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INVESTMENT SECURITIES (Tables)
12 Months Ended
Dec. 31, 2020
INVESTMENT SECURITIES  
Schedule of the amortized cost and fair value of securities available for sale, with gross unrealized gains and losses recognized

The following presents the amortized cost and fair value of securities available-for-sale, with gross unrealized gains and losses recognized in accumulated other comprehensive income as of December 31, 2020 and December 31, 2019 (in thousands):

    

    

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

December 31, 2020

Cost

Gains

Losses

Value

Investment securities available-for-sale:

 

  

 

  

 

  

 

  

U.S. Treasury debt

$

250

$

4

$

$

254

Corporate bonds

6,000

55

(11)

6,044

Government National Mortgage Association ("GNMA") mortgage-backed securities – residential

 

23,806

 

798

 

 

24,604

Federal National Mortgage Association ("FNMA") mortgage-backed securities – residential

1,616

61

1,677

Corporate collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS")

 

4,078

 

62

 

(53)

 

4,087

Total securities available-for-sale

$

35,750

$

980

$

(64)

$

36,666

    

    

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

December 31, 2019

Cost

Gains

Losses

Value

Investment securities available-for-sale:

 

  

 

  

 

  

 

  

U.S. Treasury debt

$

250

$

4

$

$

254

GNMA mortgage-backed securities – residential

 

45,490

 

157

 

(335)

 

45,312

FNMA mortgage-backed securities – residential

2,935

 

11

 

(29)

2,917

CMO and MBS

 

10,425

 

40

 

(45)

 

10,420

Total securities available-for-sale

$

59,100

$

212

$

(409)

$

58,903

Summary of the amortized cost and estimated fair value of available for sale securities, excluding SBIC with contractual maturity dates

    

Amortized

    

Fair

December 31, 2020

Cost

Value

Due within one year

$

250

$

254

Due between one year and five years

1,250

1,245

Due between five years and ten years

4,750

4,799

Securities (agency, CMO, and MBS)

 

29,500

 

30,368

Total

$

35,750

$

36,666

Summary of securities with unrealized losses aggregated by major security type and length of time in a continuous unrealized loss position

The following table summarizes securities with unrealized losses as of December 31, 2020 and December 31, 2019, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands, before tax):

    

Less than 12 Months

    

12 Months or Longer

    

Total

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

December 31, 2020

Value

Losses

Value

Losses

Value

    

Losses

Corporate bonds

3,489

(11)

3,489

 

(11)

Corporate CMO and MBS

 

880

 

(40)

 

566

 

(13)

 

1,446

 

(53)

Total

$

4,369

$

(51)

$

566

$

(13)

$

4,935

$

(64)

    

Less than 12 Months

    

12 Months or Longer

    

Total

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

December 31, 2019

    

Value

Losses

Value

Losses

    

Value

    

Losses

GNMA mortgage-backed securities - residential

$

28,203

$

(193)

$

4,450

$

(142)

$

32,653

$

(335)

FNMA mortgage-backed securities - residential

2,347

(29)

2,347

(29)

Corporate CMO and MBS

 

7,780

 

(45)

 

 

 

7,780

 

(45)

Total

$

35,983

$

(238)

$

6,797

$

(171)

$

42,780

$

(409)