Note 5 - Investment Securities Available for Sale

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

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

N

ote

5

– Investment Securities

Available for Sale

The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale at

September 30, 2020

and

December 31, 2019

are summarized below (in thousands): 

	September 30 , 20 20
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
Available for Sale:
Mortgage-backed securities:
Governmental National Mortgage Association securities	$	5,137	$	26	$	-		$	5,163
Federal National Mortgage Association securities		196		4		-			200
Total mortgage-backed securities		5,333		30		-			5,363
Debt securities:
Corporate notes		5,507		82		(2	)		5,587
Total available-for-sale-securities	$	10,840	$	112	$	(2	)	$	10,950

	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
Available for Sale:
Mortgage-backed securities:
Governmental National Mortgage Association securities	$	5,841	$	13	$	(1	)	$	5,853
Federal National Mortgage Association securities		258		2		-			260
Total mortgage-backed securities		6,099		15		(1	)		6,113
Debt securities:
Corporate notes		1,500		10		-			1,510
Total available-for-sale-securities	$	7,599	$	25	$	(1	)	$	7,623

The amortized cost and fair value of debt securities at

September 30, 2020,

by contractual maturity, are shown below. 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 (in thousands):

	Available for Sale
	Amortized Cost		Fair Value
Due after five years through ten years	$	5,507	$	5,587
Due after ten years		5,333		5,363
Total	$	10,840	$	10,950

The following tables show the Company's gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at

September 30, 2020

and

December 31, 2019 (

in thousands):

	September 30, 2020
			Less than Twelve Months					Twelve Months or Greater				Total
	Number of Securities		Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporates		1	$	505	$	(2	)	$	-	$	-	$	505	$	(2	)
Total		1	$	505	$	(2	)	$	-	$	-	$	505	$	(2	)

	December 31, 2019
			Less than Twelve Months					Twelve Months or Greater				Total
	Number of Securities		Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Government National Mortgage Association securities		4	$	2,295	$	(1	)	$	-	$	-	$	2,295	$	(1	)

At

September 30, 2020,

there was

one

security in an unrealized loss position that at such date had an aggregate depreciation of

0.37%

from the Company's amortized cost basis. Management believes that the estimated fair value of the security disclosed above is primarily dependent on the movement of market interest rates.  Management evaluated the length of time and the extent to which the fair value has been less than cost and the financial condition and near term prospects of the issuer, including any specific events which

may

influence the operations of the issuer.  The Company has the ability and intent to hold the security until the anticipated recovery of fair value occurs. Management does

not

believe the individual unrealized loss as of

September 30, 2020

represents an other-than-temporary impairment. There were

no

impairment charges recognized during the

three

months or

nine

months ended

September 30, 2020

or

2019.