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Note 2 - Available-for-sale Securities
 9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
NOTE
2
– AVAILABLE-FOR-SALE SECURITIES
 
Available-for-sale securities have been classified in the consolidated balance sheets accordin
g to management’s intent at
September 30, 2017
and
December 31, 2016.
The carrying amount of such securities and their approximate fair values were as follows:
 
   
Gross
    
Gross
   
Gross
         
   
Amortized
    
Unrealized
    
Unrealized
         
   
Cost
    
Gains
   
Losses
   
Fair Value
  
September 30, 2017
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Available-for-sale securities
                                
Mortgage-backed securities
  
$
23,277,441
    
$
24,527
    
$
(307,542
)
  
$
22,994,426
  
U.S. Government agencies
  
 
2,083,027
    
 
2,040
    
 
(53,815
)
  
 
2,031,252
  
Municipal obligations
  
 
1,683,180
    
 
6,651
    
 
-
    
 
1,689,831
  
                                 
Total
  
$
27,043,648
    
$
33,218
    
$
(361,357
)
  
$
26,715,509
  
                                 
December 31, 2016
                                
Available-for-sale securities
                                
Mortgage-backed securities
   $
27,524,834
     $
45,866
     $
(442,303
 )   $
27,128,397
  
U.S. Government agencies
    
2,588,843
      
-
      
(63,107
 )    
2,525,736
  
Municipal obligations
    
1,837,337
      
7,823
      
(161
 )    
1,844,999
  
                                 
Total
   $
31,951,014
     $
53,689
     $
(505,571
 )   $
31,499,132
  
 
 
There were
no
sales of available-for-sale securities during the
nine
months ended
September 30, 2017
or
2016.
 
Amortized cost and fair value of securities by contractual maturity as of
September 30, 2017
are shown below. For purposes of the maturity table, mortgage-backed securities, which are
not
due at a single maturity date, have been allocated over maturity groupings based on the actual contractual maturities of underlying collateral. Expected maturities
may
differ from contractual maturities because borrowers
may
call or prepay obligations.
 
The scheduled maturities of available-for-sale securities at
September 30, 2017
were as follows:
 
 
   
September 30, 2017
  
   
Amortized
   
Fair
 
   
Cost
    
Value
  
                 
Due in one year or less
  
$
1,594,256
    
$
1,602,511
  
Due after one to five years
  
 
22,206,122
    
 
21,906,863
  
Due after five to ten years
  
 
3,243,270
    
 
3,206,135
  
Due after ten years
  
 
-
    
 
-
  
                 
Total
  
$
27,043,648
    
$
26,715,509
  
 
 
At
September 30, 2017
and
December 31, 2016,
there were
no
holdings of securities of any
one
issuer, other than the U.S. Government and its agencies, in an amount greater than
10%
of stockholders’ equity.
 
At
September 30, 2017
and
December 31, 2016,
mortgage-backed securities included collateralized mortgage obligations of
$8.5
million and
$9.5
million, respectively, which are backed by single-family mortgage loans. The Company does
not
hold any securities backed by commercial real estate loans.
 
Gross Unrealized Losses and Fair Value
– The following tables show the gross unrealized losses and fair values of securities by length of time that individual securities in each category have been in a continuous loss position.
 
   
September 30, 2017
  
   
Less Than 12 Months
    
12 Months or More
   
Total
  
           
Gross
            
Gross
           
Gross
  
Description of
          
Unrealized
            
Unrealized
           
Unrealized
  
Securities
  
Fair Value
    
Losses
   
Fair Value
   
Losses
   
Fair Value
    
Losses
  
                                                 
Available-for-sale securities:
                                                
Mortgage-backed securities
  
$
11,168,062
    
$
(108,806
)
  
$
10,059,582
    
$
(198,736
)
  
$
21,227,644
    
$
(307,542
)
U.S. Government agencies
  
 
650,912
    
 
(16,428
)
  
 
965,531
    
 
(37,387
)
  
 
1,616,443
    
 
(53,815
)
                                                 
Total temporarily impaired
securities
  
$
11,818,974
    
$
(125,234
)
  
$
11,025,113
    
$
(236,123
)
  
$
22,844,087
    
$
(361,357
)
 
 
   
December 31, 2016
  
   
Less Than 12 Months
    
12 Months or More
   
Total
  
           
Gross
            
Gross
           
Gross
  
Description of
          
Unrealized
            
Unrealized
           
Unrealized
  
Securities
  
Fair Value
    
Losses
   
Fair Value
   
Losses
   
Fair Value
    
Losses
  
                                                 
Available-for-sale securities:
                                                
Mortgage-backed securities
   $
17,377,335
     $
(337,092
 )   $
5,351,384
     $
(105,211
 )   $
22,728,719
     $
(442,303
 )
U.S. Government agencies
    
2,525,737
      
(63,107
 )    
-
      
-
      
2,525,737
      
(63,107
 )
Municipal obligations
    
20,054
      
(161
 )    
-
      
-
      
20,054
      
(161
 )
                                                 
Total temporarily impaired
securities
   $
19,923,126
     $
(400,360
 )   $
5,351,384
     $
(105,211
 )   $
25,274,510
     $
(505,571
 )
 
 
At
September 30, 2017,
all of the government agency and mortgage-backed securities held by the Company were issued by U.S. Government-sponsored entities and agencies, primarily Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and
not
credit quality, and because the Company does
not
have the intent to sell these securities and it is likely that it will
not
be required to sell the securities before their anticipated recovery, the Company did
not
consider these securities to be other-than-temporarily impaired at
September 30, 2017
or
December 31, 2016.
 
Loans and securities carried at approximately
$137.3
million at
September 30, 2017
were pledged to secure Federal Home Loan Bank (“FHLB”) advances. In addition, securities carried at approximately
$4.7
million at
September 30, 2017
were pledged to secure public deposits.