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FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value by classification Level of the Company’s financial instruments as of December 31, 2021 and December 31, 2020 are as follows: 

Fair Value, by Balance Sheet Grouping

FAIR VALUE MEASUREMENT

		December 31, 2021
		Carrying				Fair Value
(Dollars in thousands)		Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	69,022			$	69,022			$	69,022			$	—			$	—
Available-for-sale securities			564,839				564,839				39,829				525,010				—
Other investments, at cost			1,785				1,785				—				—				1,785
Loans held for sale			7,120				7,120				—				7,120				—
Net loans receivable			852,523				851,822				—				—				851,822
Accrued interest			3,927				3,927				3,927				—				—
Financial liabilities:
Non-interest bearing demand		$	444,688			$	444,688			$	—			$	444,688			$	—
Interest bearing demand deposits and money market accounts			619,057				619,057				—				619,057				—
Savings			143,765				143,765				—				143,765				—
Time deposits			153,781				154,030				—				154,030				—
Total deposits			1,361,291				1,361,540				—				1,361,540				—
Federal Home Loan Bank Advances			—				—				—				—				—
Short term borrowings			54,216				54,216				—				54,216				—
Junior subordinated debentures			14,964				15,015				—				15,015				—
Accrued interest payable			404				404				404				—				—
		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			$	—
NOW and money market accounts			520,205				520,205				—				520,205				—
Savings			123,032				123,032				—				123,032				—
Time deposits			160,665				161,505				—				161,505				—
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				—				—

Fair Value, Assets Measured on 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, 2021 and December 31, 2020 that are measured on a recurring basis. There were no liabilities carried at fair value as of December 31, 2021 or December 31, 2020 that are measured on a recurring basis. 

Fair Value, Assets Measured on Recurring Basis

(Dollars in thousands)

Description		December 31, 2021				(Level 1)				(Level 2)				(Level 3)
Available- for-sale securities
US Treasury Securities		$	15,436			$	—			$	15,436			$	—
Government Sponsored Enterprises			2,501				—				2,501				—
Mortgage-backed securities			397,729				25,934				371,796				—
Small Business Administration pools			31,273				—				31,273				—
State and local government			109,848				12,896				96,952				—
Corporate and other securities			8,052				1,000				7,052				—
Total Available-for-sale securities			564,839				39,830				525,010				—
Loans held for sale			7,120				—				7,120				—
Total		$	571,959			$	39,830			$	532,130			$	—

(Dollars in thousands)

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 securities			35,498				—				35,498				—
State and local government			88,603				3,535				85,068				—
Corporate and other securities			3,328				—				3,328				—
Total Available-for-sale securities			359,866				20,564				339,302				—
Loans held-for-sale			45,020				—				45,020				—
Total		$	404,886			$	20,564			$	384,322			$	—

[custom:DisclosureFairValueOfFinancialInstrumentsDetails2Abstract]

Description		December 31, 2021				(Level 1)				(Level 2)				(Level 3)
Available- for-sale securities
US Treasury Securities		$	15,436			$	—			$	15,436			$	—
Government Sponsored Enterprises			2,501				—				2,501				—
Mortgage-backed securities			397,729				25,934				371,796				—
Small Business Administration pools			31,273				—				31,273				—
State and local government			109,848				12,896				96,952				—
Corporate and other securities			8,052				1,000				7,052				—
Total Available-for-sale securities			564,839				39,830				525,010				—
Loans held for sale			7,120				—				7,120				—
Total		$	571,959			$	39,830			$	532,130			$	—

(Dollars in thousands)

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 securities			35,498				—				35,498				—
State and local government			88,603				3,535				85,068				—
Corporate and other securities			3,328				—				3,328				—
Total Available-for-sale securities			359,866				20,564				339,302				—
Loans held-for-sale			45,020				—				45,020				—
Total		$	404,886			$	20,564			$	384,322			$	—

Fair Value, Assets Measured on 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, 2021 and December 31, 2020 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, 2021 and 2020. 

Fair Value, Assets Measured on Non-Recurring Basis

(Dollars in thousands)
Description		December 31, 2021				(Level 1)				(Level 2)				(Level 3)
Impaired loans:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			133				—				—				133
Mortgage-commercial			1,560				—				—				1,560
Consumer:
Home equity			—				—				—				—
Other			—				—				—				—
Total impaired			1,693				—				—				1,694
Other real estate owned:
Construction			624				—				—				624
Mortgage-commercial			541				—				—				541
Total other real estate owned			1,165				—				—				1,165
Total		$	2,859			$	—			$	—			$	2,859

(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

[custom:DisclosureFairValueOfFinancialInstrumentsDetails3Abstract]

(Dollars in thousands)
Description		December 31, 2021				(Level 1)				(Level 2)				(Level 3)
Impaired loans:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			133				—				—				133
Mortgage-commercial			1,560				—				—				1,560
Consumer:
Home equity			—				—				—				—
Other			—				—				—				—
Total impaired			1,693				—				—				1,694
Other real estate owned:
Construction			624				—				—				624
Mortgage-commercial			541				—				—				541
Total other real estate owned			1,165				—				—				1,165
Total		$	2,859			$	—			$	—			$	2,859

(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

Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:

Fair Value Measurement Inputs and Valuation Techniques 

FAIR VALUE MEASUREMENT (Details 4)

(Dollars in thousands)		Fair Value as of December 31, 2021			Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$	1,165		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		$	1,694		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, 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

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