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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Costs and Fair Value of Investment Securities | The amortized costs and fair value of investment securities are as follows:
|  | June 30, 2021
|  | Amortized |  |  | Gross Unrealized |  |  | Fair
(dollars in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US treasuries |  | $ | 999 |  |  |  | 6 |  |  |  | - |  |  |  | 1,005
US government agencies |  |  | 7,494 |  |  |  | 2 |  |  |  | 142 |  |  |  | 7,354
SBA securities |  |  | 492 |  |  |  | 1 |  |  |  | 18 |  |  |  | 475
State and political subdivisions |  |  | 19,241 |  |  |  | 650 |  |  |  | 137 |  |  |  | 19,754
Asset-backed securities |  |  | 10,852 |  |  |  | 72 |  |  |  | 13 |  |  |  | 10,911
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLMC |  |  | 14,146 |  |  |  | 157 |  |  |  | 145 |  |  |  | 14,158
FNMA |  |  | 31,814 |  |  |  | 355 |  |  |  | 230 |  |  |  | 31,939
GNMA |  |  | 5,688 |  |  |  | 13 |  |  |  | 65 |  |  |  | 5,636
Total mortgage-backed securities |  |  | 51,648 |  |  |  | 525 |  |  |  | 440 |  |  |  | 51,733
Total investment securities available for sale |  | $ | 90,726 |  |  |  | 1,256 |  |  |  | 750 |  |  |  | 91,232
|  | December 31, 2020
|  | Amortized |  |  | Gross Unrealized |  |  | Fair
|  | 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
Schedule of Fair Values Investment Securities Available for Contractual Maturities | Contractual maturities and yields on the Company’s investment securities at June 30, 2021 and December 31, 2020 are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | June 30, 2021
|  | Less than one year |  | One to five years |  | Five to ten years |  | Over ten years |  | Total
(dollars in thousands) |  | Amount |  | Yield |  | Amount |  | Yield |  | Amount |  | Yield |  | Amount |  | Yield |  | Amount |  | Yield
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US treasuries |  | $ | - |  |  | - |  |  | - |  |  | - |  |  | 1,005 |  |  | 1.27 | % |  | - |  |  | - |  |  | 1,005 |  |  | 1.27 | %
US government agencies |  |  | - |  |  | - |  |  | 2,497 |  |  | 0.36 | % |  | 3,887 |  |  | 1.12 | % |  | 970 |  |  | 1.48 | % |  | 7,354 |  |  | 0.91 | %
SBA securities |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 475 |  |  | 1.00 | % |  | 475 |  |  | 1.00 | %
State and political subdivisions |  |  | - |  |  | - |  |  | 470 |  |  | 2.13 | % |  | 2,562 |  |  | 1.77 | % |  | 16,722 |  |  | 2.19 | % |  | 19,754 |  |  | 2.13 | %
Asset-backed securities |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1,784 |  |  | 1.14 | % |  | 9,127 |  |  | 0.93 | % |  | 10,911 |  |  | 0.96 | %
Mortgage-backed securities |  |  | - |  |  | - |  |  | 1,466 |  |  | 1.53 | % |  | 7,293 |  |  | 1.66 | % |  | 42,974 |  |  | 0.94 | % |  | 51,733 |  |  | 1.06 | %
Total |  | $ | - |  |  | - |  |  | 4,433 |  |  | 0.93 | % |  | 16,531 |  |  | 1.47 | % |  | 70,268 |  |  | 1.24 | % |  | 91,232 |  |  | 1.27 | %
10
|  | December 31, 2020
|  | Less than one year |  | One to five years |  | Five to ten years |  | Over ten years |  | Total
(dollars in thousands) |  | Amount |  | Yield |  | Amount |  | Yield |  | Amount |  | Yield |  | Amount |  | Yield |  | Amount |  | Yield
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US government agencies |  | $ | - |  |  | - |  |  | 2,501 |  |  | 0.37 | % |  | 2,995 |  |  | 1.07 | % |  | 997 |  |  | 1.48 | % |  | 6,493 |  |  | 0.86 | %
SBA securities |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 485 |  |  | 0.98 | % |  | 485 |  |  | 0.98 | %
