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INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2019

INVESTMENT SECURITIES

Schedule of summary of investment securities

		At September 30, 2019
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
(dollars in thousands)		Cost			Gains			Losses			Value
Collateralized mortgage obligations		$	23,650		$	74		$	(141)		$	23,583
Agency mortgage-backed securities			24,989			175			(158)			25,006
Municipal securities			13,037			208			(16)			13,229
U.S. Government agency securities			1,999			—			—			1,999
U.S. Treasury securities			1,001			—			(1)			1,000
Total securities available for sale		$	64,676		$	457		$	(316)		$	64,817

		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 September 30, 2019 and December 31, 2018 are as follows:

September 30, 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		$	7,043		$	(18)		$	8,039		$	(123)		$	15,082		$	(141)
Agency mortgage-backed securities			1,853			(4)			12,723			(154)			14,576			(158)
Municipal securities			2,253			(8)			871			(8)			3,124			(16)
U.S. Government agency securities			—			—			500			—			500			—
U.S. Treasury securities			—			—			1,000			(1)			1,000			(1)
		$	11,149		$	(30)		$	23,133		$	(286)		$	34,282		$	(316)

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 September 30, 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 September 30, 2019
		Amortized			Fair				Yield
(dollars in thousands)		Cost			Value				(1), (2)
Available for sale securities maturing:
Within one year		$	2,191		$	2,189			2.36	%
Over one to five years			2,095			2,102			2.40	%
Over five to ten years			12,934			12,850			1.82	%
Over ten years			47,456			47,676			2.46	%
Total debt securities		$	64,676		$	64,817

_____________________

(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.

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-Publisher FASB
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