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FAIR VALUE (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Values of Financial Instruments |
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, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities available for sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateralized mortgage obligations | ​ | $ | — | ​ | $ | 14,877 | ​ | $ | — | ​ | $ | 14,877
Agency mortgage-backed securities | ​ |  | — | ​ |  | 51,092 | ​ |  | — | ​ |  | 51,092
Municipal securities | ​ |  | — | ​ |  | 33,433 | ​ |  | — | ​ |  | 33,433
Corporate securities | ​ | ​ | — | ​ | ​ | 1,315 | ​ | ​ | — | ​ | ​ | 1,315
U.S. Government agency securities | ​ | ​ | — | ​ |  | 37,179 | ​ |  | — | ​ |  | 37,179
U.S. Treasury securities | ​ | ​ | — | ​ | ​ | 6,830 | ​ | ​ | — | ​ | ​ | 6,830
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired loans | ​ |  | — | ​ |  | — | ​ |  | 433 | ​ |  | 433
​ | ​ | $ | — | ​ | $ | 144,726 | ​ | $ | 433 | ​ | $ | 145,159
December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities available for sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateralized mortgage obligations | ​ | $ | — | ​ | $ | 15,255 | ​ | $ | — | ​ | $ | 15,255
Agency mortgage-backed securities | ​ |  | — | ​ |  | 51,893 | ​ |  | — | ​ |  | 51,893
Municipal securities | ​ |  | — | ​ |  | 32,297 | ​ |  | — | ​ |  | 32,297
Corporate securities | ​ | ​ | — | ​ | ​ | 1,325 | ​ | ​ | — | ​ | ​ | 1,325
U.S. Government agency securities | ​ | ​ | — | ​ | ​ | 36,580 | ​ | ​ | — | ​ | ​ | 36,580
U.S. Treasury securities | ​ | ​ | — | ​ | ​ | 6,783 | ​ | ​ | — | ​ | ​ | 6,783
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Impaired loans | ​ |  | — | ​ |  | — | ​ |  | 330 | ​ |  | 330
​ | ​ | $ | — | ​ | $ | 144,133 | ​ | $ | 330 | ​ | $ | 144,463
​
Schedule of estimated fair values of financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023 | ​ | December 31, 2022 | ​
(dollars in thousands) | ​ | Carrying | ​ | Fair | ​ | Carrying | ​ | Fair | ​
​ |  | Amount |  | Value |  | Amount |  | Value |
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 1,959 | ​ | $ | 1,959 | ​ | $ | 2,035 | ​ | $ | 2,035 | ​
Interest-bearing deposits in other financial institutions | ​ |  | 12,446 | ​ |  | 12,446 | ​ |  | 22,680 | ​ |  | 22,680 | ​
Federal funds sold | ​ |  | 187 | ​ |  | 187 | ​ |  | 5,377 | ​ |  | 5,377 | ​
Investment securities available for sale | ​ |  | 144,726 | ​ |  | 144,726 | ​ |  | 144,133 | ​ |  | 144,133 | ​
Investments in restricted stock | ​ | ​ | 191 | ​ | ​ | 191 | ​ | ​ | 221 | ​ | ​ | 221 | ​
Ground rents | ​ |  | 128 | ​ |  | 128 | ​ |  | 131 | ​ |  | 131 | ​
Loans, less allowance for credit losses | ​ |  | 181,980 | ​ |  | 173,515 | ​ |  | 184,278 | ​ |  | 177,254 | ​
Accrued interest receivable | ​ |  | 1,259 | ​ |  | 1,259 | ​ |  | 1,159 | ​ |  | 1,159 | ​
Cash value of life insurance | ​ |  | 8,532 | ​ |  | 8,532 | ​ |  | 8,493 | ​ |  | 8,493 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ |  | 343,014 | ​ |  | 286,655 | ​ |  | 362,947 | ​ |  | 299,773 | ​
Accrued interest payable | ​ |  | 17 | ​ |  | 17 | ​ |  | 9 | ​ |  | 9 | ​
Unrecognized financial instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commitments to extend credit | ​ |  | 34,570 | ​ |  | 34,570 | ​ |  | 30,718 | ​ |  | 30,718 | ​
Standby letters of credit | ​ |  | 45 | ​ |  | 45 | ​ |  | 45 | ​ |  | 45 | ​
​
Schedule of fair value hierarchy of financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | Fair | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2023 |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial instruments - Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 14,592 | ​ | $ | 14,592 | ​ | $ | 14,592 |  | $ | — | ​ | $ | —
Loans receivable, net | ​ |  | 181,980 | ​ |  | 173,515 | ​ |  | — |  |  | — | ​ |  | 173,515
Cash value of life insurance | ​ |  | 8,532 | ​ |  | 8,532 | ​ |  | — |  |  | 8,532 | ​ |  | —
Financial instruments - Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ |  | 343,014 | ​ |  | 286,655 | ​ |  | — |  |  | 286,655 | ​ |  | —
​

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