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FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2023
Recurring:
Securities available for sale
Collateralized mortgage obligations		$	—		$	14,283		$	—		$	14,283
Agency mortgage-backed securities			—			48,616			—			48,616
Municipal securities			—			33,098			—			33,098
Corporate securities			—			1,255			—			1,255
U.S. Government agency securities			—			36,985			—			36,985
U.S. Treasury securities			—			16,583			—			16,583

Non-recurring:
Impaired loans			—			—			512			512
		$	—		$	150,820		$	512		$	151,332
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


		June 30, 2023						December 31, 2022
(dollars in thousands)		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
Financial assets:
Cash and due from banks		$	1,965		$	1,965		$	2,035		$	2,035
Interest-bearing deposits in other financial institutions			9,458			9,458			22,680			22,680
Federal funds sold			325			325			5,377			5,377
Investment securities available for sale			150,820			150,820			144,133			144,133
Investments in restricted stock			403			403			221			221
Ground rents			128			128			131			131
Loans, less allowance for credit losses			178,329			167,999			184,278			177,254
Accrued interest receivable			1,139			1,139			1,159			1,159
Cash value of life insurance			8,572			8,572			8,493			8,493

Financial liabilities:
Deposits			329,224			272,655			362,947			299,773
Short-term borrowings			15,000			15,000			—			—
Accrued interest payable			17			17			9			9
Unrecognized financial instruments:
Commitments to extend credit			30,610			30,610			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
June 30, 2023		Amount			Value			Level 1			Level 2			Level 3

Financial instruments - Assets
Cash and cash equivalents		$	11,748		$	11,748		$	11,748		$	—		$	—
Loans receivable, net			178,329			167,999			—			—			167,999
Cash value of life insurance			8,572			8,572			—			8,572			—
Financial instruments - Liabilities
Deposits			329,224			272,655			—			272,655			—
Short-term debt			15,000			15,000			—			15,000			—