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FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of 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, 2023 and December 31, 2022 are as follows: 

Schedule of Fair Value, by Balance Sheet Grouping 

		December 31, 2023
		Carrying				Fair Value
(Dollars in thousands)		Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	94,695			$	94,695			$	94,695			$	—			$	—
Available-for-sale securities			282,226				282,226				—				282,226				—
Held-to-maturity securities			217,170				205,518				—				205,518				—
Other investments, at cost			6,800				6,800				—				—				6,800
Loans held for sale			4,433				4,433				—				4,433				—
Derivative financial instruments			1,069				1,069								1,069
Net loans receivable			1,121,752				1,088,053				—				—				1,088,053
Accrued interest			5,869				5,869				5,869				—				—
Financial liabilities:
Non-interest bearing demand		$	432,333			$	432,333			$	—			$	432,333			$	—
Interest bearing demand deposits and money market accounts			707,434				707,434				—				707,434				—
Savings			118,623				118,623				—				118,623				—
Time deposits			252,611				252,137				—				252,137				—
Total deposits			1,511,001				1,510,527				—				1,510,527				—
Federal Home Loan Bank Advances			90,000				90,000				—				90,000				—
Short term borrowings			62,863				62,863				—				62,863				—
Junior subordinated debentures			14,964				13,123				—				13,123				—
Accrued interest payable			3,575				3,575				3,575				—				—

		December 31, 2022
		Carrying				Fair Value
(Dollars in thousands)		Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	37,401			$	37,401			$	37,401			$	—			$	—
Available-for-sale securities			331,862				331,862				—				331,862				—
Held-to-maturity securities			228,701				213,613				—				213,613				—
Other investments, at cost			4,191				4,191				—				—				4,191
Loans held for sale			1,779				1,779				—				1,779				—
Net loans receivable			969,521				943,498				—				—				943,498
Accrued interest			5,217				5,217				5,217				—				—
Financial liabilities:
Non-interest bearing demand		$	461,010			$	461,010			$	—			$	461,010			$	—
Interest bearing demand deposits and money market accounts			629,763				629,763				—				629,763				—
Savings			161,770				161,770				—				161,770				—
Time deposits			132,839				132,825				—				132,825				—
Total deposits			1,385,382				1,385,368				—				1,385,368				—
Federal Home Loan Bank Advances			50,000				50,000				—				50,000				—
Short term borrowings			90,743				90,743				—				90,743				—
Junior subordinated debentures			14,964				13,402				—				13,402				—
Accrued interest payable			520				520				520				—				—

Schedule of 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, 2023 and December 31, 2022 that are measured on a recurring basis. There were no liabilities carried at fair value as of December 31, 2023 or December 31, 2022 that are measured on a recurring basis. 

Schedule of Fair Value, Assets Measured on Recurring Basis

AVAILABLE-FOR-SALE:

Dollars in thousands)

Description		December 31, 2023				(Level 1)				(Level 2)				(Level 3)
Available- for-sale securities
US Treasury Securities		$	18,346			$	—			$	18,346			$	—
Government Sponsored Enterprises			2,129				—				2,129				—
Mortgage-backed securities			238,159				—				238,159				—
Small Business Administration pools			15,721				—				15,721				—
State and local government			—				—				—				—
Corporate and other securities			7,871				—				7,871				—
Total Available-for-sale securities			282,226				—				282,226				—
Loans held for sale			4,433				—				4,433				—
Total		$	286,659			$	—			$	286,659			$	—

(Dollars in thousands)

Description		December 31, 2022				(Level 1)				(Level 2)				(Level 3)
Available- for-sale securities
US Treasury Securities		$	55,983			$	—			$	55,983			$	—
Government Sponsored Enterprises			2,074				—				2,074				—
Mortgage-backed securities			244,600				—				244,600				—
Small Business Administration pools			21,087				—				21,087				—
State and local government			—				—				—				—
Corporate and other securities			8,118				—				8,118				—
Total Available-for-sale securities			331,862				—				331,862				—
Loans held for sale			1,779				—				1,779				—
Total		$	333,641			$	—			$	333,641			$	—

Schedule of 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, 2023 and December 31, 2022 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, 2023 and 2022. 

Schedule of Fair Value, Assets Measured on Non-Recurring Basis

(Dollars in thousands)
Description		December 31, 2023				(Level 1)				(Level 2)				(Level 3)
Other real estate owned:
Construction			145				—				—				145
Mortgage-commercial			477				—				—				477
Total other real estate owned			622				—				—				622
Total		$	622			$	—			$	—			$	622

(Dollars in thousands)
Description		December 31, 2022				(Level 1)				(Level 2)				(Level 3)
Impaired loans:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			34				—				—				34
Mortgage-commercial			4,752				—				—				4,752
Consumer:
Home equity			168				—				—				168
Other			—				—				—				—
Total impaired			4,954				—				—				4,954
Other real estate owned:
Construction			412				—				—				412
Mortgage-commercial			522				—				—				522
Total other real estate owned			934				—				—				934
Total		$	5,888			$	—			$	—			$	5,888

Schedule of 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, 2023 and December 31, 2022, the significant unobservable inputs used in the fair value measurements were as follows:

Schedule of Fair Value Measurement Inputs and Valuation Techniques 

(Dollars in thousands)

Fair Value as of December 31, 2023

Valuation Technique

Significant Observable Inputs

Significant Unobservable Inputs

OREO

$

622

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

(Dollars in thousands)

Fair Value as of December 31, 2022

Valuation Technique

Significant Observable Inputs

Significant Unobservable Inputs

OREO

$

934

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

$

4,954

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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