INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of summary of investment securities


	At March 31, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value

Collateralized mortgage obligations	$	18,938	$	1	$	(460)	$	18,479
Agency mortgage-backed securities		27,104		11		(518)		26,597
Municipal securities		13,437		40		(115)		13,362
U.S. Government agency securities		1,999		—		(11)		1,988
U.S. Treasury securities		1,001		—		(7)		994

Total securities available for sale	$	62,479	$	52	$	(1,111)	$	61,420


	At December 31, 2018
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value

Collateralized mortgage obligations	$	20,463	$	6	$	(663)	$	19,806
Agency mortgage-backed securities		25,895		6		(914)		24,987
Municipal securities		34,205		78		(453)		33,830
U.S. Government agency securities		1,999		—		(40)		1,959
U.S. Treasury securities		1,001		—		(11)		990

Total securities available for sale	$	83,563	$	90	$	(2,081)	$	81,572

Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time in continuous unrealized loss position

The gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2019 and December 31, 2018 are as follows:


March 31, 2019	Less than 12 months				12 months or more				Total
Securities available for sale:	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Loss		Value		Loss		Value		Loss
	(dollars in thousands)
Collateralized mortgage obligations	$	—	$	—	$	17,280	$	(460)	$	17,280	$	(460)
Agency mortgage-backed securities		—		—		24,611		(518)		24,611		(518)
Municipal securities		—		—		7,464		(115)		7,464		(115)
U.S. Government agency securities		—		—		1,988		(11)		1,988		(11)
U.S. Treasury securities		—		—		994		(7)		994		(7)
	$	—	$	—	$	52,337	$	(1,111)	$	52,337	$	(1,111)


December 31, 2018	Less than 12 months				12 months or more				Total
Securities available for sale:	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Loss		Value		Loss		Value		Loss
	(dollars in thousands)
Collateralized mortgage obligations	$	1,625	$	(22)	$	17,546	$	(640)	$	19,171	$	(662)
Agency mortgage-backed securities		3,399		(74)		21,417		(840)		24,816		(914)
Municipal securities		13,162		(244)		8,415		(210)		21,577		(454)
U.S. Government agency securities		—		—		1,959		(40)		1,959		(40)
U.S. Treasury securities		—		—		990		(11)		990		(11)
	$	18,186	$	(340)	$	50,327	$	(1,741)	$	68,513	$	(2,081)

Schedule of contractual maturities of investment securities

Shown below are contractual maturities of debt securities at March 31, 2019. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.


	At March 31, 2019


	Amortized		Fair		Yield
(dollars in thousands)	Cost		Value		(1), (2)
Available for sale securities maturing:
Within one year	$	500	$	497	1.58	%
Over one to five years		1,001		993	1.72	%
Over five to ten years		15,645		15,347	1.84	%
Over ten years		45,333		44,583	2.38	%
Total debt securities	$	62,479	$	61,420

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(1) Yields are stated as book yields which are adjusted for amortization and accretion of purchase premiums and discounts, respectively.

(2) Yields on tax-exempt obligations are computed on a tax-equivalent basis.