INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2020

Investment securities activity

Schedule of securities amortized cost and estimated fair value

The amortized cost and estimated fair value of available-for-sale (AFS) securities as of September 30, 2020 and December 31, 2019 is as follows:

			Gross		Gross			Approximate
	Amortized		Unrealized		Unrealized			Fair
(Dollars are in thousands)	Cost		Gains		Losses			Value
September 30, 2020
U.S. Government Agencies	$	14,468	$	375	$	(62	)	$	14,781
Taxable municipals		4,363		204		—			4,567
Corporate bonds		5,396		189		(27	)		5,558
Mortgage backed securities		18,775		436		(8	)		19,203
Total Securities AFS	$	43,002	$	1,204	$	(97	)	$	44,109
December 31, 2019
U.S. Government Agencies	$	15,703	$	57	$	(127	)	$	15,633
Taxable municipals		4,389		54		(1	)		4,442
Corporate bonds		5,408		115		—			5,523
Mortgage backed securities		25,077		111		(137	)		25,051
Total Securities AFS	$	50,577	$	337	$	(265	)	$	50,649

Schedule of fair value and gross unrealized losses on investment securities

The following table details unrealized losses and related fair values in the AFS portfolio. This information is aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2020 and December 31, 2019.

	Less than 12 Months					12 Months or More					Total
(Dollars are in thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
September 30, 2020
U.S. Government Agencies	$	1,503	$	(2	)	$	4,162	$	(60	)	$	5,665	$	(62	)
Taxable municipals		—		—			—		—			—		—
Corporate bonds		1,223		(27	)		—		—			1,223		(27	)
Mortgage backed securities		1,647		(5	)		261		(3	)		1,908		(8	)
Total Securities AFS	$	4,373	$	(34	)	$	4,423	$	(63	)	$	8,796	$	(97	)
December 31, 2019
U.S. Government Agencies	$	6,788	$	(46	)	$	4,516	$	(81	)	$	11,304	$	(127	)
Taxable municipals		1,049		(1	)		—		—			1,049		(1	)
Mortgage backed securities		1,586		(4	)		12,002		(133	)		13,588		(137	)
Total Securities AFS	$	9,423	$	(51	)	$	16,518	$	(214	)	$	25,941	$	(265	)

Schedule of debt securities

The following table summarizes sales of AFS debt securities for the nine months ended September 30,

(Dollars are in thousands)	2020			2019
Proceeds	$	1,025		$	—
Gains		7			—
Losses		(3	)		—
Tax benefit		(1	)		—

Schedule of amortized cost and fair value of investment securities contractual maturity

Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

(Dollars are in thousands)	Amortized		Fair		Average
Securities Available-for-Sale	Cost		Value		Yield
Due in one year or less	$	—	$	—		—
Due after one year through five years		5,080		5,263		2.53	%
Due after five years through ten years		10,817		11,027		3.29	%
Due after ten years		27,105		27,819		2.27	%
Total	$	43,002	$	44,109		2.35	%