INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2020

INVESTMENT SECURITIES

Schedule of amortized cost and fair value of AFS investments

The amortized cost and fair value of available for sale (“AFS”) investments, with gross unrealized gains and losses, follow:

	June 30, 2020
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
	(dollars in thousands)
Securities available for sale:
U.S. government agencies – GSE’s	$	8,811	$	278	$	(3)	$	9,086
Mortgage-backed securities – GSE’s		37,916		1,620		(3)		39,533
Corporate bonds		2,193		13		—		2,206
Municipal bonds		11,887		271		(25)		12,133
	$	60,807	$	2,182	$	(31)	$	62,958

The amortized cost and fair value of “AFS” investments, with gross unrealized gains and losses, follow:

	December 31, 2019
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
	(dollars in thousands)
Securities available for sale:
U.S. government agencies – GSE’s	$	9,839	$	159	$	(2)	$	9,996
Mortgage-backed securities – GSE’s		46,926		830		(13)		47,743
Corporate bonds		2,282		17		—		2,299
Municipal bonds		12,152		177		—		12,329
	$	71,199	$	1,183	$	(15)	$	72,367

Schedule of unrealized loss on investments

The following tables show the gross unrealized losses and fair value of the Company’s investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at June 30, 2020 and December 31, 2019.

	June 30, 2020
	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	value		losses		value		losses		value		losses
	(dollars in thousands)
Securities available for sale:
U.S. government agencies – GSE’s	$	—	$	—	$	524	$	(3)	$	524	$	(3)
Mortgage-backed securities–GSE’s		1,703		(1)		1,999		(2)		3,702		(3)
Corporate bonds		758		—		—		—		758		—
Municipal bonds		3,029		(25)		—		—		3,029		(25)
Total temporarily impaired securities	$	5,490	$	(26)	$	2,523	$	(5)	$	8,013	$	(31)

	December 31, 2019
	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	value		losses		value		losses		value		losses
	(dollars in thousands)
Securities available for sale:
U.S. government agencies – GSE’s	$	872	$	—	$	621	$	(2)	$	1,493	$	(2)
Mortgage-backed securities–GSE’s		2,672		(3)		3,774		(10)		6,446		(13)
Corporate bonds		—		—		—		—		—		—
Municipal bonds		—		—		—		—		—		—
Total temporarily impaired securities	$	3,544	$	(3)	$	4,395	$	(12)	$	7,939	$	(15)

Schedule of Investments Classified By Contractual Maturity Date

The amortized cost and fair value of  securities available for sale, with gross unrealized gains and losses, follow:

	June 30, 2020
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
	(dollars in thousands)
Securities available for sale:
Due within one year	$	6,289	$	11	$	(3)	$	6,297
Due after one but within five years		12,209		360		(1)		12,568
Due after five but within ten years		25,383		1,047		(2)		26,428
Due after ten years		16,926		764		(25)		17,665
	$	60,807	$	2,182	$	(31)	$	62,958

	December 31, 2019
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
	(dollars in thousands)
Securities available for sale:
Due within one year	$	8,901	$	19	$	(6)	$	8,914
Due after one but within five years		40,954		695		(7)		41,642
Due after five but within ten years		4,568		94		(1)		4,661
Due after ten years		16,776		375		(1)		17,150
	$	71,199	$	1,183	$	(15)	$	72,367