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FAIR VALUE (Tables) | 3 Months Ended
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Mar. 31, 2021
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
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Recurring: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  | $ | — |  | $ | 27,020 |  | $ | — |  | $ | 27,020
Agency mortgage-backed securities |  |  | — |  |  | 35,270 |  |  | — |  |  | 35,270
Municipal securities |  |  | — |  |  | 30,997 |  |  | — |  |  | 30,997
U.S. Government agency securities |  |  | — |  |  | 41,610 |  |  | — |  |  | 41,610
Interest rate swap |  |  | — |  |  | (810) |  |  | — |  |  | (810)
Non-recurring: |  |  |  |  |  |  |  |  |  |  |  |
Maryland Financial Bank stock |  |  | — |  |  | — |  |  | 3 |  |  | 3
Impaired loans |  |  | — |  |  | — |  |  | 4,431 |  |  | 4,431
OREO |  |  | — |  |  | 575 |  |  | — |  |  | 575
|  | $ | — |  | $ | 134,662 |  | $ | 4,434 |  | $ | 139,096
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Recurring: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  | $ | — |  | $ | 24,643 |  | $ | — |  | $ | 24,643
Agency mortgage-backed securities |  |  | — |  |  | 26,948 |  |  | — |  |  | 26,948
Municipal securities |  |  | — |  |  | 29,413 |  |  | — |  |  | 29,413
U.S. Government agency securities |  |  | — |  |  | 33,045 |  |  | — |  |  | 33,045
Interest rate swap |  |  | — |  |  | (949) |  |  | — |  |  | (949)
Non-recurring: |  |  |  |  |  |  |  |  |  |  |  |
Maryland Financial Bank stock |  |  | — |  |  | — |  |  | 3 |  |  | 3
Impaired loans |  |  | — |  |  | — |  |  | 4,893 |  |  | 4,893
OREO |  |  |  |  |  | 575 |  |  |  |  |  | 575
|  | $ | — |  | $ | 113,675 |  | $ | 4,896 |  | $ | 118,571
Schedule of estimated fair values of financial instruments |
|  | March 31, 2021 |  | December 31, 2020 |
(dollars in thousands) |  | Carrying |  | Fair |  | Carrying |  | Fair |
|  | Amount |  | Value |  | Amount |  | Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 2,130 |  | $ | 2,130 |  | $ | 2,117 |  | $ | 2,117 |
Interest-bearing deposits in other financial institutions |  |  | 33,277 |  |  | 33,277 |  |  | 29,730 |  |  | 29,730 |
Federal funds sold |  |  | 5,067 |  |  | 5,067 |  |  | 5,246 |  |  | 5,246 |
Investment securities available for sale |  |  | 134,897 |  |  | 134,897 |  |  | 114,049 |  |  | 114,049 |
Investments in restricted stock |  |  | 1,062 |  |  | 1,062 |  |  | 1,199 |  |  | 1,199 |
Ground rents |  |  | 140 |  |  | 140 |  |  | 140 |  |  | 140 |
Loans, less allowance for credit losses |  |  | 243,932 |  |  | 249,391 |  |  | 252,296 |  |  | 253,946 |
Accrued interest receivable |  |  | 1,277 |  |  | 1,277 |  |  | 1,302 |  |  | 1,302 |
Cash value of life insurance |  |  | 8,219 |  |  | 8,219 |  |  | 8,181 |  |  | 8,181 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 368,923 |  |  | 369,234 |  |  | 349,620 |  |  | 350,666 |
Short-term borrowings |  |  | 31,244 |  |  | 31,236 |  |  | 29,912 |  |  | 29,935 |
Accrued interest payable |  |  | 17 |  |  | 17 |  |  | 16 |  |  | 16 |
Unrecognized financial instruments: |  |  |  |  |  |  |  |  |  |  |  |  |
Commitments to extend credit |  |  | 30,729 |  |  | 30,729 |  |  | 31,561 |  |  | 31,561 |
Standby letters of credit |  |  | 1,044 |  |  | 1,044 |  |  | 1,044 |  |  | 1,044 |
Schedule of fair value hierarchy of financial instruments |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Carrying |  | Fair |  |  |  |  |  |  |  |  |
March 31, 2021 |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial instruments - Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 40,474 |  | $ | 40,474 |  | $ | 40,474 |  | $ | — |  | $ | —
Loans receivable, net |  |  | 243,932 |  |  | 249,391 |  |  | — |  |  | — |  |  | 249,391
Cash value of life insurance |  |  | 8,219 |  |  | 8,219 |  |  | — |  |  | 8,219 |  |  | —
Financial instruments - Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 368,923 |  |  | 369,234 |  |  | 147,911 |  |  | 221,323 |  |  | —
Short-term debt |  |  | 31,244 |  |  | 31,236 |  |  | 11,244 |  |  | 19,992 |  |  | —

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