NOTE 5 – Available for Sale Securities

Amortized costs and fair values of available for sale securities are summarized as follows:


	June 30, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Obligations of states and political subdivisions	$	18,719,370	$	217,627	$	58,614	$	18,878,383
Mortgage-backed securities		1,065,193		40,945		—		1,106,138
Certificates of deposit		555,000		2,597		—		557,597
Total	$	20,339,563	$	261,169	$	58,614	$	20,542,118


	June 30, 2018
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Obligations of states and political subdivisions	$	19,846,714	$	3,291	$	423,568	$	19,426,437
Mortgage-backed securities		1,162,412		—		4,471		1,157,941
Certificates of deposit		330,000		—		8,291		321,709
Total	$	21,339,126	$	3,291	$	436,330	$	20,906,087

Obligations of other U.S.
government agencies and corporations	$	6,027,255	$	—	$	58,654	$	5,968,601
Obligations of states and political subdivisions		23,163,109		60,641		291,901		22,931,849
Mortgage-backed securities		3,933,246		114		88,942		3,844,418
	$	33,123,610	$	60,755	$	439,497	$	32,744,868

The following tables present the portion of the Company’s available for sale securities portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position:


	June 30, 2019
	Continuous Unrealized				Continuous Unrealized
	Losses Existing for Less				Losses Existing for 12 Months
	Than 12 Months				or Greater				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Obligations of states and political subdivisions	$	208,583	$	22	$	2,935,133	$	58,592	$	3,143,716	$	58,614
Mortgage backed securities		—		—		—		—		—		—
Certificates of deposit		—		—		—		—		—		—
	$	208,583	$	22	$	2,935,133	$	58,592	$	3,143,716	$	58,614

Management does not believe any individual unrealized loss as of June 30, 2019 represents other than temporary impairment. The Company held $2,935,133, comprised of 12 securities, in obligations of states and political subdivisions at June 30, 2019 that have an unrealized loss existing for 12 months or greater. Management believes the temporary impairment in fair value was caused by market fluctuations in interest rates. Although these securities are classified as available for sale, management does not have the intent to sell the security and it is more likely than not it will be able to hold the security through a recovery period or until maturity.


	June 30, 2018
	Continuous Unrealized				Continuous Unrealized
	Losses Existing for Less				Losses Existing for 12 Months
	Than 12 Months				or Greater				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Obligations of states and political subdivisions	$	15,856,505	$	282,562	$	2,045,230	$	141,005	$	17,901,735	$	423,567
Mortgage backed securities		1,157,940		4,472		—		—		1,157,940		4,472
Certificates of deposit		321,709		8,291		—		—		321,709		8,291
	$	17,336,154	$	295,325	$	2,045,230	$	141,005	$	19,381,384	$	436,330

Management does not believe any individual unrealized loss as of June 30, 2018 represents other than temporary impairment. The Company held $2,045,230, comprised of 9 securities, in obligations of states and political subdivisions at June 30, 2018 that have an unrealized loss existing for 12 months or greater. Management believes the temporary impairment in fair value was caused by market fluctuations in interest rates. Although these securities are classified as available for sale, management does not have the intent to sell the security and it is more likely than not it will be able to hold the security through a recovery period or until maturity.

The amortized cost and fair value of available for sale securities as of June 30, 2019 are shown below by contractual maturity. Expected maturities of mortgage‑backed securities will differ from contractual maturities since the anticipated maturities are not readily determinable.


	Amortized
	Cost		Fair Value
Due in one year or less	$	1,227,514	$	1,226,249
Due after one year through 5 years		10,426,113		10,516,390
Due after 5 years through 10 years		6,970,743		7,009,371
Due after 10 years		650,000		683,970
Subtotal		19,274,370		19,435,980
Mortgage backed securities
Due after one year through 5 years		510,155		528,629
Due after 5 years through 10 years		555,038		577,509
Totals	$	20,339,563	$	20,542,118

During the year ended June 30, 2019 and the nine months ended June 30, 2018, the Company did not sell any available for sale securities. The Company pledged $7,100,000 and $7,410,000 of available for sale securities at June 30, 2019 and 2018, respectively, as collateral on public deposits and for other purposes as required or permitted by law.