INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and December 31, 2020 (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
March 31, 2021	Cost		Gains		Losses		Value
Investment securities available-for-sale:
U.S. Treasury debt	$	250	$	3	$	—	$	253
Corporate bonds		6,000		126		(38)		6,088
Government National Mortgage Association ("GNMA") mortgage-backed securities – residential		19,402		581		(3)		19,980
Federal National Mortgage Association ("FNMA") mortgage-backed securities – residential		1,602		68		—		1,670
Corporate collateralized mortgage obligations ("CMO") and MBS		2,821		55		(24)		2,852
Total securities available-for-sale	$	30,075	$	833	$	(65)	$	30,843

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2020	Cost		Gains		Losses		Value
Investment securities available-for-sale:
U.S. Treasury debt	$	250	$	4	$	—	$	254
Corporate bonds		6,000		55		(11)		6,044
GNMA mortgage-backed securities – residential		23,806		798		—		24,604
FNMA mortgage-backed securities – residential		1,616		61		—		1,677
Corporate CMO and MBS		4,078		62		(53)		4,087
Total securities available-for-sale	$	35,750	$	980	$	(64)	$	36,666

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

As of March 31, 2021, the amortized cost and estimated fair value of available-for-sale securities have contractual maturity dates shown in the table below (in thousands)

	Amortized		Fair
March 31, 2021	Cost		Value
Due within one year	$	250	$	253
Due between one year and five years		1,250		1,245
Due between five years and ten years		4,792		4,843
Securities (agency, Corporate CMO, and MBS)		23,783		24,502
Total	$	30,075	$	30,843

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 as of March 31, 2021 and December 31, 2020, 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, 2021	Value		Losses		Value		Losses		Value		Losses
GNMA mortgage-backed securities – residential	$	881	$	(3)	$	—	$	—	$	881	$	(3)
Corporate bonds		3,962		(38)		—		—		3,962		(38)
Corporate CMO and MBS		56		—		659		(24)		715		(24)
Total	$	4,899	$	(41)	$	659	$	(24)	$	5,558	$	(65)

	Less than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2020	Value		Losses		Value		Losses		Value		Losses
Corporate bonds	$	3,489	$	(11)	$	—	$	—	$	3,489	$	(11)
Corporate CMO and MBS		880		(40)		566		(13)		1,446		(53)
Total	$	4,369	$	(51)	$	566	$	(13)	$	4,935	$	(64)