NOTE 6 – Available for Sale Securities

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


	September 30, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Obligations of states and political subdivisions	$	17,526,101	$	594,711	$	11,780	$	18,109,032
Mortgage-backed securities		1,336,472		68,347		—		1,404,819
Certificates of deposit		800,000		47,008		—		847,008
	$	19,662,573	$	710,066	$	11,780	$	20,360,859


	June 30, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Obligations of states and political subdivisions	$	17,563,698	$	457,440	$	16,056	$	18,005,082
Mortgage-backed securities		1,371,753		71,890		—		1,443,643
Certificates of deposit		800,000		48,870		—		848,870
	$	19,735,451	$	578,200	$	16,056	$	20,297,595

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:


	September 30, 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	$	—	$	—	$	697,342	$	11,780	$	697,342	$	11,780

Management does not believe any individual unrealized loss as of September 30, 2020 represents other than temporary impairment. The Bank holds $697,342, comprised of two securities, in obligations of states and political subdivisions, at September 30, 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, 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	$	—	$	—	$	693,687	$	16,056	$	693,687	$	16,056

Management does not believe any individual unrealized loss as of June 30, 2020 represents other than temporary impairment. The Bank holds $693,687 million, comprised of six securities, in obligations of states and political subdivisions at June 30, 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.

The amortized cost and fair value of available for sale securities as of September 30, 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	$	868,837	$	872,970
Due after one year through 5 years		10,372,312		10,620,928
Due after 5 years through 10 years		5,034,952		5,303,127
Due after 10 years		2,050,000		2,159,015
Subtotal		18,326,101		18,956,040
Mortgage backed securities
Due after one year through 5 years		—		—
Due after 5 years through 10 years		1,336,472		1,404,819
Total	$	19,662,573	$	20,360,859

During the three months ended September 30, 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 September 30, 2020 and June 30, 2020.