Note 3 - Investment Securities

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

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

Note

3.

Investment Securities

The following table presents the amortized cost and fair value of investment securities available-for-sale at the dates indicated:

	March 31, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
(Dollars in thousands)
Debt Securities:
U.S. Government Agencies	$	7,913	$	95	$	-		$	8,008
Obligations of States and Political Subdivisions		23,869		1,016		(1	)		24,884
Mortgage-Backed Securities - Government-Sponsored Enterprises		130,450		5,782		-			136,232
Total Debt Securities	$	162,232	$	6,893	$	(1	)		169,124
Marketable Equity Securities:
Mutual Funds									1,013
Other									1,274
Total Marketable Equity Securities									2,287
Total Available-for-Sale Securities								$	171,411

	December 31, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
(Dollars in thousands)
Debt Securities:
U.S. Government Agencies	$	47,993	$	227	$	(164	)	$	48,056
Obligations of States and Political Subdivisions		25,026		819		(2	)		25,843
Mortgage-Backed Securities - Government-Sponsored Enterprises		118,282		2,601		(107	)		120,776
Total Debt Securities	$	191,301	$	3,647	$	(273	)		194,675
Marketable Equity Securities:
Mutual Funds									997
Other									1,713
Total Marketable Equity Securities									2,710
Total Available-for-Sale Securities								$	197,385

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 the dates indicated:

March 31, 2020

Less than 12 months

12 Months or Greater

Total

Number

Gross

Number

Gross

Number

Gross

of

Fair

Unrealized

of

Fair

Unrealized

of

Fair

Unrealized

Securities

Value

Losses

Securities

Value

Losses

Securities

Value

Losses

(Dollars in thousands)

Obligations of States and Political Subdivisions

1

$

509

$

(1

)

-

$

-

$

-

1

$

509

$

(1

)

	December 31, 2019
	Less than 12 months							12 Months or Greater							Total
	Number				Gross			Number				Gross			Number				Gross
	of		Fair		Unrealized			of		Fair		Unrealized			of		Fair		Unrealized
	Securities		Value		Losses			Securities		Value		Losses			Securities		Value		Losses
(Dollars in thousands)
U.S. Government Agencies		6	$	16,116	$	(83	)		6	$	13,938	$	(81	)		12	$	30,054	$	(164	)
Obligations of States and
Political Subdivisions		-		-		-			1		509		(2	)		1		509		(2	)
Mortgage-Backed Securities -
Government Sponsored Enterprises		7		20,003		(104	)		1		1,711		(3	)		8		21,714		(107	)
Total		13	$	36,119	$	(187	)		8	$	16,158	$	(86	)		21	$	52,277	$	(273	)

For debt securities, the Company does

not

believe that any individual unrealized loss as of

March 31, 2020

or

December 31, 2019,

represents an other-than-temporary impairment. The Company performs a review of the entire securities portfolio on a quarterly basis to identify securities that

may

indicate an other-than-temporary impairment. The Company’s management considers the length of time and the extent to which the fair value has been less than cost, and the financial condition of the issuer. The securities that are temporarily impaired at

March 31, 2020

and

December 31, 2019

relate principally to changes in interest rates subsequent to the acquisition of the specific securities. The Company does

not

intend to sell, or it is

not

more likely than

not

that it will be required to sell any of the securities in an unrealized loss position before recovery of its amortized cost or maturity of the security.

Marketable equity securities are measured at fair value with changes in fair value included in Change in Fair Value of Marketable Equity Securities on the Consolidated Statement of Income. Realized gains and losses on sales of marketable equity securities are included in Net Loss on Sales of Investment Securities on the Consolidated Statement of Income. There were

no

sales of marketable equity securities for the

three

months ended

March 31, 2020

and

2019,

respectively.

The following table presents the scheduled maturities of debt securities as of the date indicated:

	March 31, 2020
	Amortized		Fair
	Cost		Value
(Dollars in thousands)
Due in One Year or Less	$	1,535	$	1,536
Due after One Year through Five Years		6,116		6,242
Due after Five Years through Ten Years		26,051		27,152
Due after Ten Years		128,530		134,194
Total	$	162,232	$	169,124

There were

no

sales of available-for-sale securities for the

three

months ended

March 31, 2020.

Sales of available-for-sale investment securities for the

three

months ended

March 31, 2019

resulted in gross losses of

$60,000.