Glen Burnie Bancorp (GLBZ) 10-Q12 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 05, 2024
Cover
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	0-24047
Entity Registrant Name	GLEN BURNIE BANCORP
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1782444
Entity Address, Address Line One	101 Crain Highway, S.E.
Entity Address, City or Town	Glen Burnie
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21061
City Area Code	410
Local Phone Number	766-3300
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	GLBZ
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		2,900,681
Entity Central Index Key	0000890066
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks	$ 2,255	$ 1,940
Interest-bearing deposits in other financial institutions	20,207	13,301
Cash and Cash Equivalents	22,462	15,241
Investment securities available for sale, at fair value	119,958	139,427
Restricted equity securities, at cost	246	1,217
Loans, net of deferred fees and costs	206,975	176,307
Less: Allowance for credit losses	(2,748)	(2,157)
Loans, net	204,227	174,150
Premises and equipment, net	2,723	3,046
Bank owned life insurance	8,789	8,657
Deferred tax assets, net	6,879	7,897
Accrued interest receivable	1,478	1,192
Accrued taxes receivable	497	121
Prepaid expenses	486	475
Other assets	614	390
Total Assets	368,359	351,813
LIABILITIES
Noninterest-bearing deposits	115,938	116,922
Interest-bearing deposits	198,335	183,145
Total Deposits	314,273	300,067
Short-term borrowings	30,000	30,000
Defined pension liability	329	324
Accrued expenses and other liabilities	2,597	2,097
Total Liabilities	347,199	332,488
STOCKHOLDERS' EQUITY
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,893,648 and 2,882,627 shares as of June 30, 2024 and December 31, 2023, respectively.	2,901	2,883
Additional paid-in capital	11,037	10,964
Retained earnings	22,921	23,859
Accumulated other comprehensive loss	(15,699)	(18,381)
Total Stockholders' Equity	21,160	19,325
Total Liabilities and Stockholders' Equity	$ 368,359	$ 351,813

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	2,900,681	2,882,627
Common stock, shares outstanding	2,900,681	2,882,627

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
INTEREST INCOME
Interest and fees on loans	$ 2,908,000	$ 2,145,000	$ 7,648,000	$ 6,368,000
Interest and dividends on securities	814,000	1,101,000	2,605,000	3,065,000
Interest on deposits with banks and federal funds sold	237,000	104,000	1,004,000	469,000
Total Interest Income	3,959,000	3,350,000	11,257,000	9,902,000
INTEREST EXPENSE
Interest on deposits	730,000	116,000	1,716,000	337,000
Interest on short-term borrowings	408,000	282,000	1,363,000	320,000
Total Interest Expense	1,138,000	398,000	3,079,000	657,000
Net Interest Income	2,821,000	2,952,000	8,178,000	9,245,000
Provision for credit losses	78,000	(92,000)	773,000	(7,000)
Net interest income after credit loss provision	2,743,000	3,044,000	7,405,000	9,252,000
NONINTEREST INCOME
Service charges on deposit accounts	36,000	40,000	109,000	120,000
Other fees and commissions	273,000	233,000	584,000	560,000
Income on life insurance	45,000	42,000	132,000	120,000
Total Noninterest Income	354,000	315,000	825,000	800,000
NONINTEREST EXPENSE
Salary and benefits	1,654,000	1,691,000	4,872,000	5,089,000
Occupancy and equipment expenses	327,000	329,000	996,000	955,000
Legal, accounting and other professional fees	267,000	194,000	769,000	692,000
Data processing and item processing services	263,000	206,000	755,000	755,000
FDIC insurance costs	41,000	40,000	119,000	122,000
Advertising and marketing related expenses	40,000	26,000	88,000	72,000
Loan collection costs	5,000	10,000	11,000	13,000
Telephone costs	41,000	38,000	110,000	113,000
Other expenses	380,000	287,000	1,052,000	880,000
Total Noninterest Expenses	3,018,000	2,821,000	8,772,000	8,691,000
(Loss) income before income taxes	79,000	538,000	(542,000)	1,361,000
Income tax (benefit) expense	(50,000)	(13,000)	(470,000)	99,000
NET (LOSS) INCOME	$ 129,191	$ 551,000	$ (72,131)	$ 1,261,822
Basic net (loss) income per share of common stock (in dollars per share)	$ 0.04	$ 0.19	$ (0.02)	$ 0.44
Diluted net (loss) income per share of common stock (in dollars per share)	$ 0.04	$ 0.19	$ (0.02)	$ 0.44

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
Net (loss) income	$ 129,191	$ 551,000	$ (72,131)	$ 1,261,822
Net unrealized (loss) income on securities available for sale:
Net unrealized (loss) income on securities during the period	5,269,000	(6,060,000)	3,701,000	(4,668,000)
Income tax benefit (expense) relating to item above	(1,450,000)	1,668,000	(1,019,000)	1,284,000
Net effect on other comprehensive (loss) income	3,819,000	(4,392,000)	2,682,000	(3,384,000)
Other comprehensive (loss) income	3,819,000	(4,392,000)	2,682,000	(3,384,000)
Comprehensive (loss) income	$ 3,948,000	$ (3,841,000)	$ 2,610,000	$ (2,122,000)

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Total
Balances at Dec. 31, 2022	$ 2,865,000	$ 10,862,000	$ 23,579,000	$ (21,252,000)	$ 16,054,000
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)			1,262,000		1,261,822
Cash dividends, $0.10 per share			(861,000)		(861,000)
Dividends reinvested under dividend reinvestment plan	12,000	78,000			90,000
Other comprehensive (loss) income				(3,384,000)	(3,384,000)
Balances at Sep. 30, 2023	2,877,000	10,940,000	23,980,000	(24,636,000)	13,161,000
Balances at Dec. 31, 2023	2,883,000	10,964,000	23,859,000	(18,381,000)	19,325,000
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)			(72,000)		(72,131)
Cash dividends, $0.10 per share			(866,000)		(866,000)
Dividends reinvested under dividend reinvestment plan	18,000	73,000			91,000
Other comprehensive (loss) income				2,682,000	2,682,000
Balances at Sep. 30, 2024	$ 2,901,000	$ 11,037,000	$ 22,921,000	$ (15,699,000)	$ 21,160,000

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Cash dividends, per share	$ 0.30	$ 0.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ (72)	$ 1,262
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization of premises and equipment	244	120
Amortization, and accretion of investment securities available for sale	127	(23)
Provision for credit losses	773	(7)
Increase in cash surrender value of bank owned life insurance	(132)	(121)
Decrease in ground rents	6
(Increase) decrease in accrued interest receivable	(287)	(214)
Net (increase) decrease in other assets	(520)	(224)
Net increase (decrease) in accrued expenses and other liabilities	617	35
Net cash provided by operating activities	756	828
Cash flows from investing activities:
Redemptions and maturities of investment securities available for sale	23,043	6,530
Net sale (purchase) of Federal Home Loan Bank stock	971	(758)
Net (increase) decrease in loans	(30,849)	11,583
Purchase of investment securities available for sale		(9,747)
Purchases of premises and equipment	(131)	(128)
Net cash (used in) / provided by investing activities	(6,966)	7,480
Cash flows from financing activities:
Net increase (decrease) in deposits	14,206	(48,107)
Increase in short term borrowings		25,000
Cash dividends paid	(866)	(861)
Common stock dividends reinvested	91	90
Net cash provided by / (used in) financing activities	13,431	(23,878)
Net increase (decrease) in cash and cash equivalents	7,221	(15,570)
Cash and cash equivalents at beginning of period	15,241	30,092
Cash and cash equivalents at end of period	22,462	14,522
Supplemental Disclosures of Cash Flow Information:
Interest paid on deposits and borrowings	2,169	589
Net income taxes paid		436
Income taxes paid	(104)
Net (increase) decrease in unrealized depreciation on available for sale securities	$ 3,701	$ (4,668)

