Investment Securities (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Summary of amortized costs and fair value of investment securities

The amortized costs and fair value of investment securities are as follows:

	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

81

	December 31, 2020
	Amortized		Gross Unrealized		Fair
(dollars in thousands)	Cost		Gains	Losses	Value
Available for sale
US government agencies	$	6,500	1	8		6,493
SBA securities		504	-	19		485
State and political subdivisions		18,614	804	30		19,388
Asset-backed securities		11,587	15	73		11,529
Mortgage-backed securities
FHLMC		12,157	206	47		12,316
FNMA		35,893	507	91		36,309
GNMA		8,179	53	23		8,209
Total mortgage-backed securities		56,229	766	161		56,834
Total	$	93,434	1,586	291		94,729

Summary of amortized costs and fair values of investment securities available for sale by contractual maturity

The amortized costs and fair values of investment securities available for sale at December 31, 2021 and 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers have the right to prepay the obligations.

	December 31,
	2021				2020
	Amortized		Fair		Amortized		Fair
(dollars in thousands)	Cost		Value		Cost		Value
Available for sale
Due within one year	$	384		387		-		-
Due after one through five years		7,429		7,363		4,957		5,015
Due after five through ten years		27,298		26,953		17,345		17,575
Due after ten years		86,107		85,578		71,132		72,139
	$	121,218		120,281		93,434		94,729

Summary of gross unrealized losses on investment securities and fair market value of related securities

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, 2021 and 2020.

	Less than 12 months					12 months or longer					Total
		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(dollars in thousands)	#	value		losses		#	value		losses		#	value		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

82

	Less than 12 months					12 months or longer					Total
		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(dollars in thousands)	#	value		losses		#	value		losses		#	value		losses
As of December 31, 2020
Available for sale
US government agencies	3	$	2,992	$	8	-	$	-	$	-	3	$	2,992	$	8
SBA securities	-		-		-	1		484		19	1		484		19
State and political subdivisions	8		4,861		30	-		-		-	8		4,861		30
Asset-backed	-		-		-	6		6,998		73	6		6,998		73
Mortgage-backed
FHLMC	4		5,313		47	-		-		-	4		5,313		47
FNMA	9		11,659		66	3		1,984		25	12		13,643		91
GNMA	2		3,838		23	-		-		-	2		3,838		23
	26	$	28,663	$	174	10	$	9,466	$	117	36	$	38,129	$	291

Summary of other investments

Other investments are comprised of the following and are recorded at cost which approximates fair value:

	December 31,
(dollars in thousands)	2021		2020
Federal Home Loan Bank stock	$	1,241		3,103
Other nonmarketable investments		2,377		129
Investment in Trust Preferred subsidiaries		403		403
Total other investments	$	4,021		3,635