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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021 |
|  | Amortized |  |  |  | Gross Unrealized |  | Fair |
(dollars in thousands) |  | Cost |  |  | Gains |  |  | Losses |  | Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 2,198 |  |  |  | - |  |  |  | 10 |  |  | 2,188 |
US treasuries |  |  | 999 |  |  |  | - |  |  |  | 7 |  |  | 992 |
US government agencies |  |  | 14,504 |  |  |  | 1 |  |  |  | 336 |  |  | 14,169 |
SBA securities |  |  | 429 |  |  |  | 9 |  |  |  | - |  |  | 438 |
State and political subdivisions |  |  | 24,887 |  |  |  | 549 |  |  |  | 260 |  |  | 25,176 |
Asset-backed securities |  |  | 10,136 |  |  |  | 45 |  |  |  | 17 |  |  | 10,164 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLMC |  |  | 23,057 |  |  |  | 102 |  |  |  | 494 |  |  | 22,665 |
FNMA |  |  | 40,924 |  |  |  | 235 |  |  |  | 660 |  |  | 40,499 |
GNMA |  |  | 4,084 |  |  |  | 3 |  |  |  | 97 |  |  | 3,990 |
Total mortgage-backed securities |  |  | 68,065 |  |  |  | 340 |  |  |  | 1,251 |  |  | 67,154 |
Total |  | $ | 121,218 |  |  |  | 944 |  |  |  | 1,881 |  |  | 120,281 |
81 Table of Contents
|  | 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 |
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, 2021 and 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers have the right to prepay the obligations.
|  | December 31, |
|  | 2021 |  | 2020 |
|  | Amortized |  | Fair |  | Amortized |  | Fair |
(dollars in thousands) |  | Cost |  | Value |  | Cost |  | Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ | 384 |  |  | 387 |  |  | - |  |  | - |
Due after one through five years |  |  | 7,429 |  |  | 7,363 |  |  | 4,957 |  |  | 5,015 |
Due after five through ten years |  |  | 27,298 |  |  | 26,953 |  |  | 17,345 |  |  | 17,575 |
Due after ten years |  |  | 86,107 |  |  | 85,578 |  |  | 71,132 |  |  | 72,139 |
|  | $ | 121,218 |  |  | 120,281 |  |  | 93,434 |  |  | 94,729 |
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, 2021 and 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 |
As of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | 1 |  | $ | 2,188 |  | $ | 10 |  | - |  | $ | - |  | $ | - |  | 1 |  | $ | 2,188 |  | $ | 10 |
US treasuries |  | 1 |  |  | 992 |  |  | 7 |  | - |  |  | - |  |  | - |  | 1 |  |  | 992 |  |  | 7 |
US government agencies |  | 7 |  |  | 9,831 |  |  | 173 |  | 4 |  |  | 3,837 |  |  | 163 |  | 11 |  |  | 13,668 |  |  | 336 |
State and political subdivisions |  | 9 |  |  | 7,821 |  |  | 193 |  | 6 |  |  | 2,909 |  |  | 67 |  | 15 |  |  | 10,730 |  |  | 260 |
Asset-backed |  | 2 |  |  | 1,751 |  |  | 9 |  | 2 |  |  | 1,717 |  |  | 7 |  | 4 |  |  | 3,468 |  |  | 16 |
Mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLMC |  | 10 |  |  | 13,705 |  |  | 303 |  | 4 |  |  | 4,644 |  |  | 192 |  | 14 |  |  | 18,349 |  |  | 495 |
FNMA |  | 11 |  |  | 16,098 |  |  | 296 |  | 9 |  |  | 11,264 |  |  | 364 |  | 20 |  |  | 27,362 |  |  | 660 |
GNMA |  | 2 |  |  | 655 |  |  | 4 |  | 3 |  |  | 3,215 |  |  | 93 |  | 5 |  |  | 3,870 |  |  | 97 |
|  | 43 |  | $ | 53,041 |  | $ | 995 |  | 28 |  | $ | 27,586 |  | $ | 886 |  | 71 |  | $ | 80,627 |  | $ | 1,881 |
82 Table of Contents
|  | 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 |
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) |  | 2021 |  |  | 2020 |
Federal Home Loan Bank stock |  | $ | 1,241 |  |  |  | 3,103 |
Other nonmarketable investments |  |  | 2,377 |  |  |  | 129 |
Investment in Trust Preferred subsidiaries |  |  | 403 |  |  |  | 403 |
Total other investments |  | $ | 4,021 |  |  |  | 3,635 |

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