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Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Values of Financial Instruments

Schedule of estimated fair values of financial instruments


		December 31, 2022						December 31, 2021
(dollars in thousands)		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
Financial assets:
Cash and due from banks		$	2,035		$	2,035		$	2,111		$	2,111
Interest-bearing deposits in other financial institutions			22,680			22,680			56,434			56,434
Federal funds sold			5,377			5,377			3,636			3,636
Investment securities available for sale			144,133			144,133			155,927			155,927
Investments in restricted stock			221			221			1,062			1,062
Ground rents			131			131			131			131
Loans, less allowance for credit losses			184,278			177,254			207,922			211,541
Accrued interest receivable			1,159			1,159			1,085			1,085
Cash value of life insurance			8,493			8,493			8,338			8,338

Financial liabilities:
Deposits			362,947			299,773			383,247			383,910
Long-term borrowings			—			—			10,000			9,888
Short-term borrowings			—			—			10,000			10,000
Accrued interest payable			9			9			11			11
Unrecognized financial instruments:
Commitments to extend credit			30,718			30,718			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
December 31, 2022		Amount			Value			Level 1			Level 2		Level 3

Financial instruments - Assets
Cash and cash equivalents		$	30,092		$	30,092		$	30,092		—		$	—
Loans receivable, net			184,278			177,254			—		—			177,254
Cash value of life insurance			8,493			8,493			—		8,493			—
Financial instruments - Liabilities
Deposits			362,947			299,773			48,090		251,683			—