XML 22 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Available for Sale Securities
 6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
Note
4
Available for Sale Securities
 
Amortized costs and fair values of available for sale securities are summarized as follows:
 
 
   
Amortized Cost
    
Gross Unrealized
Gains
    
Gross Unrealized
Losses
    
Estimated Fair
Value
  
June 30, 2018
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Obligations of the US government and US government sponsored agencies
   $
1,875
     $
3
     $
(7
 )   $
1,871
  
Obligations of states and political subdivisions
    
9,894
      
40
      
(149
 )    
9,785
  
Mortgage-backed securities
    
35,626
      
17
      
(1,079
 )    
34,564
  
Certificates of deposit
    
4,000
      
1
      
(103
 )    
3,898
  
Corporate debt securities
    
5,085
      
8
      
(76
 )    
5,017
  
Total available for sale securities
   $
56,480
     $
69
     $
(1,414
 )   $
55,135
  
                                 
December 31, 2017
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Obligations of the US government and US government sponsored agencies
   $
2,211
     $
11
     $
(2
 )   $
2,220
  
Obligations of states and political subdivisions
    
13,102
      
104
      
(69
 )    
13,137
  
Mortgage-backed securities
    
33,908
      
14
      
(455
 )    
33,467
  
Certificates of deposit
    
4,000
      
6
      
(9
 )    
3,997
  
Corporate debt securities
    
5,171
      
29
      
(9
 )    
5,191
  
Total available for sale securities
   $
58,392
     $
164
     $
(544
 )   $
58,012
  
 
 
Fair values of securities are estimated based on financial models or prices paid for similar securities. It is possible interest rates could change considerably, resulting in a material change in estimated fair value.
 
The following table presents the portion of the Company's portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position:
 
 
   
Less Than 12 Months
    
12 Months or More
    
Total
  
   
Fair Value
    
Unrealized Losses
    
Fair Value
    
Unrealized Losses
    
Fair Value
    
Unrealized Losses
  
June 30, 2018
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Obligations of the US government and US government sponsored agencies
   $
1,383
     $
(6
 )   $
138
     $
(1
 )   $
1,521
     $
(7
 )
Obligations of states and political subdivisions
    
4,336
      
(78
 )    
2,598
      
(71
 )    
6,934
      
(149
 )
Mortgage-backed securities
    
22,561
      
(640
 )    
10,975
      
(439
 )    
33,536
      
(1,079
 )
Certificates of deposit
    
3,647
      
(103
 )    
-
      
-
      
3,647
      
(103
 )
Corporate debt securities
    
4,346
      
(76
 )    
-
      
-
      
4,346
      
(76
 )
Total
   $
36,273
     $
(903
 )   $
13,711
     $
(511
 )   $
49,984
     $
(1,414
 )
December 31, 2017
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Obligations of the US government and US government sponsored agencies
   $
235
     $
(2
 )   $
-
     $
-
     $
235
     $
(2
 )
Obligations of states and political subdivisions
    
3,180
      
(23
 )    
2,660
      
(46
 )    
5,840
      
(69
 )
Mortgage-backed securities
    
22,685
      
(213
 )    
9,270
      
(242
 )    
31,955
      
(455
 )
Certificates of deposit
    
2,492
      
(9
 )    
-
      
-
      
2,492
      
(9
 )
Corporate debt securities
    
2,683
      
(8
 )    
250
      
(1
 )    
2,933
      
(9
 )
Total
   $
31,275
     $
(255
 )   $
12,180
     $
(289
 )   $
43,455
     $
(544
 )
 
At
June 30, 2018,
the investment portfolio included
34
securities available for sale, which had been in an unrealized loss position for greater than
twelve
months, and
91
securities available for sale, which had been in an unrealized loss position for less than
twelve
months. At
December 31, 2017,
the investment portfolio included
27
securities available for sale, which had been in an unrealized loss position for greater than
twelve
months, and
73
securities available for sale, which had been in an unrealized loss position for less than
twelve
months. Because these securities have a fixed interest rate, their fair value is sensitive to movements in market interest rates. These unrealized losses are considered temporary because the Company does
not
intend to sell them prior to maturity; therefore we expect to collect all contractually due amounts from these securities. Accordingly, these investments were reduced to their fair values through accumulated other comprehensive income,
not
through earnings.
 
We regularly assess our securities portfolio for OTTI. The assessments are based on the nature of the securities, the underlying collateral, the financial condition of the issuer, the extent and duration of the loss, our intent related to the individual securities, and the likelihood that we will have to sell securities prior to expected recovery. We did
not
have any impairment losses recognized in earnings for the
three
months ended
June 30, 2018
or
June 30, 2017.
 
The amortized cost and fair value of available for sale securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities in mortgage-backed securities since the anticipated maturities are
not
readily determinable. Therefore, these securities are
not
included in the maturity categories in the following maturity summary listed below:
 
   
June 30, 2018
  
   
Amortized Cost
    
Fair Value
  
Due in one year or less
   $
1,516
     $
1,513
  
Due after one year through 5 years
    
8,464
      
8,355
  
Due after 5 years through 10 years
    
5,384
      
5,286
  
Due after 10 years
    
5,490
      
5,417
  
                 
Subtotal
   $
20,854
     $
20,571
  
Mortgage-backed securities
    
35,626
      
34,564
  
                 
Total
   $
56,480
     $
55,135
  
 
Proceeds from sales of available for sale securities during the
six
months ended
June 30, 2018
and
June 30, 2017
were
$6,437
and
$5,906,
respectively. Gross realized gains, during the
six
months ended
June 30, 2018
and
June 30, 2017
on these sales amounted to
$24
and
$83,
respectively. Gross realized losses on these sales were
$15
and
$61,
during the
six
months ended
June 30, 2018
and
June 30, 2017,
respectively.
 
There were
$939
of pledged securities at
June 30, 2018
and
none
at
December 31, 2017.