Investment Securities

3 Months Ended

Mar. 31, 2021

Investments Debt And Equity Securities [Abstract]

Investment Securities

Note 3 - Investment Securities

The amortized cost and fair values of investment securities at the date indicated are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in thousands)
March 31, 2021
Available-for-sale
U.S. Treasury securities	$	19,998	$	20	$	-	$	20,018
U.S. Agency collateralized mortgage obligations		88		4		-		92
U.S. Agency residential mortgage-backed securities		8		-		-		8
Municipal bonds		254		6		-		260
Total available-for-sale securities		20,348		30		-		20,378
Held-to-maturity
U.S. Agency residential mortgage-backed securities		2,515		98		-		2,613
Total investment securities	$	22,863	$	128	$	-	$	22,991

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in thousands)
December 31, 2020
Available-for-sale
U.S. Treasury securities	$	19,997	$	31	$	-	$	20,028
U.S. Agency collateralized mortgage obligations		96		4		-		100
U.S. Agency residential mortgage-backed securities		10		-		-		10
Municipal bonds		254		7		-		261
Total available-for-sale securities		20,357		42		-		20,399
Held-to-maturity
U.S. Agency residential mortgage-backed securities		2,848		109		-		2,957
Total investment securities	$	23,205	$	151	$	-	$	23,356

The amortized cost and fair value of debt securities at March 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers or the underlying borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are shown separately, since they are not due at a single maturity date.

	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(dollars in thousands)
March 31, 2021
Amounts maturing in
One year or less	$	19,998	$	20,018	$	-	$	-
After one year through five years		254		260		-		-
		20,252		20,278		-		-
U.S. Agency residential mortgage-backed securities and    collateralized mortgage obligations		96		100		2,515		2,613
	$	20,348	$	20,378	$	2,515	$	2,613

Investment securities with carrying values of $21.5 million and $22.0 million at March 31, 2021 and December 31, 2020, respectively, were pledged to secure public deposits and for other purposes as required or permitted by law.  During the quarter ended March 31, 2021 three U.S. Treasury Bills were purchased for a total of $15.0 million, to replace maturing securities.

There were no sales of securities during the three months ended March 31, 2021 or 2020.

There were no gross unrealized losses or securities in an unrealized loss position as of the quarter ended March 31, 2021, or December 31, 2020.