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Investment Securities | 3 Months Ended
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Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | NOTE 2 – Investment Securities The amortized costs and fair value of investment securities are as follows:
|  | March 31, 2022 |
|  | Amortized |  |  | Gross Unrealized |  |  | Fair |
(dollars in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 2,191 |  |  |  | - |  |  |  | 125 |  |  |  | 2,066 |
US treasuries |  |  | 999 |  |  |  | - |  |  |  | 65 |  |  |  | 934 |
US government agencies |  |  | 13,005 |  |  |  | - |  |  |  | 1,187 |  |  |  | 11,818 |
State and political subdivisions |  |  | 23,202 |  |  |  | 26 |  |  |  | 1,587 |  |  |  | 21,641 |
Asset-backed securities |  |  | 8,423 |  |  |  | 4 |  |  |  | 76 |  |  |  | 8,351 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLMC |  |  | 22,138 |  |  |  | - |  |  |  | 1,846 |  |  |  | 20,292 |
FNMA |  |  | 37,907 |  |  |  | - |  |  |  | 2,816 |  |  |  | 35,091 |
GNMA |  |  | 7,206 |  |  |  | - |  |  |  | 421 |  |  |  | 6,785 |
Total mortgage-backed securities |  |  | 67,251 |  |  |  | - |  |  |  | 5,083 |  |  |  | 62,168 |
Total investment securities available for sale |  | $ | 115,071 |  |  |  | 30 |  |  |  | 8,123 |  |  |  | 106,978 |
|  | December 31, 2021 |
|  | Amortized |  |  | Gross Unrealized |  |  | Fair |
|  | 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 investment securities available for sale |  | $ | 121,218 |  |  |  | 944 |  |  |  | 1,881 |  |  |  | 120,281 |
Contractual maturities and yields on the Company’s investment securities at March 31, 2022 and December 31, 2021 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.
|  | March 31, 2022 |
|  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | - |  |  |  | - |  |  | $ | - |  |  |  | - |  |  | $ | 2,066 |  |  |  | 1.99 | % |  | $ | - |  |  |  | - |  |  | $ | 2,066 |  |  |  | 1.99 | %
US treasuries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 934 |  |  |  | 1.27 | % |  |  | - |  |  |  | - |  |  |  | 934 |  |  |  | 1.27 | %
US government agencies |  |  | - |  |  |  | - |  |  |  | 954 |  |  |  | 0.45 | % |  |  | 8,176 |  |  |  | 1.31 | % |  |  | 2,688 |  |  |  | 1.79 | % |  |  | 11,818 |  |  |  | 1.35 | %
State and political subdivisions |  |  | - |  |  |  | - |  |  |  | 470 |  |  |  | 2.13 | % |  |  | 4,859 |  |  |  | 1.62 | % |  |  | 16,312 |  |  |  | 2.19 | % |  |  | 21,641 |  |  |  | 2.06 | %
Asset-backed securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,412 |  |  |  | 2.22 | % |  |  | 6,939 |  |  |  | 1.08 | % |  |  | 8,351 |  |  |  | 1.27 | %
Mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | 3,422 |  |  |  | 1.22 | % |  |  | 5,196 |  |  |  | 1.43 | % |  |  | 53,550 |  |  |  | 1.50 | % |  |  | 62,168 |  |  |  | 1.47 | %
Total |  | $ | - |  |  |  | - |  |  | $ | 4,846 |  |  |  | 1.16 | % |  | $ | 22,643 |  |  |  | 1.52 | % |  | $ | 79,489 |  |  |  | 1.61 | % |  | $ | 106,978 |  |  |  | 1.57 | %
|  | December 31, 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | - |  |  |  | - |  |  | $ | - |  |  |  | - |  |  | $ | 2,188 |  |  |  | 1.98 | % |  | $ | - |  |  |  | - |  |  | $ | 2,188 |  |  |  | 1.98 | %
US treasuries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 992 |  |  |  | 1.27 | % |  |  | - |  |  |  | - |  |  |  | 992 |  |  |  | 1.27 | %
US government agencies |  |  | - |  |  |  | - |  |  |  | 2,481 |  |  |  | 0.36 | % |  |  | 8,756 |  |  |  | 1.31 | % |  |  | 2,932 |  |  |  | 1.79 | % |  |  | 14,169 |  |  |  | 1.24 | %
SBA securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 438 |  |  |  | 1.01 | % |  |  | 438 |  |  |  | 1.01 | %
State and political subdivisions |  |  | - |  |  |  | - |  |  |  | 471 |  |  |  | 2.13 | % |  |  | 4,282 |  |  |  | 1.61 | % |  |  | 20,423 |  |  |  | 2.21 | % |  |  | 25,176 |  |  |  | 2.11 | %
Asset-backed securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,614 |  |  |  | 1.79 | % |  |  | 8,550 |  |  |  | 0.97 | % |  |  | 10,164 |  |  |  | 1.10 | %
Mortgage-backed securities |  |  | 387 |  |  |  | 2.10 | % |  |  | 4,411 |  |  |  | 1.29 | % |  |  | 9,121 |  |  |  | 1.59 | % |  |  | 53,235 |  |  |  | 1.38 | % |  |  | 67,154 |  |  |  | 1.40 | %
