INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019 (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
March 31, 2020	Cost		Gains		Losses		Value
Investment securities available-for-sale:
U.S. Treasury debt	$	250	$	8	$	—	$	258
Government National Mortgage Association ("GNMA") mortgage-backed securities – residential		41,173		87		(389)		40,871
Federal National Mortgage Association ("FNMA") mortgage-backed securities – residential		2,666		69		—		2,735
Corporate collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS")		9,205		—		(569)		8,636
Total securities available-for-sale	$	53,294	$	164	$	(958)	$	52,500

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2019	Cost		Gains		Losses		Value
Investment securities available-for-sale:
U.S. Treasury debt	$	250	$	4	$	—	$	254
GNMA mortgage-backed securities – residential		45,490		157		(335)		45,312
FNMA mortgage-backed securities – residential		2,935		11		(29)		2,917
Corporate CMO and MBS		10,425		40		(45)		10,420
Total securities available-for-sale	$	59,100	$	212	$	(409)	$	58,903

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

	Amortized		Fair
March 31, 2020	Cost		Value
Due after one year through five years	$	250	$	258
Securities (agency and CMO)		53,044		52,242
Total	$	53,294	$	52,500

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 March 31, 2020 and December 31, 2019, 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
March 31, 2020	Value		Losses		Value		Losses		Value		Losses
GNMA	$	29,866	$	(270)	$	3,889	$	(119)	$	33,755	$	(389)
FNMA		—		—		—		—		—		—
Corporate CMO and MBS		8,637		(569)		—		—		8,637		(569)
Total	$	38,503	$	(839)	$	3,889	$	(119)	$	42,392	$	(958)

	Less than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2019	Value		Losses		Value		Losses		Value		Losses
GNMA	$	28,203	$	(193)	$	4,450	$	(142)	$	32,653	$	(335)
FNMA		—		—		2,347		(29)		2,347		(29)
Corporate CMO and MBS		7,780		(45)		—		—		7,780		(45)
Total	$	35,983	$	(238)	$	6,797	$	(171)	$	42,780	$	(409)