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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of fair values of assets and liabilities measured on a recurring and nonrecurring basis

Fair value measurements of assets and liabilities measured on a recurring basis at December 31, 2021 and 2020 follow:


	Fair Value Measurements at Reporting Date Using
(Dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
December 31, 2021
Available-for-sale securities	$	88,339	$	-	$	88,339	$	-

December 31, 2020
Available-for-sale securities	$	20,730	$	-	$	20,730	$	-

Fair value measurements of assets and liabilities measured on a nonrecurring basis at December 31, 2021 and 2020 follow:


	Fair Value Measurements at Reporting Date Using
(Dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
December 31, 2021
Impaired loans	$	1,020	$	-	$	-	$	1,020
Foreclosed assets		340		-		-		340
Total	$	1,360	$	-	$	-	$	1,360
December 31, 2020
Impaired loans	$	953	$	-	$	-	$	953
Foreclosed assets		415		-		-		415
Total	$	1,368	$	-	$	-	$	1,368

Schedule of estimated fair values of the Bank's financial instruments


	December 31, 2021
(Dollars in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	40,884	$	40,884	$	40,884	$	-	$	-
Investment securities:
Available-for-sale		88,339		88,339		-		88,339		-
Held-to-maturity		13,498		13,152		-		13,152		-
Loans receivable, net		129,566		128,591		-		-		128,591
Bank-owned life insurance		3,303		3,303		-		3,303		-
Financial Liabilities:
Deposits		176,795		176,869		-		176,869		-
Borrowed funds		9,018		8,720		-		8,720		-


	December 31, 2020
(Dollars in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	25,245	$	25,245	$	25,245	$	-	$	-
Investment securities:
Available-for-sale		20,730		20,730		-		20,730		-
Held-to-maturity		17,523		17,505		-		17,505		-
Loans receivable, net		148,778		148,674		-		-		148,674
Bank-owned life insurance		3,213		3,213		-		3,213		-
Financial Liabilities:
Deposits		164,598		164,951		-		164,951		-
Borrowed funds		8,838		9,052		-		9,052		-

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details