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FAIR VALUE (Tables) | 9 Months Ended
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Sep. 30, 2019
FAIR VALUE |
Schedule of changes in asset subject to fair value measurement by Level |
|  |  |  |  |  |  |  |  |  |  | Fair
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Value
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Recurring: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  | $ | — |  | $ | 23,583 |  | $ | — |  | $ | 23,583
Agency mortgage-backed securities |  |  | — |  |  | 25,006 |  |  | — |  |  | 25,006
Municipal securities |  |  | — |  |  | 13,229 |  |  | — |  |  | 13,229
U.S. Government agency securities |  |  | — |  |  | 1,999 |  |  | — |  |  | 1,999
U.S. Treasury securities |  |  | — |  |  | 1,000 |  |  | — |  |  | 1,000
Interest rate swap |  |  | — |  |  | (460) |  |  | — |  |  | (460)
Non-recurring: |  |  |  |  |  |  |  |  |  |  |  |
Maryland Financial Bank stock |  |  | — |  |  | — |  |  | 4 |  |  | 4
Impaired loans |  |  | — |  |  | — |  |  | 4,775 |  |  | 4,775
OREO |  |  | — |  |  | 705 |  |  | — |  |  | 705
|  | $ | — |  | $ | 65,062 |  | $ | 4,779 |  | $ | 69,840
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Recurring: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  | $ | — |  | $ | 19,806 |  | $ | — |  | $ | 19,806
Agency mortgage-backed securities |  |  | — |  |  | 24,987 |  |  | — |  |  | 24,987
Municipal securities |  |  | — |  |  | 33,830 |  |  | — |  |  | 33,830
U.S. Government agency securities |  |  | — |  |  | 1,959 |  |  | — |  |  | 1,959
U.S. Treasury securities |  |  | — |  |  | 990 |  |  | — |  |  | 990
Interest rate swap |  |  | — |  |  | 295 |  |  | — |  |  | 295
Non-recurring: |  |  |  |  |  |  |  |  |  |  |  |
Maryland Financial Bank stock |  |  | — |  |  | — |  |  | 5 |  |  | 5
Impaired loans |  |  | — |  |  | — |  |  | 2,501 |  |  | 2,501
OREO |  |  |  |  |  | 705 |  |  |  |  |  | 705
|  | $ | — |  | $ | 82,572 |  | $ | 2,506 |  | $ | 85,078
Schedule of estimated fair values of financial instruments |
|  | September 30, 2019 |  | December 31, 2018 |
(dollars in thousands) |  | Carrying |  | Fair |  | Carrying |  | Fair |
|  | Amount |  | Value |  | Amount |  | Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 3,678 |  | $ | 3,678 |  | $ | 2,605 |  | $ | 2,605 |
Interest-bearing deposits in other financial institutions |  |  | 14,991 |  |  | 14,991 |  |  | 12,468 |  |  | 12,468 |
Federal funds sold |  |  | 902 |  |  | 902 |  |  | 881 |  |  | 881 |
Investment securities available for sale |  |  | 64,817 |  |  | 64,817 |  |  | 81,572 |  |  | 81,572 |
Investments in restricted stock |  |  | 1,225 |  |  | 1,225 |  |  | 2,481 |  |  | 2,481 |
Ground rents |  |  | 143 |  |  | 143 |  |  | 143 |  |  | 143 |
Loans, less allowance for credit losses |  |  | 281,582 |  |  | 277,175 |  |  | 296,579 |  |  | 293,175 |
Accrued interest receivable |  |  | 976 |  |  | 976 |  |  | 1,198 |  |  | 1,198 |
Cash value of life insurance |  |  | 7,982 |  |  | 7,982 |  |  | 7,860 |  |  | 7,860 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 325,266 |  |  | 324,759 |  |  | 322,453 |  |  | 307,271 |
Short-term borrowings |  |  | 20,000 |  |  | 20,004 |  |  | 55,000 |  |  | 55,851 |
Accrued interest payable |  |  | 120 |  |  | 120 |  |  | 152 |  |  | 152 |
Unrecognized financial instruments: |  |  |  |  |  |  |  |  |  |  |  |  |
Commitments to extend credit |  |  | 33,503 |  |  | 33,503 |  |  | 23,494 |  |  | 23,494 |
Standby letters of credit |  |  | 1,059 |  |  | 1,059 |  |  | 1,059 |  |  | 1,059 |
Schedule of fair value hierarchy of financial instruments |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | Carrying |  | Fair |  |  |  |  |  |  |  |
September 30, 2019 |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial instruments - Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 19,571 |  | $ | 19,571 |  | $ | 19,571 |  | — |  | $ | —
Loans receivable, net |  |  | 281,582 |  |  | 277,175 |  |  | — |  | — |  |  | 277,175
Cash value of life insurance |  |  | 7,982 |  |  | 7,982 |  |  | — |  | 7,982 |  |  | —
Financial instruments - Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 325,266 |  |  | 324,759 |  |  | 111,535 |  | 213,224 |  |  | —
Short-term debt |  |  | 20,000 |  |  | 20,004 |  |  | — |  | 20,004 |  |  | —

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