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FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
Recurring:
Securities available for sale
Collateralized mortgage obligations		$	—		$	19,717		$	—		$	19,717
Agency mortgage-backed securities			—			51,110			—			51,110
Municipal securities			—			39,678			—			39,678
Corporate securities			—			1,422			—			1,422
U.S. Government agency securities			—			28,469			—			28,469
U.S. Treasury securities			—			6,975			—			6,975
Interest rate swap			—			(105)			—			(105)

Non-recurring:
Maryland Financial Bank stock			—			—			3			3
Impaired loans			—			—			191			191
		$	—		$	147,266		$	194		$	147,460
December 31, 2021
Recurring:
Securities available for sale
Collateralized mortgage obligations		$	—		$	21,688		$	—		$	21,688
Agency mortgage-backed securities			—			56,189			—			56,189
Municipal securities			—			45,225			—			45,225
Corporate securities			—			1,474			—			1,474
U.S. Government agency securities			—			31,351			—			31,351
U.S. Treasury securities			—			—			—			—
Interest rate swap			—			(442)			—			(442)

Non-recurring:
Maryland Financial Bank stock			—			—			3			3
Impaired loans			—			—			317			317
		$	—		$	155,485		$	320		$	155,805

Schedule of estimated fair values of financial instruments


		March 31, 2022						December 31, 2021
(dollars in thousands)		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
Financial assets:
Cash and due from banks		$	2,071		$	2,071		$	2,111		$	2,111
Interest-bearing deposits in other financial institutions			65,459			65,459			56,434			56,434
Federal funds sold			1,310			1,310			3,636			3,636
Investment securities available for sale			147,371			147,371			155,927			155,927
Investments in restricted stock			1,074			1,074			1,062			1,062
Ground rents			130			130			131			131
Loans, less allowance for credit losses			201,872			201,975			207,922			211,541
Accrued interest receivable			1,124			1,124			1,085			1,085
Cash value of life insurance			8,375			8,375			8,338			8,338

Financial liabilities:
Deposits			387,774			387,250			383,247			383,910
Long-term borrowings			10,000			9,930			10,000			9,888
Short-term borrowings			10,000			9,759			10,000			10,000
Accrued interest payable			17			17			11			11
Unrecognized financial instruments:
Commitments to extend credit			28,075			28,075			28,167			28,167
Standby letters of credit			45			45			55			55

Schedule of fair value hierarchy of financial instruments


(dollars in thousands)
		Carrying			Fair
March 31, 2022		Amount			Value			Level 1			Level 2			Level 3

Financial instruments - Assets
Cash and cash equivalents		$	68,840		$	68,840		$	68,840		$	—		$	—
Loans receivable, net			201,872			201,975			—			—			201,975
Cash value of life insurance			8,375			8,375			—			8,375			—
Financial instruments - Liabilities
Deposits			387,774			387,250			155,680			231,570			—
Long-term debt			10,000			9,930			—			9,930			—
Short-term debt			10,000			9,759			—			9,759			—