Investment Securities (Tables)

3 Months Ended

Mar. 31, 2020

Investment Securities

Schedule of summary of investment securities

	At March 31, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Collateralized mortgage obligations	$	26,092	$	311	$	(197)	$	26,206
Agency mortgage-backed securities		28,678		657		(23)		29,312
Municipal securities		12,256		240		(26)		12,470
U.S. Government agency securities		1,679		7		(4)		1,682
U.S. Treasury securities		500		2		—		502
Total securities available for sale	$	69,205	$	1,217	$	(250)	$	70,172

	At December 31, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Collateralized mortgage obligations	$	27,618	$	52	$	(187)	$	27,483
Agency mortgage-backed securities		27,823		149		(135)		27,837
Municipal securities		12,301		191		(17)		12,475
U.S. Government agency securities		3,195		1		(5)		3,191
U.S. Treasury securities		500		—		—		500
Total securities available for sale	$	71,437	$	393	$	(344)	$	71,486

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, 2020 and December 31, 2019 are as follows:

March 31, 2020	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	$	10,036	$	(130)	$	1,335	$	(67)	$	11,371	$	(197)
Agency mortgage-backed securities		829		(13)		635		(10)		1,464		(23)
Municipal securities		2,502		(19)		544		(7)		3,046		(26)
U.S. Government agency securities		575		(4)		—		—		575		(4)
	$	13,942	$	(166)	$	2,514	$	(84)	$	16,456	$	(250)

December 31, 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	$	11,792	$	(65)	$	7,330	$	(122)	$	19,122	$	(187)
Agency mortgage-backed securities		4,577		(20)		10,918		(115)		15,495		(135)
Municipal securities		1,806		(7)		864		(10)		2,670		(17)
U.S. Government agency securities		591		(5)		—		—		591		(5)
	$	18,766	$	(97)	$	19,112	$	(247)	$	37,878	$	(344)

Schedule of contractual maturities of investment securities

Shown below are contractual maturities of debt securities at March 31, 2020.  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, 2020
	Amortized		Fair		Yield
(dollars in thousands)	Cost		Value		(1), (2)
Available for sale securities maturing:
Within one year	$	2,382	$	2,390	1.77	%
Over one to five years		617		623	1.81	%
Over five to ten years		13,012		13,107	1.76	%
Over ten years		53,194		54,052	2.17	%
Total debt securities	$	69,205	$	70,172

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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.