INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2021

INVESTMENT SECURITIES

Schedule of summary of investment securities

	At September 30, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Collateralized mortgage obligations	$	23,493	$	260	$	(132)	$	23,621
Agency mortgage-backed securities		29,432		525		(235)		29,722
Municipal securities		44,629		652		(642)		44,639
Corporate Securities		1,500		—		(10)		1,490
U.S. Government agency securities		64,965		26		(1,636)		63,355
Total securities available for sale	$	164,019	$	1,463	$	(2,655)	$	162,827

	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 September 30, 2021 and December 31, 2020 are as follows:

September 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	$	6,747	$	(126)	$	953	$	(6)	$	7,700	$	(132)
Agency mortgage-backed securities		9,738		(229)		221		(6)		9,959		(235)
Municipal securities		25,335		(642)		—		—		25,335		(642)
Corporate Securities		1,490		(10)		—		—		1,490		(10)
U.S. Government agency securities		45,025		(1,062)		12,499		(574)		57,524		(1,636)
	$	88,335	$	(2,069)	$	13,673	$	(586)	$	102,008	$	(2,655)

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 September 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 September 30, 2021
	Amortized		Fair		Yield
(dollars in thousands)	Cost		Value		(1), (2)
Available for sale securities maturing:
Within one year	$	—	$	—	—	%
Over one to five years		2,134		2,161	1.94	%
Over five to ten years		19,283		19,348	1.61	%
Over ten years		142,602		141,318	2.13	%
Total debt securities	$	164,019	$	162,827

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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.