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Available for Sale Securities (Tables)
12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Costs and Fair Value of Securities Available for Sale
Amortized costs and fair values of available for sale securities are summarized as follows:
 
       
Gross
   
Gross
     
   
Amortized
   
Unrealized
   
Unrealized
   
Estimated
 
December 31, 2020
  
Cost
   
Gains
   
Losses
   
Fair Value
 
Obligations of states and political subdivisions
  $11,570   $244   $(11  $11,803 
Government-sponsored mortgage-backed securities
   36,886    1,165    (12   38,039 
Asset-backed securities
   7,231    57    (7   7,281 
Certificates of deposit
   1,458    122    —      1,580 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total available for sale securities
  $57,145   $1,588   $(30  $58,703 
   
 
 
   
 
 
   
 
 
   
 
 
 

 
       
Gross
   
Gross
     
   
Amortized
   
Unrealized
   
Unrealized
   
Estimated
 
December 31, 2019
  
Cost
   
Gains
   
Losses
   
Fair Value
 
Obligations of states and political subdivisions
  $9,779   $67   $(20  $9,826 
Government-sponsored mortgage-backed securities
   56,975    416    (357   57,034 
Corporate collateralized mortgage obligations
   284    5    —      289 
Asset-backed securities
   2,484    —      (19   2,465 
Certificates of deposit
   1,707    54    —      1,761 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total available for sale securities
  $71,229   $542   $(396  $71,375 
   
 
 
   
 
 
   
 
 
   
 
 
 
Summary of Gross Unrealized Losses on Securities Available-for-sale and Fair Values
The following table presents the portion of the Company’s portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position:
 
   
Less than 12 months
  
12 months or more
  
Total
 
   
Fair
   
Unrealized
  
Fair
   
Unrealized
  
Fair
   
Unrealized
 
December 31, 2020
  
Value
   
Loss
  
Value
   
Loss
  
Value
   
Loss
 
Obligations of states and political subdivisions
  $ 4,235   $(11 $—     $—    $4,235   $(11
Government-sponsored mortgage-backed securities
   4,984    (12  —      —     4,984    (12
Asset-backed securities
   —      —     638    (7  638    (7
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total
  $9,219   $(23 $638   $(7 $9,857   $(30
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
 
   
Less than 12 months
  
12 months or more
  
Total
 
   
Fair
   
Unrealized
  
Fair
   
Unrealized
  
Fair
   
Unrealized
 
December 31, 2019
  
Value
   
Loss
  
Value
   
Loss
  
Value
   
Loss
 
Obligations of states and political subdivisions
  $2,052   $(14 $667   $(6 $2,719   $(20
Government-sponsored mortgage-backed securities
   15,830    (106  16,747    (251  32,577    (357
Asset-backed securities
   2,394    (18  71    (1  2,465    (19
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total
  $20,276   $(138 $17,485   $(258 $37,761   $(396
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Summary of Amortized Costs and Fair Values of Securities Available-for-sale, by Contractual Maturity
The amortized cost and fair value of available for sale securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities in mortgage-backed securities since the anticipated maturities are not readily determinable. Therefore, these securities are not included in the maturity categories in the following maturity summary listed below:
 
   
December 31, 2020
 
   
Amortized
   
Fair
 
   
Cost
   
Value
 
Due in one year or less
  $1,239   $1,255 
Due after one through 5 years
   5,217    5,419 
Due after 5 through 10 years
   1,326    1,435 
Due after 10 years
   5,246    5,274 
   
 
 
   
 
 
 
Subtotal
   13,028    13,383 
Mortgage-related securities
   36,886    38,039 
Asset-backed securities
   7,231    7,281 
   
 
 
   
 
 
 
Total
  $57,145   $58,703 
   
 
 
   
 
 
 
Summary of Proceeds from Sales of Securities Available-for-sale, as well as Gross Gains and Losses
The following is a summary of the proceeds from sales of securities available for sale, as well as gross gains and losses, for each of the periods listed below:
 
   
Years ended December 31,
 
   
2020
   
2019
 
Proceeds from sales of available for sale securities
  $19,515   $—   
Gross gains
   1,023    —   
Gross losses
   —      —