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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 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:
|  | June 30, 2020
|  | Amortized |  |  | Gross Unrealized |  |  | Fair
(dollars in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US government agencies |  | $ | 500 |  |  |  | - |  |  |  | 2 |  |  |  | 498
SBA securities |  |  | 514 |  |  |  | - |  |  |  | 20 |  |  |  | 494
State and political subdivisions |  |  | 10,404 |  |  |  | 548 |  |  |  | 6 |  |  |  | 10,946
Asset-backed securities |  |  | 12,509 |  |  |  | - |  |  |  | 450 |  |  |  | 12,059
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLMC |  |  | 9,035 |  |  |  | 275 |  |  |  | - |  |  |  | 9,310
FNMA |  |  | 31,055 |  |  |  | 645 |  |  |  | 29 |  |  |  | 31,671
GNMA |  |  | 5,963 |  |  |  | 65 |  |  |  | 9 |  |  |  | 6,019
Total mortgage-backed securities |  |  | 46,053 |  |  |  | 985 |  |  |  | 38 |  |  |  | 47,000
Total investment securities available for sale |  | $ | 69,980 |  |  |  | 1,533 |  |  |  | 516 |  |  |  | 70,997
|  | 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 June 30, 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. 11
|  | June 30, 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 |  | $ | - |  |  | - |  |  | 498 |  |  | 0.43 | % |  | - |  |  | - |  |  | - |  |  | - |  |  | 498 |  |  | 0.43 | %
SBA securities |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 494 |  |  | 0.97 | % |  | 494 |  |  | 0.97 | %
State and political subdivisions |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1,985 |  |  | 2.99 | % |  | 8,961 |  |  | 2.71 | % |  | 10,946 |  |  | 2.76 | %
Asset-backed securities |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1,304 |  |  | 0.84 | % |  | 10,755 |  |  | 1.05 | % |  | 12,059 |  |  | 1.02 | %
Mortgage-backed securities |  |  | - |  |  | - |  |  | 3,039 |  |  | 1.81 | % |  | 9,354 |  |  | 2.04 | % |  | 34,607 |  |  | 1.71 | % |  | 47,000 |  |  | 1.78 | %
Total |  | $ | - |  |  | - |  |  | 3,537 |  |  | 1.62 | % |  | 12,643 |  |  | 2.06 | % |  | 54,817 |  |  | 1.73 | % |  | 70,997 |  |  | 1.77 | %
|  | 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 June 30, 2020 and December 31, 2019, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
|  | June 30, 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 |  | $ | 498 |  | $ | 2 |  |  | - |  | $ | - |  | $ | - |  |  | 1 |  | $ | 498 |  | $ | 2
SBA securities |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | 494 |  |  | 20 |  |  | 1 |  |  | 494 |  |  | 20
State and political subdivisions |  |  | 1 |  |  | 1,078 |  |  | 6 |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | 1,078 |  |  | 6
Asset-backed securities |  |  | 5 |  |  | 5,501 |  |  | 220 |  |  | 5 |  |  | 6,559 |  |  | 230 |  |  | 10 |  |  | 12,060 |  |  | 450
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FNMA |  |  | 3 |  |  | 1,336 |  |  | 6 |  |  | 3 |  |  | 2,317 |  |  | 23 |  |  | 6 |  |  | 3,653 |  |  | 29
GNMA |  |  | 1 |  |  | 2,483 |  |  | 9 |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | 2,483 |  |  | 9
Total |  |  | 11 |  | $ | 10,896 |  | $ | 243 |  |  | 9 |  | $ | 9,370 |  | $ | 273 |  |  | 20 |  | $ | 20,266 |  | $ | 516
|  | 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) |  | June 30, 2020 |  |  | December 31, 2019
Federal Home Loan Bank stock |  | $ | 2,041 |  |  |  | 6,386
Other investments |  |  | 166 |  |  |  | 159
Investment in Trust Preferred securities |  |  | 403 |  |  |  | 403
Total other investments |  | $ | 2,610 |  |  |  | 6,948

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