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Investment Securities | 12 Months Ended
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Dec. 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:
|  | December 31, 2022 |
|  | Amortized |  |  | Gross Unrealized |  |  | Fair |
(dollars in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 2,172 |  |  |  | - |  |  |  | 289 |  |  | 1,883 |
US treasuries |  |  | 999 |  |  |  | - |  |  |  | 128 |  |  | 871 |
US government agencies |  |  | 13,007 |  |  |  | - |  |  |  | 2,390 |  |  | 10,617 |
State and political subdivisions |  |  | 22,910 |  |  |  | - |  |  |  | 4,004 |  |  | 18,906 |
Asset-backed securities |  |  | 6,435 |  |  |  | - |  |  |  | 206 |  |  | 6,229 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLMC |  |  | 24,086 |  |  |  | - |  |  |  | 3,745 |  |  | 20,341 |
FNMA |  |  | 35,141 |  |  |  | - |  |  |  | 5,520 |  |  | 29,621 |
GNMA |  |  | 5,573 |  |  |  | - |  |  |  | 694 |  |  | 4,879 |
Total mortgage-backed securities |  |  | 64,800 |  |  |  | - |  |  |  | 9,959 |  |  | 54,841 |
Total |  | $ | 110,323 |  |  |  | - |  |  |  | 16,976 |  |  | 93,347 |
|  | 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 |
During 2022, approximately $12.6 million of investment securities were either sold or called, subsequently resulting in a gross gain on sale of investment securities of $83,000 and a gross loss on sale of investment securities of $71,000. During 2021, approximately $770,000 of investment securities were either sold or called, resulting in a gross gain on sale of investment securities of $6,000 and a gross loss on sale of investment securities of $9,000. During 2020, approximately $2.0 million of investment securities were either sold or called, resulting in a gross gain on sale of investment securities of $4,000 and a gross loss on sale of investment securities of $1,000. The amortized costs and fair values of investment securities available for sale at December 31, 2022 and 2021, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers have the right to prepay the obligations.
|  | December 31, 2022 |  |  | December 31, 2021 |
(dollars in thousands) |  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ | - |  |  |  | - |  |  | $ | 384 |  |  |  | 387 |
Due after one through five years |  |  | 9,398 |  |  |  | 8,277 |  |  |  | 7,429 |  |  |  | 7,363 |
Due after five through ten years |  |  | 24,436 |  |  |  | 20,043 |  |  |  | 27,298 |  |  |  | 26,953 |
Due after ten years |  |  | 76,489 |  |  |  | 65,027 |  |  |  | 86,107 |  |  |  | 85,578 |
|  | $ | 110,323 |  |  |  | 93,347 |  |  | $ | 121,218 |  |  |  | 120,281 |
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, 2022 and 2021.
|  |  |  | December 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 |
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 0 |  |  | $ | - |  |  | $ | - |  |  |  | 1 |  |  | $ | 1,883 |  |  | $ | 289 |  |  |  | 1 |  |  | $ | 1,883 |  |  | $ | 289 |
US treasuries |  |  | 0 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 871 |  |  |  | 128 |  |  |  | 1 |  |  |  | 871 |  |  |  | 128 |
US government agencies |  |  | 0 |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | 10,617 |  |  |  | 2,390 |  |  |  | 10 |  |  |  | 10,617 |  |  |  | 2,390 |
State and political subdivisions |  |  | 10 |  |  |  | 5,101 |  |  |  | 763 |  |  |  | 22 |  |  |  | 13,805 |  |  |  | 3,241 |  |  |  | 32 |  |  |  | 18,906 |  |  |  | 4,004 |
Asset-backed |  |  | 5 |  |  |  | 4,291 |  |  |  | 135 |  |  |  | 3 |  |  |  | 1,938 |  |  |  | 71 |  |  |  | 8 |  |  |  | 6,229 |  |  |  | 206 |
Mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLMC |  |  | 4 |  |  |  | 3,712 |  |  |  | 155 |  |  |  | 17 |  |  |  | 16,629 |  |  |  | 3,590 |  |  |  | 21 |  |  |  | 20,341 |  |  |  | 3,745 |
FNMA |  |  | 9 |  |  |  | 2,208 |  |  |  | 201 |  |  |  | 28 |  |  |  | 27,413 |  |  |  | 5,319 |  |  |  | 37 |  |  |  | 29,621 |  |  |  | 5,520 |
GNMA |  |  | 1 |  |  |  | 103 |  |  |  | 7 |  |  |  | 6 |  |  |  | 4,776 |  |  |  | 687 |  |  |  | 7 |  |  |  | 4,879 |  |  |  | 694 |
|  |  | 29 |  |  | $ | 15,415 |  |  | $ | 1,261 |  |  |  | 88 |  |  | $ | 77,932 |  |  | $ | 15,715 |  |  |  | 117 |  |  | $ | 93,347 |  |  | $ | 16,976 |
|  | 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 |
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 |
At December 31, 2022, the Company had 117 individual investments that were in an unrealized loss position. 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:
|  | December 31, |
(dollars in thousands) |  | 2022 |  |  | 2021 |
Federal Home Loan Bank stock |  | $ | 9,250 |  |  | $ | 1,241 |
Other nonmarketable investments |  |  | 1,180 |  |  |  | 2,377 |
Investment in Trust Preferred subsidiaries |  |  | 403 |  |  |  | 403 |
Total other investments |  | $ | 10,833 |  |  | $ | 4,021 |
The Company has evaluated other investments for impairment and determined that the other investments are not other than temporarily impaired as of December 31, 2022 and ultimate recoverability of the par value of this investment is probable. All of the FHLB stock is used to collateralize advances with the FHLB. At December 31, 2022 and 2021, there were no securities pledged as collateral for repurchase agreements from brokers.

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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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