INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2019

INVESTMENT SECURITIES

Schedule of the amortized cost and fair value of securities available for sale, with gross unrealized gains and losses recognized

The following presents the amortized cost and fair value of securities available‑for‑sale, with gross unrealized gains and losses recognized in accumulated other comprehensive income as of September 30, 2019 and December 31, 2018 (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
September 30, 2019	Cost		Gains		Losses		Value
Investment securities available-for-sale:
U.S. Treasury debt	$	250	$	5	$	—	$	255
Government National Mortgage Association mortgage-backed securities—residential (“GNMA”)		45,439		389		(93)		45,735
Federal National Mortgage Association mortgage-backed securities—residential (“FNMA”)		3,326		10		(27)		3,309
Securities issued by U.S. government sponsored entities and agencies		—		—		—		—
Corporate collateralized mortgage obligations (”CMO”) and mortgage-backed securities (”MBS”)		12,140		77		(25)		12,192
Total securities available-for-sale	$	61,155	$	481	$	(145)	$	61,491

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2018	Cost		Gains		Losses		Value
Investment securities available-for-sale:
U.S. Treasury debt	$	250	$	—	$	—	$	250
GNMA		35,591		8		(1,597)		34,002
FNMA		4,076		2		(208)		3,870
Securities issued by U.S. government sponsored entities and agencies		4,525		—		(223)		4,302
Corporate CMO and MBS		1,281		1		(11)		1,271
Total securities available-for-sale	$	45,723	$	11	$	(2,039)	$	43,695

Summary of the amortized cost and estimated fair value of available for sale securities, excluding SBIC with contractual maturity dates

	Amortized		Fair
September 30, 2019	Cost		Value
Due within one year through five years	$	250	$	255
Securities (agency and CMO)		60,905		61,236
Total	$	61,155	$	61,491

Summary of securities with unrealized losses aggregated by major security type and length of time in a continuous unrealized loss position

The following table summarizes securities with unrealized losses at September 30, 2019 and December 31, 2018, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands, before tax):

	Less than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
September 30, 2019	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury debt	$	—	$	—	$	—	$	—	$	—	$	—
GNMA		1,439		(5)		4,584		(88)		6,023		(93)
FNMA		—		—		2,737		(27)		2,737		(27)
Corporate CMO and MBS		7,995		(25)		—		—		7,995		(25)
Total	$	9,434	$	(30)	$	7,321	$	(115)	$	16,755	$	(145)

	Less than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2018	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury debt	$	—	$	—	$	—	$	—	$	—	$	—
GNMA		201		—		32,696		(1,597)		32,897		(1,597)
FNMA		436		(3)		3,215		(205)		3,651		(208)
Securities issued by U.S. government sponsored entities and agencies		—		—		4,302		(223)		4,302		(223)
Corporate CMO and MBS		1,145		(9)		63		(2)		1,208		(11)
Total	$	1,782	$	(12)	$	40,276	$	(2,027)	$	42,058	$	(2,039)