Investment Securities (Tables)

6 Months Ended

Jun. 30, 2020

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:

	June 30, 2020
	Amortized		Gross Unrealized				Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Available for sale
US government agencies	$	500		-		2		498
SBA securities		514		-		20		494
State and political subdivisions		10,404		548		6		10,946
Asset-backed securities		12,509		-		450		12,059
Mortgage-backed securities
FHLMC		9,035		275		-		9,310
FNMA		31,055		645		29		31,671
GNMA		5,963		65		9		6,019
Total mortgage-backed securities		46,053		985		38		47,000
Total investment securities available for sale	$	69,980		1,533		516		70,997

	December 31, 2019
	Amortized		Gross Unrealized				Fair
	Cost		Gains		Losses		Value
Available for sale
US government agencies	$	500		-		1		499
SBA securities		550		-		19		531
State and political subdivisions		4,205		3		24		4,184
Asset-backed securities		13,351		-		184		13,167
Mortgage-backed securities
FHLMC		10,609		14		15		10,608
FNMA		35,275		34		169		35,140
GNMA		3,581		5		21		3,565
Total mortgage-backed securities		49,465		53		205		49,313
Total	$	68,071		56		433		67,694

Schedule of Fair Values Investment Securities Available for Contractual Maturities

Contractual maturities and yields on the Company’s investment securities at June 30, 2020 and December 31, 2019 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.

11

	June 30, 2020
	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	$	-		-		498		0.43	%		-		-			-		-			498		0.43	%
SBA securities		-		-		-		-			-		-			494		0.97	%		494		0.97	%
State and political subdivisions		-		-		-		-			1,985		2.99	%		8,961		2.71	%		10,946		2.76	%
Asset-backed securities		-		-		-		-			1,304		0.84	%		10,755		1.05	%		12,059		1.02	%
Mortgage-backed securities		-		-		3,039		1.81	%		9,354		2.04	%		34,607		1.71	%		47,000		1.78	%
Total	$	-		-		3,537		1.62	%		12,643		2.06	%		54,817		1.73	%		70,997		1.77	%

	December 31, 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	$	-		-		499		1.97	%		-		-			-		-			499		1.97	%
SBA securities		-		-		-		-			-		-			531		2.62	%		531		2.62	%
State and political subdivisions		-		-		808		2.81	%		1,283		2.96	%		2,093		2.67	%		4,184		2.79	%
Asset-backed securities		-		-		-		-			1,493		2.34	%		11,674		2.61	%		13,167		2.58	%
Mortgage-backed securities		-		-		3,368		1.78	%		7,638		2.00	%		38,307		2.24	%		49,313		2.17	%
Total	$	-		-		4,675		1.98	%		10,414		2.17	%		52,605		2.34	%		67,694		2.29	%

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 June 30, 2020 and December 31, 2019, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

	June 30, 2020
	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	$	498	$	2
SBA securities		-		-		-		1		494		20		1		494		20
State and political subdivisions		1		1,078		6		-		-		-		1		1,078		6
Asset-backed securities		5		5,501		220		5		6,559		230		10		12,060		450
Mortgage-backed securities
FNMA		3		1,336		6		3		2,317		23		6		3,653		29
GNMA		1		2,483		9		-		-		-		1		2,483		9
Total		11	$	10,896	$	243		9	$	9,370	$	273		20	$	20,266	$	516

	December 31, 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	$	499	$	1		-	$	-	$	-		1	$	499	$	1
SBA securities		-		-		-		1		531		19		1		531		19
State and political subdivisions		2		2,093		24		-		-		-		2		2,093		24
Asset-backed securities		5		5,921		68		5		7,246		116		10		13,167		184
Mortgage-backed securities
FHLMC		4		3,842		2		4		2,323		13		8		6,165		15
FNMA		14		15,500		67		11		9,462		102		25		24,962		169
GNMA		2		2,240		6		1		734		15		3		2,974		21
Total		28	$	30,095	$	168		22	$	20,296	$	265		50	$	50,391	$	433

Schedule of Other Investments

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

(dollars in thousands)	June 30, 2020		December 31, 2019
Federal Home Loan Bank stock	$	2,041		6,386
Other investments		166		159
Investment in Trust Preferred securities		403		403
Total other investments	$	2,610		6,948