Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Comparison of amortized cost and fair value of securities available for sale

Following is a comparison of the amortized cost and fair value of securities available-for-sale, as of September 30, 2020 and December 31, 2019:

(in 000's)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Carrying Amount)
September 30, 2020
Securities available-for-sale:
U.S. Government agencies	$	35,039	$	155	$	(252)	$	34,942
U.S. Government sponsored entities & agencies collateralized by mortgage obligations	42,054		857		(14)		42,897
Asset-backed securities	3,866		—		(38)		3,828
Municipal bonds	1,045		13		—		1,058
Corporate bonds	5,000		192		—		5,192
Total securities available for sale	$	87,004	$	1,217	$	(304)	$	87,917

(in 000's)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Carrying Amount)
December 31, 2019
Securities available-for-sale:
U.S. Government agencies	$	28,737	$	152	$	(190)	$	28,699
U.S. Government sponsored entities & agencies collateralized by mortgage obligations	47,824		120		(331)		47,613
Total securities available for sale	$	76,561	$	272	$	(521)	$	76,312

Contractual maturities on collateralized mortgage obligation

The amortized cost and fair value of securities available for sale at September 30, 2020, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay obligations with or without call or prepayment penalties. Contractual maturities on collateralized mortgage obligations cannot be anticipated due to allowed paydowns.

	September 30, 2020
	Amortized Cost		Fair Value (Carrying Amount)
(in 000's)
Due in one year or less	$	—	$	—
Due after one year through five years	300		300
Due after five years through ten years	18,224		18,332
Due after ten years	26,426		26,388
Collateralized mortgage obligations	42,054		42,897
	$	87,004	$	87,917

Temporarily impaired investment securities

The following summarizes temporarily impaired investment securities:

(in 000's)	Less than 12 Months				12 Months or More				Total
September 30, 2020	Fair Value (Carrying Amount)		Unrealized Losses		Fair Value (Carrying Amount)		Unrealized Losses		Fair Value (Carrying Amount)		Unrealized Losses
Securities available for sale:
U.S. Government agencies	$	9,540	$	(83)	17,897		(169)		$	27,437	$	(252)
U.S. Government sponsored entities & agencies collateralized by mortgage obligations	317		(2)		2,068		(12)		2,385		(14)
Corporate bonds	—		—		—		—		—		—
Municipal bonds	300		—		—		—		300		—
Asset-backed securities	3,828		(38)		—		—		3,828		(38)
Total impaired securities	$	13,985	$	(123)	$	19,965	$	(181)	$	33,950	$	(304)
December 31, 2019
Securities available for sale:
U.S. Government agencies	$	3,961	$	(12)	$	15,989	$	(178)	$	19,950	$	(190)
U.S. Government sponsored entities & agencies collateralized by mortgage obligations	25,400		(187)		11,244		(144)		36,644		(331)
Total impaired securities	$	29,361	$	(199)	$	27,233	$	(322)	$	56,594	$	(521)