
	December 31, 2019
	Amortized			Gross Unrealized			Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Available for sale
US government agencies	$	500		-		1		499
SBA securities		550		-		19		531
State and political subdivisions		4,205		3		24		4,184
Asset-backed securities		13,351		-		184		13,167
Mortgage-backed securities
FHLMC		10,609		14		15		10,608
FNMA		35,275		34		169		35,140
GNMA		3,581		5		21		3,565
Total mortgage-backed securities		49,465		53		205		49,313
Total	$	68,071		56		433		67,694

During 2020, approximately $2.0 million of investment securities were either sold or called, subsequently resulting in a gain on sale of investment securities of $3,000.

The amortized costs and fair values of investment securities available for sale at December 31, 2020 and 2019, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers have the right to prepay the obligations.


	December 31,
	2020				2019
	Amortized		Fair		Amortized		Fair
(dollars in thousands)	Cost		Value		Cost		Value
Available for sale
Due within one year	$	-		-	$	-		-
Due after one through five years		4,957		5,015		4,699		4,675
Due after five through ten years		17,345		17,575		10,454		10,414
Due after ten years		71,132		72,139		52,918		52,605
	$	93,434		94,729	$	68,071		67,694

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, 2020 and 2019.


	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

Table of Contents


	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, 2019
Available for sale
US government agencies	1	$	499	$	1	-	$	-	$	-	1	$	499	$	1
SBA securities	-		-		-	1		531		19	1		531		19
State and political subdivisions	2		2,093		24	-		-		-	2		2,093		24
Asset-backed	5		5,921		68	5		7,246		116	10		13,167		184
Mortgage-backed
FHLMC	4		3,842		2	4		2,323		13	8		6,165		15
FNMA	14		15,500		67	11		9,462		102	25		24,962		169
GNMA	2		2,240		6	1		734		15	3		2,974		21
	28	$	30,095	$	168	22	$	20,296	$	265	50	$	50,391	$	433

At December 31, 2020, the Company had 26 individual investments with a fair market value of $28.7 million that were in an unrealized loss position for less than 12 months and 10 individual investments with a fair market value of $9.5 million that were in an unrealized loss position for 12 months or longer. The unrealized losses were primarily attributable to changes in interest rates, rather than deterioration in credit quality. The individual securities are each investment grade securities. The Company considers the length of time and extent to which the fair value of available-for-sale debt securities have been less than cost to conclude that such securities were not other-than-temporarily impaired. We also consider other factors such as the financial condition of the issuer including credit ratings and specific events affecting the operations of the issuer, volatility of the security, underlying assets that collateralize the debt security, and other industry and macroeconomic conditions. As the Company has no intent to sell securities with unrealized losses and it is not more-likely-than-not that the Company will be required to sell these securities before recovery of amortized cost, we have concluded that the securities are not impaired on an other-than-temporary basis.

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


	December 31,
(dollars in thousands)	2020		2019
Federal Home Loan Bank stock	$	3,103	$	6,386
Other investments		129		159
Investment in Trust Preferred subsidiaries		403		403
	$	3,635	$	6,948

The Company has evaluated the FHLB stock for impairment and determined that the investment in FHLB stock is not other than temporarily impaired as of December 31, 2020 and ultimate recoverability of the par value of this investment is probable. All of the FHLB stock is used to collateralize advances with the FHLB.

At December 31, 2020 and 2019, there were no securities pledged as collateral for repurchase agreements from brokers.