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2. Investment Securities

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investment securities available for sale at March 31, 2021 and December 31, 2020 are as follows:

(Dollars in thousands)

	March 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S Treasuries	$	7,960		—		—		7,960
U.S. Government
sponsored enterprises		12,939		282		202		13,019
Mortgage-backed securities		184,445		2,225		967		185,703
State and political subdivisions		117,186		3,070		1,421		118,835
Total	$	322,530		5,577		2,590		325,517

(Dollars in thousands)

	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Government
sponsored enterprises	$	7,384		331		208		7,507
Mortgage-backed securities		143,095		2,812		593		145,314
State and political subdivisions		87,757		4,758		87		92,428
Total	$	238,236		7,901		888		245,249

The current fair value and associated unrealized losses on investments in securities with unrealized losses at March 31, 2021 and December 31, 2020 are summarized in the tables below, with the length of time the individual securities have been in a continuous loss position.

(Dollars in thousands)

	March 31, 2021
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Government
sponsored enterprises	$	—		—		4,098		202		4,098		202
Mortgage-backed securities		82,322		947		1,979		20		84,301		967
State and political subdivisions		38,420		1,421		—		—		38,420		1,421
Total	$	120,742		2,368		6,077		222		126,819		2,590

(Dollars in thousands)

	December 31, 2020
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Government
sponsored enterprises	$	—		—		4,193		208		4,193		208
Mortgage-backed securities		80,827		565		4,762		28		85,589		593
State and political subdivisions		7,126		87		—		—		7,126		87
Total	$	87,953		652		8,955		236		96,908		888

At March 31, 2021, unrealized losses in the investment securities portfolio relating to debt securities totaled $2.6 million. The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary. From the March 31, 2021 tables above, 33 out of 111 securities issued by state and political subdivisions and 30 out of 83 securities issued by U.S. Government sponsored enterprises contained unrealized losses. These unrealized losses are considered temporary because of acceptable financial condition and results of operations of entities that issued each security and the repayment sources of principal and interest on U.S. Government sponsored enterprises, including mortgage-backed securities, are government backed.

The amortized cost and estimated fair value of investment securities available for sale at March 31, 2021, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

March 31, 2021

(Dollars in thousands)

	Amortized Cost		Estimated Fair Value
Due within one year	$	15,906		16,126
Due from one to five years		10,216		10,785
Due from five to ten years		87,596		89,027
Due after ten years		24,367		23,876
Mortgage-backed securities		184,445		185,703
Total	$	322,530		325,517

No securities available for sale were sold during the three months ended March 31, 2021 and 2020.

Securities with a fair value of approximately $76.6 million and $77.3 million at March 31, 2021 and December 31, 2020, respectively, were pledged to secure public deposits and for other purposes as required by law.