ORGANIZATIONAL

ORGANIZATIONAL	9 Months Ended
ORGANIZATIONAL	Sep. 30, 2024
ORGANIZATIONAL
ORGANIZATIONAL	NOTE 1 – ORGANIZATIONAL Nature of Business Glen Burnie Bancorp (the “Company”) is a bank holding company organized in 1990 under the laws of the State of Maryland. The Company owns all the outstanding shares of capital stock of The Bank of Glen Burnie (the “Bank”), a commercial bank in 1949 under the laws of the State of Maryland (the “State”). The Bank provides financial services to individuals and corporate customers located in Anne Arundel County and surrounding areas of Central Maryland and is subject to competition from other financial institutions. The Bank is also subject to the regulations of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2024
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 2 – BASIS OF PRESENTATION In management’s opinion, the accompanying unaudited consolidated financial statements, which have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim period reporting, reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial position at September 30, 2024 and December 31, 2023, the results of operations for the three- and nine-month periods ended September 30, 2024 and 2023, and the statements of cash flows for the nine-month periods ended September 30, 2024 and 2023. The operating results for the three- and nine-month periods ended September 30, 2024, are not necessarily indicative of the results that may be expected for the full year ended December 31, 2024, or any future interim period. The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the “SEC”) on March 22, 2024. The unaudited consolidated financial statements for September 30, 2024 and 2023, the consolidated balance sheet at December 31, 2023, and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements and the accompanying notes thereto that are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Summary of Significant Accounting Policies The significant accounting policies used in preparation of the Company's consolidated financial statements are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023. There have not been any significant changes in the Company's significant accounting policies. Allowance for Credit Losses – Loans Receivable The Company applies ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), such that the allowance calculation is based on the current expected credit loss (“CECL”) methodology. The Company maintains an allowance for credit losses (“ACL”) for the expected credit losses of the loan portfolio as well as unfunded loan commitments. The amount of ACL is based on ongoing, quarterly assessments by management. The CECL methodology requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures) and replaces the incurred loss methodology’s threshold that delayed the recognition of a credit loss until it was probable that a loss event was incurred. The ACL consists of the allowance for credit losses and the reserve for unfunded commitments. The estimate of expected credit losses under the CECL methodology is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. We then consider whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period that historical experience was based on for each loan type. Finally, we consider forecasts about future economic conditions or changes in collateral values that are reasonable and supportable. Portfolio segment is defined as the level at which the Company develops and documents a systematic methodology to determine its ACL. The Company has designated three loan portfolio segments: loans secured by real estate, commercial and industrial loans, and consumer loans. These loan portfolio segments are further disaggregated into classes, which represent loans of similar type, risk characteristics, and methods for monitoring and assessing credit risk. The loans secured by the real estate portfolio segment is disaggregated into five classes: construction and land, farmland, single-family residential, multi-family, and commercial. The commercial and industrial loan portfolio segment is disaggregated into two classes: commercial and industrial, and SBA guaranty. The risk of loss for the commercial and industrial loan portfolio segment is generally most indicated by the credit risk rating assigned to each borrower. Commercial and industrial loan risk ratings are determined by experienced senior credit officers based on specific facts and circumstances and are subject to periodic review by an independent internal team of credit specialists. The consumer loan portfolio segment is disaggregated into two classes: consumer and automobile. The risk of loss for the consumer loan portfolio segment is generally most indicated by delinquency status and general economic factors. Each of the three loan portfolio segments may also be further segmented based on risk characteristics. For most of our loan portfolio classes, the historical loss experience is determined using the Average Charge-Off Method. This method pools loans into groups (“cohorts”) sharing similar risk characteristics and tracks each cohort’s net charge-offs over the lives of the loans. The Average Charge-Off Method uses historical values by period (20-year look-back) to calculate losses and then applies the historical average to future balances over the life of the account. The historical loss rates for each cohort are then averaged to calculate an overall historical loss rate which is applied to the current loan balance to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class. For certain loan portfolio classes, the Company determined there was not sufficient historical loss information to calculate a meaningful historical loss rate using the average charge-off methodology. For any such loan portfolio class, peer group history contributes to the Company’s weighted average loss history. The peer group data is included in the weighted average loss history that is developed for each loan pool. The Company also considers qualitative adjustments to the historical loss rate for each loan portfolio class. The qualitative adjustments for each loan class consider the conditions over the 20-year look-back period from which historical loss experience was based and are split into two components: 1) asset or class specific risk characteristics or current conditions at the reporting date related to portfolio credit quality, remaining payments, volume and nature, credit culture and management, business environment or other management factors; and 2) reasonable and supportable forecasts of future economic conditions and collateral values. The Company performs a quarterly asset quality review which includes a review of forecasted gross charge-offs and recoveries, nonperforming assets, criticized loans, risk rating migration, delinquencies, etc. The asset quality review is performed by management and the results are used to consider a qualitative overlay to the quantitative baseline. When management deems it to be appropriate, the Company establishes a specific reserve for individually evaluated loans that do not share similar risk characteristics with the loans included in each respective loan pool. These individually evaluated loans are removed from their respective pools and typically represent collateral dependent loans but may also include other non-performing loans or restructured loans to borrowers experiencing financial difficulty. Allowance for Credit Losses – Held-to-Maturity Debt Securities For held-to-maturity (“HTM”) debt securities, the Company is required to utilize a CECL methodology to estimate expected credit losses. The Company does not own any HTM debt securities. Therefore, the Company did not record an allowance for credit losses for these types of securities. Allowance for Credit Losses – Available for Sale Debt Securities The impairment model for available for sale (“AFS”) debt securities differs from the CECL methodology applied for HTM debt securities because AFS debt securities are measured at fair value rather than amortized cost. Although ASC 326 replaced the legacy other-than-temporary impairment (“OTTI”) model with a credit loss model, it retained the fundamental nature of the legacy OTTI model. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either criterion is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities where neither of the criteria are met, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the credit rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited to the amount that the fair value is less than the amortized cost basis. Any remaining discount that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Under the new guidance, an entity may no longer consider the length of time fair value has been less than amortized cost. Changes in the allowance for credit losses are recorded as a provision (or release) for credit losses. Losses are charged against the allowance when management believes the collectability of an AFS security is considered below the amortized cost basis of the security. As of December 31, 2023 and September 30, 2024, the Company determined that the unrealized loss positions in AFS securities were not the result of credit losses, and therefore, an allowance for credit losses was not recorded. Off-Balance-Sheet Credit Exposures The only material off-balance-sheet credit exposures are unfunded loan commitments, which had a combined balance of $31.6 million on September 30, 2024. The reserve for unfunded commitments is recognized as a liability (accrued expenses and other liabilities in the consolidated statements of financial condition), with adjustments to the reserve recognized through provision for credit losses in the consolidated statements of income. The reserve for unfunded commitments represents the expected lifetime credit losses on off-balance sheet obligations such as commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments that are unconditionally cancellable by the Company. The reserve for unfunded commitments is determined by estimating future draws, including the effects of risk mitigation actions, and applying the expected loss rates on those draws. Loss rates are estimated by utilizing the same loss rates calculated for the allowance for credit losses related to the respective loan portfolio class. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, The Bank of Glen Burnie. Consolidation resulted in the elimination of all intercompany accounts and transactions. Cash Flow Presentation In the statements of cash flows, cash and cash equivalents include cash on hand, amounts due from banks, Federal Home Loan Bank of Atlanta (“FHLB Atlanta”) overnight deposits, and federal funds sold. Generally, federal funds are sold for one-day periods. Reclassifications Certain items in the fiscal year 2023 consolidated financial statements have been reclassified to conform to the fiscal year 2024 classifications. The reclassifications had no effect on previously reported results of operations or retained earnings. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the determination of the ACL; the fair value of financial instruments, such as loans and investment securities; benefit plan obligations and expenses; and the valuation of deferred tax assets and liabilities.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 30, 2024
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 3 – EARNINGS PER SHARE Basic earnings per common share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average common shares outstanding during the period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average common shares outstanding, plus the effect of common stock equivalents (for example, stock options computed using the treasury stock method). Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Basic and diluted earnings per share: Net income (loss) $ 129,191 $ 551,441 $ (72,131) $ 1,261,822 Weighted average common shares outstanding 2,897,929 2,875,329 2,891,585 2,869,631 Basic and dilutive net income (loss) per share $ 0.04 $ 0.19 $ (0.02) $ 0.44 Diluted earnings per share calculations were not required for the three- and nine-month periods ended September 30, 2024 and 2023, as there were no stock options outstanding.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	9 Months Ended
INVESTMENT SECURITIES	Sep. 30, 2024
INVESTMENT SECURITIES
INVESTMENT SECURITIES	NOTE 4 – INVESTMENT SECURITIES Investment securities are accounted for according to their purpose and holding period. Trading securities are those that are bought and held principally for the purpose of selling them in the near term. The Company held trading securities at September 30, 2024 or December 31, 2023. Available for sale investment securities, comprised of debt and mortgage-backed securities, are those that may be sold before maturity due to changes in the Company's interest rate risk profile or funding needs, and are reported at fair value with unrealized gains and losses, net of taxes, reported as a component of other comprehensive income. Held-to-maturity investment securities are those that management has the positive intent and ability to hold to maturity and are reported at amortized cost. The Company had Realized gains and losses are recorded in noninterest income and are determined on a trade date basis using the specific identification method. Interest and dividends on investment securities are recognized in interest income on an accrual basis. Premiums and discounts are amortized or accreted into interest income using the interest method over the expected lives of the individual securities. The following table summarizes the amortized cost and estimated fair value of the Company’s investment securities portfolio at September 30, 2024 and December 31, 2023: At September 30, 2024 Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value Collateralized mortgage obligations $ 14,745 $ 18 $ (2,065) $ 12,698 Agency mortgage-backed securities 46,085 — (4,419) 41,666 Municipal securities 42,913 5 (8,459) 34,459 U.S. Government agency securities 36,375 — (6,583) 29,792 Corporate Securities 1,500 — (157) 1,343 Total securities available for sale $ 141,618 $ 23 $ (21,683) $ 119,958 At December 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value Collateralized mortgage obligations $ 15,962 $ 8 $ (2,309) $ 13,661 Agency mortgage-backed securities 51,930 — (5,816) 46,114 Municipal securities 42,990 4 (9,265) 33,729 U.S. Government agency securities 45,406 — (7,712) 37,694 Corporate Securities 1,500 — (216) 1,284 U.S. Treasury securities 6,999 — (54) 6,945 Total securities available for sale $ 164,787 $ 12 $ (25,372) $ 139,427 The gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2024 and December 31, 2023 are as follows: September 30, 2024 Less than 12 months 12 months or more Total Securities available for sale: Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss (dollars in thousands) Collateralized mortgage obligations $ — $ — $ 10,034 $ (2,065) $ 10,034 $ (2,065) Agency mortgage-backed securities 67 — 41,599 (4,419) 41,666 (4,419) Municipal securities — 32,319 (8,459) 32,319 (8,459) U.S. Government agency securities — — 29,792 (6,583) 29,792 (6,583) Corporate Securities — — 1,343 (157) 1,343 (157) $ 67 $ — $ 115,087 $ (21,683) $ 115,154 $ (21,683) December 31, 2023 Less than 12 months 12 months or more Total Securities available for sale: Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss (dollars in thousands) Collateralized mortgage obligations $ 492 $ (1) $ 11,927 $ (2,308) $ 12,419 $ (2,309) Agency mortgage-backed securities 5 — 46,109 (5,816) 46,114 (5,816) Municipal securities 2,978 (39) 28,667 (9,226) 31,645 (9,265) U.S. Government agency securities 220 (1) 37,474 (7,711) 37,694 (7,712) Corporate Securities — — 1,284 (216) 1,284 (216) U.S. Treasury securities — — 6,944 (54) 6,944 (54) $ 3,695 $ (41) $ 132,405 $ (25,331) $ 136,100 $ (25,372) The Company does not believe that the available for sale debt securities that were in an unrealized loss position have any credit loss impairment as of September 30, 2024. As of September 30, 2024, the Company did not intend to sell the investment securities that were in an unrealized loss position. It is more likely than not that the Company will not be required to sell the investment securities before recovery of their amortized cost basis, which may be at maturity. Available for sale debt securities issued by U.S. government agencies or U.S. government sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Municipal bonds are considered to have issuer(s) of high credit quality (rated A or higher) and the decline in fair value is due to changes in interest rates and other market conditions. Corporate securities are non-rated investments that are booked as a debt security where rating agencies do not provide a rating. The absence of a rating does not imply substandard quality. Non-rated corporate securities may be purchased from issuers operating in and around the Company’s operating footprint. The issuer(s) continues to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bond(s) approach maturity. At September 30, 2024, the Company recorded unrealized losses in its portfolio of debt securities totaling $21.7 million related to 227 securities, which resulted from decreases in market value, spread volatility, and other factors that management deems to be temporary. Management does not believe the securities are impaired due to reasons of credit quality. Since management believes that it is more likely than not that the Company will not be required to sell these securities prior to maturity or a full recovery of the amortized cost, the Company does not consider these securities to have a credit loss impairment. At December 31, 2023, the Company recorded unrealized losses in its portfolio of debt securities totaling $25.4 million related to 256 securities, which resulted from decreases in market interest rates, spread volatility, and other factors that management deems to be temporary. Management does not believe the securities are impaired due to reasons of credit quality. Since management believes that it is more likely than not that the Company will not be required to sell these securities prior to maturity or a full recovery of the amortized cost, the Company does not consider these securities to have a credit loss impairment. Shown below are contractual maturities of debt securities at September 30, 2024. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. At September 30, 2024 Amortized Fair Yield (dollars in thousands) Cost Value (1), (2) Available for sale securities maturing: Within one year $ 6,012 $ 6,001 2.67 % Over one to five years 5,864 5,494 1.74 % Over five to ten years 31,937 29,085 2.14 % Over ten years 97,805 79,378 2.38 % Total debt securities $ 141,618 $ 119,958 _____________________ (1) Yields are stated as book yields which are adjusted for amortization and accretion of purchase premiums and discounts, respectively. (2) Yields on tax-exempt obligations are computed on a tax-equivalent basis.

