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FAIR VALUE (Tables) | 9 Months Ended
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Sep. 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
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Recurring: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  | $ | — |  | $ | 27,255 |  | $ | — |  | $ | 27,255
Agency mortgage-backed securities |  |  | — |  |  | 30,595 |  |  | — |  |  | 30,595
Municipal securities |  |  | — |  |  | 25,301 |  |  | — |  |  | 25,301
U.S. Government agency securities |  |  | — |  |  | 31,310 |  |  | — |  |  | 31,310
Interest rate swap |  |  | — |  |  | (1,035) |  |  | — |  |  | (1,035)
Non-recurring: |  |  |  |  |  |  |  |  |  |  |  |
Maryland Financial Bank stock |  |  | — |  |  | — |  |  | 3 |  |  | 3
Impaired loans |  |  | — |  |  | — |  |  | 5,378 |  |  | 5,378
OREO |  |  | — |  |  | 705 |  |  | — |  |  | 705
|  | $ | — |  | $ | 114,131 |  | $ | 5,381 |  | $ | 119,512
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 |
|  | September 30, 2020 |  | December 31, 2019 |
(dollars in thousands) |  | Carrying |  | Fair |  | Carrying |  | Fair |
|  | Amount |  | Value |  | Amount |  | Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 2,196 |  | $ | 2,196 |  | $ | 2,420 |  | $ | 2,420 |
Interest-bearing deposits in other financial institutions |  |  | 23,132 |  |  | 23,132 |  |  | 10,017 |  |  | 10,017 |
Federal funds sold |  |  | 1,725 |  |  | 1,725 |  |  | 853 |  |  | 853 |
Investment securities available for sale |  |  | 114,461 |  |  | 114,461 |  |  | 71,486 |  |  | 71,486 |
Investments in restricted stock |  |  | 1,624 |  |  | 1,624 |  |  | 1,437 |  |  | 1,437 |
Ground rents |  |  | 140 |  |  | 140 |  |  | 143 |  |  | 143 |
Loans, less allowance for credit losses |  |  | 272,419 |  |  | 275,889 |  |  | 282,672 |  |  | 282,583 |
Accrued interest receivable |  |  | 1,367 |  |  | 1,367 |  |  | 961 |  |  | 961 |
Cash value of life insurance |  |  | 8,141 |  |  | 8,141 |  |  | 8,023 |  |  | 8,023 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 343,940 |  |  | 345,264 |  |  | 321,440 |  |  | 300,944 |
Long-term borrowings |  |  | 10,000 |  |  | 10,000 |  |  | — |  |  | — |
Short-term borrowings |  |  | 37,367 |  |  | 37,368 |  |  | 25,000 |  |  | 25,386 |
Accrued interest payable |  |  | 38 |  |  | 38 |  |  | 100 |  |  | 100 |
Unrecognized financial instruments: |  |  |  |  |  |  |  |  |  |  |  |  |
Commitments to extend credit |  |  | 32,088 |  |  | 32,088 |  |  | 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 |  |  |  |  |  |  |  |  |
September 30, 2020 |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial instruments - Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 27,053 |  | $ | 27,053 |  | $ | 27,053 |  | $ | — |  | $ | —
Loans receivable, net |  |  | 272,419 |  |  | 275,889 |  |  | — |  |  | — |  |  | 275,889
Cash value of life insurance |  |  | 8,141 |  |  | 8,141 |  |  | — |  |  | 8,141 |  |  | —
Financial instruments - Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 343,940 |  |  | 345,264 |  |  | 129,888 |  |  | 215,376 |  |  | —
Long-term debt |  |  | 10,000 |  |  | 10,000 |  |  | — |  |  | 10,000 |  |  | —
Short-term debt |  |  | 37,367 |  |  | 37,368 |  |  | — |  |  | 37,368 |  |  | —

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