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Investment Securities
 6 Months Ended
Jun. 30, 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 June 30, 2021 and December 31, 2020.
 
           
Gross
     
Gross
     
Estimated
  
    
Amortized
     
Unrealized
     
Unrealized
     
Fair
  
    
Cost
     
Gains
     
Losses
     
Value
  
(Dollars in thousands)
                            
At June 30, 2021:
                                    
Mortgage backed securities
    $ 26,706      $ 513      $ (97 )     $ 27,122  
Government agencies
      2,375        37        —          2,412  
Corporate bonds
      31,306        574        (272 )       31,608  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total available for sale securities
    $ 60,387      $ 1,124      $ (369 )     $ 61,142  
    
 
 
     
 
 
     
 
 
     
 
 
  
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 on available for sale investment securities totaling $755,000 and $910,000 were recorded, net of deferred tax assets, as accumulated other comprehensive income within shareholders’ equity at June 30, 2021 and December 31, 2020, respectively.
The Company purchased 3 securities for $12.2 million and did not sell available for sale investment securities during the six months ended June 30, 2021. The Company purchased 4 securities for $21.7 million and sold 6 securities for total proceeds of $7.7 million during the six months ended June 30, 2020.
The following table summarizes securities with unrealized losses at June 30, 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 June 30, 2021:
                                                     
Mortgage backed securities
    $ 9,947      $ (97 )    $ —        $ —        $ 9,947      $ (97 ) 
Government agencies
      —          —         —          —          —          —    
Corporate bonds
      6,478        (272 )      —          —          6,478        (272 ) 
    
 
 
     
 
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Total available for sale securities
    $ 16,425      $ (369 )    $ —        $ —        $ 16,425      $ (369 ) 
    
 
 
     
 
 
    
 
 
     
 
 
     
 
 
     
 
 
  
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 June 30, 2021 the Company’s investment security portfolio consisted of 32 securities, four of which (mortgage backed securities and 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 June 30, 2021 and December 31, 2020, respectively.
The following table summarizes the scheduled maturities of available for sale investment securities as of June 30, 2021.
 
     June 30, 2021  
     Amortized      Fair  
(Dollars in thousands)
    Cost      Value  
Available for sale securities:
                  
Less than one year
    $ —        $ —    
One to five years
      14,131        14,372  
Five to ten years
      5,250        5,324  
Beyond ten years
      11,925        11,912  
Securities not due at a single maturity date
      29,081        29,534  
    
 
 
     
 
 
  
Total available for sale securities
    $ 60,387      $ 61,142  
    
 
 
     
 
 
  
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.