value as of December 31, 2020 and December 31, 2019 that are measured on a recurring basis. There were no liabilities carried at fair value as of December 31, 2020 or December 31, 2019 that are measured on a recurring basis. 

(Dollars in thousands)

FAIR VALUE MEASUREMENT (Details 2)

Description		December 31, 2020				(Level 1)				(Level 2)				(Level 3)
Available- for-sale securities
US Treasury Securities		$	1,502			$	—			$	1,502			$	—
Government Sponsored Enterprises			1,006				—				1,006				—
Mortgage-backed securities			229,929				17,029				212,900				—
Small Business Administration pools			35,498				—				35,498				—
State and local government			88,603				3,535				85,068				—
Corporate and other securities			3,328				—				3,328				—
			359,866				20,564				339,302				—
Loans held for sale			45,020				—				45,020				—
Total		$	404,886			$	20,564			$	384,322			$	—

fair value for each category of assets carried at fair value

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of December 31, 2020 and December 31, 2019 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, 2020 and 2019. 

FAIR VALUE MEASUREMENT (Details 3)

(Dollars in thousands)
Description		December 31, 2020				(Level 1)				(Level 2)				(Level 3)
Impaired loans:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			440				—				—				440
Mortgage-commercial			5,629				—				—				5,629
Consumer:
Home equity			42				—				—				42
Other			—				—				—				—
Total impaired			6,111				—				—				6,111
Other real estate owned:
Construction			600				—				—				600
Mortgage-commercial			594				—				—				594
Total other real estate owned			1,194				—				—				1,194
Total		$	7,305			$	—			$	—			$	7,305
(Dollars in thousands)
Description		December 31, 2019				(Level 1)				(Level 2)				(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-residential			584				—				—				584
Total other real estate owned			1,410				—				—				1,410
Total		$	5,401			$	—			$	—			$	5,401

significant unobservable inputs used in the fair value measurements

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:

FAIR VALUE MEASUREMENT (Details 4)

(Dollars in thousands)		Fair Value as of December 31, 2020			Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$	1,194		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		$	6,111		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, 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

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