INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 2021

     Investment securities activity:

INVESTMENT SECURITIES

NOTE 5 INVESTMENT SECURITIES

The amortized cost and estimated fair value of securities (all available-for-sale) as of December 31, 2021 and December 31, 2020 are as follows:

			Gross		Gross		Approximate
	Amortized		Unrealized		Unrealized		Fair
(Dollars are in thousands)	Cost		Gains		Losses		Value
December 31, 2021
U.S. Treasuries		7,791	$	2	$	122	$	7,671
U.S. Government Agencies		9,098		77		86		9,089
Taxable municipals		23,075		159		254		22,980
Corporate bonds		2,014		23		18		2,019
Mortgage backed securities		66,410		143		954		65,599
Total Securities available for sale		108,388	$	404	$	1,434	$	107,358
December 31, 2020
U.S. Government Agencies		13,852	$	322	$	67	$	14,107
Taxable municipals		5,157		188		—		5,345
Corporate bonds		5,893		186		31		6,048
Mortgage backed securities		22,565		388		47		22,906
Total Securities available for sale		47,467	$	1,084	$	145	$	48,406

The following table details unrealized losses and related fair values in the available-for-sale portfolio. This information is aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2021 and December 31, 2020.

	Less than 12 Months				12 Months or More				Total
(Dollars are in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2021
U.S. Treasuries	$	6,200	$	122	$	—	$	—	$	6,200	$	122
U.S. Government Agencies		977		10		3,434		76		4,411		86
Taxable municipals		13,040		237		387		17		13,427		254
Corporate bonds		1,482		18		—		—		1,482		18
Mtg. backed securities		52,180		758		6,282		196		58,462		954
Total Securities AFS	$	73,879	$	1,145	$	10,103	$	289	$	83,982	$	1,434
December 31, 2020
U.S. Government Agencies	$	1,479	$	12	$	3,829	$	55	$	5,308	$	67
Taxable municipals		—		—		—		—		—		—
Corporate bonds		1,219		31		—		—		1,219		31
Mtg. backed securities		7,517		44		218		3		7,735		47
Total Securities AFS	$	10,215	$	87	$	4,047	$	58	$	14,262	$	145

At December 31, 2021, the available-for-sale portfolio included 113 investments for which the fair market value was less than amortized cost. At December 31, 2020, the available-for-sale portfolio included 42 investments for which the fair market value was less than amortized cost. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial conditions and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Based on the Company’s analysis, the Company concluded that no securities had other-than-temporary impairment at December 31, 2021 or December 31, 2020.

Investment securities with a carrying value of $12.1 million and $6.8 million at December 31, 2021 and 2020, respectively, were pledged to secure public deposits and for other purposes required by law.

During the year ended December 31, 2021, $7.7 million of securities were sold, realizing $322 thousand in gains. During the year ended December 31, 2020, $1.0 million of securities were sold, realizing $4 thousand in gains.

The amortized cost and fair value of investment securities at December 31, 2021, by contractual maturity, are shown in the following schedule. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Also, actual maturities may differ from scheduled maturities on amortizing securities, such as mortgage-backed securities and collateralized mortgage obligations, because the underlying collateral on these types of securities may be repaid prior to the scheduled maturity date.

						Weighted
(Dollars are in thousands)		Amortized		Fair		Average
Securities Available for Sale		Cost		Value		Yield
Due in one year or less	$	1,051	$	1,060		2.56%
Due after one year through five years	7,858		7,804		1.41%
Due after five years through ten years		12,819		12,747		1.54%
Due after ten years		86,660		85,747		1.61%
Total	$	108,388	$	107,358		1.59%

The Bank, as a member of the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB), is required to hold stock in each. The Bank also owns stock in CBB Financial Corp., which is a correspondent of the Bank. These equity securities, which are included in Other Assets on the consolidated balance sheet, are restricted from trading and are recorded at a cost of $2.0 million and $2.6 million at December 31, 2021 and 2020, respectively. The stock has no quoted market value and no ready market exists.