LOANS RECEIVABLE AND ALLOWANCE

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES	9 Months Ended
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES	Sep. 30, 2024
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES	NOTE 5 – LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES The fundamental lending business of the Company is based on understanding, measuring, and controlling the credit risk inherent in the loan portfolio. The Company's loan portfolio is subject to varying degrees of credit risk. These risks entail both general risks, which are inherent in the lending process, and risks specific to individual borrowers. The Company's credit risk is mitigated through portfolio diversification, which limits exposure to any single customer, industry, or collateral type. The Company currently manages its credit products and the respective exposure to credit losses by specific portfolio segments and classes, which are levels at which the Company develops and documents its systematic methodology to determine the allowance for credit losses. The Company believes each portfolio segment has unique risk characteristics. The Company's loans held for investment is divided into three portfolio segments: loans secured by real estate, commercial and industrial loans, and consumer loans. Each of these segments is further divided into loan classes for the purpose of estimating the allowance for credit losses. The following table is a summary of loans receivable by loan portfolio segment and class. September 30, December 31, 2024 2023 (dollars in thousands) Amount % Amount % Loans Secured by Real Estate Construction and land $ 7,292 4 $ 4,636 3 Farmland 316 — 325 — Single-family residential 99,905 48 86,887 50 Multi-family 5,059 2 5,165 3 Commercial 50,200 24 39,217 22 Total loans secured by real estate 162,772 136,230 Commercial and Industrial Commercial and industrial 16,240 8 10,850 6 SBA guaranty 5,759 3 5,924 3 Total commercial and industrial loans 21,999 16,774 Consumer Loans Consumer 3,168 2 2,039 1 Automobile 19,036 9 21,264 12 Total consumer loans 22,204 23,303 Loans, net of deferred fees and costs 206,975 100 176,307 100 Less: Allowance for credit losses (2,748) (2,157) Loans, net $ 204,227 $ 174,150 The Bank’s net loans totaled %. Construction and land loans increased from %. Farmland loans were million at September 30, 2024 and December 31, 2023. Single-family residential loans increased from %. Multi-family residential loans were %. Commercial real estate loans increased million on December 31, 2023. Commercial and industrial loans increased by million on December 31, 2023. SBA guaranty loans were %. Consumer loans increased by million on December 31, 2023. Automobile loans decreased from Credit Risk and Allowance for Credit Losses . Credit risk is the risk of loss arising from the inability of a borrower to meet his or her obligations and entails both general risks, which are inherent in the process of lending, and risks specific to individual borrowers. Credit risk is mitigated through portfolio diversification, which limits exposure to any single customer, industry, or collateral type. Residential mortgage and home equity loans and lines generally have the lowest credit loss experience. Loans secured by personal property, such as auto loans, generally experience medium credit losses. Unsecured loan products, such as personal revolving credit, have the highest credit loss experience and for that reason, the Bank has chosen not to engage in a significant amount of this type of lending. Credit risk in commercial lending can vary significantly, as losses as a percentage of outstanding loans can shift widely during economic cycles and are particularly sensitive to changing economic conditions. Generally, improving economic conditions result in improved operating results on the part of commercial customers, enhancing their ability to meet their particular debt service requirements. Improvements, if any, in operating cash flows can be offset by the impact of rising interest rates that may occur during improved economic times. Inconsistent economic conditions may have an adverse effect on the operating results of commercial customers, reducing their ability to meet debt service obligations. The Company applies ASU 2016-13, Financial Instruments - Credit Losses (“ASC 326”) for estimating credit losses. The CECL model requires the immediate recognition of expected credit losses over the contractual term for financial instruments that fall within the scope of CECL at the date of origination or purchase of the financial instrument. The CECL model, which is applicable to the measurement of credit losses on financial assets measured at amortized cost and certain off-balance sheet credit exposures, affects the Company’s estimates of the allowance for credit losses for our loan portfolio and the reserve for our off-balance sheet credit exposures related to loan commitments. The allowance for credit losses is established through a provision for credit losses charged to expense. Loans are charged against the allowance for credit losses when management believes that the collectability of the principal is unlikely. The allowance, based on all available information from internal and external sources, relevant to assessing the collectability of loans over their contractual terms, adjusted for expected prepayments when appropriate, is an amount that management believes will be adequate to absorb possible losses on existing loans that may become uncollectible. The evaluations are performed for each class of loans and take into consideration factors such as changes in the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, value of collateral securing the loans and current economic conditions and trends that may affect the borrowers’ ability to pay. For example, delinquencies in unsecured loans and indirect automobile installment loans will be reserved for at significantly higher ratios than loans secured by real estate. Finally, the Company considers forecasts about future economic conditions or changes in collateral values that are reasonable and supportable. Based on that analysis, the Bank deems its allowance for credit losses in proportion to the total nonaccrual loans and past due loans to be sufficient. Transactions in the allowance for credit losses for the nine months ended September 30, 2024 and the year ended December 31, 2023 were as follows: Loans Secured By Real Estate Commercial and Industrial Loans Consumer Loans September 30, 2024 Construction Single-family Commercial (dollars in thousands) and Land Farmland Residential Multi-family Commercial and Industrial SBA Guaranty Consumer Automobile Total Balance, beginning of year $ 31 $ 18 $ 1,290 $ 96 $ 190 $ 304 $ 21 $ 30 $ 177 $ 2,157 Charge-offs — — — — — (299) — (18) (54) (371) Recoveries — — — — — — — 132 57 189 (Release) provision for credit losses 2 (2) 259 133 187 277 16 (93) (6) 773 Balance, end of quarter $ 33 $ 16 $ 1,549 $ 229 $ 377 $ 282 $ 37 $ 51 $ 174 $ 2,748 Individually evaluated for impairment: Balance in allowance $ — $ — $ 19 $ — $ — $ — $ — $ — $ — $ 19 Related loan balance — — 36 — — 129 — — — 165 Collectively evaluated for impairment: Balance in allowance $ 33 $ 16 $ 1,530 $ 229 $ 377 $ 282 $ 37 $ 51 $ 174 $ 2,729 Related loan balance 7,292 316 99,869 5,059 50,200 16,111 5,759 3,168 19,036 206,810 Loans Secured By Real Estate Commercial and Industrial Loans Consumer Loans December 31, 2023 Construction Single-family Commercial (dollars in thousands) and Land Farmland Residential Multi-family Commercial and Industrial SBA Guaranty Consumer Automobile Total Balance, beginning of year $ 44 $ 20 $ 1,230 $ 103 $ 221 $ 174 $ 22 $ 23 $ 325 $ 2,162 Charge-offs — — — — — — — (79) (124) (203) Recoveries — — — — — — — 1 101 102 (Release) provision for credit losses (13) (2) 60 (7) (31) 130 (1) 85 (125) 96 Balance, end of the year $ 31 $ 18 $ 1,290 $ 96 $ 190 $ 304 $ 21 $ 30 $ 177 $ 2,157 Individually evaluated for impairment: Balance in allowance $ — $ — $ 21 $ — $ — $ 179 $ — $ — $ — $ 200 Related loan balance — — 30 — — 299 — — — 329 Collectively evaluated for impairment: Balance in allowance $ 31 $ 18 $ 1,269 $ 96 $ 190 $ 125 $ 21 $ 30 $ 177 $ 1,957 Related loan balance 4,636 325 86,857 5,165 39,217 10,551 5,924 2,039 21,264 175,978 September 30, September 30, (dollars in thousands) 2024 2023 Average loans $ 188,627 $ 181,234 Net charge offs to average loans (annualized) 0.13 % 0.05 % During the nine-month period ended September 30, 2024, loans to 11 borrowers and related entities totaling approximately $371,000 were determined to be uncollectible and were charged off. During the nine-month period ended September 30, 2023, loans to The following table provides current period gross charge-offs by the year of origination for each period shown: Gross Charge-offs September 30, 2024 Term Loans by Origination Year (dollars in thousands) Revolving 2024 2023 2022 2021 2020 Prior Loans Total Commercial and Industrial Loans Commercial and industrial $ — $ — $ — $ 299 $ — $ — $ — $ 299 Consumer Loans Consumer — — 13 — — 5 — 18 Automobile — — — — 38 16 — 54 Total gross charge-offs this period $ — $ — $ 13 $ 299 $ 38 $ 21 $ — $ 371 Gross Charge-offs December 31, 2023 Term Loans by Origination Year (dollars in thousands) Revolving 2023 2022 2021 2020 2019 Prior Loans Total Consumer Loans Consumer $ — $ — $ — $ — $ — $ 79 $ — $ 79 Automobile — — 47 43 27 7 — 124 Total gross charge-offs this period $ — $ — $ 47 $ 43 $ 27 $ 86 $ — $ 203 Reserve for Unfunded Commitments . Loan commitments and unused lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. The Bank generally requires collateral to support financial instruments with credit risk on the same basis as it does for on-balance sheet instruments. The collateral requirement is based on management's credit evaluation of the counter party. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Each customer's creditworthiness is evaluated on a case-by-case basis. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. As of September 30, 2024 and 2023, the Bank had outstanding commitments totaling $31.6 million. The reserve for unfunded commitments represents the expected lifetime credit losses on off-balance sheet obligations such as commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments that are unconditionally cancellable by the Company. The allowance for credit losses on unfunded commitments is determined by estimating future draws, including the effects of risk mitigation actions, and applying the expected loss rates on those draws. Loss rates are estimated by utilizing the same loss rates calculated for the allowance for credit losses related to the respective loan portfolio class. The following table shows the Bank’s reserve for unfunded commitments arising from these transactions: Nine Months Ended September 30, (dollars in thousands) 2024 2023 Beginning balance $ 473 $ 477 Reduction of unfunded reserve (157) (52) Provisions charged to operations 281 23 Ending balance $ 597 $ 448 Contractual Obligations and Commitments. No material changes, outside the normal course of business, have been made during the first nine months of 2024. Asset Quality . The following tables set forth the amount of the Bank’s current, past due, and non-accrual loans by categories of loans and restructured loans, at the dates indicated. At September 30, 2024 90 Days or (dollars in thousands) 30-89 Days More and Current Past Due Still Accruing Nonaccrual Total Loans Secured by Real Estate Construction and land $ 7,292 $ — $ — $ — $ 7,292 Farmland 316 — — — 316 Single-family residential 99,718 86 — 101 99,905 Multi-family 5,059 — — — 5,059 Commercial 49,970 101 — 129 50,200 Total loans secured by real estate 162,355 187 — 230 162,772 Commercial and Industrial Commercial and industrial 16,240 — — — 16,240 SBA guaranty 5,287 472 — — 5,759 Total commercial and industrial loans 21,527 472 — — 21,999 Consumer Loans Consumer 3,168 — — — 3,168 Automobile 18,802 171 — 63 19,036 Total consumer loans 21,970 171 — 63 22,204 $ 205,852 $ 830 $ — $ 293 $ 206,975 At December 31, 2023 90 Days or (dollars in thousands) 30-89 Days More and Current Past Due Still Accruing Nonaccrual Total Loans Secured by Real Estate Construction and land $ 4,636 $ — $ — $ — $ 4,636 Farmland 325 — — — 325 Single-family residential 86,233 509 — 145 86,887 Multi-family 5,165 — — — 5,165 Commercial 39,217 — — — 39,217 Total loans secured by real estate 135,576 509 — 145 136,230 Commercial and Industrial Commercial and industrial 10,551 — — 299 10,850 SBA guaranty 5,924 — — — 5,924 Total commercial and industrial loans 16,475 — — 299 16,774 Consumer Loans Consumer 1,981 58 — — 2,039 Automobile 20,794 387 — 83 21,264 Total consumer loans 22,775 445 — 83 23,303 $ 174,826 $ 954 $ — $ 527 $ 176,307 The balances in the above tables have not been reduced by the allowance for credit losses. For the period ended September 30, 2024, the allowance for credit loss is $ million. For the period ended December 31, 2023, the allowance for credit loss is Non-accrual loans with specific reserves at September 30, 2024 are comprised of: Single–family residential established for the loan. This was a restructured loan to a borrower with financial difficulty. Below is a summary of the recorded investment amount and related allowance for losses of the Bank’s impaired loans at September 30, 2024 and December 31, 2023. September 30, 2024 Unpaid Interest Average (dollars in thousands) Recorded Principal Income Specific Recorded Investment Balance Recognized Reserve Investment Impaired loans with specific reserves: Loans Secured by Real Estate Construction and land $ — $ — $ — $ — $ — Farmland — — — — — Single-family residential 8 27 3 19 48 Multi-family — — — — — Commercial — — — — — Total loans secured by real estate 8 27 3 19 48 Commercial and Industrial Commercial and industrial — — — — — SBA guaranty — — — — — Total commercial and industrial loans — — — — — Consumer Loans Consumer — — — — — Automobile — — — — — Total consumer loans — — — — — Total impaired loans with specific reserves $ 8 $ 27 $ 3 $ 19 $ 48 Impaired loans with no specific reserve: Loans Secured by Real Estate Construction and land $ — $ — $ — $ n/a $ — Farmland — — — n/a — Single-family residential 74 74 8 n/a 91 Multi-family — — — n/a — Commercial 129 129 7 n/a 138 Total loans secured by real estate 203 203 15 — 229 Commercial and Industrial Commercial and industrial — — — n/a — SBA guaranty — — — n/a — Total commercial and industrial loans — — — — — Consumer Loans Consumer — — — n/a — Automobile 92 92 4 n/a 85 Total consumer loans 92 92 4 n/a 85 Total impaired loans with no specific reserve $ 295 $ 295 $ 19 $ — $ 314 December 31, 2023 Unpaid Interest Average (dollars in thousands) Recorded Principal Income Specific Recorded Investment Balance Recognized Reserve Investment Impaired loans with specific reserves: Loans Secured by Real Estate Construction and land $ — $ — $ — $ — $ — Farmland — — — — — Single-family residential 9 30 4 21 48 Multi-family — — — — — Commercial — — — — — Total loans secured by real estate 9 30 4 21 48 Commercial and Industrial Commercial and industrial 120 299 — 179 499 SBA guaranty — — — — — Total commercial and industrial loans 120 299 — 179 499 Consumer Loans Consumer — — — — — Automobile — — — — — Total consumer loans — — — — — Total impaired loans with specific reserves $ 129 $ 329 $ 4 $ 200 $ 547 Impaired loans with no specific reserve: Loans Secured by Real Estate Construction and land $ — $ — $ — $ n/a $ — Farmland — — — n/a — Single-family residential 115 115 5 n/a 130 Multi-family — — — n/a — Commercial — — — n/a — Total loans secured by real estate 115 115 5 — 130 Commercial and Industrial Commercial and industrial — — — n/a — SBA guaranty — — — n/a — Total commercial and industrial loans — — — — — Consumer Loans Consumer — — — n/a — Automobile 154 154 6 n/a 104 Total consumer loans 154 154 6 n/a 104 Total impaired loans with no specific reserve $ 269 $ 269 $ 11 $ — $ 234 September 30, December 31, (dollars in thousands) 2024 2023 Restructured loans to borrowers with financial difficulty $ 27 $ 30 Non-accrual and 90+ days past due and still accruing loans to average loans 0.14 % 0.29 % Allowance for credit losses to nonaccrual & 90+ days past due and still accruing loans 937.5 % 409.3 % At September 30, 2024, there was one restructured loan to a borrower with financial difficulty consisting of a single-family residential loan in the amount of $27,000 . This loan is in a nonaccrual status. The following table shows the activity for non-accrual loans for the nine months ended September 30, 2024 and 2023. Commercial and Loans Secured By Real Estate Industrial Loans Consumer Loans Single-family Commercial (dollars in thousands) Residential Commercial and Industrial SBA Guaranty Consumer Automobile Total December 31, 2022 $ 104 $ — $ 299 $ — $ — $ 85 $ 488 Transfers into nonaccrual 307 — — — — 145 452 Loans paid down/payoffs (262) — — — — (24) (286) Loans returned to accrual status — — — — — (16) (16) Loans charged off — — — — — (57) (57) September 30, 2023 $ 149 $ — $ 299 $ — $ — $ 133 $ 581 December 31, 2023 $ 145 $ — $ 299 $ — $ — $ 83 $ 527 Transfers into nonaccrual — 141 — — — 50 191 Loans paid down/payoffs (44) (12) — — — (30) (86) Loans returned to accrual status — — — — — — — Loans charged off — — (299) — — (40) (339) September 30, 2024 $ 101 $ 129 $ — $ — $ — $ 63 $ 293 Other Real Estate Owned. The Company had no real estate acquired in partial or total satisfaction of debt at September 30, 2024 and December 31, 2023. All such properties are initially recorded at a lower of cost or fair value (net realizable value) at the date acquired and carried on the balance sheet as other real estate owned. Losses arising at the date of acquisition are charged against the allowance for credit losses. Subsequent write-downs that may be required and the expense of operation are included in noninterest expense. Gains and losses realized from the sale of other real estate owned were included in noninterest income. Credit Quality Information In addition to monitoring the performance status of the loan portfolio, the Company utilizes a risk rating scale (1-8) to evaluate loan asset quality for all loans. Loans that are rated 1-4 are classified as pass credits. For the pass-rated loans, management believes there is a low risk of loss related to these loans and, as necessary, credit may be strengthened through improved borrower performance and/or additional collateral. The Bank’s internal risk ratings are as follows: 1 – 4 (Pass) - Pass credits are loans in grades “superior” through “acceptable”. These are at least considered to be credits with acceptable risks and would be granted in the normal course of lending operations. 5 (Special Mention) - Special mention credits have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credits or in the Bank’s credit position at some future date. If weaknesses cannot be identified, classification as special mention is not appropriate. Special mention credits are not adversely classified and do not expose the Bank to sufficient risk to warrant an adverse classification. No apparent loss of principal or interest is expected. 6 (Substandard) - Substandard credits are inadequately protected by the current worth and paying capacity of the obligor or by the collateral pledged. Financial statements normally reveal some or all of the following: poor trends, lack of earnings and cash flow, excessive debt, lack of liquidity, and the absence of creditor protection. Credits so classified must have a well-defined weakness, or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. 7 (Doubtful) - A doubtful credit has all the weaknesses inherent in a substandard asset with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans. Doubtful classification for an entire credit should be avoided when collection of a specific portion appears highly probable with the adequately secured portion graded Substandard. The following tables provides information with respect to the Company's credit quality indicators by loan portfolio segment on September 30, 2024, and December 31, 2023: Loans Secured By Real Estate Commercial and Industrial Loans Consumer Loans September 30, 2024 Construction Single-family Commercial (dollars in thousands) and Land Farmland Residential Multi-family Commercial and Industrial SBA Guaranty Consumer Automobile Total Pass $ 7,292 $ 316 $ 99,804 $ 5,059 $ 50,071 $ 16,240 $ 5,759 $ 3,168 $ 18,944 $ 206,653 Special mention — — — — — — — — — — Substandard — — 101 — 129 — — — 92 322 Doubtful — — — — — — — — — — Loss — — — — — — — — — — $ 7,292 $ 316 $ 99,905 $ 5,059 $ 50,200 $ 16,240 $ 5,759 $ 3,168 $ 19,036 $ 206,975 Nonaccrual $ — $ — $ 101 $ — $ 129 $ — $ — $ — $ 63 $ 293 Restructured loans to borrowers with financial difficulty $ — $ — $ 27 $ — $ — $ — $ — $ — $ — $ 27 Number restructured loans to borrowers with financial difficulty — — 1 — — — — — — 1 Non-performing restructured loans to borrowers with financial difficulty $ — $ — $ 27 $ — $ — $ — $ — $ — $ — $ 27 Number of non-performing restructured loan accounts — — 1 — — — — — — 1 Loans Secured By Real Estate Commercial and Industrial Loans Consumer Loans December 31, 2023 Construction Single-family Commercial (dollars in thousands) and Land Farmland Residential Multi-family Commercial and Industrial SBA Guaranty Consumer Automobile Total Pass $ 4,636 $ 325 $ 86,742 $ 5,165 $ 39,217 $ 10,551 $ 5,924 $ 2,039 $ 21,110 $ 175,709 Special mention — — — — — — — — — — Substandard — — 145 — — 299 — — 154 598 Doubtful — — — — — — — — — — Loss — — — — — — — — — — $ 4,636 $ 325 $ 86,887 $ 5,165 $ 39,217 $ 10,850 $ 5,924 $ 2,039 $ 21,264 $ 176,307 Nonaccrual $ — $ — $ 145 $ — $ — $ 299 $ — $ — $ 83 $ 527 Restructured loans to borrowers with financial difficulty $ — $ — $ 30 $ — $ — $ — $ — $ — $ — $ 30 Number restructured loans to borrowers with financial difficulty — — 1 — — — — — — 1 Non-performing restructured loans to borrowers with financial difficulty $ — $ — $ 30 $ — $ — $ — $ — $ — $ — $ 30 Number of non-performing restructured loan accounts — — 1 — — — — — — 1

