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FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2020

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
June 30, 2020
Recurring:
Securities available for sale
Collateralized mortgage obligations		$	—		$	27,511		$	—		$	27,511
Agency mortgage-backed securities			—			32,655			—			32,655
Municipal securities			—			12,558			—			12,558
U.S. Government agency securities			—			11,810			—			11,810
U.S. Treasury securities			—			—			—			—
Interest rate swap			—			(1,112)			—			(1,112)
Non-recurring:
Maryland Financial Bank stock			—			—			3			3
Impaired loans			—			—			4,427			4,427
OREO			—			705			—			705
		$	—		$	84,127		$	4,430		$	88,557
December 31, 2019
Recurring:
Securities available for sale
Collateralized mortgage obligations		$	—		$	27,483		$	—		$	27,483
Agency mortgage-backed securities			—			27,837			—			27,837
Municipal securities			—			12,475			—			12,475
U.S. Government agency securities			—			3,191			—			3,191
U.S. Treasury securities			—			500			—			500
Interest rate swap			—			(336)			—			(336)
Non-recurring:
Maryland Financial Bank stock			—			—			3			3
Impaired loans			—			—			4,638			4,638
OREO						705						705
		$	—		$	71,855		$	4,641		$	76,496

Schedule of estimated fair values of financial instruments

		June 30, 2020						December 31, 2019
(dollars in thousands)		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
Financial assets:
Cash and due from banks		$	2,387		$	2,387		$	2,420		$	2,420
Interest-bearing deposits in other financial institutions			31,550			31,550			10,017			10,017
Federal funds sold			1,042			1,042			853			853
Investment securities available for sale			84,534			84,534			71,486			71,486
Investments in restricted stock			1,199			1,199			1,437			1,437
Ground rents			140			140			143			143
Loans, less allowance for credit losses			282,571			286,728			282,672			282,583
Accrued interest receivable			1,226			1,226			961			961
Cash value of life insurance			8,101			8,101			8,023			8,023
Financial liabilities:
Deposits			341,937			343,402			321,440			300,944
Short-term borrowings			37,367			37,383			25,000			25,386
Accrued interest payable			59			59			100			100
Unrecognized financial instruments:
Commitments to extend credit			30,770			30,770			26,297			26,297
Standby letters of credit			1,044			1,044			1,059			1,059

Schedule of fair value hierarchy of financial instruments

(dollars in thousands)
		Carrying			Fair
June 30, 2020		Amount			Value			Level 1			Level 2			Level 3
Financial instruments - Assets
Cash and cash equivalents		$	34,979		$	34,979		$	34,979		$	—		$	—
Loans receivable, net			282,571			286,728			—			—			286,728
Cash value of life insurance			8,101			8,101			—			8,101			—
Financial instruments - Liabilities
Deposits			341,937			343,402			113,328			230,074			—
Short-term debt			37,367			37,383			—			37,383			—

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- Definition

Tabular disclosure of fair value hierarchy.

+ References

No definition available.

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- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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