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Securities Available For Sale
 6 Months Ended
Jun. 30, 2017
Securities Available For Sale [Abstract]  
Securities Available For Sale



Note 9 – Securities Available For Sale



At June 30, 2017 and December 31, 2016, respectively, the amortized cost and approximate fair values of securities available-for-sale were as follows:



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

Gross

 

Gross

 

 

 



Amortized

 

Unrealized

 

Unrealized

 

Fair



Cost

 

Gains

 

Losses

 

Value



 

 

 

 

 

 

 

 

 

 

 



(In Thousands)

June 30, 2017 :

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agency obligations

$

 29,507 

 

$

 18 

 

$

 (69)

 

$

 29,456 

Municipal bonds

 

 40,410 

 

 

 1,580 

 

 

 (247)

 

 

 41,743 

U.S. Government Sponsored Enterprise (GSE) -
   Mortgage-backed securities - residential

 

 20,687 

 

 

 227 

 

 

 (197)

 

 

 20,717 

Total

$

 90,604 

 

$

 1,825 

 

$

 (513)

 

$

 91,916 



 

 

 

 

 

 

 

 

 

 

 

 December 31, 2016 :

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agency obligations

$

 32,581 

 

$

 12 

 

$

 (105)

 

$

 32,488 

Municipal bonds

 

 38,410 

 

 

 1,161 

 

 

 (763)

 

 

 38,808 

U.S. Government Sponsored Enterprise (GSE) -
   Mortgage-backed securities - residential

 

 14,645 

 

 

 114 

 

 

 (457)

 

 

 14,302 

Total

$

 85,636 

 

$

 1,287 

 

$

 (1,325)

 

$

 85,598 





The amortized cost and fair value of securities as of June 30, 2017, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without any penalties.



 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

 

Amortized

 

 

Fair

 



 

 

Cost

 

 

Value

 



 

 

 

 

 

 

 



 

(In Thousands)

 

Due in one year or less

 

$

 11,382 

 

$

 11,409 

 

Due after one year through five years

 

 

 28,068 

 

 

 28,384 

 

Due after five years through ten years

 

 

 8,712 

 

 

 8,968 

 

Due after ten years

 

 

 21,755 

 

 

 22,438 

 



 

 

 69,917 

 

 

 71,199 

 

U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential

 

 

 20,687 

 

 

 20,717 

 



 

$

 90,604 

 

$

 91,916 

 



 

 

 

 

 

 

 



There were no sales of securities for the three and six months ended June 30, 2017 and 2016.

 

Securities with a carrying value of $87.9 million and $71.8 million at June 30, 2017 and December 31, 2016, respectively, were subject to agreements to repurchase, pledged to secure public deposits, or pledged for other purposes required or permitted by law.



The following table shows the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2017 and December 31, 2016, respectively:







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Less Than 12 Months

 

 

12 Months or More

 

 

Total



Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017 :

(In Thousands)

U.S. Government agency obligations

$

 20,063 

 

$

 (69)

 

$

 -

 

$

 -

 

$

 20,063 

 

$

 (69)

Municipal bonds

 

 7,881 

 

 

 (247)

 

 

 -

 

 

 -

 

 

 7,881 

 

 

 (247)

U.S. Government Sponsored Enterprise

 

 12,550 

 

 

 (197)

 

 

 -

 

 

 -

 

 

 12,550 

 

 

 (197)

   (GSE) - Mortgage -backed securities -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   residential 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Temporarily Impaired Securities

$

 40,494 

 

$

 (513)

 

$

 -

 

$

 -

 

$

 40,494 

 

$

 (513)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 December 31, 2016 :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agency obligations

$

 20,388 

 

$

 (105)

 

$

 -

 

$

 -

 

$

 20,388 

 

$

 (105)

Municipal bonds

 

 8,595 

 

 

 (763)

 

 

 -

 

 

 -

 

 

 8,595 

 

 

 (763)

U.S. Government Sponsored Enterprise

 

 13,206 

 

 

 (457)

 

 

 -

 

 

 -

 

 

 13,206 

 

 

 (457)

   (GSE) - Mortgage -backed securities -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Temporarily Impaired Securities

$

 42,189 

 

$

 (1,325)

 

$

 -

 

$

 -

 

$

 42,189 

 

$

 (1,325)



The Company had thirty-eight (38) securities in an unrealized loss position at June 30, 2017. The unrealized losses are due only to market rate fluctuations. As of June 30, 2017, the Company either has the intent and ability to hold the securities until maturity or market price recovery, or believes that it is more likely than not that it will not be required to sell such securities.  Management believes that the unrealized loss only represents temporary impairment of the securities.  None of the individual losses are significant.