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FAIR VALUE (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities available for sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateralized mortgage obligations | ​ | $ | — | ​ | $ | 13,165 | ​ | $ | — | ​ | $ | 13,165
Agency mortgage-backed securities | ​ |  | 525 | ​ |  | 43,185 | ​ |  | — | ​ |  | 43,710
Municipal securities | ​ |  | — | ​ |  | 33,115 | ​ |  | — | ​ |  | 33,115
Corporate securities | ​ | ​ | — | ​ | ​ | 1,292 | ​ | ​ | — | ​ | ​ | 1,292
U.S. Government agency securities | ​ | ​ | — | ​ |  | 37,445 | ​ |  | — | ​ |  | 37,445
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired loans | ​ |  | — | ​ |  | — | ​ |  | 395 | ​ |  | 395
​ | ​ | $ | 525 | ​ | $ | 128,202 | ​ | $ | 395 | ​ | $ | 129,122
December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities available for sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateralized mortgage obligations | ​ | $ | — | ​ | $ | 13,661 | ​ | $ | — | ​ | $ | 13,661
Agency mortgage-backed securities | ​ |  | 531 | ​ |  | 45,583 | ​ |  | — | ​ |  | 46,114
Municipal securities | ​ |  | — | ​ |  | 33,729 | ​ |  | — | ​ |  | 33,729
Corporate securities | ​ | ​ | — | ​ | ​ | 1,284 | ​ | ​ | — | ​ | ​ | 1,284
U.S. Government agency securities | ​ | ​ | — | ​ | ​ | 37,694 | ​ | ​ | — | ​ | ​ | 37,694
U.S. Treasury securities | ​ | ​ | 6,945 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,945
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Impaired loans | ​ |  | — | ​ |  | — | ​ |  | 398 | ​ |  | 398
​ | ​ | $ | 7,476 | ​ | $ | 131,951 | ​ | $ | 398 | ​ | $ | 139,825
Schedule of estimated fair values of financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024 | ​ | December 31, 2023
(dollars in thousands) | ​ | Carrying | ​ | Fair | ​ | Carrying | ​ | Fair
​ |  | Amount |  | Value |  | Amount |  | Value
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 9,091 | ​ | $ | 9,091 | ​ | $ | 1,940 | ​ | $ | 1,940
Interest-bearing deposits in other financial institutions | ​ |  | 33,305 | ​ |  | 33,305 | ​ |  | 12,189 | ​ |  | 12,189
Federal funds sold | ​ |  | 232 | ​ |  | 232 | ​ |  | 1,112 | ​ |  | 1,112
Investment securities available for sale | ​ |  | 128,727 | ​ |  | 128,727 | ​ |  | 139,427 | ​ |  | 139,427
Investments in restricted stock | ​ | ​ | 246 | ​ | ​ | 246 | ​ | ​ | 1,217 | ​ | ​ | 1,217
Ground rents | ​ |  | 127 | ​ |  | 127 | ​ |  | 130 | ​ |  | 130
Loans, less allowance for credit losses | ​ |  | 175,915 | ​ |  | 164,874 | ​ |  | 174,150 | ​ |  | 161,802
Accrued interest receivable | ​ |  | 1,281 | ​ |  | 1,281 | ​ |  | 1,192 | ​ |  | 1,192
Cash value of life insurance | ​ |  | 8,700 | ​ |  | 8,700 | ​ |  | 8,657 | ​ |  | 8,657
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ |  | 309,231 | ​ |  | 246,601 | ​ |  | 300,067 | ​ |  | 252,707
Short-term borrowings | ​ | ​ | 40,000 | ​ | ​ | 40,000 | ​ | ​ | 30,000 | ​ | ​ | 30,000
Accrued interest payable | ​ |  | 586 | ​ |  | 586 | ​ |  | 366 | ​ |  | 366
Unrecognized financial instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commitments to extend credit | ​ |  | 34,569 | ​ |  | 34,569 | ​ |  | 33,162 | ​ |  | 33,162
Standby letters of credit | ​ |  | 45 | ​ |  | 45 | ​ |  | 45 | ​ |  | 45
Schedule of fair value hierarchy of financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | Fair | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2024 |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial instruments - Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 42,628 | ​ | $ | 42,628 | ​ | $ | 42,628 |  | $ | — | ​ | $ | —
Loans receivable, net | ​ |  | 175,915 | ​ |  | 164,874 | ​ |  | — |  |  | — | ​ |  | 164,874
Cash value of life insurance | ​ |  | 8,700 | ​ |  | 8,700 | ​ |  | — |  |  | 8,700 | ​ |  | —
Financial instruments - Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ |  | 309,231 | ​ |  | 246,601 | ​ |  | 30,363 |  |  | 216,238 | ​ |  | —
Short-term debt | ​ |  | 40,000 | ​ |  | 40,000 | ​ |  | — |  |  | 40,000 | ​ |  | —

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