INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 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 unrealized gains and losses recognized in accumulated other comprehensive income as of September 30, 2021 and December 31, 2020 (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
September 30, 2021	Cost		Gains		Losses		Value
Investment securities available-for-sale:
U.S. Treasury debt	$	250	$	—	$	(1)	$	249
Corporate bonds		8,117		249		(10)		8,356
GNMA mortgage-backed securities – residential		20,488		351		(28)		20,811
FNMA mortgage-backed securities – residential		1,102		53		—		1,155
Corporate CMO and MBS		1,645		35		(18)		1,662
Total securities available-for-sale	$	31,602	$	688	$	(57)	$	32,233

			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 September 30, 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
September 30, 2021	Cost		Value
Due within one year	$	—	$	—
Due between one year and five years		250		249
Due between five years and ten years		8,117		8,356
Securities (agency, Corporate CMO, and MBS)		23,235		23,628
Total	$	31,602	$	32,233

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 September 30, 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
September 30, 2021	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury debt	$	249	$	(1)	$	—	$	—	$	249	$	(1)
GNMA mortgage-backed securities – residential		7,555		(28)		—		—		7,555		(28)
Corporate bonds		490		(10)		—		—		490		(10)
Corporate CMO and MBS		—		—		556		(18)		556		(18)
Total	$	8,294	$	(39)	$	556	$	(18)	$	8,850	$	(57)

	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)