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INVESTMENT SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2017
INVESTMENT SECURITIES [Abstract]  
Schedule of Available-for-Sale Securities



 

 

 

Gross

 

Gross

 

 



 

Amortized

 

Unrealized

 

Unrealized

 

Fair

September 30, 2017

 

Cost

 

Gains

 

Losses

 

Value

Available-for-Sale Securities:

 

 

 

 

 

 

 

 

 

 

 

 

  Residential mortgage-backed securities

 

$

 26,145 

 

$

 154 

 

$

 (129)

 

$

 26,170 

  Residential collateralized mortgage obligations

 

 

 3,022 

 

 

 -

 

 

 (72)

 

 

 2,950 

  Commercial mortgage backed securities

 

 

 

 

 

 

 

 

 

 

 

 

     guaranteed by U.S. government sponsored

 

 

 

 

 

 

 

 

 

 

 

 

     agencies

 

 

 1,591 

 

 

 -

 

 

 (25)

 

 

 1,566 

  Municipal bond

 

 

 1,105 

 

 

 21 

 

 

 -

 

 

 1,126 

  CRA Mutual Fund

 

 

 2,148 

 

 

 -

 

 

 (38)

 

 

 2,110 

      Total securities available-for-sale

 

$

 34,011 

 

$

 175 

 

$

 (264)

 

$

 33,922 



 

 

 

Gross

 

Gross

 

 



 

Amortized

 

Unrealized

 

Unrealized

 

Fair

December 31, 2016

 

Cost

 

Gains

 

Losses

 

Value

Available-for-Sale Securities:

 

 

 

 

 

 

 

 

 

 

 

 

  Residential mortgage-backed securities

 

$

 29,152 

 

$

 165 

 

$

 (290)

 

$

 29,027 

  Residential collateralized mortgage obligations

 

 

 5,233 

 

 

 -

 

 

 (130)

 

 

 5,103 

  Municipal bond

 

 

 1,122 

 

 

 14 

 

 

 -

 

 

 1,136 

  CRA Mutual Fund

 

 

 2,115 

 

 

 -

 

 

 (52)

 

 

 2,063 

      Total securities available-for-sale

 

$

 37,622 

 

$

 179 

 

$

 (472)

 

$

 37,329 



Schedule of Held-to-Maturity Securities



 

 

 

 

 

 

 

 

 

 

 

 

Held to Maturity Securities:

 

 

 

 

 

 

 

 

  Residential mortgage-backed securities

 

$

 5,656 

 

$

 -

 

$

 (51)

 

$

 5,605 

  Foreign government securities

 

 

 25 

 

 

 -

 

 

 -

 

 

 25 

      Total securities held-to-maturity

 

$

 5,681 

 

$

 -

 

$

 (51)

 

$

 5,630 



 

 

 

Gross

 

Gross

 

 

December 31, 2016

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

Held to Maturity Securities:

 

Cost

 

Gains

 

Losses

 

Value

  Residential mortgage-backed securities

 

$

 6,475 

 

$

 -

 

$

 (81)

 

$

 6,394 

  Foreign government securities

 

 

 25 

 

 

 -

 

 

 -

 

 

 25 

      Total securities held-to-maturity

 

$

 6,500 

 

$

 -

 

$

 (81)

 

$

 6,419 



Schedule of Realized Gain (Loss) on Sales and Calls of Securities

The proceeds from sales and calls of securities and the associated gains and losses are listed below for the three and nine months ended September 30, 2017 and 2016 (dollars in thousands):



 

 

 

 

 



 

 

 

 

 

For the three months ended September 30,

 

 

 

 

 



 

 

 

 

 



2017

 

2016

Proceeds

$

 -

 

$

 -

Gross gains

 

 -

 

 

 -

Gross losses

 

 -

 

 

 -







 

 

 

 

 



 

 

 

 

 

For the nine months ended September 30,

 

 

 

 

 



 

 

 

 

 



2017

 

2016

Proceeds

$

 -

 

$

 2,771 

Gross gains

 

 -

 

 

 40 

Gross losses

 

 -

 

 

 -







Schedule of Amortized Cost and Fair Value of Securities Classified by Contractual Maturity

Securities not due at a single maturity date, primarily mutual funds and mortgage-backed securities are shown separately (dollars in thousands):





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Held to Maturity

 

Available for Sale



 

Amortized

 

Fair

 

Amortized

 

Fair

 September 30, 2017

 

Cost

 

Value

 

Cost

 

Value

Within one year

 

$

 -

 

$

 -

 

