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Investment Securities
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Investment Securities

Note C - Investment Securities -

The amortized costs and estimated fair values of securities at December 31 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

(in thousands)

    

Cost

    

Gains

    

(Losses)

    

Value

Available for Sale:

 

 

  

 

 

  

 

 

  

 

 

  

U.S. Government Agency - SBA pools

 

$

2,274

 

$

 6

 

$

(10)

 

$

2,270

U.S. Agency Mortgage-Backed Securities

 

 

3,908

 

 

48

 

 

(16)

 

 

3,940

Total Available for Sale

 

$

6,182

 

$

54

 

$

(26)

 

$

6,210

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to Maturity:

 

 

 

 

 

 

 

 

  

 

 

  

U.S. Agency Mortgage-Backed Securities

 

$

389

 

$

 2

 

$

(3)

 

$

388

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

(in thousands)

    

Cost

    

Gains

    

(Losses)

    

Value

Available for Sale:

 

 

  

 

 

  

 

 

  

 

 

  

U.S. Agency Mortgage-Backed Securities

 

$

4,260

 

$

38

 

$

(77)

 

$

4,221

Total Available for Sale

 

$

4,260

 

$

38

 

$

(77)

 

$

4,221

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to Maturity:

 

 

  

 

 

  

 

 

  

 

 

  

Mortgage-Backed Securities

 

$

518

 

$

 1

 

$

(12)

 

$

507

 

There were no securities sold in 2019 and 2018.

The amortized cost and fair value of investment securities at December 31, 2019 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The scheduled contractual maturities of securities available for sale and held to maturity at December 31, 2019, were as follows:

 

 

 

 

 

 

 

 

 

 

Amortized

 

Fair

(in thousands)

 

Cost

    

Value

Available for Sale:

 

 

 

 

 

 

Within One Year

 

$

 —

 

$

 —

After One Year Through Five Years

 

 

114

 

 

114

After Five Years Through Ten Years

 

 

1,388

 

 

1,394

After Ten Years

 

 

4,680

 

 

4,702

 

 

$

6,182

 

$

6,210

Held to Maturity:

 

 

  

 

 

  

After Five Years Through Ten Years

 

$

220

 

$

221

After Ten Years

 

 

169

 

 

167

 

 

$

389

 

$

388

 

The following table reflects gross unrealized losses, fair values, and length of time in a continued unrealized loss position for all securities with fair values below amortized cost at December 31, 2019 and 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

Less Than 12 Months

 

12 Months or Longer

 

Total

 

 

 

 

 

Unrealized 

 

 

 

 

Unrealized

 

 

 

 

Unrealized

(in thousands)

    

Fair Value

    

Loss

    

Fair Value

    

Loss

    

Fair Value

    

Loss

Available for Sale:

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

U.S. Government Agency - SBA pools

 

$

1,277

 

$

10

 

$

 —

 

$

 —

 

$

1,277

 

$

10

U.S. Agency Mortgage-Backed Securities

 

 

 —

 

 

 —

 

 

1,043

 

 

16

 

 

1,043

 

 

16

Total Available for Sale

 

$

1,277

 

$

10

 

$

1,043

 

$

16

 

$

2,320

 

$

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to Maturity:

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

U.S. Agency Mortgage-Backed Securities

 

$

 —

 

$

 —

 

$

103

 

$

 3

 

$

103

 

$

 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

Less Than 12 Months

12 Months or Longer

Total

 

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized 

(in thousands)

    

Fair Value

    

Loss

    

Fair Value

    

Loss

    

Fair Value

    

Loss

Available for Sale:

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Mortgage-Backed Securities

 

$

549

 

$

 3

 

$

2,526

 

$

74

 

$

3,075

 

$

77

 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Held to Maturity:

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Mortgage-Backed Securities

 

$

 —

 

$

 —

 

$

418

 

$

12

 

$

418

 

$

12

 

Management evaluates securities for OTTI as described in Note A. No declines at December 31, 2019 and 2018 were deemed to be other-than-temporary. The unrealized losses on the securities available for sale generally result from changes in market interest rates and not credit quality. The Bank does not intend to sell any such investments before recovery of their amortized cost bases, which may be at maturity.