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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Costs and Fair Value of Investment Securities

The amortized costs and fair value of investment securities are as follows:

	June 30, 2019
		Amortized			Gross Unrealized				Fair
(dollars in thousands)		Cost			Gains		Losses		Value
Available for sale
US government agencies		$	7,716		33		4		7,745
SBA securities			4,066		60		21		4,105
State and political subdivisions			8,019		191		1		8,209
Asset-backed securities			10,909		1		91		10,819
Mortgage-backed securities
FHLMC			11,370		225		59		11,536
FNMA			28,946		123		179		28,890
GNMA			3,988		6		46		3,948
Total mortgage-backed securities			44,304		354		284		44,374
Total investment securities available for sale		$	75,014		639		401		75,252

	December 31, 2018
		Amortized			Gross Unrealized				Fair
		Cost			Gains		Losses		Value
Available for sale
US government agencies		$	8,975		1		194		8,782
SBA securities			3,628		-		103		3,525
State and political subdivisions			8,371		48		63		8,356
Asset-backed securities			9,595		12		49		9,558
Mortgage-backed securities
FHLMC			12,258		87		242		12,103
FNMA			29,068		25		551		28,542
GNMA			4,170		1		132		4,039
Total mortgage-backed securities			45,496		113		925		44,684
Total		$	76,065		174		1,334		74,905

Schedule of Fair Values Investment Securities Available for Contractual Maturities

Contractual maturities and yields on the Company’s investment securities at June 30, 2019 and December 31, 2018 are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

																						June 30, 2019
		Less than one year					One to five years					Five to ten years					Over ten years							Total
(dollars in thousands)		Amount			Yield		Amount		Yield			Amount		Yield			Amount		Yield			Amount		Yield
Available for sale
US government agencies		$	-		-		3,969		2.14	%		3,776		2.68	%		-		-			7,745		2.40	%
SBA securities			-		-		-		-			752		2.88	%		3,353		2.77	%		4,105		2.79	%
State and political subdivisions			-		-		1,127		2.97	%		4,175		2.95	%		2,907		2.88	%		8,209		2.93	%
Asset-backed securities			-		-		-		-			1,682		3.19	%		9,137		3.19	%		10,819		3.19	%
Mortgage-backed securities			-		-		4,658		1.94	%		8,922		2.15	%		30,794		2.63	%		44,374		2.46	%
Total		$	-		-		9,754		2.14	%		19,307		2.55	%		46,191		2.76	%		75,252		2.63	%

																						December 31, 2018
		Less than one year					One to five years					Five to ten years					Over ten years							Total
(dollars in thousands)		Amount			Yield		Amount		Yield			Amount		Yield			Amount		Yield			Amount		Yield
Available for sale
US government agencies		$	-		-		2,665		2.12	%		6,117		2.77	%		-		-			8,782		2.57	%
SBA securities			-		-		-		-			-		-			3,525		2.72	%		3,525		2.72	%
State and political subdivisions			-		-		819		2.60	%		4,637		3.04	%		2,900		2.88	%		8,356		2.94	%
Asset-backed securities			-		-		-		-			1,862		3.22	%		7,696		3.29	%		9,558		3.27	%
Mortgage-backed securities			-		-		5,094		1.89	%		9,763		2.22	%		29,827		2.70	%		44,684		2.50	%
Total		$	-		-		8,578		2.03	%		22,379		2.62	%		43,948		2.81	%		74,905		2.67	%

Schedule of Gross Unrealized Losses on Investment Securities and Fair Market Value of Related Securities

The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities at June 30, 2019 and December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

		June 30, 2019
				Less than 12 months									12 months or longer										Total
				Fair			Unrealized					Fair			Unrealized					Fair			Unrealized
(dollars in thousands)		#		value			losses			#		value			losses			#		value			losses
Available for sale
US government agencies		1		$	500		$	1		2		$	1,997		$	3		3		$	2,497		$	4
SBA securities		-			-			-		1			649			21		1			649			21
State and political subdivisions		-			-			-		2			979			1		2			979			1
Asset-backed securities		5			7,614			89		1			1,682			2		6			9,296			91
Mortgage-backed securities
FHLMC		-			-			-		9			6,049			59		9			6,049			59
FNMA		1			1,550			1		22			19,632			178		23			21,182			179
GNMA		-			-			-		3			2,975			46		3			2,975			46
Total		7		$	9,664		$	91		40		$	33,963		$	310		47		$	43,627		$	401
		December 31, 2018
				Less than 12 months									12 months or longer										Total
				Fair			Unrealized						Fair		Unrealized					Fair			Unrealized
(dollars in thousands)		#		value			losses			#			value		losses			#		value			losses
Available for sale
US government agencies		1		$	1,246		$	3		8		$	7,035		$	191		9		$	8,281		$	194
SBA securities		-			-			-		2			3,525			103		2			3,525			103
State and political subdivisions		-			-			-		7			2,829			63		7			2,829			63
Asset-backed securities		4			6,707			49		-			-			-		4			6,707			49
Mortgage-backed securities
FHLMC		-			-			-		10			7,402			242		10			7,402			242
FNMA		2			2,689			6		23			22,814			545		25			25,503			551
GNMA		1			1,104			6		3			2,919			126		4			4,023			132
Total		8		$	11,746		$	64		53		$	46,524		$	1,270		61		$	58,270		$	1,334

Schedule of Other Investments

Other investments are comprised of the following and are recorded at cost which approximates fair value.

(dollars in thousands)	June 30, 2019			December 31, 2018
Federal Home Loan Bank stock	$	2,774		3,587
Other investments		134		131
Investment in Trust Preferred securities		403		403
Total other investments	$	3,311		4,121

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- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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- Definition

Tabular disclosure of other investments not readily marketable, including, but not limited to, description of investment, fair value and value as measured by quoted price.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 820
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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
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