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Investment Securities
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
2. INVESTMENT SECURITIES
The following table summarizes the amortized cost and estimated fair value of securities available for sale at March 31, 2021 and December 31, 2020.
 
       
Gross
   
Gross
   
Estimated
 
   
Amortized
   
Unrealized
   
Unrealized
   
Fair
 
   
Cost
   
Gains
   
Losses
   
Value
 
(Dollars in thousands)
                
At March 31, 2021:
                    
Mortgage backed securities
  $29,305   $538   $(405)   $ 29,438 
Government agencies
   2,392    —      (7)    2,385 
Corporate bonds
   26,241    500    (459)    26,282 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total available for sale securities
  $57,938   $1,038   $(871)   $58,105 
   
 
 
   
 
 
   
 
 
   
 
 
 
At December 31, 2020:
                    
Mortgage backed securities
  $27,541   $669   $(17)   $28,193 
Government agencies
   2,418    —      (6)    2,412 
Corporate bonds
   24,224    434    (170)    24,488 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total available for sale securities
  $ 54,183   $ 1,103   $(193)   $55,093 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net unrealized gains/(losses) on available for sale investment securities totaling $167,000 and $910,000 were recorded, net of deferred tax assets, as accumulated other comprehensive income within shareholders’ equity at March 31, 2021 and December 31, 2020, respectively.
The Company purchased 2 securities for $7.2 million and did not sell available for sale investment securities during the three months ended March 31, 202
1
. The Company purchased 3 securities for $15.1 million and sold 6 securities for total proceeds of $7.7 million during the three months ended March 31, 2020.
The following table summarizes securities with unrealized losses at March 31, 2021 and December 31, 2020 aggregated by major security type and length of time in a continuous unrealized loss position.
 
   Less Than 12 Months  More Than 12 Months   Total 
       Unrealized      Unrealized      Unrealized 
(Dollars in thousands)
  Fair Value   Losses  Fair Value   Losses   Fair Value  Losses 
At March 31, 2021:
                            
Mortgage backed securities
  $15,460   $(405)  $ —     $ —     $ 15,460 
 $(405) 
Government agencies
   2,376    (7)   —      —      2,376
  (7) 
Corporate bonds
   6,291    (459)   —      —      6,291
  (459) 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 

 
 
 
 
Total available for sale securities
  $24,127   $(871)  $—     $—     $24,127
 $(871) 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 

 
 
 
 
At December 31, 2020:
                       
    
Mortgage backed securities
  $4,481   $(17)  $—     $—     $ 4,481 
 $(17) 
Government agencies
   2,412    (6)   —      —      2,412
  (6) 
Corporate bonds
   7,830    (170)   —      —      7,830
  (170) 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
  
 
 
 
Total available for sale securities
  $ 14,723   $(193)  $—     $—     $14,723  $(193) 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
  
 
 
 
 
At March 31, 2021 the Company’s investment security portfolio consisted of 31 securities,
 six
 of which (corporate securities with investment grade ratings) were in an unrealized loss position at quarter end. At December 31, 2020 the Company’s investment security portfolio consisted of 29 securities, five of which were in an unrealized loss position at year end. Management believes that changes in the market value since purchase are primarily attributable to changes in interest rates and relative illiquidity. Because the Company does not intend to sell and is unlikely to be required to sell until a recovery of fair value, which may be at maturity, the Company did not consider those investments to be other-than-temporarily impaired at March 31, 2021 and December 31, 2020, respectively.
The following table summarizes the scheduled maturities of available for sale investment securities as of March 31, 2021.
 
   March 31, 2021 
   Amortized   Fair 
(Dollars in thousands)
  Cost   Value 
Available for sale securities:
          
Less than one year
  $—     $—   
One to five years
   9,067    9,324 
Five to ten years
   5,250    5,286 
Beyond ten years
   11,924    11,672 
Securities not due at a single maturity date
   31,697    31,823 
   
 
 
   
 
 
 
Total available for sale securities
  $ 57,938   $ 58,105 
   
 
 
   
 
 
 
The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. As such, mortgage backed securities and government agencies are not included in the maturity categories above and instead are shown separately as securities not due at a single maturity date.