INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020 and December 31, 2019 (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
September 30, 2020	Cost		Gains		Losses		Value
Investment securities available-for-sale:
U.S. Treasury debt	$	250	$	6	$	—	$	256
Corporate bonds		2,000		48				2,048
Government National Mortgage Association ("GNMA") mortgage-backed securities – residential		28,844		944		—		29,788
Federal National Mortgage Association ("FNMA") mortgage-backed securities – residential		2,626		90		—		2,716
Corporate collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS")		5,826		93		(73)		5,846
Total securities available-for-sale	$	39,546	$	1,181	$	(73)	$	40,654

			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
September 30, 2020	Cost		Value
Due after one year through five years	$	250	$	256
Due after ten years		2,000		2,048
Securities (agency and CMO)		37,296		38,350
Total	$	39,546	$	40,654

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, 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
September 30, 2020	Value		Losses		Value		Losses		Value		Losses
Corporate CMO and MBS		1,553		(54)		590		(19)		2,143		(73)
Total	$	1,553	$	(54)	$	590	$	(19)	$	2,143	$	(73)

	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 mortgage-backed securities - residential	$	28,203	$	(193)	$	4,450	$	(142)	$	32,653	$	(335)
FNMA mortgage-backed securities - residential		—		—		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)