Investment Securities

3 Months Ended

Mar. 31, 2021

Investment Securities [Abstract]

Investment Securities

Note 3 – Investment Securities

The following tables provide information on the amortized cost and estimated fair values of debt securities.

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)	Cost		Gains		Losses		Value
Available-for-sale securities:
March 31, 2021
U.S. Government agencies	$	18,583	$	4	$	438	$	18,149
Mortgage-backed		104,492		2,031		569		105,954
Total	$	123,075	$	2,035	$	1,007	$	124,103
December 31, 2020
U.S. Government agencies	$	23,600	$	20	$	83	$	23,537
Mortgage-backed		113,865		2,234		68		116,031
Total	$	137,465	$	2,254	$	151	$	139,568

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

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)	Cost		Gains		Losses		Value
Held-to-maturity securities:
March 31, 2021
U.S. Government agencies	$	38,409	$	12	$	423	$	37,998
Mortgage-backed		68,067		74		700		67,441
States and political subdivisions		400		1		—		401
Other debt securities		19,053		226		43		19,236
Total	$	125,929	$	313	$	1,166	$	125,076
December 31, 2020
U.S. Government agencies	$	18,893	$	38	$	43	$	18,888
Mortgage-backed		27,347		7		18		27,336
States and political subdivisions		400		1		—		401
Other debt securities		19,066		139		2		19,203
Total	$	65,706	$	185	$	63	$	65,828

Equity securities with an aggregate fair value of $1.4 million at March 31, 2021 and $1.4 million at December 31, 2020 are presented separately on the balance sheet. The fair value adjustment recorded through earnings totaled $(18) thousand for the three months ended March 31, 2021 and $1 thousand for the three months ended March 31, 2020, respectively.

The following tables provide information about gross unrealized losses and fair value by length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2021 and December 31, 2020.

	Less than				More than
	12 Months				12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Losses		Value		Losses		Value		Losses
March 31, 2021
Available-for-sale securities:
U.S. Government agencies	$	17,564	$	436	$	223	$	2	$	17,787	$	438
Mortgage-backed		49,427		569		—		—		49,427		569
Total	$	66,991	$	1,005	$	223	$	2	$	67,214	$	1,007
Held-to-maturity securities:
U.S. Government agencies	$	22,082	$	423	$	—	$	—	$	22,082	$	423
Mortgage-backed		49,863		700		—		—		49,863		700
Other debt securities		4,457		43		—		—		4,457		43
Total	$	76,402	$	1,166	$	—	$	—	$	76,402	$	1,166

	Less than				More than
	12 Months				12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Losses		Value		Losses		Value		Losses
December 31, 2020
Available-for-sale securities:
U.S. Government agencies	$	14,919	$	82	$	236	$	1	$	15,155	$	83
Mortgage-backed		11,869		68		—		—		11,869		68
Total	$	26,788	$	150	$	236	$	1	$	27,024	$	151
Held-to-maturity securities:
U.S. Government agencies	$	6,646	$	43	$	—	$	—	$	6,646	$	43
Mortgage-backed		5,093		18		—		—		5,093		18
Other debt securities		498		2		—		—		498		2
Total	$	12,237	$	63	$	—	$	—	$	12,237	$	63

All of the securities with unrealized losses in the portfolio have modest duration risk, low credit risk, and minimal losses when compared to total amortized cost. The unrealized losses on debt securities that exist are the result of market changes in interest rates since original purchase. Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis, which may be at maturity for debt securities, the Company considers the unrealized losses to be temporary.

There were eighteen available-for-sale securities and nineteen held-to-maturity securities in an unrealized loss position at March 31, 2021.

The following table provides information on the amortized cost and estimated fair values of investment securities by maturity date at March 31, 2021.

	Available for sale				Held to maturity
	Amortized				Amortized
(Dollars in thousands)	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	—	$	—	$	—	$	—
Due after one year through five years		1,174		1,214		7,919		7,968
Due after five years through ten years		57,863		59,015		37,492		37,403
Due after ten years		64,038		63,874		80,518		79,705
Total	$	123,075	$	124,103	$	125,929	$	125,076

The maturity dates for debt securities are determined using contractual maturity dates.