$

 -

 

$

 -

One to five years

 

 

 25 

 

 

 25 

 

 

 -

 

 

 -

Five to ten years

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Beyond ten years

 

 

 -

 

 

 -

 

 

 1,105 

 

 

 1,126 



 

 

 25 

 

 

 25 

 

 

 1,105 

 

 

 1,126 



 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities

 

 

 5,656 

 

 

 5,605 

 

 

 26,145 

 

 

 26,170 

Residential collateralized mortgage obligations

 

 

 -

 

 

 -

 

 

 3,022 

 

 

 2,950 

Commercial mortgage backed securities guaranteed

 

 

 

 

 

 

 

 

 

 

 

 

      by U.S. government sponsored agencies

 

 

 -

 

 

 -

 

 

 1,591 

 

 

 1,566 

CRA mutual fund

 

 

 -

 

 

 -

 

 

 2,148 

 

 

 2,110 



 

$

 5,681 

 

$

 5,630 

 

$

 34,011 

 

$

 33,922 



 

 

 

 

 

 

 

 

 

 

 

 



 

Held to Maturity

 

Available for Sale



 

Amortized

 

Fair

 

Amortized

 

Fair

 December 31, 2016

 

Cost

 

Value

 

Cost

 

Value

Within one year

 

$

 -

 

$

 -

 

$

 -

 

$

 -

One to five years

 

 

 25 

 

 

 25 

 

 

 -

 

 

 -

Five to ten years

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Beyond ten years

 

 

 -

 

 

 -

 

 

 1,122 

 

 

 1,136 



 

 

 25 

 

 

 25 

 

 

 1,122 

 

 

 1,136 



 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities

 

 

 6,475 

 

 

 6,394 

 

 

 29,152 

 

 

 29,027 

Residential collateralized mortgage obligations

 

 

 -

 

 

 -

 

 

 5,233 

 

 

 5,103 

CRA mutual fund

 

 

 -

 

 

 -

 

 

 2,115 

 

 

 2,063 



 

$

 6,500 

 

$

 6,419 

 

$

 37,622 

 

$

 37,329 



Schedule of Securities with Unrealized Losses

Securities with unrealized losses at September 30, 2017 and December 31, 2016, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (dollars in thousands):





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Less than 12 Months

 

12 months or more

 

Total

 September 30, 2017

 

Estimated Fair Value

 

Unrealized Losses

 

Estimated Fair Value

 

Unrealized Losses

 

Estimated Fair Value

 

Unrealized Losses

Residential mortgage-backed securities

 

$

 13,943 

 

$

 (129)

 

$

 -

 

$

 -

 

$

 13,943 

 

$

 (129)

Residential collateralized mortgage obligations

 

 

 1,103 

 

 

 (23)

 

 

 1,847 

 

 

 (49)

 

 

 2,950 

 

 

 (72)

Commercial mortgage backed securities

 

 

 -

 

 

 -

 

 

 1,566 

 

 

 (25)

 

 

 1,566 

 

 

 (25)

CRA mutual fund

 

 

 -

 

 

 -

 

 

 2,110 

 

 

 (38)

 

 

 2,110 

 

 

 (38)

Total available for sale

 

$

 15,046 

 

$

 (152)

 

$

 5,523 

 

$

 (112)

 

$

 20,569 

 

$

 (264)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities

 

 

 5,605 

 

 

 (51)

 

 

 -

 

 

 -

 

 

 5,605 

 

 

 (51)

Total held-to-maturity

 

$

 5,605 

 

$

 (51)

 

$

 -

 

$

 -

 

$

 5,605 

 

$

 (51)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities

 

$

 16,733 

 

$

 (290)

 

$

 -

 

$

 -

 

$

 16,733 

 

$

 (290)

Residential collateralized mortgage obligations

 

 

 2,887 

 

 

 (60)

 

 

 2,216 

 

 

 (70)

 

 

 5,103 

 

 

 (130)

CRA mutual fund

 

 

 -

 

 

 -

 

 

 2,063 

 

 

 (52)

 

 

 2,063 

 

 

 (52)

Total available for sale

 

$

 19,620 

 

$

 (350)

 

$

 4,279 

 

$

 (122)

 

$

 23,899 

 

$

 (472)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities

 

$

 6,394 

 

$

 (81)

 

$

 -

 

$

 -

 

$

 6,394 

 

$

 (81)

Total held-to-maturity

 

$

 6,394 

 

$

 (81)

 

$

 -

 

$

 -

 

$

 6,394 

 

$

 (81)