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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of amortized costs and fair value of investment securities

The amortized costs and fair value of investment securities are as follows:

		December 31, 2020
		Amortized					Gross Unrealized						Fair
(dollars in thousands)		Cost					Gains				Losses		Value
Available for sale
US government agencies		$	6,500				1				8			6,493
SBA securities			504				-				19			485
State and political subdivisions			18,614				804				30			19,388
Asset-backed securities			11,587				15				73			11,529
Mortgage-backed securities
FHLMC			12,157				206				47			12,316
FNMA			35,893				507				91			36,309
GNMA			8,179				53				23			8,209
Total mortgage-backed securities			56,229				766				161			56,834
Total		$	93,434				1,586				291			94,729

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		December 31, 2019
		Amortized					Gross Unrealized						Fair
(dollars in thousands)		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

Summary of amortized costs and fair values of investment securities available for sale by contractual maturity

The amortized costs and fair values of investment securities available for sale at December 31, 2020 and 2019, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers have the right to prepay the obligations.

		December 31,
		2020						2019
		Amortized			Fair			Amortized			Fair
(dollars in thousands)		Cost			Value			Cost			Value
Available for sale
Due within one year		$	-			-		$	-			-
Due after one through five years			4,957			5,015			4,699			4,675
Due after five through ten years			17,345			17,575			10,454			10,414
Due after ten years			71,132			72,139			52,918			52,605
		$	93,434			94,729		$	68,071			67,694

Summary 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, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2020 and 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
As of December 31, 2020
Available for sale
US government agencies		3		$	2,992		$	8		-		$	-		$	-		3		$	2,992		$	8
SBA securities		-			-			-		1			484			19		1			484			19
State and political subdivisions		8			4,861			30		-			-			-		8			4,861			30
Asset-backed		-			-			-		6			6,998			73		6			6,998			73
Mortgage-backed
FHLMC		4			5,313			47		-			-			-		4			5,313			47
FNMA		9			11,659			66		3			1,984			25		12			13,643			91
GNMA		2			3,838			23		-			-			-		2			3,838			23
		26		$	28,663		$	174		10		$	9,466		$	117		36		$	38,129		$	291

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		Less than 12 months								12 months or longer								Total
				Fair			Unrealized					Fair			Unrealized					Fair			Unrealized
(dollars in thousands)		#		value			losses			#		value			losses			#		value			losses
As of December 31, 2019
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		5			5,921			68		5			7,246			116		10			13,167			184
Mortgage-backed
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
		28		$	30,095		$	168		22		$	20,296		$	265		50		$	50,391		$	433

Summary of other investments

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

		December 31,
(dollars in thousands)		2020				2019
Federal Home Loan Bank stock		$	3,103			$	6,386
Other investments			129				159
Investment in Trust Preferred subsidiaries			403				403
		$	3,635			$	6,948

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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Tabular disclosure of other investments not readily marketable, including, but not limited to, description of investment, fair value and value as measured by quoted price.

+ References

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-Name Accounting Standards Codification
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