INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2019

INVESTMENT SECURITIES

Schedule of summary of investment securities

	At June 30, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Collateralized mortgage obligations	$	19,238	$	39	$	(174)	$	19,103
Agency mortgage-backed securities		25,742		134		(225)		25,651
Municipal securities		13,392		116		(45)		13,463
U.S. Government agency securities		2,000		—		(2)		1,998
U.S. Treasury securities		1,001		—		(3)		998
Total securities available for sale	$	61,373	$	289	$	(449)	$	61,213

	At December 31, 2018
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Collateralized mortgage obligations	$	20,463	$	6	$	(663)	$	19,806
Agency mortgage-backed securities		25,895		6		(914)		24,987
Municipal securities		34,205		78		(453)		33,830
U.S. Government agency securities		1,999		—		(40)		1,959
U.S. Treasury securities		1,001		—		(11)		990
Total securities available for sale	$	83,563	$	90	$	(2,081)	$	81,572

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 June 30, 2019 and December 31, 2018 are as follows:

June 30, 2019	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	$	332	$	(1)	$	14,232	$	(173)	$	14,564	$	(174)
Agency mortgage-backed securities		—		—		16,906		(225)		16,906		(225)
Municipal securities		—		—		4,551		(45)		4,551		(45)
U.S. Government agency securities		—		—		1,997		(2)		1,997		(2)
U.S. Treasury securities		—		—		998		(3)		998		(3)
	$	332	$	(1)	$	38,684	$	(448)	$	39,016	$	(449)

December 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)
Collateralized mortgage obligations	$	1,625	$	(22)	$	17,546	$	(640)	$	19,171	$	(662)
Agency mortgage-backed securities		3,399		(74)		21,417		(840)		24,816		(914)
Municipal securities		13,162		(244)		8,415		(210)		21,577		(454)
U.S. Government agency securities		—		—		1,959		(40)		1,959		(40)
U.S. Treasury securities		—		—		990		(11)		990		(11)
	$	18,186	$	(340)	$	50,327	$	(1,741)	$	68,513	$	(2,081)

Schedule of contractual maturities of investment securities

Shown below are contractual maturities of debt securities at June 30, 2019.  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 June 30, 2019
	Amortized		Fair		Yield
(dollars in thousands)	Cost		Value		(1), (2)
Available for sale securities maturing:
Within one year	$	1,001	$	998	1.64	%
Over one to five years		977		973	1.68	%
Over five to ten years		14,367		14,246	1.83	%
Over ten years		45,028		44,996	2.36	%
Total debt securities	$	61,373	$	61,213

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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.