INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2018

INVESTMENT SECURITIES

Schedule of summary of investment securities

	At September 30, 2018
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Collateralized mortgage obligations	$	21,580	$	13	$	(1,028)	$	20,565
Agency mortgage-backed securities		26,838		6		(1,230)		25,614
Municipal securities		35,268		27		(849)		34,446
U.S. Government agency securities		1,999		—		(80)		1,919
U.S. Treasury securities		1,501		—		(16)		1,485
Total securities available for sale	$	87,186	$	46	$	(3,203)	$	84,029

	At December 31, 2017
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Collateralized mortgage obligations	$	24,063	$	20	$	(569)	$	23,514
Agency mortgage-backed securities		25,725		4		(500)		25,229
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 September 30, 2018 and December 31, 2017 are as follows:

September 30, 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)
Collateralized mortgage obligations	$	3,634	$	(115)	$	15,792	$	(914)	$	19,426	$	(1,029)
Agency mortgage-backed securities		8,072		(340)		17,364		(889)		25,436		(1,229)
Municipal securities		21,078		(588)		6,034		(261)		27,112		(849)
U.S. Government agency securities		—		—		1,919		(80)		1,919		(80)
U.S. Treasury securities		985		(16)		500		—		1,485		(16)
	$	33,769	$	(1,059)	$	41,609	$	(2,144)	$	75,378	$	(3,203)

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)
Collateralized mortgage obligations	$	6,531	$	(63)	$	15,678	$	(507)	$	22,209	$	(570)
Agency mortgage-backed securities		6,802		(80)		18,218		(420)		25,020		(500)
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

Shown below are contractual maturities of debt securities at September 30, 2018.  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 September 30, 2018
	Amortized		Fair		Yield
(dollars in thousands)	Cost		Value		(1), (2)
Available for sale securities maturing:
Within one year	$	1,935	$	1,937	3.62	%
Over one to five years		2,467		2,452	2.30	%
Over five to ten years		20,141		19,378	2.13	%
Over ten years		62,643		60,262	2.86	%
Total debt securities	$	87,186	$	84,029

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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 are computed on a tax-equivalent basis.