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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2019
Investments Debt And Equity Securities [Abstract] |
Summary of Amortized Cost and Fair Value of Available for Sale Securities and Held to Maturity Securities | The following table summarizes the amortized cost and fair value of available for sale (“AFS”) securities and held to maturity (“HTM”) securities at December 31, 2019 and 2018, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income:
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
(dollars in thousands) |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
December 31, 2019 |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency securities |  | $ | 1,591 |  |  | $ | — |  |  | $ | (19 | ) |  | $ | 1,572 |
SBA agency securities |  |  | 4,671 |  |  |  | 42 |  |  |  | (22 | ) |  |  | 4,691 |
Mortgage-backed securities- Government sponsored agencies |  |  | 19,126 |  |  |  | 74 |  |  |  | (29 | ) |  |  | 19,171 |
Collateralized mortgage obligations |  |  | 11,641 |  |  |  | 38 |  |  |  | (25 | ) |  |  | 11,654 |
Corporate debt securities |  |  | 88,700 |  |  |  | 281 |  |  |  | — |  |  |  | 88,981 |
Total |  | $ | 125,729 |  |  | $ | 435 |  |  | $ | (95 | ) |  | $ | 126,069 |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal taxable securities |  | $ | 3,505 |  |  | $ | 147 |  |  | $ | — |  |  | $ | 3,652 |
Municipal securities |  |  | 4,827 |  |  |  | 153 |  |  |  | — |  |  |  | 4,980 |
Total |  | $ | 8,332 |  |  | $ | 300 |  |  | $ | — |  |  | $ | 8,632 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency securities |  | $ | 1,873 |  |  | $ | — |  |  | $ | (58 | ) |  | $ | 1,815 |
SBA agency securities |  |  | 5,354 |  |  |  | — |  |  |  | (185 | ) |  |  | 5,169 |
Mortgage-backed securities- Government sponsored agencies |  |  | 23,125 |  |  |  | — |  |  |  | (584 | ) |  |  | 22,541 |
Collateralized mortgage obligations |  |  | 12,696 |  |  |  | 1 |  |  |  | (631 | ) |  |  | 12,066 |
Corporate debt securities |  |  | 32,615 |  |  |  | 105 |  |  |  | (549 | ) |  |  | 32,171 |
Total |  | $ | 75,663 |  |  | $ | 106 |  |  | $ | (2,007 | ) |  | $ | 73,762 |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal taxable securities |  | $ | 4,290 |  |  | $ | 142 |  |  | $ | — |  |  | $ | 4,432 |
Municipal securities |  |  | 5,671 |  |  |  | 1 |  |  |  | (164 | ) |  |  | 5,508 |
Total |  | $ | 9,961 |  |  | $ | 143 |  |  | $ | (164 | ) |  | $ | 9,940 |
Amortized Cost and Fair Value of Investment Securities Portfolio Expected Maturity | The amortized cost and fair value of the investment securities portfolio as of December 31, 2019 are shown by expected maturity below. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Less than One Year |  |  | More than One Year to Five Years |  |  | More than Five Years to Ten Years |  |  | More than Ten Years |  |  | Total |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
(dollars in thousands) |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency securities |  | $ | — |  |  | $ | — |  |  | $ | 1,591 |  |  | $ | 1,572 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,591 |  |  | $ | 1,572 |
SBA securities |  |  | — |  |  |  | — |  |  |  | 714 |  |  |  | 725 |  |  |  | 3,957 |  |  |  | 3,966 |  |  |  | — |  |  |  | — |  |  |  | 4,671 |  |  |  | 4,691 |
Mortgage-backed securities- Government sponsored agencies |  |  | 3,663 |  |  |  | 3,679 |  |  |  | 13,027 |  |  |  | 13,059 |  |  |  | 2,436 |  |  |  | 2,433 |  |  |  | — |  |  |  | — |  |  |  | 19,126 |  |  |  | 19,171 |
Collateralized mortgage obligations |  |  | — |  |  |  | — |  |  |  | 9,288 |  |  |  | 9,265 |  |  |  | 2,353 |  |  |  | 2,389 |  |  |  | — |  |  |  | — |  |  |  | 11,641 |  |  |  | 11,654 |
Corporate debt securities |  |  | 70,914 |  |  |  | 70,919 |  |  |  | 2,002 |  |  |  | 2,008 |  |  |  | 11,772 |  |  |  | 12,024 |  |  |  | 4,012 |  |  |  | 4,030 |  |  |  | 88,700 |  |  |  | 88,981 |