FAIR VALUE

FAIR VALUE	9 Months Ended
FAIR VALUE	Sep. 30, 2024
FAIR VALUE
FAIR VALUE	NOTE 6 – FAIR VALUE ASC Topic 820 provides a framework for measuring and disclosing fair value under GAAP. ASC 820 requires disclosures about the fair value of assets and liabilities recognized in the balance sheet in periods subsequent to initial recognition, whether the measurements are made on a recurring basis (for example, available for sale investment securities) or a nonrecurring basis (for example, impaired loans). ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Fair Value Hierarchy ASC 820- 10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below: ● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. ● Level 2 – Other significant observable inputs (including quoted prices in active markets for similar securities). ● Level 3 – Significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments). The following is a description of valuation methodologies used for assets and liabilities recorded at fair value: Investment Securities Available for Sale and Interest Rate Swaps. Investment securities available for sale and interest rate swap contracts are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange such as the New York Stock Exchange, Treasury securities that are traded by dealers or brokers in active over-the-counter markets, and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds and corporate debt securities, and interest rate swap contracts. Securities classified as Level 3 include asset-backed securities in illiquid markets. The Bank may be required, from time to time, to measure certain other financial and non-financial assets and liabilities at fair value on a non-recurring basis in accordance with GAAP. Loans. Impaired loans totaled of specific reserves as of September 30, 2024. These assets included single-family residential, commercial and industrial, and automobile loans. They have been classified as impaired and include nonaccrual, past due 90 days or more and still accruing, and a homogeneous pool of indirect loans all considered to be impaired loans, which are valued under Level 3 inputs. Foreclosed real estate assets are primarily valued on a nonrecurring basis at the fair values of the underlying real estate collateral. The Company is predominantly a cash flow lender with real estate serving as collateral on a majority of loans. On a quarterly basis, the Company determines such fair values through a variety of data points and mostly relies on appraisals from independent appraisers. We obtain an appraisal of properties when they become impaired and conduct new appraisals at least every year. Typically, these appraisals do not include an inside inspection of the property as our loan documents do not require the borrower to allow access to the property. Therefore, the most significant unobservable inputs are the details of the amenities included within the property and the condition of the property. Further, we cannot always accurately assess the amount of time it takes to gain ownership of our collateral through the foreclosure process and the damage, as well as potential looting, of the property further decreasing our value. Thus, in determining the fair values we discount the current independent appraisals, within a range of , based on individual circumstances. The changes in the assets subject to fair value measurements are summarized below by level: Fair (dollars in thousands) Level 1 Level 2 Level 3 Value September 30, 2024 Recurring: Securities available for sale Collateralized mortgage obligations $ — $ 12,698 $ — $ 12,698 Agency mortgage-backed securities 547 41,119 — 41,666 Municipal securities — 34,459 — 34,459 Corporate securities — 1,343 — 1,343 U.S. Government agency securities — 29,792 — 29,792 Non-recurring: Impaired loans — — 303 303 $ 547 $ 119,411 $ 303 $ 120,261 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 The estimated fair values of the Company’s financial instruments at September 30, 2024 and December 31, 2023 are summarized in the following table. The fair values of a significant portion of these financial instruments are estimates derived using present value techniques and may not be indicative of the net realizable or liquidation values. Also, the calculation of estimated fair values is based on market conditions at a specific point in time and may not reflect current or future fair values. September 30, 2024 December 31, 2023 (dollars in thousands) Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and due from banks $ 2,255 $ 2,255 $ 1,940 $ 1,940 Interest-bearing deposits in other financial institutions 20,127 20,127 12,189 12,189 Federal funds sold 80 80 1,112 1,112 Investment securities available for sale 119,958 119,958 139,427 139,427 Investments in restricted stock 246 246 1,217 1,217 Ground rents 124 124 130 130 Loans, less allowance for credit losses 204,227 196,740 174,150 161,802 Accrued interest receivable 1,478 1,478 1,192 1,192 Cash value of life insurance 8,789 8,789 8,657 8,657 Financial liabilities: Deposits 314,273 270,290 300,067 252,707 Short-term borrowings 30,000 30,125 30,000 30,000 Accrued interest payable 993 993 366 366 Unrecognized financial instruments: Commitments to extend credit 31,345 31,345 33,162 33,162 Standby letters of credit 255 255 45 45 The following table presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments that were estimated using an exit pricing notion. (dollars in thousands) Carrying Fair September 30, 2024 Amount Value Level 1 Level 2 Level 3 Financial instruments - Assets Cash and cash equivalents $ 22,462 $ 22,462 $ 22,462 $ — $ — Loans receivable, net 204,227 196,740 — — 196,740 Cash value of life insurance 8,789 8,789 — 8,789 — Financial instruments - Liabilities Deposits 314,273 270,290 25,772 244,518 — Short-term debt 30,000 30,125 — 30,125 — Fair values are based on quoted market prices for similar instruments or estimated using discounted cash flows. The discounts used are estimated using comparable market rates for similar types of instruments adjusted to be commensurate with the credit risk, overhead costs, and optionality of such instruments. The fair value of cash and due from banks, federal funds sold, investments in restricted stocks and accrued interest receivable are equal to the carrying amounts. The fair values of investment securities are determined using market quotations, if available, or measured using pricing models or other model-based valuation techniques such as present value and future value cash flows. The fair value of loans receivable is estimated using discounted cash flow analysis. For cash surrender value of life insurance, the carrying value is a reasonable estimate of fair value. The cash surrender value of life insurance is reported in the Level 2 fair value category. The fair value of the Bank Term Funding Program loans is equal to the carrying amounts. The fair value of FHLB borrowings is estimated based upon discounted future cash flows using a discounted rate comparable to the current market rate for such borrowings. FHLB borrowings are reported in the Level 2 fair value category. The fair value of noninterest-bearing deposits, interest-bearing checking, savings, and money market deposit accounts, securities sold under agreements to repurchase, and accrued interest payable are equal to the carrying amounts. The fair value of fixed-maturity time deposits is estimated using discounted cash flow analysis.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Sep. 30, 2024
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 7 – RECENT ACCOUNTING PRONOUNCEMENTS New accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") with required effective dates. The following accounting pronouncements should be read in conjunction with "Critical Accounting Policies" of Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s 2023 Form 10-K. ASU No. 2023-01. Leases (Topic 842), “Common Control Arrangements.” The ASU is an amendment to Topic 842. The amendments in this Update clarify the accounting for leasehold improvements associated with common control leases. This Update has been issued in order to address current diversity in practice associated with the accounting for leasehold improvements associated with a lease between entities under common control. The amendments in this Update apply to all lessees that are a party to a lease between entities under common control in which there are leasehold improvements. The amendments in this Update are effective for interim and annual periods beginning after December 15, 2023. The Company adopted this guidance in the first quarter of 2024. The Company has no leases which are subject to this guidance and therefore the impact of adopting the new guidance did not have an impact upon the Company’s financial position and results of operations. ASU No. 2023-02. Investments-Equity Method and Joint Ventures (Topic 323), “Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” The amendments in this Update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The amendments in this Update are effective for interim and annual periods beginning after December 15, 2023 and the Company adopted the guidance in the first quarter of 2024. The Company currently has no investments which are subject to this guidance and therefore the impact of adopting the new guidance did not have an impact upon the Company’s financial position and results of operations. ASU No. 2023-05. Business Combinations – “Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement.” The amendments in this Update are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Additionally, a joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively if it has sufficient information. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued (or made available for issuance), either prospectively or retrospectively. The Company is evaluating the impact of adopting the new guidance on the consolidated financial statements. ASU No. 2023-06. Disclosure Improvements – “Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” The amendments in this Update represent changes to clarify or improve disclosure and presentation requirements of a variety of Topics. Many of the amendments allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the SEC’s requirements. Also, the amendments align the requirements in the Codification with the SEC’s regulations. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments in this Update should be applied prospectively. If by September 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. ASU No. 2023-07. “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-04”). This update requires public entities with reportable segments to provide additional and more detailed disclosures. This standard is effective for annual periods beginning after December 15, 2023. The Company adopted the guidance in the first quarter of 2024 but does not meet the requirements for reporting segment information and, as such, the adoption did not have an impact on its consolidated financial statements. ASU No. 2023-08. “Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and disclosure of Crypto Assets (“ASU 2023-08”).” This update provides guidance for crypto assets to be carried at fair value and requires additional disclosures. This standard is effective for all entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of ASU 2023-08 to have an impact on its consolidated financial statements. The Company currently does not hold crypto assets or carry goodwill on its balance sheet. ASU No. 2023-09. “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This update requires more detailed disclosures of income taxes paid net of refunds received, income from continuing operations before income tax expense or benefit, and income tax expense from continuing operations. This standard is to be applied on a prospective basis, with retrospective application permitted, and will be effective for the Company for annual periods beginning after December 15, 2024. We do not expect adoption of this standard to have a material impact on the Company’s financial position or results of operations. ASU No. 2024-01 “Compensation - Stock Compensation (Topic 718) - Scope Application of Profits Interest and Similar Awards” (“ASU 2024-01”) clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or is not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 provides an illustrative example with multiple fact patterns and also amends certain language in the “Scope” and “Scope Exceptions” sections of Topic 718 to improve its clarity and operability without changing the guidance. Entities can apply the amendments either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. If prospective application is elected, an entity must disclose the nature of and reason for the change in accounting principle. ASU 2024-01 is effective January 1, 2025, including interim periods. We do not expect adoption of this standard to have a material impact on the Company’s financial position or results of operations. ASU No. 2024-02 “Codification Improvements” (“ASU 2024-02”) amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective January 1, 2025. We do not expect adoption of this standard to have a material impact on the Company’s financial position or results of operations.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 8 – SUBSEQUENT EVENTS None.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 129,191	$ 551,000	$ (72,131)	$ 1,261,822

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2024
BASIS OF PRESENTATION
Allowance for Credit Losses - Loans Receivable	Allowance for Credit Losses – Loans Receivable The Company applies ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), such that the allowance calculation is based on the current expected credit loss (“CECL”) methodology. The Company maintains an allowance for credit losses (“ACL”) for the expected credit losses of the loan portfolio as well as unfunded loan commitments. The amount of ACL is based on ongoing, quarterly assessments by management. The CECL methodology requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures) and replaces the incurred loss methodology’s threshold that delayed the recognition of a credit loss until it was probable that a loss event was incurred. The ACL consists of the allowance for credit losses and the reserve for unfunded commitments. The estimate of expected credit losses under the CECL methodology is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. We then consider whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period that historical experience was based on for each loan type. Finally, we consider forecasts about future economic conditions or changes in collateral values that are reasonable and supportable. Portfolio segment is defined as the level at which the Company develops and documents a systematic methodology to determine its ACL. The Company has designated three loan portfolio segments: loans secured by real estate, commercial and industrial loans, and consumer loans. These loan portfolio segments are further disaggregated into classes, which represent loans of similar type, risk characteristics, and methods for monitoring and assessing credit risk. The loans secured by the real estate portfolio segment is disaggregated into five classes: construction and land, farmland, single-family residential, multi-family, and commercial. The commercial and industrial loan portfolio segment is disaggregated into two classes: commercial and industrial, and SBA guaranty. The risk of loss for the commercial and industrial loan portfolio segment is generally most indicated by the credit risk rating assigned to each borrower. Commercial and industrial loan risk ratings are determined by experienced senior credit officers based on specific facts and circumstances and are subject to periodic review by an independent internal team of credit specialists. The consumer loan portfolio segment is disaggregated into two classes: consumer and automobile. The risk of loss for the consumer loan portfolio segment is generally most indicated by delinquency status and general economic factors. Each of the three loan portfolio segments may also be further segmented based on risk characteristics. For most of our loan portfolio classes, the historical loss experience is determined using the Average Charge-Off Method. This method pools loans into groups (“cohorts”) sharing similar risk characteristics and tracks each cohort’s net charge-offs over the lives of the loans. The Average Charge-Off Method uses historical values by period (20-year look-back) to calculate losses and then applies the historical average to future balances over the life of the account. The historical loss rates for each cohort are then averaged to calculate an overall historical loss rate which is applied to the current loan balance to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class. For certain loan portfolio classes, the Company determined there was not sufficient historical loss information to calculate a meaningful historical loss rate using the average charge-off methodology. For any such loan portfolio class, peer group history contributes to the Company’s weighted average loss history. The peer group data is included in the weighted average loss history that is developed for each loan pool. The Company also considers qualitative adjustments to the historical loss rate for each loan portfolio class. The qualitative adjustments for each loan class consider the conditions over the 20-year look-back period from which historical loss experience was based and are split into two components: 1) asset or class specific risk characteristics or current conditions at the reporting date related to portfolio credit quality, remaining payments, volume and nature, credit culture and management, business environment or other management factors; and 2) reasonable and supportable forecasts of future economic conditions and collateral values. The Company performs a quarterly asset quality review which includes a review of forecasted gross charge-offs and recoveries, nonperforming assets, criticized loans, risk rating migration, delinquencies, etc. The asset quality review is performed by management and the results are used to consider a qualitative overlay to the quantitative baseline. When management deems it to be appropriate, the Company establishes a specific reserve for individually evaluated loans that do not share similar risk characteristics with the loans included in each respective loan pool. These individually evaluated loans are removed from their respective pools and typically represent collateral dependent loans but may also include other non-performing loans or restructured loans to borrowers experiencing financial difficulty. Allowance for Credit Losses – Held-to-Maturity Debt Securities For held-to-maturity (“HTM”) debt securities, the Company is required to utilize a CECL methodology to estimate expected credit losses. The Company does not own any HTM debt securities. Therefore, the Company did not record an allowance for credit losses for these types of securities. Allowance for Credit Losses – Available for Sale Debt Securities The impairment model for available for sale (“AFS”) debt securities differs from the CECL methodology applied for HTM debt securities because AFS debt securities are measured at fair value rather than amortized cost. Although ASC 326 replaced the legacy other-than-temporary impairment (“OTTI”) model with a credit loss model, it retained the fundamental nature of the legacy OTTI model. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either criterion is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities where neither of the criteria are met, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the credit rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited to the amount that the fair value is less than the amortized cost basis. Any remaining discount that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Under the new guidance, an entity may no longer consider the length of time fair value has been less than amortized cost. Changes in the allowance for credit losses are recorded as a provision (or release) for credit losses. Losses are charged against the allowance when management believes the collectability of an AFS security is considered below the amortized cost basis of the security. As of December 31, 2023 and September 30, 2024, the Company determined that the unrealized loss positions in AFS securities were not the result of credit losses, and therefore, an allowance for credit losses was not recorded.
Off-Balance-Sheet Credit Exposures	Off-Balance-Sheet Credit Exposures The only material off-balance-sheet credit exposures are unfunded loan commitments, which had a combined balance of $31.6 million on September 30, 2024. The reserve for unfunded commitments is recognized as a liability (accrued expenses and other liabilities in the consolidated statements of financial condition), with adjustments to the reserve recognized through provision for credit losses in the consolidated statements of income. The reserve for unfunded commitments represents the expected lifetime credit losses on off-balance sheet obligations such as commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments that are unconditionally cancellable by the Company. The reserve for unfunded commitments is determined by estimating future draws, including the effects of risk mitigation actions, and applying the expected loss rates on those draws. Loss rates are estimated by utilizing the same loss rates calculated for the allowance for credit losses related to the respective loan portfolio class.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, The Bank of Glen Burnie. Consolidation resulted in the elimination of all intercompany accounts and transactions.
Cash Flow Presentation	Cash Flow Presentation In the statements of cash flows, cash and cash equivalents include cash on hand, amounts due from banks, Federal Home Loan Bank of Atlanta (“FHLB Atlanta”) overnight deposits, and federal funds sold. Generally, federal funds are sold for one-day periods.
Reclassifications	Reclassifications Certain items in the fiscal year 2023 consolidated financial statements have been reclassified to conform to the fiscal year 2024 classifications. The reclassifications had no effect on previously reported results of operations or retained earnings.
Use of Estimates	Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the determination of the ACL; the fair value of financial instruments, such as loans and investment securities; benefit plan obligations and expenses; and the valuation of deferred tax assets and liabilities.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 2024
EARNINGS PER SHARE
Schedule of earnings per common share	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Basic and diluted earnings per share: Net income (loss) $ 129,191 $ 551,441 $ (72,131) $ 1,261,822 Weighted average common shares outstanding 2,897,929 2,875,329 2,891,585 2,869,631 Basic and dilutive net income (loss) per share $ 0.04 $ 0.19 $ (0.02) $ 0.44

