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INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2020

INVESTMENT SECURITIES

Schedule of summary of investment securities

		At September 30, 2020
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
(dollars in thousands)		Cost			Gains			Losses			Value
Collateralized mortgage obligations		$	26,868		$	412		$	(25)		$	27,255
Agency mortgage-backed securities			29,684			921			(10)			30,595
Municipal securities			24,975			399			(73)			25,301
U.S. Government agency securities			31,559			20			(269)			31,310
Total securities available for sale		$	113,086		$	1,752		$	(377)		$	114,461

		At December 31, 2019
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
(dollars in thousands)		Cost			Gains			Losses			Value
Collateralized mortgage obligations		$	27,618		$	52		$	(187)		$	27,483
Agency mortgage-backed securities			27,823			149			(135)			27,837
Municipal securities			12,301			191			(17)			12,475
U.S. Government agency securities			3,195			1			(5)			3,191
U.S. Treasury securities			500			—			—			500
Total securities available for sale		$	71,437		$	393		$	(344)		$	71,486

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, 2020 and December 31, 2019 are as follows:

September 30, 2020		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		$	1,899		$	(3)		$	2,131		$	(22)		$	4,030		$	(25)
Agency mortgage-backed securities			—			—			596			(10)			596			(10)
Municipal securities			15,271			(71)			544			(2)			15,815			(73)
U.S. Government agency securities			23,496			(269)			—			—			23,496			(269)
		$	40,666		$	(343)		$	3,271		$	(34)		$	43,937		$	(377)

December 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		$	11,792		$	(65)		$	7,330		$	(122)		$	19,122		$	(187)
Agency mortgage-backed securities			4,577			(20)			10,918			(115)			15,495			(135)
Municipal securities			1,806			(7)			864			(10)			2,670			(17)
U.S. Government agency securities			591			(5)			—			—			591			(5)
		$	18,766		$	(97)		$	19,112		$	(247)		$	37,878		$	(344)

Schedule of contractual maturities of investment securities

Shown below are contractual maturities of debt securities at September 30, 2020.  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, 2020
		Amortized			Fair				Yield
(dollars in thousands)		Cost			Value				(1), (2)
Available for sale securities maturing:
Within one year		$	1,818		$	1,825			1.85	%
Over one to five years			1,621			1,660			2.34	%
Over five to ten years			10,928			11,061			1.39	%
Over ten years			98,719			99,915			1.81	%
Total debt securities		$	113,086		$	114,461

_____________________

(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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- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
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-Name Accounting Standards Codification
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-Publisher FASB
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=121582814&loc=SL82922888-210455

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