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SECURITIES AVAILABLE FOR SALE
 6 Months Ended
Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
NOTE 5 – SECURITIES AVAILABLE FOR SALE
 
The amortized cost and fair value of securities available for sale, with gross unrealized gains and losses, follows:
 
 
 
Amortized
Cost
 
 
Gross
Unrealized
Gains
 
 
Gross
Unrealized
Losses
 
 
Fair
Value
 
 
 
(In thousands)
 
June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government National Mortgage Association
 
$3,130
 
 
$34
 
 
$(61)
 
$3,103
 
Government-sponsored enterprises
 
 
12,787
 
 
 
14
 
 
 
(311)
 
 
12,490
 
SBA and other asset-backed securities
 
 
11,612
 
 
 
41
 
 
 
(196)
 
 
11,457
 
State and municipal bonds
 
 
12,966
 
 
 
96
 
 
 
(140)
 
 
12,922
 
Government-sponsored enterprise obligations
 
 
8,000
 
 
 
--
 
 
 
(285)
 
 
7,715
 
Corporate bonds
 
 
16,159
 
 
 
29
 
 
 
(253)
 
 
15,935
 
U.S. Treasury bonds
 
 
3,629
 
 
 
--
 
 
 
--
 
 
 
3,629
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$68,283
 
 
$214
 
 
$(1,246)
 
$67,251
 
 
 
 
 
 
 
 
Amortized
Cost
 
 
Gross
Unrealized
Gains
 
 
Gross
Unrealized
Losses
 
 
Fair
Value
 
 
 
(In thousands)
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government National Mortgage Association
 
$3,358
 
 
$46
 
 
$(53)
 
$3,351
 
Government-sponsored enterprises
 
 
11,690
 
 
 
43
 
 
 
(84)
 
 
11,649
 
SBA and other asset-backed securities
 
 
11,961
 
 
 
89
 
 
 
(87)
 
 
11,963
 
State and municipal bonds
 
 
13,026
 
 
 
276
 
 
 
(15)
 
 
13,287
 
Government-sponsored enterprise obligations
 
 
8,000
 
 
 
--
 
 
 
(166)
 
 
7,834
 
Corporate bonds
 
 
17,166
 
 
 
52
 
 
 
(57)
 
 
17,161
 
U.S. Treasury bonds
 
 
1,241
 
 
 
--
 
 
 
--
 
 
 
1,241
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$66,442
 
 
$506
 
 
$(462)
 
$66,486
 
 
There were no sales of available-for-sale securities for the three and six months ended June 30, 2018 and 2017.
 
The amortized cost and fair value of debt securities by contractual maturity at June 30, 2018 are as follows:
 
 
 
Amortized
Cost
 
 
Fair
Value
 
 
 
(In thousands)
 
Within 1 year
 
$4,631
 
 
$4,627
 
After 1 year to 5 years
 
 
21,427
 
 
 
20,977
 
After 5 years to 10 years
 
 
6,682
 
 
 
6,635
 
After 10 years
 
 
8,014
 
 
 
7,962
 
 
 
 
40,754
 
 
 
40,201
 
Mortgage- and asset-backed securities
 
 
27,529
 
 
 
27,050
 
 
 
 
 
 
 
 
 
 
 
 
$68,283
 
 
$67,251
 
 
Expected maturities may differ from contractual maturities because the issuer, in certain instances, has the right to call or prepay obligations with or without call or prepayment penalties.
 
Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
 
 
 
Less Than Twelve Months
 
 
Over Twelve Months
 
 
 
Gross
Unrealized
Losses
 
 
Fair
Value
 
 
Gross
Unrealized
Losses
 
 
Fair
Value
 
 
 
(In thousands)
 
June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government National Mortgage Association
 
$(4)
 
$138
 
 
$(57)
 
$1,659
 
Government-sponsored enterprises
 
 
(168)
 
 
8,175
 
 
 
(143)
 
 
2,952
 
SBA and other asset-backed securities
 
 
(78)
 
 
5,628
 
 
 
(118)
 
 
2,253
 
State and municipal bonds
 
 
(118)
 
 
6,043
 
 
 
(22)
 
 
856
 
Government-sponsored enterprise obligations
 
 
--
 
 
 
--
 
 
 
(285)
 
 
7,715
 
Corporate bonds
 
 
(188)
 
 
11,952
 
 
 
(65)
 
 
956
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$(556)
 
$31,936
 
 
$(690)
 
$16,391
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government National Mortgage Association
 
$(3)
 
$266
 
 
$(50)
 
$1,611
 
Government-sponsored enterprises
 
 
(13)
 
 
3,578
 
 
 
(71)
 
 
3,110
 
SBA and other asset-backed securities
 
 
(8)
 
 
2,267
 
 
 
(79)
 
 
2,434
 
State and municipal bonds
 
 
(3)
 
 
571
 
 
 
(12)
 
 
871
 
Government-sponsored enterprise obligations
 
 
(27)
 
 
1,973
 
 
 
(139)
 
 
5,860
 
Corporate bonds
 
 
(21)
 
 
7,399
 
 
 
(36)
 
 
1,985
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$(75)
 
$16,054
 
 
$(387)
 
$15,871
 
 
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluations. At June 30, 2018, various debt securities have unrealized losses with aggregate depreciation of 2.5% from their aggregate amortized cost basis. These unrealized losses relate principally to the effect of interest rate changes on the fair value of debt securities and not an increase in credit risk of the issuers. As the Company does not intend to sell the securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost, which may be maturity, the Company does not consider these securities to be other-than-temporarily impaired at June 30, 2018.