Note 11 - Derivatives

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE

1

1

– DERIVATIVES

As discussed in The consolidated financial statements, Note

2

– Discontinued Operations, the Company discontinued issuing mortgage interest rate lock commitments (IRLCs) in its name in

May 2019.

These derivatives are

not

designated as hedge accounting under GAAP and accordingly the fair value of these derivatives is included in Prepaid and other assets or Other liabilities in the Consolidated Balance Sheets with fair value changes recorded in Gain on sale of loans in the Consolidated Statements of Comprehensive Income.

The following table shows the fair value of derivatives included in Gain on sale of loans as part of the results of discontinued operations in The consolidated financial statements, Note

2

- Discontinued Operations:

	For the Year Ended December 31,
	2019			2018
Forward Commitments	$	(272,012	)	$	(58,344	)
Interest rate lock commitments		(380,866	)		197,779
	$	(652,878	)	$	139,435

The following table shows the fair value of derivatives included in Prepaid and other assets in the Consolidated Balance Sheets:

	As of December 31,
	2019				2018
	Notional Amount		Fair Value		Notional Amount		Fair Value
Forward Commitments	$	-	$	-	$	21,500,000	$	(153,906	)
Interest rate lock commitments		-		-		27,000,000		380,886
	$	-	$	-	$	48,500,000	$	226,980