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	9 Months Ended
INVESTMENT SECURITIES (Tables)	Sep. 30, 2024
INVESTMENT SECURITIES
Schedule of summary of investment securities	At September 30, 2024 Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value Collateralized mortgage obligations $ 14,745 $ 18 $ (2,065) $ 12,698 Agency mortgage-backed securities 46,085 — (4,419) 41,666 Municipal securities 42,913 5 (8,459) 34,459 U.S. Government agency securities 36,375 — (6,583) 29,792 Corporate Securities 1,500 — (157) 1,343 Total securities available for sale $ 141,618 $ 23 $ (21,683) $ 119,958 At December 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value Collateralized mortgage obligations $ 15,962 $ 8 $ (2,309) $ 13,661 Agency mortgage-backed securities 51,930 — (5,816) 46,114 Municipal securities 42,990 4 (9,265) 33,729 U.S. Government agency securities 45,406 — (7,712) 37,694 Corporate Securities 1,500 — (216) 1,284 U.S. Treasury securities 6,999 — (54) 6,945 Total securities available for sale $ 164,787 $ 12 $ (25,372) $ 139,427
Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time in continuous unrealized loss position	September 30, 2024 Less than 12 months 12 months or more Total Securities available for sale: Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss (dollars in thousands) Collateralized mortgage obligations $ — $ — $ 10,034 $ (2,065) $ 10,034 $ (2,065) Agency mortgage-backed securities 67 — 41,599 (4,419) 41,666 (4,419) Municipal securities — 32,319 (8,459) 32,319 (8,459) U.S. Government agency securities — — 29,792 (6,583) 29,792 (6,583) Corporate Securities — — 1,343 (157) 1,343 (157) $ 67 $ — $ 115,087 $ (21,683) $ 115,154 $ (21,683) December 31, 2023 Less than 12 months 12 months or more Total Securities available for sale: Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss (dollars in thousands) Collateralized mortgage obligations $ 492 $ (1) $ 11,927 $ (2,308) $ 12,419 $ (2,309) Agency mortgage-backed securities 5 — 46,109 (5,816) 46,114 (5,816) Municipal securities 2,978 (39) 28,667 (9,226) 31,645 (9,265) U.S. Government agency securities 220 (1) 37,474 (7,711) 37,694 (7,712) Corporate Securities — — 1,284 (216) 1,284 (216) U.S. Treasury securities — — 6,944 (54) 6,944 (54) $ 3,695 $ (41) $ 132,405 $ (25,331) $ 136,100 $ (25,372)
Schedule of contractual maturities of investment securities	Shown below are contractual maturities of debt securities at September 30, 2024. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. At September 30, 2024 Amortized Fair Yield (dollars in thousands) Cost Value (1), (2) Available for sale securities maturing: Within one year $ 6,012 $ 6,001 2.67 % Over one to five years 5,864 5,494 1.74 % Over five to ten years 31,937 29,085 2.14 % Over ten years 97,805 79,378 2.38 % Total debt securities $ 141,618 $ 119,958 _____________________ (1) Yields are stated as book yields which are adjusted for amortization and accretion of purchase premiums and discounts, respectively. (2) Yields on tax-exempt obligations are computed on a tax-equivalent basis.

LOANS RECEIVABLE AND ALLOWANC_2

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Tables)	9 Months Ended
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Tables)	Sep. 30, 2024
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES
Schedule of loans receivable by loan portfolio segment and class	September 30, December 31, 2024 2023 (dollars in thousands) Amount % Amount % Loans Secured by Real Estate Construction and land $ 7,292 4 $ 4,636 3 Farmland 316 — 325 — Single-family residential 99,905 48 86,887 50 Multi-family 5,059 2 5,165 3 Commercial 50,200 24 39,217 22 Total loans secured by real estate 162,772 136,230 Commercial and Industrial Commercial and industrial 16,240 8 10,850 6 SBA guaranty 5,759 3 5,924 3 Total commercial and industrial loans 21,999 16,774 Consumer Loans Consumer 3,168 2 2,039 1 Automobile 19,036 9 21,264 12 Total consumer loans 22,204 23,303 Loans, net of deferred fees and costs 206,975 100 176,307 100 Less: Allowance for credit losses (2,748) (2,157) Loans, net $ 204,227 $ 174,150
Schedule of transactions in the allowance for credit losses	Loans Secured By Real Estate Commercial and Industrial Loans Consumer Loans September 30, 2024 Construction Single-family Commercial (dollars in thousands) and Land Farmland Residential Multi-family Commercial and Industrial SBA Guaranty Consumer Automobile Total Balance, beginning of year $ 31 $ 18 $ 1,290 $ 96 $ 190 $ 304 $ 21 $ 30 $ 177 $ 2,157 Charge-offs — — — — — (299) — (18) (54) (371) Recoveries — — — — — — — 132 57 189 (Release) provision for credit losses 2 (2) 259 133 187 277 16 (93) (6) 773 Balance, end of quarter $ 33 $ 16 $ 1,549 $ 229 $ 377 $ 282 $ 37 $ 51 $ 174 $ 2,748 Individually evaluated for impairment: Balance in allowance $ — $ — $ 19 $ — $ — $ — $ — $ — $ — $ 19 Related loan balance — — 36 — — 129 — — — 165 Collectively evaluated for impairment: Balance in allowance $ 33 $ 16 $ 1,530 $ 229 $ 377 $ 282 $ 37 $ 51 $ 174 $ 2,729 Related loan balance 7,292 316 99,869 5,059 50,200 16,111 5,759 3,168 19,036 206,810 Loans Secured By Real Estate Commercial and Industrial Loans Consumer Loans December 31, 2023 Construction Single-family Commercial (dollars in thousands) and Land Farmland Residential Multi-family Commercial and Industrial SBA Guaranty Consumer Automobile Total Balance, beginning of year $ 44 $ 20 $ 1,230 $ 103 $ 221 $ 174 $ 22 $ 23 $ 325 $ 2,162 Charge-offs — — — — — — — (79) (124) (203) Recoveries — — — — — — — 1 101 102 (Release) provision for credit losses (13) (2) 60 (7) (31) 130 (1) 85 (125) 96 Balance, end of the year $ 31 $ 18 $ 1,290 $ 96 $ 190 $ 304 $ 21 $ 30 $ 177 $ 2,157 Individually evaluated for impairment: Balance in allowance $ — $ — $ 21 $ — $ — $ 179 $ — $ — $ — $ 200 Related loan balance — — 30 — — 299 — — — 329 Collectively evaluated for impairment: Balance in allowance $ 31 $ 18 $ 1,269 $ 96 $ 190 $ 125 $ 21 $ 30 $ 177 $ 1,957 Related loan balance 4,636 325 86,857 5,165 39,217 10,551 5,924 2,039 21,264 175,978
Schedule of allowances for credit losses	September 30, September 30, (dollars in thousands) 2024 2023 Average loans $ 188,627 $ 181,234 Net charge offs to average loans (annualized) 0.13 % 0.05 %
Schedule of current period gross charge-offs by the year of origination	Gross Charge-offs September 30, 2024 Term Loans by Origination Year (dollars in thousands) Revolving 2024 2023 2022 2021 2020 Prior Loans Total Commercial and Industrial Loans Commercial and industrial $ — $ — $ — $ 299 $ — $ — $ — $ 299 Consumer Loans Consumer — — 13 — — 5 — 18 Automobile — — — — 38 16 — 54 Total gross charge-offs this period $ — $ — $ 13 $ 299 $ 38 $ 21 $ — $ 371 Gross Charge-offs December 31, 2023 Term Loans by Origination Year (dollars in thousands) Revolving 2023 2022 2021 2020 2019 Prior Loans Total Consumer Loans Consumer $ — $ — $ — $ — $ — $ 79 $ — $ 79 Automobile — — 47 43 27 7 — 124 Total gross charge-offs this period $ — $ — $ 47 $ 43 $ 27 $ 86 $ — $ 203
Schedule of reserve for unfunded commitments	Nine Months Ended September 30, (dollars in thousands) 2024 2023 Beginning balance $ 473 $ 477 Reduction of unfunded reserve (157) (52) Provisions charged to operations 281 23 Ending balance $ 597 $ 448
Schedule of current, past due, and non-accrual loans by categories of loans and restructured loans	At September 30, 2024 90 Days or (dollars in thousands) 30-89 Days More and Current Past Due Still Accruing Nonaccrual Total Loans Secured by Real Estate Construction and land $ 7,292 $ — $ — $ — $ 7,292 Farmland 316 — — — 316 Single-family residential 99,718 86 — 101 99,905 Multi-family 5,059 — — — 5,059 Commercial 49,970 101 — 129 50,200 Total loans secured by real estate 162,355 187 — 230 162,772 Commercial and Industrial Commercial and industrial 16,240 — — — 16,240 SBA guaranty 5,287 472 — — 5,759 Total commercial and industrial loans 21,527 472 — — 21,999 Consumer Loans Consumer 3,168 — — — 3,168 Automobile 18,802 171 — 63 19,036 Total consumer loans 21,970 171 — 63 22,204 $ 205,852 $ 830 $ — $ 293 $ 206,975 At December 31, 2023 90 Days or (dollars in thousands) 30-89 Days More and Current Past Due Still Accruing Nonaccrual Total Loans Secured by Real Estate Construction and land $ 4,636 $ — $ — $ — $ 4,636 Farmland 325 — — — 325 Single-family residential 86,233 509 — 145 86,887 Multi-family 5,165 — — — 5,165 Commercial 39,217 — — — 39,217 Total loans secured by real estate 135,576 509 — 145 136,230 Commercial and Industrial Commercial and industrial 10,551 — — 299 10,850 SBA guaranty 5,924 — — — 5,924 Total commercial and industrial loans 16,475 — — 299 16,774 Consumer Loans Consumer 1,981 58 — — 2,039 Automobile 20,794 387 — 83 21,264 Total consumer loans 22,775 445 — 83 23,303 $ 174,826 $ 954 $ — $ 527 $ 176,307
Summary of the recorded investment amount and related allowance for losses of the Bank's impaired loans	September 30, 2024 Unpaid Interest Average (dollars in thousands) Recorded Principal Income Specific Recorded Investment Balance Recognized Reserve Investment Impaired loans with specific reserves: Loans Secured by Real Estate Construction and land $ — $ — $ — $ — $ — Farmland — — — — — Single-family residential 8 27 3 19 48 Multi-family — — — — — Commercial — — — — — Total loans secured by real estate 8 27 3 19 48 Commercial and Industrial Commercial and industrial — — — — — SBA guaranty — — — — — Total commercial and industrial loans — — — — — Consumer Loans Consumer — — — — — Automobile — — — — — Total consumer loans — — — — — Total impaired loans with specific reserves $ 8 $ 27 $ 3 $ 19 $ 48 Impaired loans with no specific reserve: Loans Secured by Real Estate Construction and land $ — $ — $ — $ n/a $ — Farmland — — — n/a — Single-family residential 74 74 8 n/a 91 Multi-family — — — n/a — Commercial 129 129 7 n/a 138 Total loans secured by real estate 203 203 15 — 229 Commercial and Industrial Commercial and industrial — — — n/a — SBA guaranty — — — n/a — Total commercial and industrial loans — — — — — Consumer Loans Consumer — — — n/a — Automobile 92 92 4 n/a 85 Total consumer loans 92 92 4 n/a 85 Total impaired loans with no specific reserve $ 295 $ 295 $ 19 $ — $ 314 December 31, 2023 Unpaid Interest Average (dollars in thousands) Recorded Principal Income Specific Recorded Investment Balance Recognized Reserve Investment Impaired loans with specific reserves: Loans Secured by Real Estate Construction and land $ — $ — $ — $ — $ — Farmland — — — — — Single-family residential 9 30 4 21 48 Multi-family — — — — — Commercial — — — — — Total loans secured by real estate 9 30 4 21 48 Commercial and Industrial Commercial and industrial 120 299 — 179 499 SBA guaranty — — — — — Total commercial and industrial loans 120 299 — 179 499 Consumer Loans Consumer — — — — — Automobile — — — — — Total consumer loans — — — — — Total impaired loans with specific reserves $ 129 $ 329 $ 4 $ 200 $ 547 Impaired loans with no specific reserve: Loans Secured by Real Estate Construction and land $ — $ — $ — $ n/a $ — Farmland — — — n/a — Single-family residential 115 115 5 n/a 130 Multi-family — — — n/a — Commercial — — — n/a — Total loans secured by real estate 115 115 5 — 130 Commercial and Industrial Commercial and industrial — — — n/a — SBA guaranty — — — n/a — Total commercial and industrial loans — — — — — Consumer Loans Consumer — — — n/a — Automobile 154 154 6 n/a 104 Total consumer loans 154 154 6 n/a 104 Total impaired loans with no specific reserve $ 269 $ 269 $ 11 $ — $ 234
Schedule of allowance for loan loss and the unearned income on loans	September 30, December 31, (dollars in thousands) 2024 2023 Restructured loans to borrowers with financial difficulty $ 27 $ 30 Non-accrual and 90+ days past due and still accruing loans to average loans 0.14 % 0.29 % Allowance for credit losses to nonaccrual & 90+ days past due and still accruing loans 937.5 % 409.3 %
Schedule of non accrual loans	Commercial and Loans Secured By Real Estate Industrial Loans Consumer Loans Single-family Commercial (dollars in thousands) Residential Commercial and Industrial SBA Guaranty Consumer Automobile Total December 31, 2022 $ 104 $ — $ 299 $ — $ — $ 85 $ 488 Transfers into nonaccrual 307 — — — — 145 452 Loans paid down/payoffs (262) — — — — (24) (286) Loans returned to accrual status — — — — — (16) (16) Loans charged off — — — — — (57) (57) September 30, 2023 $ 149 $ — $ 299 $ — $ — $ 133 $ 581 December 31, 2023 $ 145 $ — $ 299 $ — $ — $ 83 $ 527 Transfers into nonaccrual — 141 — — — 50 191 Loans paid down/payoffs (44) (12) — — — (30) (86) Loans returned to accrual status — — — — — — — Loans charged off — — (299) — — (40) (339) September 30, 2024 $ 101 $ 129 $ — $ — $ — $ 63 $ 293
Schedule of company's credit quality indicators by loan portfolio segment	Loans Secured By Real Estate Commercial and Industrial Loans Consumer Loans September 30, 2024 Construction Single-family Commercial (dollars in thousands) and Land Farmland Residential Multi-family Commercial and Industrial SBA Guaranty Consumer Automobile Total Pass $ 7,292 $ 316 $ 99,804 $ 5,059 $ 50,071 $ 16,240 $ 5,759 $ 3,168 $ 18,944 $ 206,653 Special mention — — — — — — — — — — Substandard — — 101 — 129 — — — 92 322 Doubtful — — — — — — — — — — Loss — — — — — — — — — — $ 7,292 $ 316 $ 99,905 $ 5,059 $ 50,200 $ 16,240 $ 5,759 $ 3,168 $ 19,036 $ 206,975 Nonaccrual $ — $ — $ 101 $ — $ 129 $ — $ — $ — $ 63 $ 293 Restructured loans to borrowers with financial difficulty $ — $ — $ 27 $ — $ — $ — $ — $ — $ — $ 27 Number restructured loans to borrowers with financial difficulty — — 1 — — — — — — 1 Non-performing restructured loans to borrowers with financial difficulty $ — $ — $ 27 $ — $ — $ — $ — $ — $ — $ 27 Number of non-performing restructured loan accounts — — 1 — — — — — — 1 Loans Secured By Real Estate Commercial and Industrial Loans Consumer Loans December 31, 2023 Construction Single-family Commercial (dollars in thousands) and Land Farmland Residential Multi-family Commercial and Industrial SBA Guaranty Consumer Automobile Total Pass $ 4,636 $ 325 $ 86,742 $ 5,165 $ 39,217 $ 10,551 $ 5,924 $ 2,039 $ 21,110 $ 175,709 Special mention — — — — — — — — — — Substandard — — 145 — — 299 — — 154 598 Doubtful — — — — — — — — — — Loss — — — — — — — — — — $ 4,636 $ 325 $ 86,887 $ 5,165 $ 39,217 $ 10,850 $ 5,924 $ 2,039 $ 21,264 $ 176,307 Nonaccrual $ — $ — $ 145 $ — $ — $ 299 $ — $ — $ 83 $ 527 Restructured loans to borrowers with financial difficulty $ — $ — $ 30 $ — $ — $ — $ — $ — $ — $ 30 Number restructured loans to borrowers with financial difficulty — — 1 — — — — — — 1 Non-performing restructured loans to borrowers with financial difficulty $ — $ — $ 30 $ — $ — $ — $ — $ — $ — $ 30 Number of non-performing restructured loan accounts — — 1 — — — — — — 1