State and political subdivisions |  |  | - |  |  | - |  |  | 470 |  |  | 2.13 | % |  | 3,053 |  |  | 1.98 | % |  | 15,865 |  |  | 2.23 | % |  | 19,388 |  |  | 2.18 | %
Asset-backed securities |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1,983 |  |  | 1.17 | % |  | 9,546 |  |  | 1.00 | % |  | 11,529 |  |  | 1.03 | %
Mortgage-backed securities |  |  | - |  |  | - |  |  | 2,044 |  |  | 1.77 | % |  | 9,544 |  |  | 1.74 | % |  | 45,246 |  |  | 1.36 | % |  | 56,834 |  |  | 1.44 | %
Total |  | $ | - |  |  | - |  |  | 5,015 |  |  | 1.10 | % |  | 17,575 |  |  | 1.60 | % |  | 72,139 |  |  | 1.50 | % |  | 94,729 |  |  | 1.50 | %
Schedule 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 at June 30, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
|  | June 30, 2021
|  | Less than 12 months |  | 12 months or longer |  | Total
|  |  |  | Fair |  | Unrealized |  |  |  | Fair |  | Unrealized |  |  |  | Fair |  | Unrealized
(dollars in thousands) |  | # |  | value |  | losses |  | # |  | value |  | losses |  | # |  | value |  | losses
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US government agencies |  |  | 7 |  | $ | 6,852 |  | $ | 142 |  |  | - |  | $ | - |  | $ | - |  |  | 7 |  | $ | 6,852 |  | $ | 142
SBA securities |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | 475 |  |  | 18 |  |  | 1 |  |  | 475 |  |  | 18
State and political subdivisions |  |  | 5 |  |  | 3,707 |  |  | 95 |  |  | 4 |  |  | 1,598 |  |  | 42 |  |  | 9 |  |  | 5,305 |  |  | 137
Asset-backed securities |  |  | 2 |  |  | 1,929 |  |  | 4 |  |  | 2 |  |  | 1,884 |  |  | 9 |  |  | 4 |  |  | 3,813 |  |  | 13
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLMC |  |  | 5 |  |  | 5,744 |  |  | 145 |  |  | - |  |  | - |  |  | - |  |  | 5 |  |  | 5,744 |  |  | 145
FNMA |  |  | 10 |  |  | 10,861 |  |  | 187 |  |  | 3 |  |  | 4,840 |  |  | 43 |  |  | 13 |  |  | 15,701 |  |  | 230
GNMA |  |  | 1 |  |  | 1,749 |  |  | 24 |  |  | 2 |  |  | 2,520 |  |  | 41 |  |  | 3 |  |  | 4,269 |  |  | 65
Total |  |  | 30 |  | $ | 30,842 |  | $ | 597 |  |  | 12 |  | $ | 11,317 |  | $ | 153 |  |  | 42 |  | $ | 42,159 |  | $ | 750
|  |  | December 31, 2020
|  |  | Less than 12 months |  | 12 months or longer |  | Total
|  |  |  | Fair |  | Unrealized |  |  |  | Fair |  | Unrealized |  |  |  | Fair |  | Unrealized
(dollars in thousands) |  | # |  | value |  | losses |  | # |  | value |  | losses |  | # |  | value |  | losses
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US government agencies |  |  | 3 |  | $ | 2,992 |  | $ | 8 |  |  | - |  | $ | - |  | $ | - |  |  | 3 |  | $ | 2,992 |  | $ | 8
SBA securities |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | 485 |  |  | 19 |  |  | 1 |  |  | 485 |  |  | 19
State and political subdivisions |  |  | 8 |  |  | 4,861 |  |  | 30 |  |  | - |  |  | - |  |  | - |  |  | 8 |  |  | 4,861 |  |  | 30
Asset-backed securities |  |  | - |  |  | - |  |  | - |  |  | 6 |  |  | 6,998 |  |  | 73 |  |  | 6 |  |  | 6,998 |  |  | 73
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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
Total |  |  | 26 |  | $ | 28,663 |  | $ | 174 |  |  | 10 |  | $ | 9,467 |  | $ | 117 |  |  | 36 |  | $ | 38,130 |  | $ | 291
Schedule of Other Investments | Other investments are comprised of the following and are recorded at cost which approximates fair value.
(dollars in thousands) |  | June 30, 2021 |  |  | December 31, 2020
Federal Home Loan Bank stock |  | $ | 1,241 |  |  |  | 3,103
Other investments |  |  | 1,126 |  |  |  | 129
Investment in Trust Preferred securities |  |  | 403 |  |  |  | 403
Total other investments |  | $ | 2,770 |  |  |  | 3,635

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