INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2021

INVESTMENT SECURITIES

Schedule of summary of investment securities

	At June 30, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Collateralized mortgage obligations	$	25,240	$	324	$	(117)	$	25,447
Agency mortgage-backed securities		32,573		659		(188)		33,044
Municipal securities		41,926		877		(116)		42,687
Corporate securities		1,500		—		(4)		1,496
U.S. Government agency securities		55,984		71		(1,138)		54,917
Total securities available for sale	$	157,223	$	1,931	$	(1,563)	$	157,591

	At December 31, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Collateralized mortgage obligations	$	24,261	$	396	$	(14)	$	24,643
Agency mortgage-backed securities		26,072		886		(10)		26,948
Municipal securities		28,675		740		(2)		29,413
Corporate securities		—		—		—		—
U.S. Government agency securities		33,346		9		(310)		33,045
Total securities available for sale	$	112,354	$	2,031	$	(336)	$	114,049

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, 2021 and December 31, 2020 are as follows:

June 30, 2021	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	$	4,184	$	(108)	$	1,048	$	(9)	$	5,232	$	(117)
Agency mortgage-backed securities		6,753		(182)		227		(6)		6,980		(188)
Municipal securities		6,717		(116)		—		—		6,717		(116)
Corporate securities		1,496		(4)		—		—		1,496		(4)
U.S. Government agency securities		35,317		(1,138)		—		—		35,317		(1,138)
	$	54,467	$	(1,548)	$	1,275	$	(15)	$	55,742	$	(1,563)

December 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	$	201	$	—	$	1,188	$	(14)	$	1,389	$	(14)
Agency mortgage-backed securities		—		—		566		(10)		566		(10)
Municipal securities		851		(2)		—		—		851		(2)
Corporate securities		—		—		—		—		—		—
U.S. Government agency securities		24,160		(308)		481		(2)		24,641		(310)
	$	25,212	$	(310)	$	2,235	$	(26)	$	27,447	$	(336)

Schedule of contractual maturities of investment securities

Shown below are contractual maturities of debt securities at June 30, 2021. 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, 2021
	Amortized		Fair		Yield
(dollars in thousands)	Cost		Value		(1), (2)
Available for sale securities maturing:
Within one year	$	451	$	452	2.00	%
Over one to five years		2,189		2,223	1.95	%
Over five to ten years		18,368		18,531	1.62	%
Over ten years		136,215		136,385	2.06	%
Total debt securities	$	157,223	$	157,591

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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.