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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Available-for-sale
The following table presents the amortized cost and fair value of the investment securities as of the dates indicated:
($ in thousands)
Amortized Cost
Gross Unrealized GainGross Unrealized Loss
Fair Value
June 30, 2020
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$71,680  $1,515  $(37) $73,158  
Residential collateralized mortgage obligations
35,367  382  (103) 35,646  
SBA loan pool securities
12,769  375  (23) 13,121  
Municipal bonds
5,677  447  —  6,124  
Total securities available-for-sale
$125,493  $2,719  $(163) $128,049  
December 31, 2019
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$38,793  $96  $(151) $38,738  
Residential collateralized mortgage obligations
44,115  36  (257) 43,894  
SBA loan pool securities
14,179  34  (61) 14,152  
Municipal bonds
764  18  —  782  
Total securities available-for-sale
$97,851  $184  $(469) $97,566  
Securities held-to-maturity:
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities
$15,215  $70  $(81) $15,204  
Municipal bonds
4,939  337  —  5,276  
Total securities held-to-maturity
$20,154  $407  $(81) $20,480  
Debt Securities, Held-to-maturity
The following table presents the amortized cost and fair value of the investment securities as of the dates indicated:
($ in thousands)
Amortized Cost
Gross Unrealized GainGross Unrealized Loss
Fair Value
June 30, 2020
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$71,680  $1,515  $(37) $73,158  
Residential collateralized mortgage obligations
35,367  382  (103) 35,646  
SBA loan pool securities
12,769  375  (23) 13,121  
Municipal bonds
5,677  447  —  6,124  
Total securities available-for-sale
$125,493  $2,719  $(163) $128,049  
December 31, 2019
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$38,793  $96  $(151) $38,738  
Residential collateralized mortgage obligations
44,115  36  (257) 43,894  
SBA loan pool securities
14,179  34  (61) 14,152  
Municipal bonds
764  18  —  782  
Total securities available-for-sale
$97,851  $184  $(469) $97,566  
Securities held-to-maturity:
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities
$15,215  $70  $(81) $15,204  
Municipal bonds
4,939  337  —  5,276  
Total securities held-to-maturity
$20,154  $407  $(81) $20,480  
Investments Classified by Contractual Maturity Date
The following table presents the amortized cost and fair value of the investment securities by contractual maturity as of June 30, 2020. Expected maturities may differ from contractual maturities, if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
Securities Available-For-Sale
($ in thousands)
Amortized Cost
Fair Value
Within one year
$101  $101  
One to five years
2,209  2,308  
Five to ten years
1,038  1,076  
Greater than ten years
2,329  2,639  
Residential mortgage-backed securities, residential collateralized mortgage obligations and SBA loan pool securities
119,816  121,925  
Total
$125,493  $128,049  
Realized Gain (Loss) on Investments The Company had no proceeds from sales and calls of securities available-for-sale during the three and six months ended June 30, 2020 and 2019.
Schedule of Unrealized Loss on Investments
The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous unrealized loss position as of the dates indicated:
Length of Time that Individual Securities Have Been In a Continuous Unrealized Loss Position
Less Than 12 Months12 Months or LongerTotal
($ in thousands)
Fair Value
Gross Unrealized Losses
Number of Securities
Fair Value
Gross Unrealized Losses
Number of Securities
Fair Value
Gross Unrealized Losses
Number of Securities
June 30, 2020
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$4,742  $(37) 3  $—  $—  —  $4,742  $(37) 3  
Residential collateralized mortgage obligations
2,088  (6) 4  13,985  (97) 10  16,073  (103) 14  
SBA loan pool securities
2,164  (5) 3  1,750  (18) 3  3,914  (23) 6  
Total securities available-for-sale
$8,994  $(48) 10  $15,735  $(115) 13  $24,729  $(163) 23  
December 31, 2019
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$5,401  $(28) 5  $15,772  $(123) 23  $21,173  $(151) 28  
Residential collateralized mortgage obligations
15,392  (52) 13  19,834  (205) 23  35,226  (257) 36  
SBA loan pool securities
4,787  (38) 5  2,308  (23) 4  7,095  (61) 9  
Total securities available-for-sale
$25,580  $(118) 23  $37,914  $(351) 50  $63,494  $(469) 73  
Securities held-to-maturity:
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities
$—  $—  —  $6,842  $(81) 7  $6,842  $(81) 7  
Total securities held-to-maturity
$—  $—  —  $6,842  $(81) 7  $6,842  $(81) 7