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
FAIR VALUE (Tables)	Sep. 30, 2024
FAIR VALUE
Schedule of changes in asset subject to fair value measurement by Level	Fair (dollars in thousands) Level 1 Level 2 Level 3 Value September 30, 2024 Recurring: Securities available for sale Collateralized mortgage obligations $ — $ 12,698 $ — $ 12,698 Agency mortgage-backed securities 547 41,119 — 41,666 Municipal securities — 34,459 — 34,459 Corporate securities — 1,343 — 1,343 U.S. Government agency securities — 29,792 — 29,792 Non-recurring: Impaired loans — — 303 303 $ 547 $ 119,411 $ 303 $ 120,261 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	September 30, 2024 December 31, 2023 (dollars in thousands) Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and due from banks $ 2,255 $ 2,255 $ 1,940 $ 1,940 Interest-bearing deposits in other financial institutions 20,127 20,127 12,189 12,189 Federal funds sold 80 80 1,112 1,112 Investment securities available for sale 119,958 119,958 139,427 139,427 Investments in restricted stock 246 246 1,217 1,217 Ground rents 124 124 130 130 Loans, less allowance for credit losses 204,227 196,740 174,150 161,802 Accrued interest receivable 1,478 1,478 1,192 1,192 Cash value of life insurance 8,789 8,789 8,657 8,657 Financial liabilities: Deposits 314,273 270,290 300,067 252,707 Short-term borrowings 30,000 30,125 30,000 30,000 Accrued interest payable 993 993 366 366 Unrecognized financial instruments: Commitments to extend credit 31,345 31,345 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 September 30, 2024 Amount Value Level 1 Level 2 Level 3 Financial instruments - Assets Cash and cash equivalents $ 22,462 $ 22,462 $ 22,462 $ — $ — Loans receivable, net 204,227 196,740 — — 196,740 Cash value of life insurance 8,789 8,789 — 8,789 — Financial instruments - Liabilities Deposits 314,273 270,290 25,772 244,518 — Short-term debt 30,000 30,125 — 30,125 —

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Millions	Sep. 30, 2024 USD ($)
BASIS OF PRESENTATION
Off-balance-sheet credit exposures	$ 31.6

EARNINGS PER SHARE - Basic earn

EARNINGS PER SHARE - Basic earnings per share of common stock (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic and diluted earnings per share:
Net Income (Loss)	$ 129,191	$ 551,000	$ (72,131)	$ 1,261,822
Weighted average common shares outstanding, basic	2,897,929	2,875,329	2,891,585	2,869,631
Weighted average common shares outstanding, diluted	2,897,929	2,875,329	2,891,585	2,869,631
Net income per share (basic) (in dollars per share)	$ 0.04	$ 0.19	$ (0.02)	$ 0.44
Net income per share (diluted) (in dollars per share)	$ 0.04	$ 0.19	$ (0.02)	$ 0.44
Options outstanding	0	0	0	0

INVESTMENT SECURITIES - Amortiz

INVESTMENT SECURITIES - Amortized Cost and Market Value of Securities Available for Sale (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Investment Securities
Amortized Cost	$ 141,618,000	$ 164,787,000
Gross Unrealized Gains	23,000	12,000
Gross Unrealized Losses	(21,683,000)	(25,372,000)
Fair Value	119,958,000	139,427,000
Trading securities	0	0
Held to maturity	0	0
Collateralized mortgage obligations
Investment Securities
Amortized Cost	14,745,000	15,962,000
Gross Unrealized Gains	18,000	8,000
Gross Unrealized Losses	(2,065,000)	(2,309,000)
Fair Value	12,698,000	13,661,000
Agency mortgage-backed securities
Investment Securities
Amortized Cost	46,085,000	51,930,000
Gross Unrealized Losses	(4,419,000)	(5,816,000)
Fair Value	41,666,000	46,114,000
Municipal securities
Investment Securities
Amortized Cost	42,913,000	42,990,000
Gross Unrealized Gains	5,000	4,000
Gross Unrealized Losses	(8,459,000)	(9,265,000)
Fair Value	34,459,000	33,729,000
U.S. Government agency securities
Investment Securities
Amortized Cost	36,375,000	45,406,000
Gross Unrealized Losses	(6,583,000)	(7,712,000)
Fair Value	29,792,000	37,694,000
Corporate securities
Investment Securities
Amortized Cost	1,500,000	1,500,000
Gross Unrealized Losses	(157,000)	(216,000)
Fair Value	$ 1,343,000	1,284,000
U.S. Treasury securities
Investment Securities
Amortized Cost		6,999,000
Gross Unrealized Losses		(54,000)
Fair Value		$ 6,945,000

INVESTMENT SECURITIES - Gross U

INVESTMENT SECURITIES - Gross Unrealized Losses and Fair Value Aggregated by Investment Category and Length of Time in Continuous Unrealized Loss Position (Details) $ in Thousands	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Investment Securities
Less than 12 months Fair Value	$ 67	$ 3,695
Less than 12 months Unrealized Loss		(41)
12 months or more Fair Value	115,087	132,405
12 months or more Unrealized Loss	(21,683)	(25,331)
Total Fair Value	115,154	136,100
Total Unrealized Loss	$ (21,683)	$ (25,372)
Number of securities continuous unrealized loss position more than twelve months \| security	227	256
Collateralized mortgage obligations
Investment Securities
Less than 12 months Fair Value		$ 492
Less than 12 months Unrealized Loss		(1)
12 months or more Fair Value	$ 10,034	11,927
12 months or more Unrealized Loss	(2,065)	(2,308)
Total Fair Value	10,034	12,419
Total Unrealized Loss	(2,065)	(2,309)
Agency mortgage-backed securities
Investment Securities
Less than 12 months Fair Value	67	5
12 months or more Fair Value	41,599	46,109
12 months or more Unrealized Loss	(4,419)	(5,816)
Total Fair Value	41,666	46,114
Total Unrealized Loss	(4,419)	(5,816)
Municipal securities
Investment Securities
Less than 12 months Fair Value		2,978
Less than 12 months Unrealized Loss		(39)
12 months or more Fair Value	32,319	28,667
12 months or more Unrealized Loss	(8,459)	(9,226)
Total Fair Value	32,319	31,645
Total Unrealized Loss	(8,459)	(9,265)
U.S. Government agency securities
Investment Securities
Less than 12 months Fair Value		220
Less than 12 months Unrealized Loss		(1)
12 months or more Fair Value	29,792	37,474
12 months or more Unrealized Loss	(6,583)	(7,711)
Total Fair Value	29,792	37,694
Total Unrealized Loss	(6,583)	(7,712)
Corporate securities
Investment Securities
12 months or more Fair Value	1,343	1,284
12 months or more Unrealized Loss	(157)	(216)
Total Fair Value	1,343	1,284
Total Unrealized Loss	$ (157)	(216)
U.S. Treasury securities
Investment Securities
12 months or more Fair Value		6,944
12 months or more Unrealized Loss		(54)
Total Fair Value		6,944
Total Unrealized Loss		$ (54)

INVESTMENT SECURITIES - Contrac

INVESTMENT SECURITIES - Contractual Maturities of Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Available for Sale Amortized Cost
Within one year	$ 6,012
Over one to five years	5,864
Over five to ten years	31,937
Over ten years	97,805
Amortized Cost	141,618	$ 164,787
Available for Sale Fair Value
Within one year	6,001
Over one to five years	5,494
Over five to ten years	29,085
Over ten years	79,378
Fair Value	$ 119,958	$ 139,427
Available for Sale Yield
Within one year	2.67%
Over one to five years	1.74%
Over five to ten years	2.14%
Over ten years	2.38%

