NOTE 6 – Available for Sale Securities

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


	March 31, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Obligations of states and political subdivisions	$	19,703,101	$	428,159	$	26,244	$	20,105,016
Mortgage-backed securities		1,406,641		41,589		—		1,448,230
Certificates of deposit		800,000		25,576		—		825,576
	$	21,909,742	$	495,324	$	26,244	$	22,378,822


	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
	$	20,339,563	$	261,169	$	58,614	$	20,542,118

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:


	March 31, 2020
	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	$	—	$	—	$	989,005	$	26,244	$	989,005	$	26,244

Management does not believe any individual unrealized loss as of March 31, 2020 represents other than temporary impairment. The Bank holds $989,000, comprised of three securities, in obligations of states and political subdivisions, at March 31, 2020 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, 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

Management does not believe any individual unrealized loss as of June 30, 2019 represents other than temporary impairment. The Bank holds $2.9 million, 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.

The amortized cost and fair value of available for sale securities as of March 31, 2020 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	$	1,547,215	$	1,553,154
Due after one year through 5 years		11,406,921		11,606,371
Due after 5 years through 10 years		5,508,965		5,677,547
Due after 10 years		2,040,000		2,093,520
Subtotal		20,503,101		20,930,592
Mortgage backed securities
Due after one year through 5 years		—		—
Due after 5 years through 10 years		990,546		1,028,351
Due after 10 years		416,095		419,879
Total	$	21,909,742	$	22,378,822

During the three months ended March 31, 2020 and 2019, the Bank did not sell any available for sale securities. The Bank did not have any available for sale securities pledged at March 31, 2020 and $7,100,000 were pledged at June 30, 2019 as collateral on public deposits and for other purposes as required or permitted by law.