Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Costs and Fair Value of Investment Securities

The amortized costs and fair value of investment securities are as follows:

	September 30, 2020
	Amortized		Gross Unrealized				Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Available for sale
US government agencies	$	5,500		-		3		5,497
SBA securities		509		-		19		490
State and political subdivisions		15,932		641		29		16,544
Asset-backed securities		11,956		2		189		11,769
Mortgage-backed securities
FHLMC		12,018		238		60		12,196
FNMA		31,803		602		80		32,325
GNMA		9,178		44		52		9,170
Total mortgage-backed securities		52,999		884		192		53,691
Total investment securities available for sale	$	86,896		1,527		432		87,991

	December 31, 2019
	Amortized		Gross Unrealized				Fair
	Cost		Gains		Losses		Value
Available for sale
US government agencies	$	500		-		1		499
SBA securities		550		-		19		531
State and political subdivisions		4,205		3		24		4,184
Asset-backed securities		13,351		-		184		13,167
Mortgage-backed securities
FHLMC		10,609		14		15		10,608
FNMA		35,275		34		169		35,140
GNMA		3,581		5		21		3,565
Total mortgage-backed securities		49,465		53		205		49,313
Total	$	68,071		56		433		67,694

Schedule of Fair Values Investment Securities Available for Contractual Maturities

Contractual maturities and yields on the Company’s investment securities at September 30, 2020 and December 31, 2019 are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

10

	September 30, 2020
	Less than one year				One to five years					Five to ten years					Over ten years					Total
(dollars in thousands)	Amount		Yield		Amount		Yield			Amount		Yield			Amount		Yield			Amount		Yield
Available for sale
US government agencies	$	-		-		2,500		0.37	%		1,998		1.01	%		999		1.48	%		5,497		0.80	%
SBA securities		-		-		-		-			-		-			490		0.98	%		490		0.98	%
State and political subdivisions		-		-		-		-			3,050		2.49	%		13,494		2.38	%		16,544		2.40	%
Asset-backed securities		-		-		-		-			2,087		1.18	%		9,682		1.01	%		11,769		1.04	%
Mortgage-backed securities		-		-		2,752		1.82	%		8,725		1.98	%		42,214		1.39	%		53,691		1.51	%
Total	$	-		-		5,252		1.13	%		15,860		1.85	%		66,879		1.53	%		87,991		1.57	%

	December 31, 2019
	Less than one year				One to five years					Five to ten years					Over ten years					Total
(dollars in thousands)	Amount		Yield		Amount		Yield			Amount		Yield			Amount		Yield			Amount		Yield
Available for sale
US government agencies	$	-		-		499		1.97	%		-		-			-		-			499		1.97	%
SBA securities		-		-		-		-			-		-			531		2.62	%		531		2.62	%
State and political subdivisions		-		-		808		2.81	%		1,283		2.96	%		2,093		2.67	%		4,184		2.79	%
Asset-backed securities		-		-		-		-			1,493		2.34	%		11,674		2.61	%		13,167		2.58	%
Mortgage-backed securities		-		-		3,368		1.78	%		7,638		2.00	%		38,307		2.24	%		49,313		2.17	%
Total	$	-		-		4,675		1.98	%		10,414		2.17	%		52,605		2.34	%		67,694		2.29	%

Schedule of Gross Unrealized Losses on Investment Securities and Fair Market Value of Related Securities

The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities at September 30, 2020 and December 31, 2019, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

	September 30, 2020
	Less than 12 months						12 months or longer						Total
			Fair		Unrealized				Fair		Unrealized				Fair		Unrealized
(dollars in thousands)	#		value		losses		#		value		losses		#		value		losses
Available for sale
US government agencies		5	$	4,997	$	3		-	$	-	$	-		5	$	4,997	$	3
SBA securities		-		-		-		1		490		19		1		490		19
State and political subdivisions		7		4,532		29		-		-		-		7		4,532		29
Asset-backed securities		4		3,922		57		5		7,016		132		9		10,938		189
Mortgage-backed securities
FHLMC		3		4,065		60		-		-		-		3		4,065		60
FNMA		3		5,510		57		3		2,153		23		6		7,663		80
GNMA		3		6,267		52		-		-		-		3		6,267		52
Total		25	$	29,293	$	258		9	$	9,659	$	174		34	$	38,952	$	432

	December 31, 2019
	Less than 12 months						12 months or longer						Total
			Fair		Unrealized				Fair		Unrealized				Fair		Unrealized
(dollars in thousands)	#		value		losses		#		value		losses		#		value		losses
Available for sale
US government agencies		1	$	499	$	1		-	$	-	$	-		1	$	499	$	1
SBA securities		-		-		-		1		531		19		1		531		19
State and political subdivisions		2		2,093		24		-		-		-		2		2,093		24
Asset-backed securities		5		5,921		68		5		7,246		116		10		13,167		184
Mortgage-backed securities
FHLMC		4		3,842		2		4		2,323		13		8		6,165		15
FNMA		14		15,500		67		11		9,462		102		25		24,962		169
GNMA		2		2,240		6		1		734		15		3		2,974		21
Total		28	$	30,095	$	168		22	$	20,296	$	265		50	$	50,391	$	433

Schedule of Other Investments

Other investments are comprised of the following and are recorded at cost which approximates fair value.

(dollars in thousands)	September 30, 2020		December 31, 2019
Federal Home Loan Bank stock	$	2,041		6,386
Other investments		145		159
Investment in Trust Preferred securities		403		403
Total other investments	$	2,589		6,948