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Investment Securities
 12 Months Ended
Dec. 31, 2023
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, 2023 
  Amortized   Gross Unrealized   Fair 
(dollars in thousands)  Cost   Gains   Losses   Value 
Available for sale                    
Corporate bonds   $2,147    -    237    1,910 
US treasuries    9,495    1    102    9,394 
US government agencies    20,594    -    1,938    18,656 
State and political subdivisions    22,642    11    2,912    19,741 
Asset-backed securities   33,450    2    216    33,236 
Mortgage-backed securities                     
FHLMC    23,070    -    3,492    19,578 
FNMA    32,667    -    4,778    27,889 
GNMA    4,993    -    695    4,298 
Total mortgage-backed securities   60,730    -    8,965    51,765 
Total  $149,058    14    14,370    134,702 
   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 

During 2023, $16.5 million of investment securities matured. No gain or loss was recognized on the maturity of the investment securities. During 2022, approximately $12.6 million of investment securities were either sold or called, 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.

The amortized costs and fair values of investment securities available for sale at December 31, 2023 and 2022, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers have the right to prepay the obligations.

                               
     
   December 31, 2023   December 31, 2022 
(dollars in thousands)  Amortized
Cost		   Fair
Value		   Amortized
Cost		   Fair
Value		 
Available for sale                    
Due within one year  $9,503    9,467   $-    - 
Due after one through five years   10,222    9,279    9,398    8,277 
Due after five through ten years   32,159    28,380    24,436    20,043 
Due after ten years   97,174    87,576    76,489    65,027 
   $149,058    134,702   $110,323    93,347 

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, 2023 and 2022.

                                                                       
             
   December 31, 2023 
   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, 2023                                    
Available for sale                                             
Corporate bonds   -   $-   $-    1   $1,910   $237    1   $1,910   $237 
US treasuries   -    -    -    1    897    102    1    897    102 
US government agencies   2    7,533    50    10    11,123    1,888    12    18,656    1,938 
State and political subdivisions   -    -    -    30    18,964    2,912    30    18,964    2,912 
Asset-backed   8    26,746    145    7    4,866    71    15    31,612    216 
Mortgage-backed                                             
FHLMC   2    2,869    36    19    16,709    3,456    21    19,578    3,492 
FNMA   -    -    -    37    27,889    4,778    37    27,889    4,778 
GNMA   -    -    -    6    4,298    695    6    4,298    695 
    12   $37,148   $231    111   $86,656   $14,139    123   $123,804   $14,370 
                                              
   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   -   $-   $-    1   $1,883   $289    1   $1,883   $289 
US treasuries   -    -    -    1    871    128    1    871    128 
US government agencies   -    -    -    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 FHLMC

[Member]

   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 

At December 31, 2023, the Company had 123 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)  2023   2022 
Federal Home Loan Bank stock  $16,063   $9,250 
Other nonmarketable investments   3,473    1,180 
Investment in Trust Preferred subsidiaries   403    403 
Total other investments  $19,939   $10,833 

The Company has evaluated other investments for impairment and determined that the other investments are not impaired as of December 31, 2023 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, 2023 and 2022, there were no securities pledged as collateral for repurchase agreements from brokers.