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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2020

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:

		March 31, 2020
		Amortized			Gross Unrealized				Fair
(dollars in thousands)		Cost			Gains		Losses		Value
Available for sale
US government agencies		$	500		-		1		499
SBA securities			519		-		18		501
State and political subdivisions			9,385		295		1		9,679
Asset-backed securities			12,929		-		643		12,286
Mortgage-backed securities
FHLMC			10,034		270		4		10,300
FNMA			33,057		702		135		33,624
GNMA			3,565		53		-		3,618
Total mortgage-backed securities			46,656		1,025		139		47,542
Total investment securities available for sale		$	69,989		1,320		802		70,507
		December 31, 2019
		Amortized			Gross Unrealized				Fair
		Cost			Gains		Losses		Value
Available for sale
US government agencies		$	500		-		1		499
SBA securities			550		-		19		531
State and political subdivisions			4,205		3		24		4,184
Asset-backed securities			13,351		-		184		13,167
Mortgage-backed securities
FHLMC			10,609		14		15		10,608
FNMA			35,275		34		169		35,140
GNMA			3,581		5		21		3,565
Total mortgage-backed securities			49,465		53		205		49,313
Total		$	68,071		56		433		67,694

Schedule of Fair Values Investment Securities Available for Contractual Maturities

Contractual maturities and yields on the Company’s investment securities at March 31, 2020 and December 31, 2019 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.

		March 31, 2020
		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		$	-		-		499		1.11%		-		-		-		-		499		1.11%
SBA securities			-		-		-		-		-		-		501		2.39%		501		2.39%
State and political subdivisions			-		-		-		-		972		2.65%		8,707		2.86%		9,679		2.84%
Asset-backed securities			-		-		-		-		1,402		2.22%		10,884		2.45%		12,286		2.43%
Mortgage-backed securities			-		-		3,224		1.80%		8,263		2.05%		36,055		2.34%		47,542		2.25%
Total		$	-		-		3,723		1.71%		10,637		2.13%		56,147		2.44%		70,507		2.36%
		December 31, 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		$	-		-		499		1.97%		-		-		-		-		499		1.97%
SBA securities			-		-		-		-		-		-		531		2.62%		531		2.62%
State and political subdivisions			-		-		808		2.81%		1,283		2.96%		2,093		2.67%		4,184		2.79%
Asset-backed securities			-		-		-		-		1,493		2.34%		11,674		2.61%		13,167		2.58%
Mortgage-backed securities			-		-		3,368		1.78%		7,638		2.00%		38,307		2.24%		49,313		2.17%
Total		$	-		-		4,675		1.98%		10,414		2.17%		52,605		2.34%		67,694		2.29%

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 March 31, 2020 and December 31, 2019, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

		March 31, 2020
		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		$	499		$	1		-		$	-		$	-		1		$	499		$	1
SBA securities		-			-			-		1			501			18		1			501			18
State and political subdivisions		1			505			1		-			-			-		1			505			1
Asset-backed securities		5			5,489			365		5			6,797			278		10			12,286			643
Mortgage-backed securities
FHLMC		1			258			4		-			-			-		1			258			4
FNMA		-			-			-		4			2,778			135		4			2,778			135
Total		8		$	6,751		$	371		10		$	10,076		$	431		18		$	16,827		$	802
		December 31, 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		$	499		$	1		-		$	-		$	-		1		$	499		$	1
SBA securities		-			-			-		1			531			19		1			531			19
State and political subdivisions		2			2,093			24		-			-			-		2			2,093			24
Asset-backed securities		5			5,921			68		5			7,246			116		10			13,167			184
Mortgage-backed securities
FHLMC		4			3,842			2		4			2,323			13		8			6,165			15
FNMA		14			15,500			67		11			9,462			102		25			24,962			169
GNMA		2			2,240			6		1			734			15		3			2,974			21
Total		28		$	30,095		$	168		22		$	20,296		$	265		50		$	50,391		$	433

Schedule of Other Investments

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

(dollars in thousands)		March 31, 2020			December 31, 2019
Federal Home Loan Bank stock		$	4,803		6,386
Other investments			135		159
Investment in Trust Preferred securities			403		403
Total other investments		$	5,341		6,948

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

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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