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Securities | 9 Months Ended
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Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
Securities |
(2) | Securities. Securities have been classified according to management’s intent. The carrying amount of securities and approximate fair values are as follows (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
At September 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  | $ | 4,529 |  |  | $ | 171 |  |  | $ | — |  |  | $ | 4,700 |
Mortgage-backed securities |  |  | 1,665 |  |  |  | 56 |  |  |  | — |  |  |  | 1,721 |
Total |  |  | 6,194 |  |  |  | 227 |  |  |  | — |  |  |  | 6,421 |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SBA Pool Securities |  | $ | 1,904 |  |  | $ | — |  |  | $ | (53 | ) |  | $ | 1,851 |
Collateralized mortgage obligations |  |  | 1,146 |  |  |  | 22 |  |  |  | — |  |  |  | 1,168 |
Mortgage-backed securities |  |  | 2,795 |  |  |  | 47 |  |  |  | — |  |  |  | 2,842 |
Total |  | $ | 5,845 |  |  | $ | 69 |  |  | $ | (53 | ) |  | $ | 5,861 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
At December 31, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  | $ | 5,183 |  |  | $ | 25 |  |  | $ | (4 | ) |  | $ | 5,204 |
Mortgage-backed securities |  |  | 1,956 |  |  |  | 15 |  |  |  | — |  |  |  | 1,971 |
Total |  | $ | 7,139 |  |  | $ | 40 |  |  | $ | (4 | ) |  | $ | 7,175 |
Available for Sale - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SBA Pool Securities |  | $ | 2,423 |  |  | $ | — |  |  | $ | (64 | ) |  | $ | 2,359 |
In April 2018, the bank transferred $7,945,000 of securities from the available-for-sale category to the held-to-maturity category at their then fair values resulting in unrealized losses of $432,000. The unrealized loss was recorded in stockholders’ equity net of amortization and net of tax and is being amortized over the remaining term of the securities. At September 30, 2019 and December 31, 2018, $122,000 and $55,000, respectively, has been amortized. There were no sales of securities during the three and nine month periods ended September 30, 2019 and 2018. Securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows (in thousands):
|  | At September 30, 2019 |
|  | Over Twelve Months |  |  | Less Than Twelve Months |
|  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available for Sale - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SBA Pool Securities |  | $ | 53 |  |  | $ | 1,851 |  |  | $ | — |  |  | $ | — |
|  | At December 31, 2018 |
|  | Over Twelve Months |  |  | Less Than Twelve Months |
|  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |
Held-to-Maturity - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  | $ | 4 |  |  | $ | 1,361 |  |  | $ | — |  |  | $ | — |
Available for Sale - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SBA Pool Securities |  | $ | 24 |  |  | $ | 829 |  |  | $ | 40 |  |  | $ | 1,530 |
| Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospectus of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. At September 30, 2019 and December 31, 2018, the unrealized losses on six and seven investment securities, respectively, were caused by market conditions. It is expected that the securities would not be settled at a price less than the book value of the investments. Because the decline in fair value is attributable to market conditions and not credit quality, and because the Company has the ability and intent to hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired.

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
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- References No definition available. + Details
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