Investment Securities (Tables)

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Costs and Fair Value of Investment Securities

The amortized costs and fair value of investment securities are as follows:

	September 30, 2019
	Amortized		Gross Unrealized		Fair
(dollars in thousands)	Cost		Gains	Losses	Value
Available for sale
US government agencies	$	13,482	286	3	13,765
SBA securities		3,741	83	20	3,804
State and political subdivisions		9,012	228	-	9,240
Asset-backed securities		12,364	12	103	12,273
Mortgage-backed securities
FHLMC		12,704	48	33	12,719
FNMA		32,567	170	126	32,611
GNMA		5,020	13	18	5,015
Total mortgage-backed securities		50,291	231	177	50,345
Total investment securities available for sale	$	88,890	840	303	89,427

	December 31, 2018
	Amortized		Gross Unrealized		Fair
	Cost		Gains	Losses	Value
Available for sale
US government agencies	$	8,975	1	194	8,782
SBA securities		3,628	-	103	3,525
State and political subdivisions		8,371	48	63	8,356
Asset-backed securities		9,595	12	49	9,558
Mortgage-backed securities
FHLMC		12,258	87	242	12,103
FNMA		29,068	25	551	28,542
GNMA		4,170	1	132	4,039
Total mortgage-backed securities		45,496	113	925	44,684
Total	$	76,065	174	1,334	74,905

Schedule of Fair Values Investment Securities Available for Contractual Maturities

Contractual maturities and yields on the Company’s investment securities at September 30, 2019 and December 31, 2018 are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2019
	Less than one year			One to five years			Five to ten years			Over ten years			Total
(dollars in thousands)	Amount		Yield	Amount	Yield		Amount	Yield		Amount	Yield		Amount	Yield
Available for sale
US government agencies	$	-	-	3,980	2.09	%	3,703	2.61	%	6,082	3.18	%	13,765	2.71	%
SBA securities		-	-	-	-		657	2.80	%	3,147	2.77	%	3,804	2.77	%
State and political subdivisions		-	-	1,533	3.00	%	3,765	2.93	%	3,942	2.87	%	9,240	2.92	%
Asset-backed securities		-	-	-	-		1,601	2.73	%	10,672	2.91	%	12,273	2.89	%
Mortgage-backed securities		-	-	4,413	1.97	%	8,666	2.17	%	37,266	2.42	%	50,345	2.34	%
Total	$	-	-	9,926	2.18	%	18,392	2.48	%	61,109	2.63	%	89,427	2.55	%
	December 31, 2018
	Less than one year			One to five years			Five to ten years			Over ten years				Total
(dollars in thousands)	Amount		Yield	Amount	Yield		Amount	Yield		Amount	Yield		Amount	Yield
Available for sale
US government agencies	$	-	-	2,665	2.12	%	6,117	2.77	%	-	-		8,782	2.57	%
SBA securities		-	-	-	-		-	-		3,525	2.72	%	3,525	2.72	%
State and political subdivisions		-	-	819	2.60	%	4,637	3.04	%	2,900	2.88	%	8,356	2.94	%
Asset-backed securities		-	-	-	-		1,862	3.22	%	7,696	3.29	%	9,558	3.27	%
Mortgage-backed securities		-	-	5,094	1.89	%	9,763	2.22	%	29,827	2.70	%	44,684	2.50	%
Total	$	-	-	8,578	2.03	%	22,379	2.62	%	43,948	2.81	%	74,905	2.67	%

Schedule of Gross Unrealized Losses on Investment Securities and Fair Market Value of Related Securities

The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities at September 30, 2019 and December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

	September 30, 2019
	Less than 12 months					12 months or longer					Total
		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(dollars in thousands)	#	value		losses		#	value		losses		#	value		losses
Available for sale
US government agencies	1	$	498	$	2	1	$	500	$	1	2	$	998	$	3
SBA securities	-		-		-	1		557		20	1		557		20
Asset-backed securities	5		7,757		87	2		3,046		16	7		10,803		103
Mortgage-backed securities
FHLMC	6		6,394		8	5		3,956		25	11		10,350		33
FNMA	11		11,950		34	11		10,236		92	22		22,186		126
GNMA	1		1,249		1	2		1,742		17	3		2,991		18
Total	24	$	27,848	$	132	22	$	20,037	$	171	46	$	47,885	$	303
	December 31, 2018
	Less than 12 months					12 months or longer						Total
		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(dollars in thousands)	#	value		losses		#	value		losses		#	value		losses
Available for sale
US government agencies	1	$	1,246	$	3	8	$	7,035	$	191	9	$	8,281	$	194
SBA securities	-		-		-	2		3,525		103	2		3,525		103
State and political subdivisions	-		-		-	7		2,829		63	7		2,829		63
Asset-backed securities	4		6,707		49	-		-		-	4		6,707		49
Mortgage-backed securities
FHLMC	-		-		-	10		7,402		242	10		7,402		242
FNMA	2		2,689		6	23		22,814		545	25		25,503		551
GNMA	1		1,104		6	3		2,919		126	4		4,023		132
Total	8	$	11,746	$	64	53	$	46,524	$	1,270	61	$	58,270	$	1,334

Schedule of Other Investments

Other investments are comprised of the following and are recorded at cost which approximates fair value.

(dollars in thousands)	September 30, 2019		December 31, 2018
Federal Home Loan Bank stock	$	2,774	3,587
Other investments		130	131
Investment in Trust Preferred securities		403	403
Total other investments	$	3,307	4,121