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Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Values of Financial Instruments

Schedule of estimated fair values of financial instruments


		December 31, 2024						December 31, 2023
(dollars in thousands)		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
Financial assets:
Cash and due from banks		$	2,012		$	2,012		$	1,940		$	1,940
Interest-bearing deposits in other financial institutions			22,134			22,134			12,189			12,189
Federal funds sold			318			318			1,112			1,112
Investment securities available for sale			107,949			107,949			139,427			139,427
Investments in restricted stock			1,671			1,671			1,217			1,217
Ground rents			123			123			130			130
Loans, less allowance for credit losses			202,380			191,685			174,150			161,802
Accrued interest receivable			1,345			1,345			1,192			1,192
Cash value of life insurance			8,834			8,834			8,657			8,657

Financial liabilities:
Deposits			309,189			260,368			300,067			252,707
Short-term borrowings			30,000			30,053			30,000			30,000
Accrued interest payable			153			153			366			366
Unrecognized financial instruments:
Commitments to extend credit			31,332			31,332			33,162			33,162
Standby letters of credit			255			255			45			45

Schedule of fair value hierarchy of financial instruments


(dollars in thousands)
		Carrying			Fair
December 31, 2024		Amount			Value			Level 1				Level 2		Level 3

Financial instruments - Assets
Cash and cash equivalents		$	24,464		$	24,464		$	24,464		$	—		$	—
Loans receivable, net			202,380			191,685			—			—			191,685
Cash value of life insurance			8,834			8,834			—			8,834			—
Financial instruments - Liabilities
Deposits			309,189			260,368			25,545			234,823			—
Short-term debt			30,000			30,053			—			30,053			—