Total available for sale |  | $ | 74,577 |  |  | $ | 74,598 |  |  | $ | 26,622 |  |  | $ | 26,629 |  |  | $ | 20,518 |  |  | $ | 20,812 |  |  | $ | 4,012 |  |  | $ | 4,030 |  |  | $ | 125,729 |  |  | $ | 126,069 |
Municipal taxable securities |  | $ | 285 |  |  | $ | 289 |  |  | $ | 2,716 |  |  | $ | 2,784 |  |  | $ | 504 |  |  | $ | 579 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,505 |  |  | $ | 3,652 |
Municipal securities |  |  | — |  |  |  | — |  |  |  | 40 |  |  |  | 40 |  |  |  | 366 |  |  |  | 379 |  |  |  | 4,421 |  |  |  | 4,561 |  |  |  | 4,827 |  |  |  | 4,980 |
Total held to maturity |  | $ | 285 |  |  | $ | 289 |  |  | $ | 2,756 |  |  | $ | 2,824 |  |  | $ | 870 |  |  | $ | 958 |  |  | $ | 4,421 |  |  | $ | 4,561 |  |  | $ | 8,332 |  |  | $ | 8,632 |
Summary of Investment Securities With Unrealized Losses | The following table summarizes investment securities with unrealized losses at December 31, 2019 and December 31, 2018, aggregated by major security type and length of time in a continuous unrealized loss position:
|  | Less than Twelve Months |  |  | Twelve Months or More |  |  | Total |
(dollars in thousands) |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | No. of Issuances |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | No. of Issuances |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | No. of Issuances |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency securities |  | $ | (19 | ) |  | $ | 1,572 |  |  |  | 2 |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | (19 | ) |  | $ | 1,572 |  |  |  | 2 |
SBA securities |  |  | (22 | ) |  |  | 1,469 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (22 | ) |  |  | 1,469 |  |  |  | 2 |
Mortgage-backed securities- Government sponsored agencies |  |  | (5 | ) |  |  | 2,631 |  |  |  | 4 |  |  |  | (24 | ) |  |  | 3,912 |  |  |  | 6 |  |  |  | (29 | ) |  |  | 6,543 |  |  |  | 10 |
Collateralized mortgage obligations |  |  | (10 | ) |  |  | 5,738 |  |  |  | 3 |  |  |  | (15 | ) |  |  | 953 |  |  |  | 2 |  |  |  | (25 | ) |  |  | 6,691 |  |  |  | 5 |
Corporate debt securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total available for sale |  | $ | (56 | ) |  | $ | 11,410 |  |  |  | 11 |  |  | $ | (39 | ) |  | $ | 4,865 |  |  |  | 8 |  |  | $ | (95 | ) |  | $ | 16,275 |  |  |  | 19 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency securities |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | (58 | ) |  | $ | 1,815 |  |  |  | 2 |  |  | $ | (58 | ) |  | $ | 1,815 |  |  |  | 2 |
SBA securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (185 | ) |  |  | 5,169 |  |  |  | 4 |  |  |  | (185 | ) |  |  | 5,169 |  |  |  | 4 |
Mortgage-backed securities- Government sponsored agencies |  |  | (12 | ) |  |  | 1,640 |  |  |  | 1 |  |  |  | (572 | ) |  |  | 20,901 |  |  |  | 23 |  |  |  | (584 | ) |  |  | 22,541 |  |  |  | 24 |
Collateralized mortgage obligations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (631 | ) |  |  | 12,065 |  |  |  | 8 |  |  |  | (631 | ) |  |  | 12,065 |  |  |  | 8 |
Corporate debt securities |  |  | (61 | ) |  |  | 4,600 |  |  |  | 4 |  |  |  | (488 | ) |  |  | 6,548 |  |  |  | 4 |  |  |  | (549 | ) |  |  | 11,148 |  |  |  | 8 |
Total available for sale |  | $ | (73 | ) |  | $ | 6,240 |  |  |  | 5 |  |  | $ | (1,934 | ) |  | $ | 46,498 |  |  |  | 41 |  |  | $ | (2,007 | ) |  | $ | 52,738 |  |  |  | 46 |
Municipal securities |  | $ | (104 | ) |  | $ | 2,468 |  |  |  | 6 |  |  | $ | (60 | ) |  | $ | 2,174 |  |  |  | 4 |  |  | $ | (164 | ) |  | $ | 4,642 |  |  |  | 10 |
Total held to maturity |  | $ | (104 | ) |  | $ | 2,468 |  |  |  | 6 |  |  | $ | (60 | ) |  | $ | 2,174 |  |  |  | 4 |  |  | $ | (164 | ) |  | $ | 4,642 |  |  |  | 10 |

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27290-111563 + Details
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