Investment Securities

12 Months Ended

Dec. 31, 2020

Investments Debt And Equity Securities [Abstract]

(3)	Investment Securities

Investment securities available-for-sale at December 31, 2020 and 2019 are as follows: (in thousands)

	Amortized		Gross Unrealized		Gross Unrealized			Estimated
December 31, 2020	Cost		Gains		Losses			Fair Value
U.S. Government sponsored enterprises	$	11,870		1		(12	)		11,859
Government agency mortgage-backed securities		9,206		326		—			9,532
Trust preferred securities		2,715		—		(101	)		2,614
Total	$	23,791		327		(113	)		24,005

December 31, 2019
U.S. Government sponsored enterprises		501		—		(1	)		500
Government agency mortgage-backed securities		3,305		13		—			3,318
Total	$	3,806		13		(1	)		3,818

There were five securities in an unrealized loss position as of December 31, 2020 for less than 12 months. There was one security in an unrealized loss position greater than 12 months as of December 31, 2020. The unrealized losses on the debt securities arose due to changing interest rates and market conditions and are considered to be temporary because of acceptable investment grades and are reviewed regularly. Three of the securities are agency bonds that are direct obligations of the U.S. Government. The other three securities are trust preferred securities where the Bank performs a credit review regularly and such review has raised no concerns. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost basis which may be at maturity.

The amortized cost and estimated fair value of investment securities available-for-sale at December 31, 2020 and 2019, by contractual maturity, are shown below. Maturities of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. Therefore, these securities are not included in the maturity categories. (in thousands)

	December 31,
	2020				2019
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
U.S. Government sponsored enterprises
Within 1 year		—		—		501		500
Greater than 1 to 5 years		—		—		—		—
Greater than 5 to 10 years		—		—		—		—
Greater than 10 years		11,870		11,859		—		—
		11,870		11,859		501		500
Trust preferred securities
Within 1 year		—		—		—		—
Greater than 1 to 5 years		—		—		—		—
Greater than 5 to 10 years		2,215		2,189		—		—
Greater than 10 years		500		425		—		—
		2,715		2,614		—		—
Government agency mortgage-backed securities		9,206		9,532		3,305		3,318
Total	$	23,791		24,005	$	3,806		3,818

Proceeds from sales of investment securities available-for-sale during 2020 totaled approximately $1.7 million. Gross gains of $20,000 were realized on the sales during 2020. There were no gross losses during 2020. Proceeds from sales of investment securities available-for-sale during 2019 totaled approximately $16.4 million. Gross gains and gross losses of $213,000 and $66,000, respectively were realized on the sales during 2019.

Available-for-sale securities with a carrying value of approximately $2.3 million and $3.8 million were pledged to secure public deposits at December 31, 2020 and 2019, respectively.