LOANS RECEIVABLE AND ALLOWANC_3

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Major Categories of Loans (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Loans and Allowance for Credit Losses - Loans
Loans, net of deferred fees and costs	$ 206,975	$ 176,307
Less: Allowance for credit losses	(2,748)	(2,157)	$ (2,162)
Loans, net	$ 204,227	$ 174,150
Loans and lease receivable allowances, percentage	100%	100%
Increase (decrease) in loans and leases receivable	$ 30,000
Percentage of increase (decrease) in loans and leases receivable	17.27%
Real Estate Loan
Loans and Allowance for Credit Losses - Loans
Loans, net of deferred fees and costs	$ 162,772	$ 136,230
Real Estate Loan \| Construction and Land
Loans and Allowance for Credit Losses - Loans
Loans, net of deferred fees and costs	7,292	4,636
Less: Allowance for credit losses	$ (33)	$ (31)	(44)
Loans and lease receivable allowances, percentage	4%	3%
Increase (decrease) in loans and leases receivable	$ 2,700
Percentage of increase (decrease) in loans and leases receivable	57.29%
Real Estate Loan \| Farmland
Loans and Allowance for Credit Losses - Loans
Loans, net of deferred fees and costs	$ 316	$ 325
Less: Allowance for credit losses	(16)	(18)	(20)
Real Estate Loan \| Single-family Residential
Loans and Allowance for Credit Losses - Loans
Loans, net of deferred fees and costs	99,905	86,887
Less: Allowance for credit losses	$ (1,549)	$ (1,290)	(1,230)
Loans and lease receivable allowances, percentage	48%	50%
Increase (decrease) in loans and leases receivable	$ (13,000)
Percentage of increase (decrease) in loans and leases receivable	14.98%
Real Estate Loan \| Multi-family
Loans and Allowance for Credit Losses - Loans
Loans, net of deferred fees and costs	$ 5,059	$ 5,165
Less: Allowance for credit losses	$ (229)	$ (96)	(103)
Loans and lease receivable allowances, percentage	2%	3%
Increase (decrease) in loans and leases receivable	$ (100)
Percentage of increase (decrease) in loans and leases receivable	(2.05%)
Real Estate Loan \| Commercial
Loans and Allowance for Credit Losses - Loans
Loans, net of deferred fees and costs	$ 50,200	$ 39,217
Less: Allowance for credit losses	$ (377)	$ (190)	(221)
Loans and lease receivable allowances, percentage	24%	22%
Increase (decrease) in loans and leases receivable	$ 11,000
Percentage of increase (decrease) in loans and leases receivable	28.01%
Commercial and Industrial
Loans and Allowance for Credit Losses - Loans
Loans, net of deferred fees and costs	$ 21,999	$ 16,774
Commercial and Industrial \| Commercial and Industrial
Loans and Allowance for Credit Losses - Loans
Loans, net of deferred fees and costs	16,240	10,850
Less: Allowance for credit losses	$ (282)	$ (304)	(174)
Loans and lease receivable allowances, percentage	8%	6%
Increase (decrease) in loans and leases receivable	$ 5,400
Percentage of increase (decrease) in loans and leases receivable	49.68%
Commercial and Industrial \| SBA guaranty
Loans and Allowance for Credit Losses - Loans
Loans, net of deferred fees and costs	$ 5,759	$ 5,924
Less: Allowance for credit losses	$ (37)	$ (21)	(22)
Loans and lease receivable allowances, percentage	3%	3%
Increase (decrease) in loans and leases receivable	$ 100
Percentage of increase (decrease) in loans and leases receivable	2.79%
Consumer Loans
Loans and Allowance for Credit Losses - Loans
Loans, net of deferred fees and costs	$ 22,204	$ 23,303
Consumer Loans \| Consumer
Loans and Allowance for Credit Losses - Loans
Loans, net of deferred fees and costs	3,168	2,039
Less: Allowance for credit losses	$ (51)	$ (30)	(23)
Loans and lease receivable allowances, percentage	2%	1%
Increase (decrease) in loans and leases receivable	$ 1,100	$ 2,000
Percentage of increase (decrease) in loans and leases receivable	55.37%
Consumer Loans \| Automobile
Loans and Allowance for Credit Losses - Loans
Loans, net of deferred fees and costs	$ 19,036	21,264
Less: Allowance for credit losses	$ (174)	$ (177)	$ (325)
Loans and lease receivable allowances, percentage	9%	12%
Increase (decrease) in loans and leases receivable	$ 2,200
Percentage of increase (decrease) in loans and leases receivable	10.48%

LOANS RECEIVABLE AND ALLOWANC_4

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Allowance by Loan Segment (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Financing Receivable, Allowance for Credit Losses
Balance, beginning of year	$ 2,157,000	$ 2,162,000	$ 2,162,000
Charged off	(371,000)	(136,000)	(203,000)
Recoveries	189,000		102,000
(Release) provision for credit losses	773,000		96,000
Balance, end of year	2,748,000		2,157,000
Individually evaluated for impairment:
Individually evaluated for impairment, Balance in allowance	19,000		200,000
Individually evaluated for impairment, Related loan balance	165,000		329,000
Collectively evaluated for impairment:
Collectively evaluated for impairment, Balance in allowance	2,729,000		1,957,000
Collectively evaluated for impairment, Related loan balance	206,810,000		175,978,000
Real Estate Loan
Individually evaluated for impairment:
Individually evaluated for impairment, Balance in allowance	19,000		21,000
Real Estate Loan \| Construction and Land
Financing Receivable, Allowance for Credit Losses
Balance, beginning of year	31,000	44,000	44,000
(Release) provision for credit losses	2,000		(13,000)
Balance, end of year	33,000		31,000
Collectively evaluated for impairment:
Collectively evaluated for impairment, Balance in allowance	33,000		31,000
Collectively evaluated for impairment, Related loan balance	7,292,000		4,636,000
Real Estate Loan \| Farmland
Financing Receivable, Allowance for Credit Losses
Balance, beginning of year	18,000	20,000	20,000
(Release) provision for credit losses	(2,000)		(2,000)
Balance, end of year	16,000		18,000
Collectively evaluated for impairment:
Collectively evaluated for impairment, Balance in allowance	16,000		18,000
Collectively evaluated for impairment, Related loan balance	316,000		325,000
Real Estate Loan \| Single-family Residential
Financing Receivable, Allowance for Credit Losses
Balance, beginning of year	1,290,000	1,230,000	1,230,000
(Release) provision for credit losses	259,000		60,000
Balance, end of year	1,549,000		1,290,000
Individually evaluated for impairment:
Individually evaluated for impairment, Balance in allowance	19,000		21,000
Individually evaluated for impairment, Related loan balance	36,000		30,000
Collectively evaluated for impairment:
Collectively evaluated for impairment, Balance in allowance	1,530,000		1,269,000
Collectively evaluated for impairment, Related loan balance	99,869,000		86,857,000
Real Estate Loan \| Multi-family
Financing Receivable, Allowance for Credit Losses
Balance, beginning of year	96,000	103,000	103,000
(Release) provision for credit losses	133,000		(7,000)
Balance, end of year	229,000		96,000
Collectively evaluated for impairment:
Collectively evaluated for impairment, Balance in allowance	229,000		96,000
Collectively evaluated for impairment, Related loan balance	5,059,000		5,165,000
Real Estate Loan \| Commercial
Financing Receivable, Allowance for Credit Losses
Balance, beginning of year	190,000	221,000	221,000
(Release) provision for credit losses	187,000		(31,000)
Balance, end of year	377,000		190,000
Collectively evaluated for impairment:
Collectively evaluated for impairment, Balance in allowance	377,000		190,000
Collectively evaluated for impairment, Related loan balance	50,200,000		39,217,000
Commercial and Industrial
Individually evaluated for impairment:
Individually evaluated for impairment, Balance in allowance			179,000
Commercial and Industrial \| Commercial and Industrial
Financing Receivable, Allowance for Credit Losses
Balance, beginning of year	304,000	174,000	174,000
Charged off	(299,000)
(Release) provision for credit losses	277,000		130,000
Balance, end of year	282,000		304,000
Individually evaluated for impairment:
Individually evaluated for impairment, Balance in allowance			179,000
Individually evaluated for impairment, Related loan balance	129,000		299,000
Collectively evaluated for impairment:
Collectively evaluated for impairment, Balance in allowance	282,000		125,000
Collectively evaluated for impairment, Related loan balance	16,111,000		10,551,000
Commercial and Industrial \| SBA guaranty
Financing Receivable, Allowance for Credit Losses
Balance, beginning of year	21,000	22,000	22,000
(Release) provision for credit losses	16,000		(1,000)
Balance, end of year	37,000		21,000
Collectively evaluated for impairment:
Collectively evaluated for impairment, Balance in allowance	37,000		21,000
Collectively evaluated for impairment, Related loan balance	5,759,000		5,924,000
Consumer Loans \| Consumer
Financing Receivable, Allowance for Credit Losses
Balance, beginning of year	30,000	23,000	23,000
Charged off	(18,000)		(79,000)
Recoveries	132,000		1,000
(Release) provision for credit losses	(93,000)		85,000
Balance, end of year	51,000		30,000
Collectively evaluated for impairment:
Collectively evaluated for impairment, Balance in allowance	51,000		30,000
Collectively evaluated for impairment, Related loan balance	3,168,000		2,039,000
Consumer Loans \| Automobile
Financing Receivable, Allowance for Credit Losses
Balance, beginning of year	177,000	$ 325,000	325,000
Charged off	(54,000)		(124,000)
Recoveries	57,000		101,000
(Release) provision for credit losses	(6,000)		(125,000)
Balance, end of year	174,000		177,000
Collectively evaluated for impairment:
Collectively evaluated for impairment, Balance in allowance	174,000		177,000
Collectively evaluated for impairment, Related loan balance	$ 19,036,000		$ 21,264,000

LOANS RECEIVABLE AND ALLOWANC_5

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) borrower	Sep. 30, 2023 USD ($) borrower	Dec. 31, 2023 USD ($)
Financing Receivable, Allowance for Credit Losses
Average loans	$ 188,627,000	$ 181,234,000
Net charge-offs to average loans (annualized)	0.13%	0.05%
Number of borrowers \| borrower	11	6
Loans charged off	$ 371,000	$ 136,000	$ 203,000
Outstanding commitments	31,600,000	31,600,000
Term Loans by Origination Year
Year 3	13,000		47,000
Year 4	299,000		43,000
Year 5	38,000		27,000
Prior	21,000		86,000
Total	371,000	136,000	203,000
Unfunded commitments
Beginning balance	473,000	477,000	477,000
Reduction of unfunded reserve	(157,000)	(52,000)
Provisions charged to operations	281,000	23,000
Ending balance	$ 597,000	$ 448,000	473,000
Real Estate Loan \| Single-family Residential
Financing Receivable, Allowance for Credit Losses
Number of borrowers \| borrower	1
Commercial and Industrial \| Commercial and Industrial
Financing Receivable, Allowance for Credit Losses
Loans charged off	$ 299,000
Term Loans by Origination Year
Year 4	299,000
Total	299,000
Consumer Loans \| Consumer
Financing Receivable, Allowance for Credit Losses
Loans charged off	18,000		79,000
Term Loans by Origination Year
Year 3	13,000
Prior	5,000		79,000
Total	18,000		79,000
Consumer Loans \| Automobile
Financing Receivable, Allowance for Credit Losses
Loans charged off	54,000		124,000
Term Loans by Origination Year
Year 3			47,000
Year 4			43,000
Year 5	38,000		27,000
Prior	16,000		7,000
Total	$ 54,000		$ 124,000

LOANS RECEIVABLE AND ALLOWANC_6

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Current, Past Due, and Non-Accrual Loans by Categories of loans and Restructured Loans (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	$ 206,975,000	$ 176,307,000
Non-accrual	293,000	527,000	$ 581,000	$ 488,000
Allowance for loan losses	2,748,000	2,157,000		2,162,000
Total	206,975,000	176,307,000
Specific Reserves	19,000	200,000
Current
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	205,852,000	174,826,000
30 To 89 Days Past Due
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	830,000	954,000
Real Estate Loan
Loans and Allowance for Credit Losses - Loans
Non-accrual	230,000	145,000
Total	162,772,000	136,230,000
Specific Reserves	19,000	21,000
Real Estate Loan \| Current
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	162,355,000	135,576,000
Real Estate Loan \| 30 To 89 Days Past Due
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	187,000	509,000
Real Estate Loan \| Construction and Land
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	7,292,000	4,636,000
Allowance for loan losses	33,000	31,000		44,000
Total	7,292,000	4,636,000
Real Estate Loan \| Construction and Land \| Current
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	7,292,000	4,636,000
Real Estate Loan \| Farmland
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	316,000	325,000
Allowance for loan losses	16,000	18,000		20,000
Total	316,000	325,000
Real Estate Loan \| Farmland \| Current
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	316,000	325,000
Real Estate Loan \| Single-family Residential
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	99,905,000	86,887,000
Non-accrual	101,000	145,000	149,000	104,000
Allowance for loan losses	1,549,000	1,290,000		1,230,000
Total	99,905,000	86,887,000
Specific Reserves	19,000	21,000
Real Estate Loan \| Single-family Residential \| Current
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	99,718,000	86,233,000
Real Estate Loan \| Single-family Residential \| 30 To 89 Days Past Due
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	86,000	509,000
Real Estate Loan \| Multi-family
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	5,059,000	5,165,000
Allowance for loan losses	229,000	96,000		103,000
Total	5,059,000	5,165,000
Real Estate Loan \| Multi-family \| Current
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	5,059,000	5,165,000
Real Estate Loan \| Commercial
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	50,200,000	39,217,000
Non-accrual	129,000
Allowance for loan losses	377,000	190,000		221,000
Total	50,200,000	39,217,000
Real Estate Loan \| Commercial \| Current
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	49,970,000	39,217,000
Real Estate Loan \| Commercial \| 30 To 89 Days Past Due
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	101,000
Commercial and Industrial
Loans and Allowance for Credit Losses - Loans
Non-accrual		299,000
Total	21,999,000	16,774,000
Specific Reserves		179,000
Commercial and Industrial \| Current
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	21,527,000	16,475,000
Commercial and Industrial \| 30 To 89 Days Past Due
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	472,000
Commercial and Industrial \| Commercial and Industrial
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	16,240,000	10,850,000
Non-accrual		299,000	299,000	299,000
Allowance for loan losses	282,000	304,000		174,000
Total	16,240,000	10,850,000
Specific Reserves		179,000
Commercial and Industrial \| Commercial and Industrial \| Current
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	16,240,000	10,551,000
Commercial and Industrial \| SBA guaranty
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	5,759,000	5,924,000
Allowance for loan losses	37,000	21,000		22,000
Total	5,759,000	5,924,000
Commercial and Industrial \| SBA guaranty \| Current
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	5,287,000	5,924,000
Commercial and Industrial \| SBA guaranty \| 30 To 89 Days Past Due
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	472,000
Consumer Loans
Loans and Allowance for Credit Losses - Loans
Non-accrual	63,000	83,000
Total	22,204,000	23,303,000
Consumer Loans \| Current
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	21,970,000	22,775,000
Consumer Loans \| 30 To 89 Days Past Due
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	171,000	445,000
Consumer Loans \| Consumer
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	3,168,000	2,039,000
Allowance for loan losses	51,000	30,000		23,000
Total	3,168,000	2,039,000
Consumer Loans \| Consumer \| Current
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	3,168,000	1,981,000
Consumer Loans \| Consumer \| 30 To 89 Days Past Due
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current		58,000
Consumer Loans \| Automobile
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	19,036,000	21,264,000
Non-accrual	63,000	83,000	$ 133,000	85,000
Allowance for loan losses	174,000	177,000		$ 325,000
Total	19,036,000	21,264,000
Consumer Loans \| Automobile \| Current
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	18,802,000	20,794,000
Consumer Loans \| Automobile \| 30 To 89 Days Past Due
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	$ 171,000	$ 387,000

