Note 5 - Investment Securities

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

5.

Investment Securities

CLO Debt Securities

The following table summarizes available-for-sale securities in an unrealized position as of

December 31, 2019

:

(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Number of Positions
CLO III subordinated notes	$	12,277	$	-	$	(1,697	)	$	10,580	1
CLO IV junior subordinated notes		26,174		-	$	(2,877	)		23,297	1
CLO V junior subordinated notes		25,926		-	$	(1,947	)		23,979	1
Total	$	64,377	$	-	$	(6,521	)	$	57,856

The following table summarizes the fair value and amortized cost of the available-for-sale securities by contractual maturity as of

December 31, 2019

:

(In thousands)	Available-for-Sale
	Amortized Cost		Fair Value
5-10 years	$	38,451	$	33,877
10+ years		25,926		23,979
Total	$	64,377	$	57,856

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of

December 31, 2019

:

(In thousands)	Less than 12 months(1)					Greater than 12 months				Total
	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
CLO III subordinated notes	$	10,580	$	(1,697	)	$	-	$	-	$	10,580	$	(1,697	)
CLO IV junior subordinated notes		23,297		(2,877	)		-		-		23,297		(2,877	)
CLO V junior subordinated notes		23,979		(1,947	)		-		-		23,979		(1,947	)
Total	$	57,856	$	(6,521	)	$	-	$	-	$	57,856	$	(6,521	)

( 1 ) For all CLO debt securities, the gross unrealized loss is measured since the date of deconsolidation, which was January 17, 2019 for CLO III and March 19, 2019 for CLO IV and CLO V.

           During the

years ended

December 31, 2019

and

2018

, the Company recognized impairment losses on CLO debt securities of

$4.2

 million and

zero

, respectively, due to the fair value of the debt securities being less than amortized cost.

Equity Securities

The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values. Equity securities without readily determinable fair market values are valued at cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The Company's carrying value of these securities was

$15.8

million and

$0.8

million as of

December 31, 2019

and

December 31, 2018,

respectively. The Company has

no

t

recognized any impairment or upward or downward adjustments during the

years ended

December 31, 2019

and

2018

.