Total |  | $ | 387 |  |  |  | 2.10 | % |  | $ | 7,363 |  |  |  | 1.03 | % |  | $ | 26,953 |  |  |  | 1.53 | % |  | $ | 85,578 |  |  |  | 1.55 | % |  | $ | 120,281 |  |  |  | 1.52 | %
The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities at March 31, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
|  | March 31, 2022 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
(dollars in thousands) |  | # |  |  | Fair value |  |  | Unrealized losses |  |  | # |  |  | Fair value |  |  | Unrealized losses |  |  | # |  |  | Fair value |  |  | Unrealized losses |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 1 |  |  | $ | 2,066 |  |  | $ | 125 |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | 1 |  |  | $ | 2,066 |  |  | $ | 125 |
US treasures |  |  | 1 |  |  |  | 934 |  |  |  | 65 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 934 |  |  |  | 65 |
US government agencies |  |  | 4 |  |  |  | 6,399 |  |  |  | 612 |  |  |  | 6 |  |  |  | 5,420 |  |  |  | 575 |  |  |  | 10 |  |  |  | 11,819 |  |  |  | 1,187 |
State and political subdivisions |  |  | 20 |  |  |  | 15,206 |  |  |  | 1,033 |  |  |  | 8 |  |  |  | 4,461 |  |  |  | 554 |  |  |  | 28 |  |  |  | 19,667 |  |  |  | 1,587 |
Asset-backed |  |  | 6 |  |  |  | 5,861 |  |  |  | 55 |  |  |  | 2 |  |  |  | 1,612 |  |  |  | 21 |  |  |  | 8 |  |  |  | 7,473 |  |  |  | 76 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLMC |  |  | 14 |  |  |  | 15,318 |  |  |  | 1,286 |  |  |  | 5 |  |  |  | 4,974 |  |  |  | 560 |  |  |  | 19 |  |  |  | 20,292 |  |  |  | 1,846 |
FNMA |  |  | 26 |  |  |  | 23,751 |  |  |  | 1,692 |  |  |  | 10 |  |  |  | 11,329 |  |  |  | 1,124 |  |  |  | 36 |  |  |  | 35,080 |  |  |  | 2,816 |
GNMA |  |  | 4 |  |  |  | 4,107 |  |  |  | 212 |  |  |  | 3 |  |  |  | 2,678 |  |  |  | 209 |  |  |  | 7 |  |  |  | 6,785 |  |  |  | 421 |
Total |  |  | 76 |  |  | $ | 73,642 |  |  | $ | 5,080 |  |  |  | 34 |  |  | $ | 30,474 |  |  | $ | 3,043 |  |  |  | 110 |  |  | $ | 104,116 |  |  | $ | 8,123 |
|  | December 31, 2021 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
(dollars in thousands) |  | # |  |  | Fair value |  |  | Unrealized losses |  |  | # |  |  | Fair value |  |  | Unrealized losses |  |  | # |  |  | Fair value |  |  | Unrealized losses |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 1 |  |  | $ | 2,188 |  |  | $ | 10 |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | 1 |  |  | $ | 2,188 |  |  | $ | 10 |
US treasures |  |  | 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 securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
Total |  |  | 43 |  |  | $ | 53,041 |  |  | $ | 995 |  |  |  | 28 |  |  | $ | 27,586 |  |  | $ | 886 |  |  |  | 71 |  |  | $ | 80,627 |  |  | $ | 1,881 |
At March 31, 2022 the Company had 76 individual investments with a fair market value of $73.6 million that were in an unrealized loss position for less than 12 months and 34 individual investments with a fair market value of $30.5 million that were in an unrealized loss position for 12 months or longer. The unrealized losses were primarily attributable to changes in interest rates, rather than deterioration in credit quality. The individual securities are each investment grade securities. The Company considers factors such as the financial condition of the issuer including credit ratings and specific events affecting the operations of the issuer, volatility of the security, underlying assets that collateralize the debt security, and other industry and macroeconomic conditions. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. Other investments are comprised of the following and are recorded at cost which approximates fair value.
(dollars in thousands) |  | March 31, 2022 |  |  | December 31, 2021 |
Federal Home Loan Bank stock |  | $ | 1,256 |  |  |  | 1,241 |
Other nonmarketable investments |  |  | 2,445 |  |  |  | 2,377 |
Investment in Trust Preferred subsidiaries |  |  | 403 |  |  |  | 403 |
Total other investments |  | $ | 4,104 |  |  |  | 4,021 |
The Company has evaluated other investments for impairment and determined that the other investments are not impaired as of March 31, 2022 and that ultimate recoverability of the par value of the investments is probable. All of the FHLB stock is used to collateralize advances with the FHLB.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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