LOANS RECEIVABLE AND ALLOWANC_7

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Impaired Financing Receivables (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Impaired Financing Receivables
Recorded Investment with specific reserves	$ 8,000	$ 129,000
Unpaid Principal Balance with specific reserves	27,000	329,000
Interest Income Recognized with specific reserves	3,000	4,000
Specific Reserves	19,000	200,000
Average Recorded Investment	48,000	547,000
Recorded Investments with no specific reserve	295,000	269,000
Unpaid Principal Balance with no specific reserves	295,000	269,000
Interest Income Recognized with no specific reserve	19,000	11,000
Average Recorded Investment, no specific reserve	314,000	234,000
Real Estate Loan
Impaired Financing Receivables
Recorded Investment with specific reserves	8,000	9,000
Unpaid Principal Balance with specific reserves	27,000	30,000
Interest Income Recognized with specific reserves	3,000	4,000
Specific Reserves	19,000	21,000
Average Recorded Investment	48,000	48,000
Recorded Investments with no specific reserve	203,000	115,000
Unpaid Principal Balance with no specific reserves	203,000	115,000
Interest Income Recognized with no specific reserve	15,000	5,000
Average Recorded Investment, no specific reserve	229,000	130,000
Commercial and Industrial
Impaired Financing Receivables
Recorded Investment with specific reserves		120,000
Unpaid Principal Balance with specific reserves		299,000
Specific Reserves		179,000
Average Recorded Investment		499,000
Consumer Loans
Impaired Financing Receivables
Recorded Investments with no specific reserve	92,000	154,000
Unpaid Principal Balance with no specific reserves	92,000	154,000
Interest Income Recognized with no specific reserve	4,000	6,000
Average Recorded Investment, no specific reserve	85,000	104,000
Single-family Residential \| Real Estate Loan
Impaired Financing Receivables
Recorded Investment with specific reserves	8,000	9,000
Unpaid Principal Balance with specific reserves	27,000	30,000
Interest Income Recognized with specific reserves	3,000	4,000
Specific Reserves	19,000	21,000
Average Recorded Investment	48,000	48,000
Recorded Investments with no specific reserve	74,000	115,000
Unpaid Principal Balance with no specific reserves	74,000	115,000
Interest Income Recognized with no specific reserve	8,000	5,000
Average Recorded Investment, no specific reserve	91,000	130,000
Commercial \| Real Estate Loan
Impaired Financing Receivables
Recorded Investments with no specific reserve	129,000
Unpaid Principal Balance with no specific reserves	129,000
Interest Income Recognized with no specific reserve	7,000
Average Recorded Investment, no specific reserve	138,000
Commercial and Industrial \| Commercial and Industrial
Impaired Financing Receivables
Specific Reserves		179,000
Automobile \| Consumer Loans
Impaired Financing Receivables
Recorded Investments with no specific reserve	92,000	154,000
Unpaid Principal Balance with no specific reserves	92,000	154,000
Interest Income Recognized with no specific reserve	4,000	6,000
Average Recorded Investment, no specific reserve	$ 85,000	$ 104,000

LOANS RECEIVABLE AND ALLOWANC_8

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Troubled debt restructured loans (Details) $ in Thousands	Sep. 30, 2024 USD ($) borrower loan	Dec. 31, 2023 USD ($)
Impaired Financing Receivables
Restructured loans to borrowers with financial difficulty	$ 27	$ 30
Non-accrual and 90+ days past due and still accruing loans to average loans	0.14%	0.29%
Allowance for credit losses to nonaccrual & 90+ days past due and still accruing loans	937.50%	409.30%
Single-family Residential
Impaired Financing Receivables
Number of loans \| borrower	1
Troubled debt restructured loans	$ 27,000
Real Estate Loan \| Single-family Residential
Impaired Financing Receivables
Restructured loans to borrowers with financial difficulty	$ 27	$ 30
Number of loans \| loan	1

LOANS RECEIVABLE AND ALLOWANC_9

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Non-accrual loans (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable Nonaccrual Status
Balance	$ 527	$ 488
Transfer into nonaccrual	191	452
Loans paid down/payoffs	(86)	(286)
Loans returned to accrual status		(16)
Loans charged off	(339)	(57)
Balance	293	581
Real Estate Loan
Financing Receivable Nonaccrual Status
Balance	145
Balance	230
Real Estate Loan \| Single-family Residential
Financing Receivable Nonaccrual Status
Balance	145	104
Transfer into nonaccrual		307
Loans paid down/payoffs	(44)	(262)
Balance	101	149
Real Estate Loan \| Commercial
Financing Receivable Nonaccrual Status
Transfer into nonaccrual	141
Loans paid down/payoffs	(12)
Balance	129
Commercial and Industrial
Financing Receivable Nonaccrual Status
Balance	299
Commercial and Industrial \| Commercial and Industrial
Financing Receivable Nonaccrual Status
Balance	299	299
Loans charged off	(299)
Balance		299
Consumer Loans
Financing Receivable Nonaccrual Status
Balance	83
Balance	63
Consumer Loans \| Automobile
Financing Receivable Nonaccrual Status
Balance	83	85
Transfer into nonaccrual	50	145
Loans paid down/payoffs	(30)	(24)
Loans returned to accrual status		(16)
Loans charged off	(40)	(57)
Balance	$ 63	$ 133

LOANS RECEIVABLE AND ALLOWAN_10

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Credit Quality Information (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	$ 206,975	$ 176,307
Non-accrual	293	527	$ 581	$ 488
Restructured loans to borrowers with financial difficulty	$ 27	$ 30
Number of TDRs accounts \| loan	1	1
Non-performing TDRs \| loan	27	30
Number of non-performing TDRs accounts \| loan	1	1
Pass
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	$ 206,653	$ 175,709
Substandard
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	322	598
Real Estate Loan
Loans and Allowance for Credit Losses - Loans
Non-accrual	230	145
Real Estate Loan \| Construction and Land
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	7,292	4,636
Real Estate Loan \| Construction and Land \| Pass
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	7,292	4,636
Real Estate Loan \| Farmland
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	316	325
Real Estate Loan \| Farmland \| Pass
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	316	325
Real Estate Loan \| Single-family Residential
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	99,905	86,887
Non-accrual	101	145	149	104
Restructured loans to borrowers with financial difficulty	$ 27	$ 30
Number of TDRs accounts \| loan	1	1
Non-performing TDRs \| loan	27	30
Number of non-performing TDRs accounts \| loan	1	1
Real Estate Loan \| Single-family Residential \| Pass
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	$ 99,804	$ 86,742
Real Estate Loan \| Single-family Residential \| Substandard
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	101	145
Real Estate Loan \| Multi-family
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	5,059	5,165
Real Estate Loan \| Multi-family \| Pass
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	5,059	5,165
Real Estate Loan \| Commercial
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	50,200	39,217
Non-accrual	129
Real Estate Loan \| Commercial \| Pass
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	50,071	39,217
Real Estate Loan \| Commercial \| Substandard
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	129
Commercial and Industrial
Loans and Allowance for Credit Losses - Loans
Non-accrual		299
Commercial and Industrial \| Commercial and Industrial
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	16,240	10,850
Non-accrual		299	299	299
Commercial and Industrial \| Commercial and Industrial \| Pass
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	16,240	10,551
Commercial and Industrial \| Commercial and Industrial \| Substandard
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current		299
Commercial and Industrial \| SBA guaranty
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	5,759	5,924
Commercial and Industrial \| SBA guaranty \| Pass
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	5,759	5,924
Consumer Loans
Loans and Allowance for Credit Losses - Loans
Non-accrual	63	83
Consumer Loans \| Consumer
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	3,168	2,039
Consumer Loans \| Consumer \| Pass
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	3,168	2,039
Consumer Loans \| Automobile
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	19,036	21,264
Non-accrual	63	83	$ 133	$ 85
Consumer Loans \| Automobile \| Pass
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	18,944	21,110
Consumer Loans \| Automobile \| Substandard
Loans and Allowance for Credit Losses - Loans
Financing Receivable, Recorded Investment, Current	$ 92	$ 154

FAIR VALUE (Details)

FAIR VALUE (Details)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired loans includes nonaccrual, past due 90 days or more and still accruing	$ 322,000
Specific Reserves	$ 19,000	$ 200,000
Minimum \| Discount Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of discount rate	0
Maximum \| Discount Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of discount rate	16

FAIR VALUE - Changes in the ass

FAIR VALUE - Changes in the assets subject to fair value measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurements
Securities available for sale	$ 119,958	$ 139,427
Collateralized mortgage obligations
Fair Value Measurements
Securities available for sale	12,698	13,661
Agency mortgage-backed securities
Fair Value Measurements
Securities available for sale	41,666	46,114
Municipal securities
Fair Value Measurements
Securities available for sale	34,459	33,729
Corporate securities
Fair Value Measurements
Securities available for sale	1,343	1,284
U.S. Treasury securities
Fair Value Measurements
Securities available for sale		6,945
Level 1
Fair Value Measurements
Assets, fair value disclosure	547	7,476
Level 2
Fair Value Measurements
Assets, fair value disclosure	119,411	131,951
Level 3
Fair Value Measurements
Assets, fair value disclosure	303	398
Fair Value
Fair Value Measurements
Assets, fair value disclosure	120,261	139,825
Recurring \| Level 1 \| Agency mortgage-backed securities
Fair Value Measurements
Securities available for sale	547	531
Recurring \| Level 1 \| U.S. Treasury securities
Fair Value Measurements
Securities available for sale		6,945
Recurring \| Level 2 \| Collateralized mortgage obligations
Fair Value Measurements
Securities available for sale	12,698	13,661
Recurring \| Level 2 \| Agency mortgage-backed securities
Fair Value Measurements
Securities available for sale	41,119	45,583
Recurring \| Level 2 \| Municipal securities
Fair Value Measurements
Securities available for sale	34,459	33,729
Recurring \| Level 2 \| Corporate securities
Fair Value Measurements
Securities available for sale	1,343	1,284
Recurring \| Level 2 \| U.S. Government agency securities
Fair Value Measurements
Securities available for sale	29,792	37,694
Recurring \| Fair Value \| Collateralized mortgage obligations
Fair Value Measurements
Securities available for sale	12,698	13,661
Recurring \| Fair Value \| Agency mortgage-backed securities
Fair Value Measurements
Securities available for sale	41,666	46,114
Recurring \| Fair Value \| Municipal securities
Fair Value Measurements
Securities available for sale	34,459	33,729
Recurring \| Fair Value \| Corporate securities
Fair Value Measurements
Securities available for sale	1,343	1,284
Recurring \| Fair Value \| U.S. Government agency securities
Fair Value Measurements
Securities available for sale	29,792	37,694
Recurring \| Fair Value \| U.S. Treasury securities
Fair Value Measurements
Securities available for sale		6,945
Non-recurring \| Level 3
Fair Value Measurements
Impaired loans	303	398
Non-recurring \| Fair Value
Fair Value Measurements
Impaired loans	$ 303	$ 398

FAIR VALUE - Estimated fair val

FAIR VALUE - Estimated fair values of the Company's financial instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial assets: Carrying Amount
Cash and due from banks	$ 2,255	$ 1,940
Interest-bearing deposits in other financial institutions	20,127	12,189
Federal funds sold	80	1,112
Investment securities available for sale	119,958	139,427
Investments in restricted stock	246	1,217
Ground rents	124	130
Loans, less allowance for credit losses	204,227	174,150
Loans, less allowance for credit losses, fair value	196,740	161,802
Accrued interest receivable	1,478	1,192
Cash value of life insurance	8,789	8,657
Financial liabilities: Carrying Amount
Deposits	314,273	300,067
Short-term borrowings	30,000	30,000
Accrued interest payable	993	366
Unrecognized financial instruments: Carrying Amount
Commitments to extend credit	31,345	33,162
Standby letters of credit	255	45
Financial Assets: Fair Value
Cash and due from banks	2,255	1,940
Interest-bearing deposits in other financial institutions	20,127	12,189
Federal funds sold	80	1,112
Investment securities available for sale	119,958	139,427
Ground rents	124	130
Loans, less allowance for credit losses, fair value	196,740	161,802
Accrued interest receivable	1,478	1,192
Cash value of life insurance	8,789	8,657
Financial liabilities: Fair Value
Deposits	270,290	252,707
Short-term borrowings	30,125	30,000
Accrued interest payable	993	366
Unrecognized financial instruments: Fair Value
Commitments to extend credit	31,345	33,162
Standby letters of credit	$ 255	$ 45

FAIR VALUE - Fair value hierarc

FAIR VALUE - Fair value hierarchy of financial instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial instruments - Assets: Carrying Amount
Cash and cash equivalents	$ 22,462
Loans receivable, net	204,227	$ 174,150
Cash value of life insurance	8,789
Financial instruments - Liabilities: Carrying Amount
Deposits	314,273	300,067
Short-term debt	30,000	30,000
Financial instruments - Assets: Fair Value
Cash and cash equivalents	22,462
Loans receivable, net	196,740	161,802
Cash value of life insurance	8,789
Financial instruments - Liabilities: Fair Value
Deposits	270,290	252,707
Short-term debt	30,125	$ 30,000
Fair Value \| Level 1
Financial instruments - Assets: Fair Value
Cash and cash equivalents	22,462
Financial instruments - Liabilities: Fair Value
Deposits	25,772
Fair Value \| Level 2
Financial instruments - Assets: Fair Value
Cash value of life insurance	8,789
Financial instruments - Liabilities: Fair Value
Deposits	244,518
Short-term debt	30,125
Fair Value \| Level 3
Financial instruments - Assets: Fair Value
Loans receivable, net	$ 196,740