INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2018

INVESTMENT SECURITIES

Schedule of summary of investment securities

	At March 31, 2018
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Residential mortgage-backed securities	$	49,081	$	18	$	(1,857)	$	47,242
State and municipal		35,392		81		(607)		34,866
U.S. Government agency		6,870		—		(135)		6,735
U.S. Treasury		1,501		—		(15)		1,486
Total securities available for sale	$	92,844	$	99	$	(2,614)	$	90,329

	At December 31, 2017
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Residential mortgage-backed securities	$	49,788	$	24	$	(1,069)	$	48,743
Municipal securities		35,453		339		(159)		35,633
U.S. Government agency securities		3,526		—		(46)		3,480
U.S. Treasury securities		1,501		—		(8)		1,493
Total securities available for sale	$	90,268	$	363	$	(1,282)	$	89,349

Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time in continuous unrealized loss position

The gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2018 and December 31, 2017 are as follows:

March 31, 2018	Less than 12 months				12 months or more				Total
Securities available for sale:	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Loss		Value		Loss		Value		Loss
	(dollars in thousands)
Residential mortgage-backed securities	$	14,707	$	(402)	$	31,610	$	(1,456)	$	46,317	$	(1,858)
Municipal securities		17,903		(336)		6,079		(271)		23,982		(607)
U.S. Government agency securities		6,230		(125)		506		(9)		6,736		(134)
U.S. Treasury securities		1,486		(15)		—		—		1,486		(15)
	$	40,326	$	(878)	$	38,195	$	(1,736)	$	78,521	$	(2,614)

December 31, 2017	Less than 12 months				12 months or more				Total
Securities available for sale:	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Loss		Value		Loss		Value		Loss
	(dollars in thousands)
Residential mortgage-backed securities	$	13,333	$	(143)	$	33,896	$	(927)	$	47,229	$	(1,070)
Municipal securities		2,396		(11)		6,230		(148)		8,626		(159)
U.S. Government agency securities		2,965		(37)		515		(9)		3,480		(46)
U.S. Treasury securities		1,494		(7)		—		—		1,494		(7)
	$	20,188	$	(198)	$	40,641	$	(1,084)	$	60,829	$	(1,282)

Schedule of contractual maturities of investment securities

Contractual maturities of debt securities at March 31, 2018 are shown below.  Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

	At March 31, 2018
	Amortized		Fair		Yield
(dollars in thousands)	Cost		Value		(1), (2)
Available for sale securities maturing:
Within one year	$	1,197	$	1,207	3.84	%
Over one to five years		1,817		1,793	1.71	%
Over five to ten years		18,097		17,582	2.23	%
Over ten years		71,733		69,747	2.74	%
Total debt securities	$	92,844	$	90,329

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(1)  Yields are stated as book yields which are adjusted for amortization and accretion of purchase premiums and discounts, respectively.

(2)  Yields on tax-exempt obligations have been computed on a tax-equivalent basis.