Investment Securities and Other Investments (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Amortized Cost and Fair Values of Investment Securities

Investment securities available for sale are carried in the consolidated balance sheets at their fair value and investment securities held to maturity are carried in the consolidated balance sheets at their amortized cost. The amortized cost and fair values of investment securities at December 31, 2019 and December 31, 2018 are as follows:


	December 31, 2019
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale
U.S. Treasury and agencies	$	2,500	$	—	$	51	$	2,449
Mortgage backed securities		94,983		654		152		95,485
Corporate bonds		10,554		87		4		10,637
	$	108,037	$	741	$	207	$	108,571
Held to maturity
State and municipal	$	12,192	$	464	$	2	$	12,654
Total Investment Securities	$	120,229	$	1,205	$	209	$	121,225
	December 31, 2018
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale
State and municipal	$	1,000	$	3	$	—	$	1,003
U.S. Treasury and agencies		3,375		—		208		3,167
Mortgage backed securities		28,976		22		628		28,370
Corporate bonds		5,477		78		48		5,507
	$	38,828	$	103	$	884	$	38,047
Held to maturity
State and municipal	$	15,565	$	78	$	140	$	15,503
Total Investment Securities	$	54,393	$	181	$	1,024	$	53,550

Summary of Fair Value and Gross Unrealized Losses of Securities in Continuous Unrealized Loss Position

The following table shows fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2019 and 2018, respectively. The reference point for determining when securities are in an unrealized loss position is month-end. Therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period. Securities that have been in a continuous unrealized loss position are as follows:

(Dollars in thousands)
December 31, 2019	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
State and Municipal	$	333	$	(2	)	$	—	$	—		$	333	$	(2	)
U.S. Treasury and Agency	—		—				1,949		(51	)		1,949		(51	)
Mortgage backed		27,901		(82	)		5,348		(70	)		33,249		(152	)
Corporate bonds	—		—			896			(4	)	896			(4	)
Total		28,234		(84	)		8,193		(125	)		36,427		(209	)

(Dollars in thousands)
December 31, 2018	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
State and Municipal	$	6,278	$	(105	)	$	2,402	$	(35	)	$	8,680	$	(140	)
U.S. Treasury and Agency	-		-				3,167		(208	)		3,167		(208	)
Mortgage backed		10,031		(51	)		17,173		(577	)		27,204		(628	)
Corporate bonds		2,114	(36		)	488			(12	)		2,602		(48	)
Total		18,423		(192	)		23,230		(832	)		41,653		(1,024	)

Summary of Investments Classified by Contractual Maturity Date

The amortized cost and fair value of securities at December 31, 2019, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	December 31, 2019
	Securities Available for Sale				Securities Held to Maturity
(Dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due in one year or less	$	—	$	—	$	460	$	460
Due after one year through five years		2,500		2,508		2,584		2,628
Due after five years		18,670		18,659		3,764		3,913
Due after ten years		86,867		87,404		5,384		5,653
Total	$	108,037	$	108,571	$	12,192	$	12,654